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A&E deal would price Vice at $2.5 billion

Written By limadu on Minggu, 31 Agustus 2014 | 21.29

Vice's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

NEW YORK (CNNMoney)

Vice Media is in talks with A&E about a deal that would value it at more than $2.5 billion, according to a Vice spokesman.

A&E would buy a 10% stake in the company.

Vice would also create content for the A&E cable networks, according to a person with knowledge of the negotiations.

Its online content, magazine and HBO series, called Vice, specifically targets millennials.

On YouTube, the Vice channel has nearly 5 million subscribers. Its most popular video, "First Animal to Survive in Space," has 12.1 million views, followed by "The Biggest Ass in Brazil," which has been viewed 10.6 million times.

A&E, which also owns the Lifetime and History channels, is buying the stake to gain digital exposure.

Flipboard: Future of Media

A&E is jointly owned by Disney (DIS) and the Hearst Corporation. An A&E spokesman declined to comment.

Time Warner (TWC) was also interested in buying a stake in Vice, but those discussions are now over, according to a person familiar with the negotiations. (Time Warner owns CNN.)

This isn't the first time Vice has attracted investment from an established media company. Rupert Murdoch's 21st Century Fox paid $70 million for a 5% stake last year.

Vice's other minority shareholders include marketing services firm WPP, The Raine Group and former Viacom (VIA) chief executive Tom Freston.

The company's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

First Published: August 29, 2014: 8:41 PM ET

21.29 | 0 komentar | Read More

The Coolest Kickstarter ever raises over $13 million

NEW YORK (CNNMoney)

The Coolest Cooler (yes, a cooler) raised $13.3 million in its 52-day run. The previous record holder, the Pebble smartwatch raised $10.2 million in 2012.

Why have more than 60,000 people contributed to a cooler campaign?

Well, this cooler includes a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener -- a "portable party," according to founder Ryan Grepper of Portland, Ore.

And those who pledged enough ($165 or more) will save at least $130 on the cooler, which will retail for $299.

Related: The 13 most WTF gadgets

Those who contributed less can still get in on a piece of Kickstarter history: A $25 contribution earned a Coolest-branded reusable party cup and a drink guide; for $55, backers receive the party cup plus a "Keep Calm and Blend On" tee.

And for the first eight backers who contributed $2,000, Grepper will fly out and help them host a tailgate party with the Coolest (before its available to backers in February 2015).The record is impressive by any measure, but the last couple days have been a whirlwind: Backers contributed over $2 million in 24 hours.

The rush to contribute in the final days isn't all that shocking to Jason Greenberg, PhD and assistant professor at New York University's business school.

"This is something we tend to see in cultural settings where the 'rich get increasingly richer,'" said Greenberg. "A firm end date and time can precipitate this."

But it adds more pressure to satisfy consumer expectations.

"Bigger capital raises entail bigger expectations and scrutiny," said Greenberg.

Grepper is acutely aware of this obligation.

"I feel personal responsibility to each backer that has supported me and am committed making the Coolest live up to its name," said Grepper.

Related: Water balloon lovers pledge $645,000 on Kickstarter

The success of the Coolest is perhaps all the more surprising because this isn't its first time around the Kickstarter block.

Grepper unsuccessfully tried to raise $125,000 for similar model In November 2013 (he only earned $100,000),

"My confidence was pretty low because of the first campaign," said Grepper.

But a combination of seasonality (launching the campaign in July vs. November), more supporters and an improved design helped him get far more than his $50,000 goal this time around.

Setting the bar so low -- and meeting it within 36 hours of launching -- has helped him get ahead on production. He's currently in the process of locking in a final design and securing a factory to produce the coolers (which will be available in three colors: Margarita, Blue Moon and Coolest Orange).

Related: These startup ideas are money magnets

So, are the millions raised any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Grepper said he's already been contacted by "many" retailers who are interested in working with him to sell the product.

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

Igloo Products Corp "dominates" the market, according to Matt Turlip, senior analyst at PrivCo. The company, which ACON Investments bought from J.H. Whitney & Co. earlier this year, owns 53% of the full-size cooler market.

"Maybe in a year or two, the Coolest can hope to compete," said Turlip.

First Published: August 29, 2014: 9:19 PM ET

21.29 | 0 komentar | Read More

Sports betting vs. the stock market

NEW YORK (CNNMoney)

They both believe they can predict the future, and they sometimes fall into the trap of making decisions with their hearts instead of their brains. And of course, they both hate to lose.

But don't let those similarities fool you. Gambling on sports may be more fun, but it's definitely a more risky use of money than putting it in the stock market.

In the long run, investors have the chance to make more money because there are fewer downside risks.

To put it another way, the stock market is a lot more forgiving than the MGM Grand (let alone your local sports bookie).

"A lot of people regard investing as gambling, but I frequently say no. Which casino in Atlantic City, Las Vegas or Macau pays the bettor 73% of the time?" said Sam Stovall, chief investment strategist at S&P Capital IQ.

That's the percentage of time that Stovall's research shows the S&P 500 -- the gold standard in the stock market -- has increased in value during the years since 1926.

Those are pretty good odds.

Related: 4 reasons September could be good for stocks

The betting appeal: Americans bet an estimated $380 billion each year on sports. It's easy to see why fans may be tempted to gamble on their favorite teams and athletes. Gambling on football star Peyton Manning to win might seem like a safe bet, especially compared with picking winners in the stock market.

"You're making a wager based on some facts and some intuitions. And in neither instance can you be guaranteed to be correct," said Randall Fine, managing director of The Fine Point Group, one of the casino industry's largest consulting firms.

Manning is really, really good at what he does for a living. Heck, even his commercials are funny.

But take it from one person who has lots of experience in both worlds.

"Betting is more difficult and riskier," said one resident of Hoboken, New Jersey, who bets on illegal gambling sites and also invests in stocks. He asked for his identity to be withheld due to legal concerns.

"A large, steady company has a low chance of plummeting and causing you to lose all your money, but even Peyton Manning doesn't cover the spread sometimes," he said.

All or nothing: Gambling on sports tends to be a zero-sum game. A bettor gambling on the Green Bay Packers will instantly lose his or her entire $500 bet if Aaron Rodgers and his teammates fail to win or cover the spread.

However, someone sinking $500 into Apple stock has little risk of losing that entire initial investment, especially in the short term. The stock might go up and down some, but it typically doesn't go to zero.

Related: Apple and 9 other stocks hit new records

Investors also have the ability to spread their money out among many stocks. People often invest in funds that buy dozens or even hundreds of stocks, which helps reduce the risk.

And investors have greater access to tools that can minimize the risk of losing money. For example, a stop-loss order instructs a broker to dump a stock when it tumbles below a specific price.

Such hedging tools are not as readily or even feasible to sports gamblers, Fine said.

At the same time, investing in stocks actually carries higher upside potential. While many stocks offer steady returns, investors sometimes hit the jackpot (think: buying Apple back in early 2009 or Tesla in 2012).

Related: How $2 billion Clippers bet could pay off

Gamblers and investors also have far different time horizons.

A stock can theoretically be held onto for an infinite amount of time, but a sports bet can end in the blink of an eye.

Even the unlucky investors who jumped into the market at its peak in October 2007 eventually made their money back when stocks reclaimed their pre-recession levels in 2013.

The same can't be said for those who bet big on the Denver Broncos last Super Bowl.

"You can hold onto your betting tickets all your life, but you're not going to get squat," said Stovall.

First Published: August 31, 2014: 8:14 AM ET

21.29 | 0 komentar | Read More

A&E deal would price Vice at $2.5 billion

Vice's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

NEW YORK (CNNMoney)

Vice Media is in talks with A&E about a deal that would value it at more than $2.5 billion, according to a Vice spokesman.

A&E would buy a 10% stake in the company.

Vice would also create content for the A&E cable networks, according to a person with knowledge of the negotiations.

Its online content, magazine and HBO series, called Vice, specifically targets millennials.

A&E, which also owns the Lifetime and History channels, is buying the stake to gain digital exposure.

Flipboard: Future of Media

A&E is jointly owned by Disney (DIS) and the Hearst Corporation. An A&E spokesman declined to comment.

Time Warner (TWC) was also interested in buying a stake in Vice, but those discussions are now over, according to a person familiar with the negotiations. (Time Warner owns CNN.)

