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Wednesday Afternoon Business Brief

November 7, 2012, 1:17 PM

Wednesday Afternoon Business Brief

Stocks have taken a pounding today as investors shifted their attentions to the challenges facing not only the U.S. economy, but also Europe. At midday, the Dow was down more than 250 points.

  • Fitch Ratings is warning about the risks facing the U.S. if Congress and the newly re-elected president fail to avoid a series of tax hikes and spending cuts otherwise set to take effect at the beginning of the year. At issue is its perfect AAA credit rating. Fitch says the president gets no "fiscal honeymoon".
  • A former darling of the stock market has now dropped more than 20 percent from its peak. Shares of Apple had topped above $705 in September.  Today, it was trading around $560 a share.
  • Travelers can expect airports to be busier and planes to be full this Thanksgiving. The main trade group for U.S. carriers says nearly 24 million travelers will fly from Friday, Nov. 16, through Tuesday, Nov. 27. It looks for planes to be close to 90 percent full.
  • It is a kind of superhero digital transition. DC Comics is expanding its digital storefront, putting all its monthly titles - from Batman to Superman - on sale at iTunes, Amazon's Kindle store and Barnes & Noble's Nook shop. They'll be available on the same day they appear in comic shops.

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