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Tuesday Afternoon Business Brief

November 1, 2011, 1:14 PM

Tuesday Afternoon Business Brief
Stock markets have headed lower today on fears that Europe's plan to save the euro was unraveling after Greece's leader unexpectedly called a referendum on the country's latest rescue package. At midday, the key averages were down about 2 percent.
  • Car buyers were busy in October, snapping up trucks and SUVs and taking advantage of deals on Japanese cars. Total U.S. car and truck sales were expected to top 1 million in October, a surprising number for a month when sales are usually slow. When adjusted for seasonal factors, that would be the best pace since the Cash for Clunkers program in August 2009.
  • Two prominent deficit-cutters are telling Congress' bipartisan "super committee" to meet its mandate of finding at least $1.2 trillion in 10-year budget savings - and then some. Former Republican Sen. Alan Simpson of Wyoming and Erskine Bowles are testifying together to the special panel. In testimony obtained by The Associated Press, they are telling the committee's 12 members that they must agree to an overall framework for both revenue increases and savings from benefit programs like Medicare.
  • Bank of America is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase and Wells Fargo, already canceled tests of similar debit card fees last week.
  • Yahoo has agreed to buy online advertising network Interclick for $270 million in cash. The deal announced today is expected to help Yahoo target advertisements to its online audience. It is paying $9 per share for Interclick, a 22 percent premium to Interclick's closing stock price Monday.

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