This isn't the first time Vice has attracted investment from an established media company. Rupert Murdoch's 21st Century Fox paid $70 million for a 5% stake last year.

Vice's other minority shareholders include marketing services firm WPP, The Raine Group and former Viacom (VIA) chief executive Tom Freston.

The company's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

First Published: August 29, 2014: 8:41 PM ET

19.33 | 0 komentar | Read More

Sports betting vs. the stock market

NEW YORK (CNNMoney)

They both believe they can predict the future, and they sometimes fall into the trap of making decisions with their hearts instead of their brains. And of course, they both hate to lose.

But don't let those similarities fool you. Gambling on sports may be more fun, but it's definitely a more risky use of money than putting it in the stock market.

In the long run, investors have the chance to make more money because there are fewer downside risks.

To put it another way, the stock market is a lot more forgiving than the MGM Grand (let alone your local sports bookie).

That's the percentage of time that Stovall's research shows the S&P 500 -- the gold standard in the stock market -- has increased in value during the years since 1926.

Those are pretty good odds.

Related: 4 reasons September could be good for stocks

Manning is really, really good at what he does for a living. Heck, even his commercials are funny.

But take it from one person who has lots of experience in both worlds.

"A large, steady company has a low chance of plummeting and causing you to lose all your money, but even Peyton Manning doesn't cover the spread sometimes," he said.

Related: Apple and 9 other stocks hit new records

Investors also have the ability to spread their money out among many stocks. People often invest in funds that buy dozens or even hundreds of stocks, which helps reduce the risk.

And investors have greater access to tools that can minimize the risk of losing money. For example, a stop-loss order instructs a broker to dump a stock when it tumbles below a specific price.

Such hedging tools are not as readily or even feasible to sports gamblers, Fine said.

Related: How $2 billion Clippers bet could pay off

Gamblers and investors also have far different time horizons.

A stock can theoretically be held onto for an infinite amount of time, but a sports bet can end in the blink of an eye.

Even the unlucky investors who jumped into the market at its peak in October 2007 eventually made their money back when stocks reclaimed their pre-recession levels in 2013.

The same can't be said for those who bet big on the Denver Broncos last Super Bowl.

"You can hold onto your betting tickets all your life, but you're not going to get squat," said Stovall.

First Published: August 31, 2014: 8:14 AM ET

19.33 | 0 komentar | Read More

The Coolest Kickstarter ever raises over $13 million

NEW YORK (CNNMoney)

The Coolest Cooler (yes, a cooler) raised $13.3 million in its 52-day run. The previous record holder, the Pebble smartwatch raised $10.2 million in 2012.

Why have more than 60,000 people contributed to a cooler campaign?

Well, this cooler includes a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener -- a "portable party," according to founder Ryan Grepper of Portland, Ore.

And those who pledged enough ($165 or more) will save at least $130 on the cooler, which will retail for $299.

Related: The 13 most WTF gadgets

The rush to contribute in the final days isn't all that shocking to Jason Greenberg, PhD and assistant professor at New York University's business school.

"This is something we tend to see in cultural settings where the 'rich get increasingly richer,'" said Greenberg. "A firm end date and time can precipitate this."

But it adds more pressure to satisfy consumer expectations.

"Bigger capital raises entail bigger expectations and scrutiny," said Greenberg.

Grepper is acutely aware of this obligation.

"I feel personal responsibility to each backer that has supported me and am committed making the Coolest live up to its name," said Grepper.

Related: Water balloon lovers pledge $645,000 on Kickstarter

The success of the Coolest is perhaps all the more surprising because this isn't its first time around the Kickstarter block.

Grepper unsuccessfully tried to raise $125,000 for similar model In November 2013 (he only earned $100,000),

"My confidence was pretty low because of the first campaign," said Grepper.

But a combination of seasonality (launching the campaign in July vs. November), more supporters and an improved design helped him get far more than his $50,000 goal this time around.

Related: These startup ideas are money magnets

So, are the millions raised any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Grepper said he's already been contacted by "many" retailers who are interested in working with him to sell the product.

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

"Maybe in a year or two, the Coolest can hope to compete," said Turlip.

First Published: August 29, 2014: 9:19 PM ET

19.33 | 0 komentar | Read More

The Coolest Kickstarter ever raises over $13 million

Written By limadu on Sabtu, 30 Agustus 2014 | 21.29

NEW YORK (CNNMoney)

The Coolest Cooler (yes, a cooler) raised $13.3 million in its 52-day run. The previous record holder, the Pebble smartwatch raised $10.2 million in 2012.

Why have more than 60,000 people contributed to a cooler campaign?

Well, this cooler includes a blender, waterproof bluetooth speaker, USB charger, cutting board and bottle opener -- a "portable party," according to founder Ryan Grepper of Portland, Ore.

And those who pledged enough ($165 or more) will save at least $130 on the cooler, which will retail for $299.

And for the first eight backers who contributed $2,000, Grepper will fly out and help them host a tailgate party with the Coolest (before its available to backers in February 2015).

Related: The 13 most WTF gadgets

The record is impressive by any measure, but the last couple days have been a whirlwind: Backers contributed over $2 million in 24 hours.

The rush to contribute in the final days isn't all that shocking to Jason Greenberg, PhD and assistant professor at New York University's business school.

"This is something we tend to see in cultural settings where the 'rich get increasingly richer,'" said Greenberg. "A firm end date and time can precipitate this."

But it adds more pressure to satisfy consumer expectations.

"Bigger capital raises entail bigger expectations and scrutiny," said Greenberg.

Grepper is acutely aware of this obligation.

"I feel personal responsibility to each backer that has supported me and am committed making the Coolest live up to its name," said Grepper.

Related: Water balloon lovers pledge $645,000 on Kickstarter

The success of the Coolest is perhaps all the more surprising because this isn't its first time around the Kickstarter block.

Grepper unsuccessfully tried to raise $125,000 for similar model In November 2013 (he only earned $100,000),

"My confidence was pretty low because of the first campaign," said Grepper.

But a combination of seasonality (launching the campaign in July vs. November), more supporters and an improved design helped him get far more than his $50,000 goal this time around.

Related: These startup ideas are money magnets

So, are the millions raised any indication of how it'll fare post-crowdfunding?

They could be.

"We've seen more and more angels and investors using [Kickstarter] as a minor league in terms of [gauging] customer demands," said Greenberg.

Grepper said he's already been contacted by "many" retailers who are interested in working with him to sell the product.

According to PrivCo, a financial data provider on privately-held companies, U.S. cooler sales totaled $635 million in 2013.

"Maybe in a year or two, the Coolest can hope to compete," said Turlip.

First Published: August 29, 2014: 9:19 PM ET

21.29 | 0 komentar | Read More

Friday Links

NEW YORK (CNNMoney)

A weekly collection of design, data and interactive links.

Design/Data viz
Forms of color | Vintage illustrations exploring color systems
Police Punishment: CCRB vs NYPD | Interactive analyzing NYPD complaint data
Futuristic UI | Video and stills from the short SIMIAN

Photo/video
Serendipity | Every second, a few people hit "play" on the same track at the same time
Zaha Hadid | Zaha Hadid's Wangjing Soho complex nears completion in Beijing
Instagram programming | A look at what goes on behind the scenes at Instagram

See last week's links

Have a nice weekend!
@dubly and @talyellin

First Published: August 29, 2014: 7:08 PM ET

21.29 | 0 komentar | Read More

A&E deal would price Vice at $2.5 billion

Vice's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

NEW YORK (CNNMoney)

Vice Media is in talks with A&E about a deal that would value it at more than $2.5 billion, according to a Vice spokesman.

A&E would buy a 10% stake in the company.

Vice would also create content for the A&E cable networks, according to a person with knowledge of the negotiations.

Its online content, magazine and HBO series, called Vice, specifically targets millennials.

A&E, which also owns the Lifetime and History channels, is buying the stake to gain digital exposure.

Flipboard: Future of Media

A&E is jointly owned by Disney (DIS) and the Hearst Corporation. An A&E spokesman declined to comment.

Time Warner (TWC) was also interested in buying a stake in Vice, but those discussions are now over, according to a person familiar with the negotiations. (Time Warner owns CNN.)

This isn't the first time Vice has attracted investment from an established media company. Rupert Murdoch's 21st Century Fox paid $70 million for a 5% stake last year.

