We have the sound from the cockpit on several near disasters. Also today, is best buy back . The company reporting big numbers today. Profit doubling from a year ago. And look at this stock. It is up 62 since february. Not bad for a company that many people thought was about to go away a couple of years ago. And a brandnew report on housing for homes 1 million and up. First, though, lets check in with sue at the nyse. Hi, ty. And we will get to the story about those minivans in just a second. But first, to todays hearing on takata air bags on capitol hill. These bags are in millions of cars in the u. S. , and Safety Advocates say they are deadly. Phil lebeau is live in chicago with some of the details on that. Hi, phil. Hi, sue. Takata air bag hearing just wrapped up on capitol hill. Really it raised more questions than it answered. First of all, takatas executive, the one who is he said when they were asked by senators, look, you know, were going to maintain a regional recall and go f
Issues at play with two special guest hosts. Wharton professor of finance Jeremy Siegel and trusted american businessman steve forbes. Both onset and ready to start this discussion at 6 00. First, though, andrew has a few of the top business headlines. Lets talk about some of the headlines this morning. Cisco systems buying Cloud Network start up meraki for 1. 2 billion in cash. It was founded in 2006 by members of m. I. T. s laboratory for computer science. Joe, i dont know if you take credit for any of that. Bp plans to spend up to 5. 9 billion buying back stock. Last week the oil giant agreed to pay record criminal penalties over the deepwater horizon disaster. And americans are carrying more Credit Card Debt and being less diligent about making on time payments. Trans union now reporting that average Credit Card Debt for borrowers grew 4. 9 in the Third Quarter and meantime the rate of credit card payments at least 93 days overdue rose slightly to three quarters of a percent. This
Now off that low, down 39 at 12,756. Nasdaqs lower. Apple is also lower today after that monster 7 plus rally yesterday. Its down about a percent right now. The nasdaq down 8plus points. The s p is down 3 at 1383. Not a lot of news from the bernanke lunch except this. The federal chairman warning that if the economy does go off the fiscal cliff, he cant help. He has no more tools. Take a listen. We can certainly have a meaningful contribution to supporting recovery, but in particular, in the worst Case Scenario where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which according to cbo and to our own analysis would throw the economy into recession, i dont think the fed has the tools to offset that. Thats why it is important for congress to address these fiscal issues soon. Boom. Thats where it was. You got that immediate market reaction. You were there. There was a reaction at the crowd too. Everybody has agreed that was the one thing he said that was probably n
Resistant to this type of toxin, but they have been known to see a few cases among humans. Im live in palo alto, leanne melendez, abc 7 news. A fastmoving house fire jumped from house to house, destroying two homes and damaging a third today. It was in an upscale neighborhood on hampshire place. You can see the smoke just billowing into the air. There was immediate concern that embers would spread the flames, and it did not take longment barbara staffords house was damaged. She was not home at the time. We got a call from our Alarm Company that there was some glass breaking in our house, so we came back to see what was the story and came back to find it in flames. Nobody told us ahead of time. So seeing it with flames shooting out of the roof was pretty hard. About 90 firefighters battled the flames for just over an hour. 18 people are out of their homes tonight after a devastating Early Morning fire in oakland. One home was destroyed, another heavily damaged. This fire was on melrose
Later this hour, but first to sue at the nyse. Yeah, big recovery in the market which well get to in just a second, but were starting with the still developing story. The Justice Department grounding the planned merger between u. S. Airways and amr corp. Investors not happen we either stock, as you can see. U. S. Airways down 7. 5 . Amr is down had 43 to 3. 33. Phil lebeau is live in chicago and this has big ramifications, phil, for the rest of the industry. Reporter huge, sue, and thats why the airline shares have traded lower. The doj says this is about ensuring competition. Just had a Conference Call and we had a chance to hear what they had to say. One quote stands out from this Conference Call when it comes to the doj and their explanation for why they filed this suit. Essentially they say it all comes down to determining that the merger would have substantially lessened competition for commercial air travel throughout the united states. Importantly Neither Airline needs this merg