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Yahoo joins Hulu bid; Market flip-flops

Friday, May 24, 2013 - 02:00

May 24 - Summary of business headlines: Stocks are little changed heading into long holiday weekend; Yahoo puts in bid for Hulu -sources; Gold sees best week in a month, oil sees its worst; Durable orders rise; Retail shadow darkens. Conway G. Gittens reports.

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Wall Street endures its first three-day slide since the month of March with investors still unsure about the Federal Reserve's stimulus plan. The Dow, however, pulled off a late-day turnaround and the rest of the market was down ever so slightly ahead of the long holiday weekend. A weekly loss snaps a four-week rally for the Dow and the Nasdaq. Some of that money may have trickled into gold pits Spot gold, down for the day, but up 2 percent for the week - ending two weeks of declines. On the other hand, with energy supplies stocking up to near record levels in the U.S., crude took a tumble. Oil shed more than two percent in its biggest weekly fall in over a month. Just days after snapping up Tumblr for more than a billion dollars, Yahoo is looking to buy video website Hulu, according to sources. Hulu is a hot property with several bidders in the running. Yahoo did not respond for comment. In a surprise move, Procter and Gamble is bringing back long-time CEO A.G. Laffley to run the company and CEO Bob McDonald is stepping down. Laffley is expected to put more focus on the discovery of new products and push into emerging markets. The management shake-up was well received with the stock rallying four percent. Grumblings at the mall...Abercrombie and Fitch, no longer connecting with Generation Y. A sales measure plunged 15 percent last quarter and the teen apparel retailer slashed its profit outlook. Meanwhile, Sears Holdings, parent of Sears and Kmart, continues to struggle to turn around the two retail chains. Shares of Abercrombie and Fitch tumbled eight percent, echoing negative results earlier in the week from peers Aeropostale and American Eagle Outfitters. Sears Holdings shed 13.6 percent. Orders for large ticket items, known as durable goods, rose 3.3 percent last month in a good sign for the manufacturing sector. Over in Europe, this week's losses were more severe as investors punished finance and insurance stocks.

Yahoo joins Hulu bid; Market flip-flops

Friday, May 24, 2013 - 02:00

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