Vice's other minority shareholders include marketing services firm WPP, The Raine Group and former Viacom (VIA) chief executive Tom Freston.

The company's co-founder Shane Smith has said he wants Vice to be the "next CNN" and "next MTV."

First Published: August 29, 2014: 8:41 PM ET

21.29 | 0 komentar | Read More

Struggling Angry Birds maker dumping CEO

Written By limadu on Jumat, 29 Agustus 2014 | 21.29

The maker of the Angry Birds video game is replacing its CEO.

NEW YORK (CNNMoney)

Rovio Entertainment, the Finnish video game maker, announced that CEO Mikael Hed will "pass the hoodie" in January to former Nokia (NOK) executive Pekka Rantala, a reference to the typical clothing worn in the company's offices.

The company is shifting its business from a pay-to-play, in which players buy the video game, to a free-to-play model. It now gets about half its revenue from licensing Angry Birds images for toys, clothing and other novelty items. But while revenue has held up, profit in 2013 fell by more than 50%.

Rovio has had trouble with its plans to charge users for purchases made in the games. Competitors such as King Digital Entertainment (KING), maker of the Candy Crunch game, have been far more successful with that business model. But King has struggled as well, disappointing investors when it reported its first quarterly results since its March IPO.

Rovio has also increased spending on animation and video distribution as it prepares for the debut of the first Angry Birds movie in 2016. Hed will remain with the company, joining its board and assuming the title as chairman of Rovio Animation.

First Published: August 29, 2014: 8:11 AM ET

21.29 | 0 komentar | Read More

Indian economy gets a jolt

India's quarterly growth data was stronger than expected.

HONG KONG (CNNMoney)

This is the strongest quarterly growth in over two years and it comes as the first 100 days of Narendra Modi's term as prime minister come to a close.

Modi has eagerly attacked the myriad of challenges facing Asia's third biggest economy, whose annual growth failed to top 5% last year.

Meanwhile, investors have been optimistic that Modi's efforts to pull India out of its malaise will succeed.

The Indian rupee has strengthened by more than 2% so far this year versus the U.S. dollar. The benchmark Mumbai Sensex index has increased by 26% over the same period.

In India, structural reforms have run afoul of political gridlock. Analysts say India needs to simplify its tax code, encourage foreign investment and streamline agricultural production.

Related: India move halts $1 trillion trade deal

In the run-up to his election, Modi emphasized his management credentials. He campaigned on a record of low unemployment and high foreign investment in Gujarat, the state he led since 2001.

He promised to end policy paralysis, reduce inflation and tackle corruption. He also pledged to establish manufacturing hubs and industrial corridors and improve the tax code sector.

Modi has made banking sector reform one of his priorities, launching a program this week called "People's Wealth Scheme" that aims to bring tens of millions of Indians without bank accounts into the system.

While there are no great alternatives, the quality of India's GDP statistics leave something to be desired. The data are not seasonably adjusted, and large revisions are routine.

--CNNMoney's Alanna Petroff contributed to this report.

First Published: August 29, 2014: 8:40 AM ET

21.29 | 0 komentar | Read More

Slow Comcast speeds were costing Netflix customers

Netflix told the FCC that calls made to its customer support center about slow-loading videos on Comcast's network more than quadrupled late last year.

NEW YORK (CNNMoney)

That's according to a petition Netflix filed to the Federal Communications Commission this week in opposition to Comcast's (CMCSA) proposed mega-merger with Time Warner Cable (TWC).

In February, Netflix reluctantly agreed to pay Comcast to directly connect to its network. Prior to the direct connect, Netflix delivered its videos to Comcast customers via third parties, including Cogent Communications (CCOI). But Comcast customers experienced abysmal Netflix speeds -- among the worst in the country.

Netflix speeds became so slow in December 2013 and January 2014 that customers grew irate, Netflix said in its petition. Calls made to Netflix's customer support center about slow-loading videos more than quadrupled during those months.

"For many subscribers, the bit rate was so poor that Netflix's streaming video service became unusable," the company said. "Some of them canceled their Netflix subscription on the spot, citing the unacceptable quality of Netflix's video streams and Netflix's inability to do anything to change the situation."

Related: Netflix to increase subscription prices

"We had to do something to make the congestion stop," the company added.

After its February agreement, Netflix speeds have soared on Comcast's network. The company has since entered similar deals with AT&T (T, Tech30), Verizon (VZ, Tech30) and Time Warner Cable.

Netflix and its CEO Reed Hastings have become outspoken critics of those direct-connect deals, accusing the Internet service providers of shakedown tactics.

Writing in Wired last week, Hastings said that Internet users will "never realize broadband's potential if large ISPs erect a pay-to-play system that charges both the sender and receiver for the same content." He has called on the FCC to ban broadband companies from charging content providers like Netflix to connect to their networks.

The Internet companies counter that Netflix plays an outsized role in network congestion, accounting for around a third of data consumption online during peak hours, and Netflix should therefore help foot the bill for delivery.

Related: Comcast's latest location is on campus

First Published: August 29, 2014: 10:18 AM ET

21.29 | 0 komentar | Read More

Malaysia Airlines slashes 6,000 jobs in major restructuring

HONG KONG (CNNMoney)

State investor Khazanah, which owns nearly 70% of the carrier, revealed the 30% workforce reduction on Friday. Khazanah also announced the creation of a new corporation that will absorb the majority of the carrier's assets.

Khazanah plans to buy out minority shareholders and de-list the current Malaysia Airlines. Assets will then be shifted to the new company, which the fund said could be ready to go public in three to five years.

Azman Mokhtar, the managing director of Khazanah, said that the changes were necessary to help the airline compete in the rough-and-tumble airline industry.

"The combination of measures announced today will enable our national airline to be revived," Mokhtar said. "While funds have been made available, they come with strict conditions, so as to ensure that Malaysia Airlines truly resets its business model and cost structures."

The airline reported on Thursday that it lost $97.4 million in the second quarter, as it reeled from its second aircraft disaster of 2014 -- the loss of MH17 over Ukraine.

Related: Malaysia Air posts $97 million loss

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Analysts say that Malaysia Airlines had been hindered by uncompetitive supplier contracts, and a bloated workforce. Labor unions are sure to oppose the restructuring efforts.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 29, 2014: 3:46 AM ET

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Stocks: 5 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the five things you need to know before the opening bell rings in New York:

1. Amazing August: The major U.S. indexes have climbed up by roughly 3% to 4% over the course of the month, with the S&P 500 hitting record-high levels.

It seems stocks could rise further on Friday -- U.S. stock futures were edging up ahead of the opening bell.

U.S. stocks closed lower Thursday. The S&P 500 lost a few points, closing at 1,997. The Dow and Nasdaq both moved about 0.3% lower.

Related: Fear & Greed Index

2. Russian markets roiled: Investors are taking notice after NATO published satellite images showing evidence of Russian troops inside Ukraine.

The ruble was off by about 0.3% versus the U.S. dollar on Friday. It's fallen by 10.5% since the start of the year.

Russia's benchmark Micex was also lower by 0.5%. Over the course of 2014 the index has fluctuated wildly -- it's off by about 6% since the start of January.

Related: CNNMoney's Tech30

3. European overview: Major markets across Europe were higher in early trading.

Fresh monthly data from Eurostat showed that European inflation remains tepid and unemployment in the euro area is stuck at 11.5%. The numbers are likely to feed expectations that the European Central Bank will be forced to embark upon a stimulus program to support the economy.

4. Worries about Japan: Japanese markets were soft Friday after more weak data failed to support the country's Abenomics revival plan.

"Japanese markets are down following a raft of negative data. Further declines in household consumption indicate that the increase in sales tax is hitting Japanese households hard," said Tom Beevers, CEO of StockViews.

Most other Asian markets closed the week with some gains.

5. U.S. economic reports: The U.S. government will report personal income and spending numbers at 8:30 a.m. ET. The University of Michigan will release the final reading of its consumer sentiment index for August at 9:55 a.m.

First Published: August 29, 2014: 5:29 AM ET

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Struggling Angry Birds maker dumping CEO

The maker of the Angry Birds video game is replacing its CEO.

