Xbox vs. PlayStation, and paying sales tax on your online purchases. These and more top money stories you need to know about Tuesday.
The new Xbox video game console seems to have captured round one in its battle with Sony's (SNE) PlayStation4, at least at Walmart (WMT) and Target (TGT). A market research firm says the Xbox from Microsoft (MSFT) grabbed 61 percent of console sales at those two key retailers on Black Friday. But one analyst said both new models were in short supply at many stores.
The best selling game was the "Call of Duty" sequel from Activision Blizzard (ATVI).
The Supreme Court on Monday let stand a ruling that allows New York and other states to require Internet retailers to collect sales taxes -- even if they don't have a physical presence in the state. Amazon (AMZN) and Overstock (OSTK) had appealed a lower court ruling. They fear a piecemeal approach will stunt the growth of e-commerce.
The number of banks in the U.S. has dropped to its lowest level in at least 80 years. The FDIC says there are now fewer than 7,000 banking institutions, down from a peak of more than 18,000 back in the 1980s. At the same time, bank deposits continue to grow.
Here on Wall Street, the Dow Jones industrial average (^DJI) fell 77 points on Monday, the Standard & Poor's 500 index (^GPSC) lost 5. Both are now hovering just above those key psychological levels they topped last month. The Nasdaq composite index (^IXIC) dropped 14 points.
Shares of Krispy Kreme Doughnuts (KKD) are set to slide, as its earnings forecast for next year fell short of expectations. But today's selling only takes a small bite out of the big gains over the past year. The stock has soared 170 percent in the past 52 weeks.
Finally, Dow Chemical (DOW) is one of the iconic names of American business. But the company says it might drop "Chemical" from its name as it continues to sell and spin off parts of its old-line chemical business to focus instead on agricultural seeds and packaging products.
-Produced by Drew Trachtenberg.
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