Harold Maass of The Week The Best of Today's Business

NEWS AT A GLANCE

Apple and Fox go to the movies

Apple Inc. and News Corp.'s 20th Century Fox are set to unveil a deal in which people will be able to rent Fox movies online through Apple's iTunes store, according to the Financial Times. (Reuters) Under the deal, likely to be announced at the Jan. 14 Macworld trade show, customers will be able to download copy-protected Fox movies to view for a limited time. "Fox and potentially other studios are coming around to the idea that there is nobody out there to challenge iTunes," said IBB Consulting analyst Jonathan Weitz. (Financial Times, free registration required) Apple shares traded above $200 for the first time yesterday, on strong Mac, iPod, and iPhone sales. (MarketWatch)

Retailers pin hopes on sales

Major retailers are lowering prices to try to boost spending in what is shaping up to be the worst holiday shopping season since 2002. The International Council of Shopping Retailers lowered its forecast for November-December sales -- which typically make up a fifth of stores' annual revenue -- to "a tad below" its already modest 2.5 percent growth target. (Bloomberg) With high gas prices and the housing slump, "the ingredients were not there for a blockbuster season," said MasterCard Advisors analyst Michael McNamara. "Retailers in many respects got the most out of the season that they could." (AP in Yahoo! Finance) Online retailer Amazon said the 2007 holiday season was its best yet. (Reuters)

Home prices fall hard, extend slide 

U.S. home prices dropped a record 6.7 percent in October, versus a year earlier, according to a S&P/Case-Shiller index of 10 major U.S. cities released yesterday. (The Wall Street Journal) It was the 10th consecutive month of declines in the index. Miami's 12.4 percent drop led the pack, and Seattle, Charlotte, N.C., and Portland, Ore., were the only cities where prices rose. Most economists see the price decline as a necessary correction that will bring prices more in line with income, but some also see it as a harbinger of a consumer-led recession. "We are in uncharted territory," said Yale economist Robert Shiller. "This was the biggest housing boom we have ever seen." (The New York Times, free registration required)

Too many chiefs in the kitchen?

Companies are increasing their use of "chief" in job titles to attract top talent, but some think the trend is going too far. Companies that are creating the new titles say the name changes reflect new business models and shifting job responsibilities. But even discarding offbeat titles like "chief beer officer" at Sheraton Hotels' Four Points chain, critics say the creation of a chief sustainability officer, chief revenue officer, and chief knowledge officer is leading to title (and ego) inflation. "Once you go down the 'chief' road, you pretty much have to name a chief in each area," said Jo Bennett at executive-search firm Battalia Winston International. (The Wall Street Journal)

BEST COLUMNS OF THE DAY

Ignore the recession talk

The dreaded "R" word "just doesn't matter" when investors are looking "to place their bets on the markets," says Fortune's Allan Sloan in CNNMoney.com. Recessions are always backward-looking, but for investing, "what you need is the 'F' word: foresight." We don't know if we're in a recession until at least six months in, "and by that time, things in the economy may well be getting better rather than worse -- which might make it a good time to invest." So "think ahead" and ignore the politically important question of whether we're in a recession. After all, "we're talking about investments here, not politics."

Face your financial woes

"If you are a money-avoider," says Michelle Singletary in The Washington Post, "here's a mantra I want you to adopt for the New Year: 'I can handle the truth.'" Ignoring your financial problems just makes them worse, and "sometimes a telephone call is all that it takes" to start fixing them. If you are tempted to avoid a financial issue, "get a piece of paper and write down the consequences of ignoring the problem." Talk over your fears and options with a trusted, money-smart "financial confidante." And yes, you should budget. "Don't roll your eyes. A budget is your best defense against getting into a pickle in the first place."

GOOD DAY FOR: Playing nice, after the NFL agreed to air Saturday's football game between the New England Patriots and the New York Giants on NBC and CBS, rather than solely on its own NFL Network. The Patriots are vying to be the first team to end the season undefeated since 1972. The NFL Network, available as a premium channel through Comcast, reaches less than half the country. (The New York Times, free registration required)

BAD DAY FOR: Self-confidence, after student loan giant Sallie Mae said it would try to sell $2.5 billion in new stock to cover a bad bet it made on its own stock. Sallie Mae, while negotiating to sell itself for $60 a share earlier this year, agreed to buy back 44 million of its shares from Citibank for $45.25 apiece. The deal subsequently fell through, and Sallie Mae shares closed at $22.13 yesterday. (The Washington Post)

NOTED: Gambling revenue is way up in Las Vegas, even as other parts of the city's economy, and other casinos nationwide, are hit by rising energy costs, volatile markets, and slumping housing. Revenues along the Las Vegas Strip were up 19.8 percent in October, compared to a year earlier, as the casinos' glitter and glamour attract the wealthy from the U.S. and booming countries in Asia. (The New York Times, free registration required)

This column was written by Peter Weber of TheWeekDaily.com.