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August 21, 2013 05:32 AM

Wednesday Morning Business Brief

Better results from Best Buy and other retailers helped the stock market close mostly higher Tuesday. But the mostly higher finish failed to shake the market out of a slump it's been in since early August, when investors became discouraged by poor corporate earnings and a sharp increase in interest rates. The Dow has lost 4 percent since hitting an all-time high on Aug. 2 and is headed for its worst month since May 2012. Wall Street appears headed for a lower opening today, based on futures trading.

  • International stock markets were choppy today as traders waited for hints from the U.S central bank about when it might begin to reduce its massive stimulus effort. The minutes of the Federal Reserve's July policy meeting are due out today. Benchmark crude oil fell below $105 per barrel. The dollar gained against the euro and the yen.
  • The National Association of Realtors later this morning will release existing home sales for July and the Federal Reserve releases minutes from its July interest-rate meeting. Among the earnings reports due today are those from Lowe's Cos., Target Corp. and Hewlett-Packard Co.
  • A U.S. bankruptcy judge has approved Kodak's plan to emerge from court oversight, paving the way for the company to reinvent itself as a new, much smaller concern focused on commercial and packaging printing. Many of Kodak's traditional products and services are gone in the wake of the company's filing for bankruptcy protection last year, including the camera-making business that made it famous more than a century ago.
  • In a drive to add subscribers, Netflix has expanded on a movie licensing deal with The Weinstein Co. that will add more films to its Internet video service beginning in 2016. The multi-year agreement announced yesterday builds upon a partnership that Netflix Inc. forged with Weinstein Co. last year.
  • Business
  • Economy/Stocks

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