Market Minute: Oracle CEO Bails on Own Meeting; Amazon's Revamped Kindles

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Oracle's billionaire chief disses a company conference, and Amazon upgrades the Kindle. Those stories and more are what's in Wednesday's Market Minute.

The Dow Jones industrial average (^DJI) is riding a four day losing streak after falling 66 points Tuesday. The Standard & Poor's 500 index (^GPSC) lost 4, while the Nasdaq composite index (^IXIC) edged up by 3 points.

Key Speakers At The Oracle OpenWorld 2013 Conference
David Paul Morris/Bloomberg via Getty ImagesOracle Co-President Mark Hurd spoke Monday at the Oracle OpenWorld 2013 conference in San Francisco.
Oracle (ORCL) chief Larry Ellison chose his America's Cup boat over a major conference sponsored by his company. He skipped giving the keynote address at the OpenWorld conference in San Francisco Tuesday to watch his racing team win two races. An estimated 60,000 Oracle users attend the conference.

Royal Dutch Shell (RDS.A, RDS.B) has selected a site just south of Baton Rouge, La., as the potential spot for a huge plant that will convert natural gas into gasoline and other liquid fuels. The company could invest more than $12 billion in the project. Shell says it's still several years away from making a final decision about green lighting the project.

Amazon (AMZN) is rolling out two new versions of its Kindle tablet. They're priced well below Apple's (AAPL) iPad and other competitors. The intent is to make money on the sale of e-books, music and other services -- not the hardware itself.

Yelp (YELP) is getting bad reviews from New York's attorney general. His office issued a report saying up to 20 percent of the reviews on the company's site are fake.

Ascena Retail (ASNA), which operates the Lane Bryant and Dress Barn chains, is set to soar. The company posted quarterly earnings that blew past analyst expectations.

But Clovis Oncology (CLVS) is set to slide. Bloomberg reports the company failed to attract any buyers after putting itself up for sale.

Finally, the Chinese e-commerce giant Alibaba -- often considered the Amazon of China -- is reportedly planning to list its shares in the U.S. after talks with Hong Kong broke down. The Wall Street Journal says the initial public offering could be valued at $70 billion or more.

-Produced by Drew Trachtenberg.


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Nicky Davies

Amazon has the best prices on all of the Kindle Models! CHECK IT OUT! http://amzn.to/174bELn

October 04 2013 at 12:12 AM Report abuse rate up rate down Reply
foxylynx

Isn't he the one that is suspected of killing his neighbor in Belize!

September 25 2013 at 3:37 PM Report abuse rate up rate down Reply
posthuf

What is really surprising is that the market recovered after the last few weeks of losses.

Well, maybe not. Millionaires and politicians will reap the benefits no matter what happens - one by dint of the amount of money they can invest, the other by their fore-knowledge of the laws they're going to enact.

September 25 2013 at 11:45 AM Report abuse +2 rate up rate down Reply
1 reply to posthuf's comment
MONTOOTH

Why should investors care what the market does? Daily fluctuations are for traders, not investors. Small investors should monitor their overall strategy to insure their short-term and long-term goals are being met through solid diversification of their invested assets, but the CNBC type monitoring and handwringing is for traders NOT small investors.

September 25 2013 at 12:47 PM Report abuse +1 rate up rate down Reply
gttdux

Vote against Republicans because they are trying to sell us all down the river to prove that only Republicans can run the economy correctly. They have given up on the principles which made our country great under Dwight Eisenhower.

September 25 2013 at 10:17 AM Report abuse -6 rate up rate down Reply
1 reply to gttdux's comment
posthuf

But...but...but...
The guy YOU elected is the one who has exacerbated the debt to the point where, for the first time in our history, the US financial rating was lowered.

The guy YOU elected, supported by supermax majority in each House of Congress spent or promised nearly 4 times as much in 4 years and the guy YOU want to place all the blame on did in 8 years!

That's all the proof any thinking person should need!

September 25 2013 at 11:48 AM Report abuse -1 rate up rate down Reply
majorg1000

Watch how the GOP in Congress will singlhandedly destroy the most recent gains in the nation's recovery, and then spin it to make the administration look to be at fault. It is shameless manipulation by the party of "No" that has kept America from already having reached the end of the economic crisis.

September 25 2013 at 10:02 AM Report abuse -6 rate up rate down Reply