NEW YORK (CNNMoney)

First Published: August 29, 2014: 8:11 AM ET

19.33 | 0 komentar | Read More

Fantasy football's chic alternative

Written By limadu on Kamis, 28 Agustus 2014 | 21.29

(Left to right) Stephanie Lozito, Andrew Nyman, Greg Johnson and Katey Johnson

NEW YORK (CNNMoney)

A new startup offers the competition of fantasy football -- brackets, voting, prizes -- for those whose sport of choice is, well, shopping.

The idea behind BattleShop was sparked more than two years ago while two Long Island couples were chatting about the addictive nature of fantasy sports. Those who aren't sucked into that world (mainly women) are left alienated.

They were right: According to the Fantasy Sports Trade Association, 41 million people in the U.S. and Canada played fantasy sports this year -- and 80% were men.

The two couples (Stephanie Lozito and Andrew Nyman, and Katey and Greg Johnson) brought on Nyman's parents Rosemary and Steven, who has a tech background. Together, they came up with a game that would take the competitive nature of fantasy sports and tailor it for something most women love: shopping.

"We anticipated a need for women who do these things already: they collect, share, shop, pin ... but there has yet to be a way to gamify [that]," said Stephanie Lozito, CEO and co-founder of BattleShop, which launched in June.

Related: Secrets to success from Smalltown USA

With a simple signup, users compete against one another on BattleShop's website by building out the ultimate closet instead of a team. They "draft" clothing, footwear and accessories instead of sports players to create a winning wardrobe.

Every Saturday at midnight, there's a new theme announced: like Glamping, Wedding Chic and Back to School, which is this week's theme.

There are 12 different articles of clothing or accessories that must be filled without going over a certain amount (there is an option to buy BattleBucks if you can't resist the urge to splurge).

BattleShop users tailor their closets to the weekly theme

Once users complete their closet, they're placed into a five-person "voting league," where users vote on whose closet is the most fashionable. In the "finals," users have 24 hours to campaign for votes for their closet on social media. The top three winners are awarded $100, $50 and $25 American Express gift cards.

"If you're creating a style or fashion board on Pinterest, you could be doing that on BattleShop ... and winning money," said Lozito.

Related: These startup ideas are money magnets

They declined to disclose how many people are using the site, but said they get 5-6 new users a day. They're spending an average of 15 to 25 minutes on the site per visit -- and coming back at least twice a week, to create a closet and vote.

That's a tiny amount of time compared to the average fantasy sports player, who spends 8.67 hours on their hobby each week, according to FSTA.

But part of BattleShop's appeal is that users can pick when and how much they want to play. If you miss a week, you can just sign up for the next.

Lozito and Katey Johnson, who's the chief operating officer, say they're continually evolving the site and the brand.

"We text and email probably 45 times a day," said Johnson, of her and Lozito (who are both moms to school-aged kids).

Related: Best cities to launch a startup

Lozito said they're attracting a growing number of millennial users -- a prime advertising target. And as the user base grows, there's potential to monetize the brand -- especially for prizing sponsorships and themed brackets.

They see endless opportunities.

"We are thinking six, nine, twelve months out ... We could do men, babies next," said Lozito. "Any kind of online shopping can be gamified."

First Published: August 28, 2014: 10:22 AM ET

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Malaysia Air posts $97 million loss

HONG KONG (CNNMoney)

The carrier lost $97.4 million in the three months ended in June, as it reeled from its second aircraft disaster of 2014 -- the shooting down of a flight over Ukraine. The report is likely to be the airline's last as a public company, coming one day before a major restructuring is expected to be announced.

State investor Khazanah, which owns nearly 70% of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

The fund, which is expected to release more details Friday, has promised other changes that will amount to a "complete overhaul" of the airline.

Thousands of job cuts are expected, something analysts say is needed to help the bloated airline compete with more nimble rivals. Labor unions are expected to oppose the measures.

Related: Malaysia Airlines to be pulled from stock market

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 28, 2014: 7:50 AM ET

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New England's epic supermarket feud ends

With few customers and no deliveries, shelves for perishable items were quickly left empty.

NEW YORK (CNNMoney)

Arthur T. Demoulas, the ousted president of Market Basket, reached an agreement late Wednesday to buy out the stake in the 71-store chain controlled by his cousin.

The deal ends a 10-week standoff that included employee protests and a customer boycott.

Terms were not disclosed. The Boston Globe said the sale price was upward of $1.5 billion, citing a source briefed on the negotiations. In the end, the governors of Massachusetts and New Hampshire got involved in negotiations to reach a deal.

The dispute began in June when the company's board replaced Demoulas, who was beloved for his leadership but had long feuded with his cousin, Arthur S. Demoulas, over control of the family-owned company. Arthur S. and his family controlled 50.5% of the shares of the company.

Employees sided with Artie T., as the Market Basket president is known, and asked customers to boycott. Deliveries were halted to the stores, resulting in empty shelves, and hours for part-time employees were slashed.

The sale's announcement left the employee group backing Artie T. ecstatic.

"Details are emerging as we write this but we wanted to let the world know that we have emerged from this crisis victorious!" said a statement posted on the Web site of We Are Market Basket, the group of employees and customers.

Artie T. addressed a crowd of employees and supporters outside the company's headquarters Thursday morning, saying that the victory was one for workplace equality. The chain, with 25,000 employees, is known for a generous profit-sharing program and workers who stay with the company for long tenures, working their way up from entry-level jobs to top management positions.

"As I stand before you I'm in awe of what you all accomplished," he told the group. "You have demonstrated to the world that it is a person's moral obligation and social responsibility to protect a culture that provides an honorable and dignified place in which to work."

Related: Market Basket workers fight for their boss

The company's statement said Artie T. and his management team would return to the chain immediately. Two outside co-CEOs who were brought in by his cousin will remain in place until the sale closes, which is expected in the next several months. All employees were invited to return to work.

But the financial impact of the idle stores may have caused lasting damage to the company's finances. It is believed to have lost several million in potential revenue daily -- a major blow in the grocery industry, whose profit margins are low.

The situation also hurt employees. Management repeatedly threatened to terminate workers who did not show up, but held off while negotiations for a sale were ongoing.

--CNNMoney's Chris Isidore contributed to this report.

First Published: August 28, 2014: 7:33 AM ET

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New England's epic supermarket feud ends

With few customers and no deliveries, shelves for perishable items were quickly left empty.

NEW YORK (CNNMoney)

Arthur T. Demoulas, the ousted president of Market Basket, reached an agreement late Wednesday to buy out the stake in the 71-store chain controlled by his cousin.

The deal ends a 10-week standoff that included employee protests and a customer boycott.

The sale's announcement left the employee group backing Artie T. ecstatic.

The situation also hurt employees. Management repeatedly threatened to terminate workers who did not show up, but held off while negotiations for a sale were ongoing.

Related: Market Basket workers fight for their boss

For some employees, lack of hours during the stoppage put in jeopardy their eligibility for the generous profit-sharing program, one of the company's main employee benefits and a substitute for a more traditional retirement package.

Despite the large scale, Market Basket under Artie T. maintained the personal touch. Employees proudly wear their years of service on their nametags and spend their entire career at the company, rising from a bagging or cashier position to leadership roles.

They said the firing of Artie T. hit like a blow to their own family, and expressed concern that new management -- a pair of outside hires -- was more interested in profit than maintaining the company's distinctive culture.

--CNNMoney's Chris Isidore contributed to this report.

First Published: August 28, 2014: 7:33 AM ET

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Malaysia Air posts $97 million loss

HONG KONG (CNNMoney)

State investor Khazanah, which owns nearly 70% of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

The fund, which is expected to release more details Friday, has promised other changes that will amount to a "complete overhaul" of the airline.

Thousands of job cuts are expected, something analysts say is needed to help the bloated airline compete with more nimble rivals. Labor unions are expected to oppose the measures.

Related: Malaysia Airlines to be pulled from stock market

Malaysia Airlines was once a symbol of national pride. But the airline was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.

The carrier hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.

Related: Passengers' families could collect millions

MH17 was shot out of the sky in July, over territory that's controlled by pro-Russian militants battling the Ukraine government. The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board. No trace of the plane has been found.

First Published: August 28, 2014: 7:50 AM ET

19.33 | 0 komentar | Read More

Why I left a job in finance to play video games

NEW YORK (CNNMoney)

He found the work fast paced and it paid well, but something was missing. He asked for some time off in 2012. He quit a week later to become a full-time video game player.

