Money Minute: Xbox, PlayStation Battle for Sales; Tally of U.S. Banks Falls

×

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 New Call Of Duty Video Game Goes On Sale
Ethan Miller/Getty ImagesVideo game publisher Activision released its 10th installment in the "Call of Duty" franchise last month.
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.


Increase your money and finance knowledge from home

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Forex for Beginners

Learn about trading currencies and foreign exchange transactions

View Course »

Add a Comment

*0 / 3000 Character Maximum

32 Comments

Filter by:
toosmart4u

On line was the only place I could find American made products. Will not shop in those brick and mortar stores for I do not want to support labor in foreign countries.

December 03 2013 at 4:33 PM Report abuse rate up rate down Reply
kcampo6453

So now the states get to collect tax on internet sales. The money they collect will just disappear like the rest of the money they get their hands on.

December 03 2013 at 3:35 PM Report abuse +2 rate up rate down Reply
rosarite

The stooges from the Supreme court always are in the wrong side of the constitution. Why we need so many stooges in the supreme court. Every time that they are consulted they come out with the wrong answered. They supposed to see if any law violated the constitution. but always they come up with their own appreciation of of the law and not the constitution. Do they supposed to consult the constitution and not their own judgement?

December 03 2013 at 3:21 PM Report abuse +2 rate up rate down Reply
tuxcyr

The Supreme Court....bunch of old farts playing their own games..........

December 03 2013 at 3:17 PM Report abuse +3 rate up rate down Reply
fbq181

SOB's

December 03 2013 at 2:24 PM Report abuse +3 rate up rate down Reply
gee3035

Supreme alright. Supreme ********. Taking yet another bight out of FreeDUMB, the economy and my wallet... so we can support more government. How about we all skip paying ANY taxes for a year and see where these f****s run to.

December 03 2013 at 2:17 PM Report abuse +1 rate up rate down Reply
pequa1988

sorry everyone I am white and not on food stamps

December 03 2013 at 2:09 PM Report abuse +1 rate up rate down Reply
1 reply to pequa1988's comment
pequa1988

maybe a littls stamps might be nice an, a free phone, rent tv, yes yes I want to be a dem,

December 03 2013 at 2:11 PM Report abuse -3 rate up rate down Reply
1 reply to pequa1988's comment
tuxcyr

Well me too......I am personally a real capitalist....I will not hesitate to sell my own mother COD if I can make a deal.....but if tomorrow I enter into a political race.....I will be a proud Democrat......You can get richer thanks to people's stupidity than hard work today.......

December 03 2013 at 3:20 PM Report abuse rate up rate down
hamcallk5co

What happened to the US Constitution? It specifically bans charging any tax on inner-state commerce.

December 03 2013 at 2:04 PM Report abuse +4 rate up rate down Reply
1 reply to hamcallk5co's comment
sherrmorr

we gave our constituion to Iraq. We weren\'t using it anymore anyway

December 03 2013 at 3:22 PM Report abuse +1 rate up rate down Reply
t.tirey

Supreme court sucks.

December 03 2013 at 2:03 PM Report abuse +5 rate up rate down Reply
hamcallk5co

OK BOB>...name three of those chemicals.

December 03 2013 at 2:02 PM Report abuse rate up rate down Reply
1 reply to hamcallk5co's comment
Hello Bob

Ham, I will get back to you when I have time. Right now I have work to do. I am SURE that I can come up with 2 or 3 THOUSAND polluting chemicals, many created by Dow as well as Monsanto, DuPont et al.

December 03 2013 at 2:15 PM Report abuse rate up rate down Reply