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Stocks falter after five-week run up

Monday, September 08, 2014 - 02:32

Summary: Stocks move little as Boeing lands a big plane order, Alibaba starts roadshow, Twitter tests ''buy'' button, GE sells appliance unit to Electrolux and Amazon slashes Fire phone price to $0.99. Conway G. Gittens reports.

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Markets take a breather after a five-week sprint, but investors say this bull market is not going anywhere anytime soon. The Dow and the S&P 500 inch lower, while the Nasdaq creeps higher. Boeing landing what could turn out to be a $22 billion order from Europe's Ryanair. The planemaker is selling 100 of its 737 Max single-aisle planes to Europe's leading discount airline. Ryanair also has an option to buy 100 more. Shares of Dow component Boeing up nearly three percent on the news. That's not the only cross border activity going on. General Electric is selling its appliance unit for $3.3 billion to Sweden's Electrolux. The iconic brand will keep on selling under the Electrolux umbrella in a bid to bring the battle of the kitchen to Whirlpool. GE, which has been selling off assets and focusing on its core industrial business, not getting too much of a bump in the stock. Whirlpool investors - not shaking in their boots - the stock was up for the day. Jack Ma is in town. The founder of Alibaba taking part in day one of the roadshow as Alibaba plans to launch the biggest market debut in history. The Chinese e-commerce company's IPO is reportedly expected September 19th. So why is Wall Street so excited about a company the average consumer has never heard of? Max Wolff, chief economist, Manhattan Venture Partners: SOUNDBITE: MAX WOLFF, CHIEF ECONOMIST, MANHATTAN VENTURE PARTNERS (ENGLISH) SAYING: "They are the Middle Kingdom's middle man and as long as they keep that role, then we see them as very valuable and a leverage play on the emergence of the Chinese middle class, the growth of Chinese consumption and the mobile revolution." Twitter is testing a "buy" button to allow mobile users to make purchases directly from a tweet. Some of the brands that will take part in the limited pilot in the U.S. include Burberry and Home Depot. Facebook is also testing a buy button. Social networks are looking for new ways to make more money per user. Twitter getting a 2-1/2 percent bounce, not so much for Facebook. Amazon is slashing the price on the Kindle Fire phone to as low as 99 cents but you still get a free year of Amazon Prime. Shares of Amazon - down as it reminds investors that Amazon is not turning a profit. In Europe, the British pound takes a beating on a poll showing supporters of Scotland independence are ahead of opponents for the first time this year, with the vote less than two weeks away. As for stocks: the London FTSE was down as was France, but Germany was higher.

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Stocks falter after five-week run up

Monday, September 08, 2014 - 02:32