Daily Ticker

  • And you thought the Yo app was goofy

    Aaron Pressman at Daily Ticker 2 yrs ago

    The stunning rise of the Yo app – which does nothing but make a friend’s phone utter the vacuous phrase – has cast a spotlight on one of the sillier niches in the multi-billion dollar app industry. There are more goofy, silly and downright absurd apps and services than ever, as every Tom, Dick and Harry with a bad idea can turn to fundraising sites including Kickstarter and IndieGoGo to pump themselves up. With thanks to Techcrunch, Valleywag and a subreddit with an unprintable name, here are 10 of the most ridiculous apps and services vying for your dollars recently. Not all have been funded, of course; technology projects don’t have a great track record of winning financial backing. On Kickstarter, for example, only 33% of projects in the tech category successfully reached their fundraising goals, 13th out of the site’s 15 funding categories (dance and theater projects have the highest success rate). 1. One crazy service that opened its doors in June, only to shutter a week later, was called Washboard. Users could sign up to be sent $20 worth of quarters to use in laundromats – for the bargain price of $27. But the startup attracted fewer than 10 users and shut down last week. “Nearly 100% of the Internet thought Washboard was an absolutely absurd concept,” co-founder Caleb Brown wrote in a final blog post. “I had a very difficult time convincing people the service was even real, but we did have customers that were excited for it.”

  • The real reason Americans are disgusted with government

    Rick Newman at Daily Ticker 2 yrs ago

    If Washington is doing anything right, that’s news to ordinary Americans.

    Government approval ratings have hit new all-time lows, according to Gallup, which has been measuring the standing of big institutions since the 1970s. The percentage of Americans saying they have confidence in Congress has dropped to the earthworm level of 7%, the lowest in the history of the poll. The Supreme Court registered its own all-time low of 30%. The presidency, with a confidence rating of 29%, is at the lowest level since Barack Obama took office in 2009, though it was lower in 2007 and 2008, the last two years of George W. Bush’s second term.

    The last recession technically ended five years ago, so the government’s reputation ought to be improving. Instead, there’s been a steady decline since 2004. There was one exception -- a surge in approval ratings for the presidency after Obama was first elected in 2008. But that honeymoon has clearly ended.

  • Economic risks in Europe may trump soccer drama next week

    Michael Santoli at Daily Ticker 2 yrs ago

    Americans are preparing to celebrate Independence Day, and most of the world is fixated on Brazil as the World Cup tournament field tightens.

    Yet market attention might soon swivel toward Europe, with a full economic calendar set for the days ahead. Next week's activity comes amid concerns that economic lethargy could displace investor optimism about a return to growth and the effectiveness of central-bank stimulus efforts in the region.

    The European Commission Friday reported an unexpected decline in household and business economic sentiment, and inflation in the euro zone has stubbornly remained below 1% since the fall, keeping big-picture fears of deflation nearby. The European economy nudged ahead by 0.2% in the first quarter, down from 0.3% the prior period, and now higher oil prices and skittishness over Russia and Ukraine are serving as the unanticipated threats of the moment.  As Reuters quoted Christoph Weil, economist at Commerzbank: "The good news from the euro zone is that the economy is growing again. The bad news is that growth is excruciatingly slow."

  • The rich can stop worrying about a middle-class revolution

    Rick Newman at Daily Ticker 2 yrs ago

    A stagnant economy has undoubtedly put a lot of financial stress on the middle class. And that is bumming out America’s 1 percenters. “Our country is rapidly becoming less a capitalist society and more a feudal society,” entrepreneur Nick Hanauer wrote recently in Politico, in an open letter to “my fellow zillionaires.”

    He’s not the only wealthy worrier. Venture capitalist Tom Perkins complained earlier this year about the “persecution” of the rich through high taxes, while magnates such as Sam Zell, Wilbur Ross and John Mack have griped of late about the unschooled masses scapegoating America’s moneyed elite.

    Chill out, rich folks

    More power for the wealthy

    Rick Newman’s latest book is Rebounders: How Winners Pivot From Setback To Success . Follow him on Twitter: @rickjnewman.

  • The rise and fall of the shopping mall

    Nicole Goodkind at Daily Ticker 2 yrs ago

    One of the most iconic pieces of Americana, the shopping mall, isn’t really American at all. In fact, the first mall was created by an Austrian refugee who wanted to recreate an American version of downtown Vienna.

    Victor Gruen escaped to America from Nazi Austria in 1938 with, “an architect’s degree, eight dollars, and no English.” By the late 1940s, World War II was over and the American economy was in full swing. Suburban sprawl and consumerism were the new normal, and this bothered Gruen. “[Strip malls are] avenues of horror… flanked by the greatest collection of vulgarity—billboards, motels, gas stations, shanties, car lots, miscellaneous industrial equipment, hot dog stands, wayside stores—ever collected by mankind,” he wrote.

    Gruen conveived of a central, indoor shopping location that would allow Americans to get out of their cars and socialize. He envisioned a crop of apartment towers popping up around the mall, the creation of an urban downtown within the suburbs - that's not what he got.

    Around this time online retailers like Amazon.com took a 6% bite out of brick-and-mortar business.

  • Why the average investor should say 'no' to GoPro

    Lauren Lyster at Daily Ticker 2 yrs ago

    Shares of GoPro (GPRO) closed at $31.33, up more than 30% from their IPO price of $24. Thursday was the first day of trading for the maker of HD high-action cameras. The company may be a darling of Wall Street but is the stock a good bet for average investors?

    Related: GoPro's 'unique' debut: Everything you need to know

    Jeff Reeves of InvestorPlace.com tells The Daily Ticker why he thinks GoPro is a risky investment for the average Joe. While he thinks IPOs are risky investments in general for individual investors, he does point out some red flags for GoPro in particular. He says the company's S1 revealed that revenue and net income dropped signficantly in the last quarter and revenue growth continues to outpace profits (sales are up 87% but gross profit is up less than 60%).

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  • Washington's shift on oil exports, just a first step: Greg Zuckerman

    Bernice Napach at Daily Ticker 2 yrs ago

    Earlier this week the Obama Administrationlifted the longstanding ban on U.S. crude oil exports. The ruling allows just two Texas companies -- Pioneer Natural Resources andEnterprise Products Partners to export.

    In an unusual twist, the ruling wasn't made public and the White Housesaid its policy hadn't changed because the ruling pertained to the export of light condensate, not conventional crude oil.

    The Commerce Department, which granted the permits, reclassified the oil as processed petroleum product, which is not banned for export.

    Greg Zuckerman, a special writer at The Wall Street Journal and author of the book The Frackers, tells The Daily Ticker that the administration's move is a "first step" in a change of policy and is a result of the shale revolution underway in the U.S.

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