Market Minute: Foursquare Checks In with Investors; GE to Cut Credit Card Biz

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Foursquare locates some big investors, and GE looks to return to its roots. Those stocks and more are what's in Friday's Market Minute.

The Dow Jones industrial average (^DJI) rose 16 points Thursday. The Standard & Poor's 500 index (^GPSC) added 3 and the Nasdaq composite index (^IXIC) gained 27 points.

Trading volume is likely to be light ahead of three-day holiday weekend. The market is closed Monday for Labor Day.

General Electric (GE) is reportedly preparing to spin off its huge credit-card business. The Wall Street Journal says the unit provides store-branded cards for 55 million customers of Walmart (WMT) and other stores. It earned $2.2 billion last year, but GE has been reducing the size of its financial business to put more emphasis on its industrial products.

Screenshot of the foursquare homepage
Alamy
Microsoft (MSFT) is reportedly in talks to acquire a significant role in the social-media company Foursquare. According to Bloomberg, Foursquare is also in talks with other companies. For the uninitiated, Foursquare is a location-based app for mobile users to earn points from certain stores and other businesses.

Energy producer Apache (APA) has agreed to sell a third of its oil and gas business in Egypt to China's state-owned oil company. The deal is valued at more than $3 billion.

A federal judge Friday considers when to begin the anti-trust trial that could determine if the Justice Department can block the planned merger between American Airlines and US Airways Group (LCC). American wants that case to begin in November, while the government wants to wait until next March. It's important because a big delay could prevent American from exiting bankruptcy.

Shares of Krispy Kreme (KKD) are becoming deglazed. The doughnut company posted weaker-than-expected earnings and issued a disappointing forecast for the rest of the year.

But two software companies, Splunk (SPLK) and Salesforce.com (CRM), are set to rally on upbeat outlooks.

And the outlook for Hewlett-Packard (HPQ), Dell (DELL) and the rest of the struggling PC industry is even worse than previously thought. The research firm IDC again lowered its global sales forecast for the year.

-Produced by Drew Trachtenberg.


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7 Comments

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tropicalplastics

how many divisions has GE sold off to Saudis like Commercial Plastics and GE's Lexan manufacturing what a wonderful relation ship GE had with the Saudis

August 30 2013 at 3:36 PM Report abuse rate up rate down Reply
siva

I wonder if you guys know what products GE actually makes. GE is a multi national company that has engineering and sales and manufacturing around the world. But, can you all name a few of the biggest products that GE makes.

August 30 2013 at 1:03 PM Report abuse rate up rate down Reply
bladerunnerrocks

Hey GE, most, if not all of your products are made in china and you're a tax cheat. When you finally go ahead and move your headquarters to beijing, I hope the door hits you square in the ass. And sadly, that door will be made in china too.

August 30 2013 at 11:54 AM Report abuse +1 rate up rate down Reply
wscottjordan

So this means that they'll start paying taxes now? Right? Oh, I forgot, GE is a subsidiary of nobama.me.mine.com

August 30 2013 at 11:45 AM Report abuse -2 rate up rate down Reply
2 replies to wscottjordan's comment
petey

I doubt they will pay taxes as the Republicans have their back because they are "job creators". Unfortunately they are creating jobs in China just like Romney did and ******* off the nations teat like the rest of the Republican funding corporations.

August 30 2013 at 12:22 PM Report abuse rate up rate down Reply
progressivehoax

Oblama loves GE and Jeffrey Immelt

August 30 2013 at 1:41 PM Report abuse rate up rate down Reply
madkono

"emphasis on its industrial products". as in made in china, and other places outside the USA!!!

August 30 2013 at 11:20 AM Report abuse rate up rate down Reply