Dow fell 89 (finishing at the low), decliners 5-4 ahead of advancers & NAZ lost 9. The Financial Index fell 2 to 210 on news of Greek bailout III. The MLP index gained 2 to the 393s & the REIT index fell 1 to 258. Junk bond funds were firmer & Treasuries had modest gains. Oil & gold were lower.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
AMJ (Alerian MLP Index tracking fund)
| CLF13.NYM | ....Crude Oil Jan 13 | ....87.16 | ... 0.58 | (0.7%) |
Hewlett-Packard, a Dow stock, is
conducting an “intense” internal investigation & has
uncovered extensive evidence of improper accounting at Autonomy, a software company it bought last year. Responding to a letter by former Autonomy CEO Mike Lynch calling on the HPQ board to explain
its allegations, HPQ said that the matter was now in
the “hands of authorities.” “While Dr. Lynch is eager for a debate, we believe the
legal process is the correct method in which to bring out the
facts and take action on behalf of our shareholders,” HPQ said. This company has a ton of problems, starting with slumping sales. Now it has to explain possible fraud at a company it acquired for big money last year. The stock was down another 38¢.
HP Says It Has Evidence of Accounting Improprieties
Photo: Bloomberg
Apple fired the manager responsible for its troubled mapping software, seeking to win back the trust of users disappointed after the program debuted in Sep. Richard Williamson, who oversaw the mapping team, was pushed out by Sr VP Eddy Cue. Cue, who took over last month as part of a management shakeup, is seeking advice from outside mapping-technology experts & prodding digital maps provider TomTom (TOM2) to fix landmark & navigation data it shares with AAPL. Critics have faulted Apple’s new map software for unreliable landmark searches, routes that get users lost & lack of public transit directions. Cue is seeking to build confidence in the program amid a growing battle with Google (GOOG), whose mapping application had been built into the iPhone since its introduction in 2007. GOOG is now preparing to unveil rival downloadable apps for AAPL mobile devices. While the map program doesn’t appear to have hurt sales of the iPhone 5, it was a rare public misstep that forced CEO Tim Cook to apologize to customers. Meanwhile the new iMacs on Fri. The stock fell $5 today & is down a whopping $120 since the iPhone introduction in Sep.
Apple Said to Fire Maps Manager After Flaws Hurt IPhone 5
US house prices rose 4.4% in the 12 months thru Sep as the housing market recovers from a 6-year slump, according to the Federal Housing Finance Agnecy. Prices climbed 0.2% from Aug, the FHFA said, below the 0.4% average estimate. Home values have increased this year as improving employment & record-low borrowing costs bolster demand & buyers compete for a tightening supply of available properties. An S&P/Case-Shiller index of prices in 20 US cities rose 3% in Sep from a year earlier, the most since Jul 2010. In Q3, prices increased 1.1% from Q2 & 4% from a year earlier. The FHFA data, which is based on single-family houses with mortgages backed by Fannie Mae or Freddie Mac, doesn’t provide a specific price. The median price of an existing single-family home, as measured by the National Association of Realtors, was $184K in Sep, up 11% from a year earlier. More indications of a recovery in housing, but still below boom times in the past.
Home Prices Rose 4.4% in September From Prior Year, FHFA Says
The Greek bailout could have moved stocks higher, although there are plenty doubts about its worth. The general view is that this is just buying time until bailout IV is needed. Not a pretty story in Greece. The fiscal cliff is getting more attention & the thoughts are negative. Weakness at the close was because Sen Reid said little progress was made on fiscal cliff talks. There is not much to say, other than watch commentary on evening shows. What is being forgotten is that business execs have to keep running their businesses & this uncertainty is holding back expansion plans. Dow has been below 13K for almost 3 weeks, largely related to fiscal cliff worries.
HP Says It Has Evidence of Accounting Improprieties
Hewlett-Packard (HPQ)
Photo: Bloomberg
Apple fired the manager responsible for its troubled mapping software, seeking to win back the trust of users disappointed after the program debuted in Sep. Richard Williamson, who oversaw the mapping team, was pushed out by Sr VP Eddy Cue. Cue, who took over last month as part of a management shakeup, is seeking advice from outside mapping-technology experts & prodding digital maps provider TomTom (TOM2) to fix landmark & navigation data it shares with AAPL. Critics have faulted Apple’s new map software for unreliable landmark searches, routes that get users lost & lack of public transit directions. Cue is seeking to build confidence in the program amid a growing battle with Google (GOOG), whose mapping application had been built into the iPhone since its introduction in 2007. GOOG is now preparing to unveil rival downloadable apps for AAPL mobile devices. While the map program doesn’t appear to have hurt sales of the iPhone 5, it was a rare public misstep that forced CEO Tim Cook to apologize to customers. Meanwhile the new iMacs on Fri. The stock fell $5 today & is down a whopping $120 since the iPhone introduction in Sep.
Apple Said to Fire Maps Manager After Flaws Hurt IPhone 5
Apple (AAPL)
US house prices rose 4.4% in the 12 months thru Sep as the housing market recovers from a 6-year slump, according to the Federal Housing Finance Agnecy. Prices climbed 0.2% from Aug, the FHFA said, below the 0.4% average estimate. Home values have increased this year as improving employment & record-low borrowing costs bolster demand & buyers compete for a tightening supply of available properties. An S&P/Case-Shiller index of prices in 20 US cities rose 3% in Sep from a year earlier, the most since Jul 2010. In Q3, prices increased 1.1% from Q2 & 4% from a year earlier. The FHFA data, which is based on single-family houses with mortgages backed by Fannie Mae or Freddie Mac, doesn’t provide a specific price. The median price of an existing single-family home, as measured by the National Association of Realtors, was $184K in Sep, up 11% from a year earlier. More indications of a recovery in housing, but still below boom times in the past.
Home Prices Rose 4.4% in September From Prior Year, FHFA Says
The Greek bailout could have moved stocks higher, although there are plenty doubts about its worth. The general view is that this is just buying time until bailout IV is needed. Not a pretty story in Greece. The fiscal cliff is getting more attention & the thoughts are negative. Weakness at the close was because Sen Reid said little progress was made on fiscal cliff talks. There is not much to say, other than watch commentary on evening shows. What is being forgotten is that business execs have to keep running their businesses & this uncertainty is holding back expansion plans. Dow has been below 13K for almost 3 weeks, largely related to fiscal cliff worries.
Dow Jones Industrials
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