Stock futures are pointing higher this morning, but Gold is also on the rise as investors debate the impact the frigid winter will have on the economy. For the most part, stocks have shrugged off recent reports on manufacturing, jobs and the consumer that have shown weakness. This week, we'll see a variety of different reports that could provide a glimpse of just how much of an impact the weather and other factors are having on the consumer and the overall economy, including consumer confidence and home prices tomorrow, a big week for retail earnings and Federal Reserve Chair Janet Yellen's rescheduled testimony before the Senate on Thursday. So how long can stocks remain resilient without some real positive news on the economy? Yahoo Finance Editor in Chief Aaron Task has the answer in the associated video.
There are new developments in the long-running showdown between Men’s Wearhouse and Jos. A. Bank over which retailer will take over its rival. Men’s Wearhouse (MW) raised its cash offer for Jos. A. Bank (JOSB) to $63.50 per share from $57.50. Share of both companies spiked in the pre-market on the news. Men’s Wearhouse said the offer is contingent on Jos. A. Bank abandoning plans to acquire Eddie Bauer. A battle has been raging since Jos. A. Bank offered to buy Men’s Wearhouse for $2.3 billion in October of 2013. Men’s Wearhouse countered with a $1.5 billion bid of its own. And the ping-pong battle has continued since.
There were also significant new developments in the ongoing battle over internet speeds for streaming companies like Netflix (NFLX). Netflix struck what could be a landmark deal with Comcast (CMCSA) to end a months-long standoff over video-streaming delivery and speeds. Netflix agreed to pay Comcast to ensure Netflix content is streamed smoothly. In exchange for the payment, Netflix will have direct access to Comcast's broadband network. The deal comes as debate heats up over who should pay for upgrades to internet infrastructure.
The CEO of the Tokyo-based Bitcoin exchange, Mt. Gox, resigned from the board of the Bitcoin Foundation over the weekend. Mark Karpeles submitted his resignation to the group that advocates for the currency and develops its software. This comes after several technical problems for the Mt. Gox exchange which halted all withdrawals earlier this month after a bug was discovered that allowed people to withdraw the same Bitcoins more than once and made it vulnerable to hackers. Mt. Gox points to the currency's underlying software as the problem, while the Bitcoin Foundation blames Mt. Gox's software and their customer support.
And Samsung unveiled its new smart watch the Gear 2 at Mobile World Congress. This is the second generation of the watch, which the company calls "wearable" tech. In our poll today: do you want a smartphone you can wear? Cast your vote and post your comments as well.
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