What seemed like a crazy move at the time has turned out to be one of Wu's best trades. He is now at the forefront of the "eSports" movement, which is bringing video game tournaments to the mainstream, similar to what happened with poker.

"Some say that gaming is what children or teens do, as if it's a dirty thing," Wu told CNNMoney. "But it's very dynamic. It requires teamwork, thinking out of the box and being creative. It's an outlet to develop your brain."

Related: Why I put World of Warcraft on my resume

Growth of eSports: Thousands of people watch Wu's every move in his online gaming tutorials on YouTube and Twitch, the streaming service that Amazon (AMZN, Tech30) just bought for nearly $1 billion.

The people who tune in are often playing the game themselves and trying to use Wu's tips to make it to the next level. They can even send Wu messages with questions.

ESports are becoming so mainstream that a competition Wu did play-by-play commentary for in July aired on ESPN3, and companies like Red Bull, Monster (MNST) and Coca-Cola (KO)now sponsor big gaming events.

Related: Amazon buying Twitch for nearly $1 billion

To put it in dollar terms, Wu had what he dubs a "part-time job" during his Duke University days playing Defense of the Ancients -- known as DotA. He was a member of a Danish team that competed around the world. Winning a major tournament would result in players getting a few thousand dollars each.

"We were lucky to get 5-figure prizes in my day," he says.

The stakes are higher today. At a key DotA tournament in July known as The International, the winning team from China walked away with $5 million.

"DotA is so much more dynamic as a game than say, chess. It's so much more difficult to work as a team to overcome obstacles versus chess where you examine your own play," Wu says, trying to explain the appeal of a multi-player game like DotA. "There's not much of a social aspect to chess."

Related: MLB gets into the video game business

Master gamer: The purpose of DotA is to capture the other team's "ancient," kind of like the summer camp game of capture the flag. Two teams of five players each go head-to-head. They select characters -- much like picking teams in gym class -- that have different skills. Almost every obstacle in the game has to be overcome through teamwork.

The top teams hail from all over the world. Over 40 million people have watched final rounds of The International competition via Twitch.

These days it's hard to believe Wu hid his gaming from a college girlfriend and felt he had to find a "real job" after graduating.

Wu is better known in the gaming community as MerliniDota. It's a nickname he picked up in middle school. He uses it now for his Twitter handle and YouTube channel.

"There is a push to get a pro scene in gaming," Wu says. "The target age is 16 to 28, and 95% are males."

Most of the top players are 21 to 23. That's why Wu no longer competes actively. Instead, he has found his niche educating others on how to play and being a web personality at tournaments.

It might not be that far of a stretch to compare him to former NBA basketball player Bill Walton, who took his and UCLA and pro experience and channeled it into a top TV commentator gig for decades.

Wu laments what his professional career might have been if he were only a few years younger, but the reality is he's making more money on the gaming "scene" today than he did as a Wall Street-type trader.

First Published: August 28, 2014: 6:27 AM ET

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How to fix wealth inequality

Written By limadu on Rabu, 27 Agustus 2014 | 21.29

NEW YORK (CNNMoney)

Most wealth in the United States is gained from the appreciation of home values over time. Twenty-five percent of Americans' wealth, the sum of all physical and financial assets, comes from the increased value of homes -- and that number is nearly 50% for people of color.

However, according to a new study by the Russell Sage Foundation, household net worth declined steadily between 2007 and 2013. While wealth certainly was lost at the top of the distribution, households at the lowest end of the spread were hardest hit, losing 60% of their wealth. Since 2007, approximately one-quarter of all Latino and African-American borrowers have lost their homes to foreclosure or are seriously delinquent, compared to just under 12% of white borrowers.

Related: Millennials squeezed out of buying a home

The problem is not just that so much wealth was lost, it's that the prospects for reversing that trend are so few. Seven years after the Great Recession, credit to buy a home is not generally available, and experts don't believe it will be any time soon.

Even if credit were more widely available to low-income people, other market realities will likely block them from homeownership for many years to come. The FICO score, for example, is the key metric used by lenders to evaluate a borrower's creditworthiness. But because the foreclosure crisis disproportionately struck low-income families and households of color, millions of low-income people will have to wait five to seven years to rehabilitate their score just to be eligible to apply for a mortgage.

Similarly, escalating student loan debt is shutting the door to homeownership. Today's average starting salary for college graduates is $45,000, yet two-thirds of Americans leave school with more than $25,000 in debt; one in 10 now owes more than $54,000. For years to come, most recent graduates will not be able to meet new mortgage rules that require total debt not to exceed 43% of income.

Related: $90,000 in debt; can't make payments

Frustratingly, all of this is happening when there is a once-in-a-lifetime number of affordable homes on the market because of the foreclosure crisis. Not only can't low-income people get the financing to buy them, but the homes are being purchased by institutional investors at a record pace.

Since 2010, institutional investors have spent $22 billion to buy low-cost, foreclosed single-family homes with the intent of holding them as long-term rental properties. That number is expected to grow exponentially over the next few years. Essentially, these are now permanently unavailable to low-income people.

While mortgage lending conditions and requirements are unlikely to change dramatically, there are steps that could be taken toward more equitable access to homeownership. Since the Great Recession, sub-prime lending has been virtually eliminated. Criticisms of the practice are real, but programs that combine subprime loans with comprehensive home ownership training courses and support have proven successful.

Related: Why your FICO score may go up

Recent efforts to assist lower-income families could go a long way toward changing the landscape.

There is a growing national focus on making a college diploma more affordable. For example, a movement toward a $10,000 bachelor's degree has sparked real action from policymakers. Progress on education affordability would mean that young people could graduate without being saddled with debt that prevents them from accessing a mortgage later in life.

The Cities for Financial Empowerment Fund is working with local government agencies around the country to assist low-income people in reducing debt, improving credit and building savings.

A recent report from the Census Bureau found that the median wealth of the poorest 20% of American households was negative $6,029 in 2011, compared with negative $905 a decade ago. If we want to reverse this trend and narrow the wealth gap, we need a better path to homeownership for low-income families.

Ben Hecht is president and CEO of Living Cities, an organization that harnesses the resources and knowledge of its 22 member foundations and financial institutions to benefit low-income people and the cities where they live.

First Published: August 27, 2014: 9:40 AM ET

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Time Warner Cable comes back from nationwide Internet outage

NEW YORK (CNNMoney)

Time Warner Cable, which serves about 14.5 million of the country's 115 million homes, said the outage occurred at 4:30 a.m. ET "during our routine network maintenance."

"An issue with our Internet backbone created disruption with our Internet and On Demand services," the company said in a statement.

"As of 6 a.m. ET, services were largely restored as updates continue to bring all customers back online," the company added.

The company said that cable TV and phone services were not affected by the Internet downtime.

Related: Would you sign up for 'virtual cable'

Some Time Warner Cable customers said in tweets that their Internet service was still spotty after 7 a.m., though it had resumed working for others, including this reporter, who's filing his story via the provider's Internet connection.

The outage is another black eye for Time Warner Cable (TWC), which has a dismal reputation among consumers.

Earlier this year, the American Consumer Satisfaction Index showed Time Warner Cable had the lowest satisfaction rate of any big television provider.

Comcast (CCV), the company with the second-lowest satisfaction rate in that survey, is in the process of acquiring Time Warner Cable.

Both companies have made big investments to improve customer service and the quality of their products -- but of course none of that matters when customers wake up and find out the Internet is not working.

During the outage, some customers said they relied on Internet connections from their smart phones instead.

Broadband providers report outages from time to time, but they are usually more localized.

Charter Communications (CHTR) suffered what was described as a nationwide outage last Saturday, but Charter reaches fewer homes than Time Warner Cable, and is generally in smaller markets.

Many of Time Warner Cable's homes are in big metropolitan areas like New York City and Los Angeles. That made Wednesday's outage more noticeable, because it affected journalists and the people who employ them.

First Published: August 27, 2014: 8:09 AM ET

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RadioShack in talks on cash lifeline

RadioShack could get the cash infusion it needs from its major investor.

NEW YORK (CNNMoney)

The troubled electronics retailer is in talks with Standard General, which holds nearly 10% of RadioShack shares, to give it a cash infusion, sources familiar with the talks have told CNN.

RadioShack burned through more than 40% of its cash on hand in its most recent quarter ending in May, leaving with only $62 million on its balance sheet. Credit rating agency Moody's has estimated the retailer could run out of cash as soon as next year.

