Yahoo Finance Facebook: We're NOT a media company
Stocks (^DJI, ^GSPC, ^IXIC) are clawing back early losses at the midday mark, with the financial sector (XLF) leading and real estate (XLE) the most in the red. Keith Bliss of Cuttone & Co. joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance editor-in-chief Andy Serwer and Yahoo Finance’s Dan Roberts.
Top execs repeat Facebook party line: We’re not a media company
Facebook is not a media company, in case you forgot. At least, that’s the Facebook party line, repeated yesterday by chief operating officer Sheryl Sandberg and another executive at a Wall Street Journal tech conference. The two execs echoed what CEO Mark Zuckerberg said in August: That Facebook is a technology company focused on building tools—and not a media company whose goal is producing stories.
Coca-Cola winning the war on sugar
Coca-Cola appears to be winning the war on sugar. The company reported slight beats on profits and revenue this morning, earning 49 cents a share versus the 48 cents expected. The beverage giant is catering to customers who want less sugar by offering smaller sizes, adding new brands and changing some existing drinks. Not to mention, they also sell a lot of water.
Amazon poised to become largest clothes retailer in US
Move, over Macy’s! Amazon is poised to become America’s biggest clothing retailer next year. That’s according to a new report by analysts at Cowen and Company. Cowen says Amazon’s sales of clothes and accessories will jump 30% next year to $28 billion, while Macy’s sales will fall to $22 billion. Cowen says a big reason is Amazon Prime, the company’s subscription service that offers free shipping and delivery.
Tax Foundation releases tax calculator for Trump v Clinton win
The nonpartisan (though slightly right-of-center) Tax Foundation just released a new calculator to show what you’d pay in taxes under Trump versus Clinton. For most brackets, taxpayers get an edge under Trump—especially as income hits mid-six figures. Is it good news if Trump wins? Yahoo Finance’s Ethan Wolff-Mann has his own take that isn’t as rosy.
