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Mid-day Update

PODCAST: ‘Default Day’ could be a week or two later, Investors turn to franc

Daryl Paranada Jul 26, 2011
Mid-day Update

PODCAST: ‘Default Day’ could be a week or two later, Investors turn to franc

Daryl Paranada Jul 26, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

Home prices in major U.S. cities rose for the second straight month in May, propped up by an annual flurry of spring buyers.

Ford said today its profit dropped in the second quarter. And Chrysler reported a loss, but said the loss would’ve been a profit if it didn’t have to pay back bailout money to the government.

Mostly continuing political debate over whether — and most importantly, how — to raise the nation’s debt ceiling before the country is supposed to default in one week. But that day — August 2nd may not be right. Because analysts say tax revenues are running stronger than expected, that actual D — for Default – Day could be as much as a week or two later than originally thought.

Currency investors are in a Zurich state of mind. With the dollar losing some of its shine investors are pouring money into the Swiss franc.

Netflix says the fee hike its rolling out is going to cost it — shares of the movie rental company fell 10 percent yesterday.

The U.S. postal service will announce today it’s looking at shutting down 1 out of 10 of its retail stores.

United Parcel Service, the world’s largest package delivery company, said second-quarter profit rose, slightly beating Wall Street forecasts.

Billionaire George Soros is getting out of the investment game… for other people. Bloomberg reports Soros’s firm will give back nearly a billion dollars to outside investors. And will then focus solely on Soros family investments.

You know all those fees that show up on your cell phone bills? Here’s a little schadenfreude: Los Angeles is suing AT&T for failing to pay nearly $5 million for a “communications user tax.” Maybe if AT&T has to sit on the phone for a few hours trying to find out exactly what a communications user tax is… we could call it even.

Finally, a group of English villagers wanted to break a world record and create the world’s smallest pub. So they started pouring pints for patrons in one of those red London telephone booths. Ah, alas, the bar didn’t have a license to pour those pints. So the current record stands… The smallest permanent licensed bar in the world is still the 91-square-foot pub in Switzerland known simply as The Smallest Whisky Bar on Earth.

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