Numbers look out as we kick off cybermonday. Which retailers crushed it and which ones were crushed . If you were keeping track, the dow added 421 points last week and bulls argue it could add even more if european leaders settle this dispute over greek aid. Well discuss the potential impact as they meet in brussels right now. A big day for analyst upgrades. Research in motion, facebook, yahoo well go over those and see why citi needs three analysts to initiate coverage of apple. Well begin with retail sales picture from this past weekend. 139 Million Consumers shopped during black friday weekend. Thats up from 132 million last year. Total spending up to 59. 1 billion to 54. 4 a year ago. Average Holiday Shopper spending 434 over the weekend. Sales on black friday fell 1. 8 from the same day a year ago setting the stage for today known as cybermonday. American shoppers will spend 1. 5 billion online today up from 1. 25 billion a year ago. The papers have it. Usa today retailers hail. J
In this area to say what has not been dealt with. You are exactly right, fannie and freddie is not dealt with under doddfrank. But lets talk about doddfrank for a moment. There have been reforms to our financial system, but there needs to be significantly more. One thing about doddfrank is it sets up a framework. But ultimately not all of the rules are implemented. There are very important standards that need to be set by the regulators and treasury. Because what we are worried about is trying to protect americans in the event of another financial crisis. We do not want to be in a situation where one of the companies can bring down all of these losses in american jobs and american pensions and mortgages. We cannot be in one of those situations again. So, we are going to continue to raise the alarm and say there has to be more work done. And it is not going to be easy. And there is a lot of heavy lifting. One of the things to me quite disgusting is you have all of these companies to tak
Talking about wider markets. Nicole some of the traders, do not forget, last week we were gaining 3. 3 on the dow jones industrials. Right at that 1400 mark. Hitting some key resistant levels. Likely to see a little bit of a pullback. The trend is still to the upside. As far as the major market average, you are seeing the dow and s p down a half of a percent each. I want to take a look at abercrombie and fitch. , that insiders, they talk about the fact that abercrombie was the clear winner of the weekend stops. Connell Grover Norquist. Here is what he said this morning. Supposed an investor that you admire and trust comes to you saying this is a good idea i think you should think about it. It all depends on what my tax rate will be on the game that we will make. Only in grovers imagination does such a response exist. It is quite another when republicans talk like this. I am not obligated on the pledge. The only thing i am honoring is the oath that i take when i am sworn in this january
72point at the lowest. 12900, so about 40 points off of the earlier lows, however we are seeing selling from sector to sector with its banks or drugs or retail. The areas that have been pretty good our technology, semi conductors holding on, utilities giving it a go after selling off on concerns of the fiscal cliff of his utilities is a group that paid high dividends and that would be taxed heavily, however they are also viewed as a safe haven, that is why you see investments they are. After a winning week last week. The dow component mcdonalds downgraded today to neutral from a buy. Mcdonalds selling off, and those are some of the top stories on wall street. The dollar has been a little bit stronger. Back to you. Melissa and it is cyber monday today, analysts are expecting you and other cyber shoppers to shell out 1. 5 billion online this year. Adam shapiro has more. Adam, do you see the toys i bought yesterday, are they on their way . There is a good bet if you bought from amazon. Co
Is it legal . Could more businesses follow suit . If even when they say its not, its always about money. Melissa first, lets take a look at the days market headlines. Fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. The dow closed down 42 points. Facebook shares some other best in four months. Two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. And as our own Charlie Gasparino first reported, Mary Schapiro stepping down as chairman of the sec. Officially leave office on december 14th. She ran the Securities Regulator for nearly four years. President obama will appoint current sec commissioner to run the agency. All right. Now to our top story. Warren buffett support for raising taxes on the rich takes a controversy in its turn in an oped in todays new york times. The billionaire investor says lets forget about the rich in culture ridge. Income is increased. Forever for see investment of the chari