RadioShack did not have an immediate comment on the talks. Standard General partner David Glazek declined to comment.

Related: 6 endangered brands

RadioShack management unveiled a plan earlier this year to close about 1,100 stores, roughly 20% of its total, in an effort to stem losses. It also needs cash to revamp its remaining stores. Its own Super Bowl ad mocked its current stores as hopelessly mired in the 1980s.

But creditors balked at the move to close that many stores, leaving the company without the cash it needed for the turnaround plan. It then unveiled a more modest plan to close 200 stores, but that plan raised new worries that it would soon run out of cash.

Related: Autopsy of America - Photos of dead shopping malls

Standard General is providing $25 million to help rescue another troubled retailer in which it has taken a large stake - American Apparel (APP), the company that fired its controversial CEO Dov Charney earlier this summer.

RadioShack (RSH) shares fell to a record low of 55 cents earlier this month on bankruptcy fears. But they have rallied since then, jumping nearly 20% in trading Tuesday on initial reports of the rescue talks on Bloomberg. Shares rose another 7% in early trading on Wednesday, although they were still under $1.

First Published: August 27, 2014: 9:50 AM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Stocks are on fire: U.S. stock futures were stable Wednesday morning, a day after the S&P 500 closed above 2,000 for the first time ever.

If investor sentiment remains strong, it's possible the benchmark index could surpass its latest record-setting high.

U.S. stocks advanced Tuesday. The Dow tacked on nearly 30 points, the S&P 500 was up 0.1%, and the Nasdaq was 0.3% higher.

2. Geopolitics: The new Israel-Hamas ceasefire could give investors confidence Wednesday. Israel's benchmark index was higher in early trading.

Meanwhile, talks between Russian President Vladimir Putin and Ukrainian President Petro Poroshenko over Ukraine have concluded.

The Russian Micex index was up by about 0.7% in early trading. Russia's equity and currency markets have taken a hit this year after Western nations levied sanctions.

Related: Fear & Greed Index

3. Earnings: Brown-Forman (BFA)and Tiffany & Co. (TIF) will report earnings before the opening bell, while retailers Guess (GES) and Williams-Sonoma (WSM) will report after the close.

Shares in gun maker Smith & Wesson (SWHC) plunged by as much as 15% in extended trading after the company said quarterly sales were dragged down by a shrinking demand for rifles.

Related: CNNMoney's Tech30

4. International markets overview: European markets were looking anemic in early trading as investors reacted to weaker-than-expected economic data.

Asian markets all closed higher, except for the Hang Seng in Hong Kong, which dipped by 0.6%.

First Published: August 27, 2014: 5:14 AM ET

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IMF chief Lagarde under investigation in France

Christine Lagarde is the head of the International Monetary Fund.

LONDON (CNNMoney)

Under French law, a formal investigation means prosecutors believe they have serious evidence implicating a suspect in a crime. It does not necessarily lead to charges or a trial.

The case stems from 2008 when Lagarde was finance minister under former French President Nicolas Sarkozy.

Prosecutors believe that Lagarde was negligent in dealing with a case that saw a supporter of Sarkozy -- Bernard Tapie -- awarded a settlement worth 285 million euros plus interest.

The IMF said Wednesday that Lagarde has not been charged and will continue in her role at the organization.

Lagarde is "on her way back to Washington and will, of course, brief the board as soon as possible," the IMF said. "Until then, we have no further comment."

Other French officials and business people have been questioned in the case, including Lagarde's former chief of staff, Stephane Richard, who is now head of the massive telecom group Orange (ORAN).

Last year, Lagarde's home was searched and she was questioned by a French court, but was not placed under formal investigation.

--CNN's Carol Jordan and Jo Shelley contributed to this report.

First Published: August 27, 2014: 6:51 AM ET

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Time Warner Cable suffers nationwide Internet outage

NEW YORK (CNNMoney)

Time Warner Cable said the outage occurred at 4:30 a.m. ET "during our routine network maintenance."

"An issue with our Internet backbone created disruption with our Internet and On Demand services," the company said in a statement.

"As of 6 a.m. ET, services were largely restored as updates continue to bring all customers back online," the company added.

Related: Would you sign up for 'virtual cable'

The outage is another black eye for Time Warner Cable (TWC), which has a dismal reputation among consumers.

Earlier this year, the American Consumer Satisfaction Index showed Time Warner Cable had the lowest satisfaction rate of any big television provider.

Comcast (CCV), the company with the second-lowest satisfaction rate in that survey, is in the process of acquiring Time Warner Cable.

Time Warner Cable serves about 14.5 million homes, most of which subscribe to cable and broadband Internet.

Many of those homes are in big metropolitan areas like New York City and Los Angeles. That made Wednesday's outage more noticeable, because it affected journalists and the people who employ them.

First Published: August 27, 2014: 8:09 AM ET

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Home prices rising, but slowly

Written By limadu on Selasa, 26 Agustus 2014 | 21.29

Hot home price gains are cooling a bit.

NEW YORK (CNNMoney)

National home prices rose 6.2% this spring, compared to the same three months last year, according to the S&P/Case-Shiller national home price index.

Prices in the index's 10 and 20 city measures rose at a slower year-over-year pace in June alone, with every city reporting lower gains -- the first time that's happened in more than six years. Both city indexes rose 8.1% on an annual basis.

Related: Best cities for Millennial homebuyers

Recent housing market data has sent a mixed message. The number of new homes sold dropped in July for the third straight month. But existing home sales rose in July to an annual rate of 5.15 million units, the highest level in 2014. Housing starts and builder sentiment have also been positive.

"Taken together, these point to a more normal housing sector," said David Blitzer, spokesman for S&P.

Related: In some markets all cash deals still rule

Las Vegas recorded the largest year-over-year increase of any city in June, 15.2%. San Francisco, Miami and San Diego also reported strong gains. Cleveland prices were almost flat and price increases in Charlotte, N.C., New York and Washington also trailed the larger index.

First Published: August 26, 2014: 9:14 AM ET

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Amazon is eating Best Buy's lunch

Cloudy with a chance of showrooming? Best Buy's outlook is uncertain after a poor sales report.

NEW YORK (CNNMoney)

The electronics retailer reported quarterly sales Tuesday morning that were lower than a year ago and below Wall Street's expectations. The main culprit? Tough competition from online retailers.

"We continued to see a shift in consumer behavior: consumers are increasingly researching and buying online. As a result, traffic to our brick and mortar stores continued to decline," said Best Buy CEO Hubert Joly.

Shares of Best Buy (BBY) fell as much as 6% in early trading following the news.

Best Buy, which was one of the top performing stocks in the S&P 500 in 2013, has pulled back sharply this year.

Investors were hopeful last year that Joly, who joined Best Buy in August 2012, would be able to get the company's sales growing more consistently again.

Can Best Buy turnaround? But even though Best Buy did report profits that topped consensus estimates, there are now questions about whether he can execute a turnaround strategy.

Simply put, Best Buy is the victim of a phenomenon known in the retail industry as "showrooming." Consumers may go to Best Buy stores to check out TVs, smartphones or tablets ... only to buy them online instead from Amazon (AMZN, Tech30) or other e-commerce sites.

Related: It's a gamer thing: Amazon buying Twitch

Still, some of my Twitter (TWTR, Tech30) followers thought that Best Buy's problems are deeper than just tough price competition.

"I think what Joly really means is 'horrible in-store customer service is our problem,'" wrote Rob McGahen.

Making matters worse? Does anyone buy DVDs anymore? You could argue that Netflix (NFLX, Tech30) and other streaming video services are as big of a threat to Best Buy as online shopping for higher-priced gadgets.

"$BBY has too much real estate. Wait until DVDs are no longer around, leaving 1/4 of their stores emptier," tweeted Rocking_M.

And Christopher Long added that "they shed music CDs years ago and still don't know how to make center of store profitable."

Now to be fair, Best Buy is in much better shape than other struggling retailers such as RadioShack (RSH), Sears (SHLD), J.C. Penney (JCP) and Staples (SPLS).

Best Buy is profitable. It also has more than $3.1 billion in cash and short-term investments -- up from $1.9 billion a year ago.

Related: Should J.C. Penney close 300 more stores?

