The Spectrem Affluent Investor Confidence Index (SAICI) which measures the attitudes of households with $500,000 to $1,000,000 of investable assets was at its lowest point in a year at the end of August falling 9 points to a -18 which is a bearish rating. The Spectrem Millionaire Investor Confidence Index (SMICI) fell 4 points to a -9, which is neutral but close to bearish. Investors, in an open ended question, blamed the Political Environment (28 percent) for their dismal attitudes. Only 10 percent blamed Unemployment levels, as reported by MillionaireCorner.com.
Dow up modestly, followed by Asia, but European markets are down
The Dow was up 53 points on Wednesday, closing at 11,613, due to positive reports on manufacturing. Factory orders were up, according to the Associated Press. The Dow's closing number put the Dow back into a positive position for the year, up .3 percent, despite the dramatic drops in August. Asian stocks were positive on Thursday but European stocks and Dow futures have dropped still plagued by European sovereign debt discussions.
Groupon down 50 percent since June
Perhaps plagued by the summer vacation season, or challenged by the growing list of competitors, the traffic to Groupon is down 50 percent since June, according to USA Today. This is a challenge for Groupon which is scheduled to go public in the near future. It is important to remember, however, that overall the site is still up 179 percent compared to a year ago.
Hulu goes to Japan
The popular video streaming site Hulu announced it has formed a joint mobile marketing venture with Japan's NTT DoCoMo to provide a subscription video service in Japan, as reported by the Associated Press. The service will initially only provide American movies and shows but will be expanded in the next few months to include Japanese and other international titles.
Unemployment rate falls in most U.S. cities in July
USA Today reports that the unemployment rate fell in more U.S. cities in July than those in which it increased. Yuma, AZ reported the largest increase in unemployment while California had the largest number of cities reporting an increase. Overall the U.S. added 117,000 net jobs in July.
Justice Department blocks ATT purchase of T-Mobile
The Justice Department filed suit on Wednesday in an effort to prevent ATT's purchase of T-Mobile. The merger represents the combination of the 2nd and 4th largest wireless carriers. The Justice Department, according to the Associated Press, feels the merger will limit consumer choice. The parties feel that T-Mobile may not be around much longer due to the competitive environment, and feel that the merger is actually a benefit for T-Mobile and ATT customers. The Federal Communications Commission has yet to comment on the merger, but is unlikely to contradict the opinion of the Justice Department.