Market Minute: Famed NYC Tower Goes Public; Home Depot Alters Health Plan

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Here's your chance to own a piece of one of the most famous buildings in the world. That story and more are what's in Friday's Market Minute.

The Dow Jones industrial average (^DJI) lost 4 points Thursday and the Standard & Poor's 500 index (^GPSC) fell 3 -- both retreating from record highs set Wednesday. But the Nasdaq composite index (^IXIC) gained 5 points.

Empire State Building IPO
Mary Altaffer/APThe Empire State Building is shown at left in this 2013 photo.
The long anticipated initial public offering for the Empire State Building is about to come to market. The Empire State Realty Trust is expected to raise about $1 billion in the IPO. In addition to the iconic 102-story building in midtown Manhattan, the Trust operates 18 other properties in the New York area. The group that owns the Trust recently rejected several takeover bids for the Empire State Building.

Retail giant Home Depot (HD) is the latest company to alter its health care coverage. It plans to stop providing coverage to 20,000 part-time workers. It will instead steer those workers into new insurance exchanges.

Another retail giant, Target (TGT), says it will hire 20 percent fewer seasonal workers this holiday season.

Apple's two new iPhones are now on sale in the U.S. and in more than 100 other countries -- with reports of long lines in many places. One of them is China, which could help Apple top the opening weekend sales number from last year's launch. But Apple (AAPL) stock has been going downhill ever since it put the iPhone 5 on sale a year ago.

Texas Instruments (TXN) has raised its dividend for the second time this year. The 7 percent increase hikes the quarterly payout to 30 cents a share.

Yum Brands (YUM), which owns KFC, Pizza Hut and Taco Bell, increased its dividend by 10 percent, to 37 cents a share. Earlier this week, fellow fast-food giant McDonald's (MCD) raised its dividend by 5 percent.

And The New York Times Co. (NYT) will resume paying a dividend. It eliminated the payment more than four years ago.

Finally, watch shares of Cyclacel Pharmaceuticals (CYCC). They're set to soar after the company reported positive results for its treatment to fight ovarian cancer.

-Produced by Drew Trachtenberg.


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chris1011

So what have the Republicans offered as an alternative?, Well for our seniors thay do have a plan, for the rest, not so much ...

Medicare is socialism, right? Fortunately, our Republican friends have a better way. Paul Ryan has offered a budget that converts Medicare to a "premium subsidy" program that will allow you to buy coverage from an insurance company. Costs will be controlled by NOT adjusting the subsidies for inflation, until it is but one short step to our complete freedom from the tyranny of Medicare and the nanny state.

Though you end with no benefits for following the Republicans to the end, that's a good thing because it means they have had a plan that works.

September 20 2013 at 4:34 PM Report abuse +1 rate up rate down Reply
cherofnc

The sad thing is...this is playing right into Obama\'s Grande Plan of one payer. He is skipping through the halls of 1600 Pennsylvania and humming the tune...\"Another one bites the ditch\"

September 20 2013 at 4:27 PM Report abuse -1 rate up rate down Reply
chris1011

Though much of the conversation around Obamacare has focused on the law's impact on young adults, it's Americans like O'Brian -- older but not yet senior citizens and eligible for Medicare -- who might stand to gain the most from the law.

The current health insurance market in most states can be downright inhospitable for older Americans. Since insurance companies don't profit by paying medical claims, they often seek to sign up the most healthy people and keep out those likely to rack up big medical bills.

New Obamacare rules will do away with a lot of the barriers older people face in gaining and keeping health coverage. Under the law, health insurers are prohibited from turning down anyone, regardless of their health or medical history -- and they can't charge them more than healthier people. Older people can't be made to pay any more than three times what younger people pay and women won't see higher prices than men.

This marks a stark change from the way things typically work today. Under current law in most states, health insurance companies are free to reject applications and charge sky-high rates to people who are older or who have chronic health conditions or so-called pre-existing conditions. Insurers can make older people pay five times or more compared to younger customers. Health insurers also can sell people plans that cover everything but the health conditions for which patients will most likely need care.

September 20 2013 at 4:13 PM Report abuse +1 rate up rate down Reply
1 reply to chris1011's comment
chris1011

Middle-aged people are especially at risk. When you get into your 50s, you in all likelihood have some pre-existing conditions.

And health insurance companies can broadly define those conditions. It could be that when you were in high school you had a knee injury. That's a pre-existing condition. It could be that you went in and had acne treatment and that can be a pre-existing condition.

As many as 129 million Americans have something in their medical history that could qualify as a pre-existing condition, the Department of Health and Human Services estimated in 2011.