Joly and CFO Sharon McCollam, a widely-respected retail veteran who is credited with making Williams-Sonoma (WSM) into an online retailing powerhouse, seem to get that Best Buy must adapt or it may suffer the same fate as former rival Circuit City or Borders. Both of them went out of business -- largely due to the Amazon effect.

Joly noted that visits to Best Buy's website increased even as fewer people went to the actual stores. But will that be enough to get Best Buy's sales back on track?

McCollam pointed out that part of the problem for Best Buy is that there aren't really that many exciting, new, must-have devices out there. That may sound like an excuse. But I think there's a grain of truth in it.

Unless Apple (AAPL, Tech30) really blows consumers away with the upcoming iPhone 6 launch, there may not be a compelling need for that many people to buy new smartphones between now and the end of the year.

Related: Be wary of no money down iPhone 6

So while it's true that Best Buy needs to do a better job of offering products at a competitive price, the company is at the mercy of the Apples, Samsungs and LGs of the world. It's only worth shopping at Best Buy if you actually have a need to buy a new phone, tablet or TV in the first place.

First Published: August 26, 2014: 9:52 AM ET

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Don't wait! Trade in your old iPhone now

Apple is expected to launch the iPhone 6 in two weeks, but waiting until then to sell your old iPhone means you're way late to the game.

NEW YORK (CNNMoney)

The trade-in value of an old iPhone declines sharply before the launch of each new one, and Apple (AAPL, Tech30) is expected to unveil the iPhone 6 in just a couple of weeks -- on Sept. 9.

In the past, prices for old iPhones have dropped 20% a month before and after the company's announcement, according to Gazelle, a company that will buy your old iPhone from you.

The company calls Apple's launch day, which typically happens in September, "Gazelle Christmas," said Alyssa Voorhis, the company's senior tech analyst.

Related: Apple recalls iPhone 5 for battery woes

As of Tuesday, a customer could fetch up to $290 for a 16 GB iPhone 5S in good condition. Prices vary depending on what carrier it supports.

This year, Gazelle is allowing customers to lock in a guaranteed price for their older iPhone now and send it to Gazelle later, after buying the new version. So don't worry, you won't have to be left without a smartphone while waiting for the iPhone 6.

A growing number of people are figuring out that their old gadgets are worth some cash. The company has a 125% jump in trading-in customers this year, compared to last year. On Aug. 18, the first day customers could lock in a price at Gazelle, the company made more than two price offers every second.

A lot of the increase is due to a growing awareness of the service, said Voorhis. But there may be another reason Apple fans are ready for an upgrade this year. It's likely the new version will have an entirely different body.

"Historically, there's a lot of excitement when that happens," Voorhis said.

First Published: August 26, 2014: 10:21 AM ET

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Burger King buying Tim Hortons

Burger King is buying Canadian doughnut maker Tim Hortons.

NEW YORK (CNNMoney)

The deal could be the latest example of a U.S. company buying a foreign company in order to move its legal home to that of the company it is acquiring, thus allowing it to pay corporate taxes at a lower rate.

Burger King's announcement does not make mention of the tax implications of its purchase of Tim Hortons (THI).

Burger King's (BKW) has arranged for $12.5 billion in financing to complete the deal, with $3 billion of that coming from Warren Buffett's Berkshire Hathaway (BRKA). Berkshire is only providing financing and will have no management role in the combined company.

First Published: August 26, 2014: 8:08 AM ET

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GM's compensation fund gets 100th death claim

Ken Feinberg has received 100 death claims so far.

NEW YORK (CNNMoney)

GM received 100 death claims and 184 injury claims as of Friday, according to a spokeswoman for Ken Feinberg, a consultant hired to administer GM's compensation fund. He began receiving claims on Aug. 1 and will continue to do so until Dec. 31, 2014.

GM has pledged to pay victims who were injured or killed as a result of a defect affecting 2.6 million cars that can cause the vehicle to shut off unexpectedly, disabling airbags. Officials have admitted that the company made mistakes, leading to a decade-long delay in issuing a recall for the affected vehicles.

Related: GM offers victims more than $1 million

Not everyone who submits a claim will receive compensation. Claimants must prove that the defect is to blame for the accident. Feinberg, who was tasked to give out compensation to victims after the 9/11 terrorist attacks and other high-profile tragedies, will evaluate all the claims and respond within three to four months.

GM (GM) is offering at least $1 million to the families of those who died. The automaker will give another $300,000 for each surviving spouse and dependent, in addition to a sum of money that will be determined by the victims' earning potential.

Compensation for those who were injured will be based on the severity of the injury. Victims give up their right to sue GM if they take the money.

The automaker expects to pay between $400 million to $600 million to compensate victims. No claims have been paid out yet, according to the spokeswoman.

First Published: August 25, 2014: 5:52 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Here are the four things you need to know before the opening bell rings in New York:

1. Stock markets mellow: U.S. stock futures were little changed Tuesday and European markets were mostly in negative territory. Gold prices were higher by 1% to about $1,290 per ounce.

The early market mood just isn't quite as jubilant as it was Monday when the S&P 500 surpassed 2,000 for the first time ever. The Dow and the Nasdaq both rose by about 0.4%.

The latest reading on the CNNMoney Fear & Greed index shows investors are still feeling relatively fearful.

2. Earnings expectations: Shares in advertising giant WPP (WPPGY) were higher by roughly 2% in London after the firm reported strong half-year earnings.

"It seems as if the ill-fated merger of Omnicom and Publicis has led to WPP winning business as they post pre-tax profit ahead of forecasts," said Tom Robertson, a trader at Accendo Markets.

In New York, Best Buy (BBY) will report earnings before the opening bell. Gun maker Smith & Wesson (SWHC) will report after the close.

Related: M&A market is heating up

3. Economics: There are a few important economic announcements to watch Tuesday.

The S&P/Case-Shiller 20-city home price index comes out at 9 a.m. ET., followed by the Conference Board's consumer confidence index at 10 a.m.

Related: CNNMoney's Tech30

4. International markets overview: European markets were mostly lower in early trading Tuesday after rallying in the previous session. The London FTSE 100, which was closed for a holiday Monday, was higher as it played catch-up with the rest of the continent.

Most Asian markets ended with losses Tuesday.

First Published: August 26, 2014: 5:05 AM ET

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Stocks: 4 things to know before the open

Written By limadu on Senin, 25 Agustus 2014 | 21.29

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Early indications are good. U.S. stock futures were all higher Monday and European markets advanced.

Here are the four things you need to know before the opening bell rings in New York:

1. Stock market movers -- Burger King, Tim Horton's, Roche, InterMune: Get ready for market reaction after Burger King (BKW) announced it's in talks to buy the Canadian coffee chain Tim Hortons (THI) in a deal that could see the burger chain move its headquarters to Canada and lower its tax bill.

Shares in Roche (RHHBY) were up by about 0.5% after the Swiss pharmaceutical giant announced it's paying $8.3 billion to buy Nasdaq-traded InterMune (ITMN). The offer represents a 38% premium compared to where InterMune shares closed on Friday.

2. French government shake-up: French Prime Minister Manuel Valls has presented President Francois Hollande with his government's resignation, and a new government will be announced on Tuesday. Shares in the benchmark CAC 40 in Paris were higher by about 1% in early trading.

Related: Fear & Greed Index

3. Economic data: New data on business sentiment in Germany shows confidence continues to deteriorate as the economy loses steam. Many German firms have suffered as tensions escalate with Russia, a major trading partner.

At 10 a.m. ET the U.S. Census Bureau will release data on new home sales.

Related: CNNMoney's Tech30

4. Friday market recap: U.S. stocks closed mixed Friday. The Dow Jones Industrial Average and S&P 500 both slid about 0.2%, but the Nasdaq gained about 0.1%.

First Published: August 25, 2014: 5:13 AM ET

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Apple recalls iPhone 5s for battery woes

Certain iPhone 5 smartphones are eligible for free battery replacements, Apple says.

NEW YORK (CNNMoney)

Apple (AAPL, Tech30) said "a very small percentage" of iPhone 5 smartphones may "suddenly experience shorter battery life or need to be charged more frequently."

Don't get too excited just yet. After a year or two, everyone's iPhone battery seems to carry less juice than it once did. But Apple's repair program is limited to certain customers in the United States and China.

