Money Minute: BlackBerry Calls Off Sale; Gas Prices Motor Down

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Beleaguered smartphone maker BlackBerry pulls itself off of the auction block at the 11th hour. That and more top money stories you need to know Monday.

BlackBerry Conference
John Raoux/AP
With final bids set to be received Monday, BlackBerry (BBRY) abandoned plans to sell itself, sending its shares sharply lower. Instead, the company will raise money by selling a billion dollars of debt to Canadian insurance company Fairfax Holdings, which is already its largest shareholder. BlackBerry also ousted its chief executive, Thorsten Heins.

Not that long ago, $3 a gallon gasoline seemed like a distant memory for American drivers. But prices are falling back near that consumer-friendly level in a growing number of states. AAA says the national average price for a gallon of regular is now $3.25. That's down from $3.72 a gallon back in March. With domestic production of crude oil on the rise, the supply of crude has jumped by 8 percent since mid-September. Also helping to drive down prices at the pump: the seasonal switch to winter blend gasoline from the more costly summer blend.

Investors are increasingly bullish about the stock market. According to the research firm TrimTabs, investors have poured $54 billion in stock mutual funds and ETFs last months -- the third highest monthly total ever. But that optimism raises some red flags. TrimTabs chief says it could signal that a short-term pullback is on the horizon. At the same time, investor have pulled money out of bond funds for five straight months.

The major averages were little changed last week, but the Dow Jones industrial average (^DJI) and Standard & Poor's 500 index (^GPSC) did manage their fourth straight weekly gains. The Nasdaq composite index (^IXIC) declined by 0.5%.

Merck (MRK) has an experimental drug in the pipeline that could be more effective than its current vaccine Gardasil in preventing the sexually transmitted HPV virus. The company could seek FDA approval this year, and possibly bring it to market in 2014. Analysts say it could be a billion dollar seller.

And eBay (EBAY) is looking at ways to allow its users to collect reward points they collect from retailers into a PayPal wallet.

-Produced by Drew Trachtenberg.


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12 Comments

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k4jlp

If you folks really knew who calls the shots on gasoline prices....do your homework on the "Commodities Market", high speed trading software, who the players are and all the "what if" EXCUSES that drive the "Market" up and down. Hedge funds, bankers, traders all never have to take delivery of the product, it's all in the software then all in the bank in a BLINK OF AN EYE.

November 04 2013 at 4:44 PM Report abuse +1 rate up rate down Reply
jguss69

after bummer was elected for 1st term , price goes from 1.85 to 3.50. in a short time. it has never gone under 3 bucks since. so much corruption with obummer!

November 04 2013 at 3:20 PM Report abuse rate up rate down Reply
scottee

Investors Rather Bullish on Stocks

based on what?

November 04 2013 at 1:15 PM Report abuse rate up rate down Reply
1 reply to scottee's comment
jdykbpl45

Obama's boy, Bernake and his printing press.

November 04 2013 at 4:06 PM Report abuse +1 rate up rate down Reply
Bob Rudd

Just proved obama wrong again. Domestic drilling adding 8% to the crude production lowers prices. Ya think. obviously obama doese'nt. Notice I do not cap his name he don't deserve the respect

November 04 2013 at 11:56 AM Report abuse -2 rate up rate down Reply
1 reply to Bob Rudd's comment
pyps

Get a life. Obama Hater. The president does not buy nor sell oil/gas. Gas (which you are full of) has gone up and down during both republican and democrat presidents.

November 04 2013 at 1:49 PM Report abuse -2 rate up rate down Reply
1 reply to pyps's comment
betty_brock

pyps, you are in denial. Gas has never been so high before.

November 04 2013 at 2:06 PM Report abuse +1 rate up rate down
vpprince88

Blackberry has a loyal following of folks who use their product for business. It is not the phone for teenagers and young adultswith way to much time (to play candy crush) However the new Blackberry \"Q\" I purchased goes backward in ease of use. Unless I am missing an education I can\'t delete mail just from the phone, cut and paste as easy as I once did and a whole host of other actions are either more complicated or just missing

November 04 2013 at 11:48 AM Report abuse rate up rate down Reply
Charles

Gas prices increase a dollar and then when they drop 25 cents we thank the government??

November 04 2013 at 10:04 AM Report abuse +3 rate up rate down Reply
1 reply to Charles's comment
bdyftns

prices are down almost a dollar a gallon from a year ago. Either high or low prices have little to do with the executive branch no matter who is in office.

November 04 2013 at 12:35 PM Report abuse -2 rate up rate down Reply
shrk2th

Thank you President Obama

November 04 2013 at 10:01 AM Report abuse -1 rate up rate down Reply
Davie2743

No matter what people tell you this is a very good time to be in the stock market.

November 04 2013 at 9:49 AM Report abuse +1 rate up rate down Reply