It's shaping up to be another wild week on Wall Street, and Netflix pursues a novel deal with cable-TV providers. Those stories and more is what's in Monday's Market Minute.
The Dow Jones industrial average (^DJI) gained more than one percent in volatile trading last week dominated by the budget and debt ceiling wrangling in Washington. The Standard & Poor's 500 index (^GSPC) was modestly higher, but the Nasdaq composite index (^IXIC) edged lower.
Most banks are closed for Columbus Day, but the stock market is open, and the maneuvering in Washington will remain the focus for investors as the debt ceiling deadline closes in. Stock futures are lower as investors worry that what once seemed impossible -- a federal default -- is getting all too real. Some economists warn that a default could throw the economy into a free-fall decline. That worry is likely to overshadow a big week in corporate earnings.
Netflix (NFLX) is said to be in talks with Comcast (CMCSA, CMCSK) and other pay-TV providers. The Wall Street Journal reports they're discussing a Netflix app for set-top boxes, making it possible for cable subscribers to access Netflix programs.
Facebook (FB) has reportedly acquired Israeli app-maker Onavo. The company makes an app to help mobile phone users cut costs by making their use of data more efficient. It could help the expansion of the Internet in developing nations.
General Motors (GM) today opens a metal stamping plant in Arlington, Texas, right next door to the assembly plant for its Tahoe and Yukon SUVs. Parts for those vehicles had been made in Michigan and Ohio, so this new facility will save time and transportation costs, and improve the company's profit margins.
And the European airplane maker Airbus says it expects to take back the worldwide lead from Boeing (BA) in the next four or five years. The Airbus chief told a German paper that his company will exceed its goal of 1,000 new orders this year.
-Produced by Drew Trachtenberg.
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