September 20 2013 at 4:15 PM Report abuse +1 rate up rate down Reply
jhfabricast

How about the health care industry working on cutting costs and becoming more efficient. It will never happen, it is a sacred cow. If anyone would attempt to streamline costs they would be labeled "killers"

September 20 2013 at 4:11 PM Report abuse +1 rate up rate down Reply
1 reply to jhfabricast's comment
Tony Hedberg

Why would they want to do anything that might stop the cash from rolling in to feed their sacred cow?

September 20 2013 at 4:58 PM Report abuse rate up rate down Reply
stevendy1

national 1 payer healthcare for all..

September 20 2013 at 3:50 PM Report abuse +1 rate up rate down Reply
zzzynick

Home Depot has just been added to my boycott list

September 20 2013 at 3:16 PM Report abuse +1 rate up rate down Reply
2 replies to zzzynick's comment
chris1011

Why? Because they are now offering their part time employees a superior health plan that is less costly to everyone concerned? Don't write them off. Most of the partimers actually did not opt to pay for their original crappy plan with their $5k deductible and $20k max payout. That $20k insurance would have covered maybe 2 days at the hospital at most. Plus it cost htem more than the new exchange plans, in most cases the savings will be 2 times or more for the part timers.

September 20 2013 at 3:29 PM Report abuse rate up rate down Reply
bigdaddijim

No they are doing the right thing please read the article and reread you don't understand.

September 20 2013 at 4:15 PM Report abuse rate up rate down Reply
chris1011

The limited liability policies provided by employers to part time workers are pretty thin when it comes to comprehensive health care. The health insurance available through the Exchanges have varying levels of coverage, but even the lowest cost option provides much more comprehensive coverage than the limited liability polices that most part time employees can barely afford now, or can't afford at all.

For all the complaints about "government run health care", the ACA requires insurance companies to actually provide health care for their subscribers, not just a bandaid.

September 20 2013 at 2:53 PM Report abuse rate up rate down Reply
bchrist751

Retail giant Home Depot (HD) is the latest company to alter its health care coverage. It plans to stop providing coverage to 20,000 part-time workers. It will instead steer those workers into new insurance exchanges.

More being hurt thanks to Obama care!

September 20 2013 at 12:16 PM Report abuse rate up rate down Reply
2 replies to bchrist751's comment
chris1011

Actually the new private insurance exchanges are cheaper than the previous company sponsored plan, so it is a win for both the corporation and the 20,000 part time workers. They will save up to 50% or more and get superior coverage.

With our own company we have looked into the exchanges, and as a result Blue Cross has lowered our plan cost for next year to prevent us from switching to the less expensive exchanges.

September 20 2013 at 2:02 PM Report abuse rate up rate down Reply
1 reply to chris1011's comment
chris1011

And these are private exchanges that have nothing to do with Obamacare, but are being set up by enteprizing companies to compete with the giants United health and Blue Cross, which have become bloated inefficient behemoths.

September 20 2013 at 2:04 PM Report abuse rate up rate down
petey

You really need to start reading the Affordable Care Act because like so many of your tea bagger friends, you are so misinformed, however, I think you are willingly stupid about the law and refuse to learn.
The exchanges are going to be much less expensive and those workers will be better off. I bet that once you get a taste of Obamacare, you will never want it to go away.
Now, go learn something so you don't sound like such a moron.

September 20 2013 at 2:25 PM Report abuse -1 rate up rate down Reply
flysail2

If you voted for him, you reap his stupidity. If you didn't vote for him, you reap the stupidity of those who did. Hope and chains.

September 20 2013 at 10:52 AM Report abuse +1 rate up rate down Reply
2 replies to flysail2's comment
chris1011

What is wrong with having people take responsibility for their own health care? The new private exchanges allow the individual to taylor their care as they see fit. Is this not freeing up the individual the conservative way? Why put the health care burden on small companies to begin with? It is killing them due to ever rising costs that are the result of our bloated insurance and pharma companies.

September 20 2013 at 2:07 PM Report abuse rate up rate down Reply
petey

I voted for him and I would vote for him again. I guess you prefer to throw your vote away by voting for tea/douche baggers who refuse to work. Let's see what you have to say in six months when you find yourself saving money.

September 20 2013 at 2:27 PM Report abuse -1 rate up rate down Reply
jrb359

Many people will have their hours cut or even get a lay off notice. Premiums will increase. Not everyone will be covered, and you might not even be able to keep your own doctor. Those of you thinking it's free might have to make a choice between food or paying your government obamacare tax bill. I hope all of you that voted for this guy get hit the hardest!

September 20 2013 at 10:21 AM Report abuse +3 rate up rate down Reply
4 replies to jrb359's comment