Jobless claims rose last week, while Apple shares reach an unprecedented milestone. Read about these and more of the morning's top business news stories.
Jobless Claims Rise to 313,000
In the week ending Nov. 22, the advance figure for seasonally adjusted initial claims was 313,000, an increase of 21,000 from the previous week. The four-week moving average, a less volatile number, was 294,000, an increase of 6,250 from the previous week. The total number of people claiming benefits in all programs for the week ending Nov. 8 was 2,120,705, a decrease of 62,887 from the previous week. There were 3,930,715 persons claiming benefits in all programs in the comparable week last year.
Apple Reaches Unprecedented Milestone
Shares of Apple traded as high as $119.75 on Tuesday to give the company an unprecedented value of almost $707 billion. The stock closed at $177.70 Tuesday, down $1.03 for the day, leaving the company’s market value at about $690 billion. Apple stock has already passed analysts’ 18-month price target on the stock of $118.88, and some investors believe it can go still higher, USA TODAY reports. Bond manager Jeffrey Gundlach on CNBC Monday said Apple is more likely to be a market leader due to the possible success of Apple Pay. “Apple Pay seems to potentially be a big deal,” he said, but added that he’s not buying because, “I don’t like buying things at all-time highs.”
Ukraine Tensions Sink French Arms Sale to Russia
France suspended the delivery of a warship to Russia on Tuesday, after months of speculation about what would be the biggest arms sale ever by a NATO country to the Kremlin, the Associated Press reports. French President Francois Hollande's office announced the suspension "until further notice" after growing pressure from allies due to tensions over Russia's actions in Ukraine. The decision exposes France to eventual fines for not fulfilling the contract, the AP said. The Vladivostok, meant for delivery this month, is docked at the French port city of Saint Nazaire, where about 400 Russian sailors have spent months training aboard the vessel. A second French-made ship was slated for delivery next year and recently arrived at the Saint Nazaire docks for finishing touches. Russia annexed Crimea from Ukraine in March.
Most Coveted Toy for Girls? Barbie Will Have to Let It Go
For the first time, Barbie is not the most requested toy for girls this holiday season, according to a National Retail Federation survey. About 20 percent of parents plan to buy “Frozen” gifts and merchandise for their daughters, the Washington-based trade group found in its annual study. Barbie, which was chosen by 17 percent of parents this year, had been the top pick throughout the list’s 11-year history, Bloomberg reports. Lego toys were the most popular choice for parents of boys, with 14 percent opting for them. The popularity of “Frozen”-themed Halloween outfits is thought to have boosted the brand’s visibility. Disney’s Oscar-winning animated film has generated almost $1.3 billion in worldwide ticket sales and is the most successful animated film of all time.
Chrysler Logo a No Go
Chrysler fans have launched a social media campaign to save the automaker’s classic Pentastar logo, which is being phased out following the formation of Fiat Chrysler Automobiles, USA TODAY reports. The stylized letters FCA as a logo are now appearing on the corporate websites, the company’s Twitter accounts and the company sign outside Chrysler’s Auburn Hills, Mich. headquarters. None of the eight car and truck brands sold by Fiat Chrysler Automobiles including the Chrysler brand will be affected. There are no plans to try to remove the giant Pentastar window built into the top of the Chrysler headquarters. The “Save the Pentastar” Facebook page, launched Oct. 20, has attracted more than 6,550 likes.