As the world turns in the love triangle between Martha Stewart, J.C. Penney and Macy's. That's one of five money stories you need to know Tuesday.
J.C. Penney (JCP) and Martha Stewart Living Omnimedia (MSO) are revising their controversial marketing agreement, limiting the number of products they share. That deal has landed both companies in court on accusations that it violates an exclusive agreement Macy's has with Stewart. Macy's (M) says the changes represent a "tacit admission" that its exclusivity deal will be upheld in court.
This sounds like a movie plot, but it's for real. The owner of the famed Caesar's Palace casino in Las Vegas is under investigation for money laundering. Caesars Entertainment (CZR) confirms the probe and says it intends to cooperate with federal investigators, but it didn't have much else to say. It's not known if this had any impact on the company's decision Monday to pull out of a $1 billion casino project at a horse-racing track in Boston.
Stocks ended little changed Monday as investors held their fire ahead this morning's delayed employment report for September. The Dow Jones industrial average (^DJI) fell 7 points, the Standard & Poor's 500 index (^GPSC) was virtually flat and the Nasdaq composite index (^IXIC) gained 5 points. The tech-heavy Nasdaq is now up nearly 30 percent this year.
Shares of Netflix (NFLX) are likely to stay hot Tuesday. They've nearly quadrupled in value this year, and are set to jump some more after an upbeat earnings report. The stock has soared so much that even the company's top officials are trying to tamp down what they call "some of the euphoria." The company gained 1.3 million paying subscribers in the third quarter, giving it nearly 30 million domestic users. That puts it ahead of the long-time industry leader, HBO. Despite its growing popularity, Netflix isn't making a lot of money. It profit for the quarter totaled just $32 million -- a small fraction of what HBO makes.
And Apple (AAPL) has another well-guarded product rollout today. The widespread expectation is for an iPad makeover, probably with a bigger screen and a thinner design. The iPad mini could also get some upgrades. We're not expected any blockbuster announcements, but you never know with Apple.
-Produced by Drew Trachtenberg.
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