Only iPhone 5 smartphones sold between September 2012 and January 2013 are eligible, and only those that fall within a certain range of serial numbers. Apple has opened a website that allows people to determine whether their phones are eligible. (To access your serial number, tap Settings > General > About > Serial Number).

Apple announced an even smaller iPhone 5S battery recall program last year. In June, Apple issued a recall in 37 countries for European iPhone chargers that were overheating.

First Published: August 25, 2014: 9:15 AM ET

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Original Superman comic sells for record $3.2 million

NEW YORK (CNNMoney)

A pristine copy of Action Comics #1 -- which introduced Superman for the first time -- sold on eBay (EBAY, Tech30) for $3,207,852, a record. When it originally hit newsstands in 1938, the comic sold for 10 cents.

Reports from websites that follow the comic industry say the publication was bought by comicconnect, an online auctioneer.

"I'm proud to have owned the most valuable comic book in the world," said Darren Adams, the comic's seller, and owner of Pristine Comics near Seattle.

In a video on Pristine's website, Adams explained how the comic was bought at a newsstand in 1938 by a man from West Virginia who kept it in a cedar chest. The high-altitude location, and the cool, dry, dark environment kept the comic in nearly perfect condition.

The book was eventually discovered in the 1970s and sold to a prominent dealer, who resold it to Adams.

The Superman comic is graded a 9 on a scale from 1 to 10, with 10 being the highest, according to comic book grading company Certified Guaranty.

According to the news release, a portion of the proceeds from the auction will be donated to the Christopher and Dana Reeve Foundation.

Reeve starred as the iconic Man of Steel is a series of movies before a horse-riding accident left him paralyzed in 1995. He started his foundation to promote research to help people with spinal-cord injuries. Reeve died in 2004.

First Published: August 25, 2014: 8:44 AM ET

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Is Burger King moving to Canada?

HONG KONG (CNNMoney)

The new company would be headquartered in Canada, the two firms said in a joint statement. Both Tim Hortons (THI) and Burger King (BKW) would continue to operate as standalone brands.

By moving north of the border, Burger King would be completing what is called an "inversion" -- a strategy that allows U.S. firms to lower their tax bills by merging with a foreign company, and then relocating to the new country.

Corporate tax rates are lower in Canada than the U.S., which has the highest tax rate among developed economies.

In the case of Miami-based Burger King and Tim Hortons, the combined company would be the world's third largest fast food chain, generating $22 billion in sales at more than 18,000 restaurants in 100 countries.

Related: 7 things you absolutely must know about corporate taxes

In the past decade, at least 47 U.S. companies have used the inversion process. Several inversions have been proposed this year and more are in the works.

One major inversion deal was announced in July, when Chicago-based AbbVie agreed to a $54.7 billion merger with Britain's Shire, slashing AbbVie's effective tax rate to about 13% by 2016 from 26%.

Drugmaker Mylan also announced last month that it would buy a Netherlands-based unit of Abbott Laboratories in a deal designed to let it incorporate abroad.

Related: 8 of the world's craziest fast food items

The flurry of deals has attracted the attention of Washington, and the White House has called on companies to practice "economic patriotism."

"They're declaring they're based someplace else even though most of their operations are here. .. My attitude is I don't care if it's legal -- it's wrong," President Obama said in July.

First Published: August 24, 2014: 11:18 PM ET

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Hackers attack Sony PlayStation Network

The "Lizard Squad" has targeted Sony's online gaming network.

NEW YORK (CNNMoney)

Over the weekend, Blizzard Entertainment, CCP Games, Riot Games and Sony (SNE) have done maintenance to bring their networks back online.

CNNMoney quiz: What hackers know about you

The hackers, speaking publicly on Twitter, claimed responsibility for attacking the PlayStation Network and others, disrupting the ability of millions of gamers to play together online.

According to the targeted companies, hackers flooded their networks with illegitimate traffic -- a strategy known as a distributed denial of service attack. The FBI said it was investigating.

The hackers slammed the following game networks:

Battle.net (World of Warcraft, Starcraft II, Diablo III)
EVE Online
League of Legends
PlayStation Network and Sony Online Entertainment

On Sunday, Sony said both its services were still under repair but assured customers no user data was exposed. The other networks did not immediately return requests for comment.

When John Smedley, president of Sony Online Entertainment, acknowledged the "large scale" attacks on Twitter, he came under fire as well. Knowing that Smedley was on a flight from the Dallas area to San Diego, the hackers made a veiled threat about bombs on his plane.

"We have been receiving reports that @j_smedley's plane #362 from DFW to SAN has explosives on-board, please look into this," the group said to American Airlines on Twitter, pairing that with images of the Sept. 11, 2001 attacks.

The plane was diverted to Phoenix Sky Harbor Airport.

CNNMoney's cybersecurity Flipboard magazine: How safe are you?

The FBI later released this statement: "The flight landed without incident. Passengers were safely removed from the plane."

-- CNN's Evan Perez contributed to this report.

First Published: August 24, 2014: 10:03 PM ET

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Stocks: 4 things to know before the open

Click chart for in-depth premarket data.

LONDON (CNNMoney)

Early indications are good. U.S. stock futures were all higher Monday and European markets advanced.

Here are the four things you need to know before the opening bell rings in New York:

Related: Fear & Greed Index

At 10 a.m. ET the U.S. Census Bureau will release data on new home sales.

Related: CNNMoney's Tech30

4. Friday market recap: U.S. stocks closed mixed Friday. The Dow Jones Industrial Average and S&P 500 both slid about 0.2%, but the Nasdaq gained about 0.1%.

First Published: August 25, 2014: 5:13 AM ET

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Glenn Beck sought out CNN deal, but talks died fast

Written By limadu on Minggu, 24 Agustus 2014 | 21.29

NEW YORK (CNNMoney)

But the idea fizzled fast and talks aren't expected to resume, according to several people with direct knowledge of the exchange. "The talks were never serious," one of the people said.

Still, Beck's interest -- first reported Friday night by the Wall Street Journal -- is a sign that he is seeking partnerships to help his two-year-old cable channel, called The Blaze.

The Blaze has had a hard time gaining distribution on cable and satellite systems. It is not alone: Many fledgling channels are in similar positions, particularly channels that are not backed by major media companies.

Time Warner (TWX), owner of CNNMoney and CNN, is one of those major media companies. It also owns HBO, TNT, TBS, and other channels, so it has significant leverage in negotiations with distributors like Comcast (CMCSA) and DirecTV (DTV).

That's one of the reasons why Beck's representatives from his media company, Mercury Radio Arts, reached out.

One of the sources compared the proposal to the joint venture between Oprah Winfrey and Discovery Communications for the channel that became OWN. Discovery provided the shelf space on cable systems and Winfrey provided the bulk of the programming for that channel.

Related: Future of media

Another source said Beck's company proposed that it buy a block of time on HLN, a smaller television sibling of CNN. That would have been a homecoming of sorts for Beck, who hosted a nightly show on HLN from 2006 to 2008. But CNN signaled that it was not interested.

The contact from Mercury Radio Arts came after media reports about talks between Time Warner and Vice Media. Those talks, first reported in late June, have also involved HLN. They are believed to be ongoing, though neither of the companies have commented publicly.

Spokespeople for Beck and CNN declined to comment.

When I interviewed Beck for CNN's "Reliable Sources" last month at his headquarters in Irving, Texas, he acknowledged the challenges that independent channel owners face. At the time, I didn't know about his company's outreach to CNN, and he didn't mention any possible partnerships with major media companies.

Related: Glenn Beck's challenge: Getting into your TV

But he spoke at length about his interest in making sure Mercury Radio Arts reaches audiences through television, radio, the Internet, in-person events, and other means.

"I am interested in delivering an experience for people," he said. "And I want to be in every -- in every possible venue."

Beck's channel is arguably the biggest opportunity he has. It originated on the Internet and was picked up by the country's second-biggest satellite television provider, Dish Network (DISH), in 2012. At the time, that was a big coup for Beck.

Since then, The Blaze has struck distribution deals with about 70 smaller TV providers. But the industry is top-heavy, and only two of the ten biggest providers, Dish and Cablevision (CVC), have supported The Blaze so far.

Beck's representatives have declined to say how many of the country's 100 million homes with pay-TV currently have access to The Blaze, which helps to explain his apparent interest in partnerships.

First Published: August 23, 2014: 8:17 PM ET

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