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Skittish day for stocks
Monday, May 20, 2013 - 01:50
May 20 - Summary of business headlines: Stocks slide back from records; Yahoo's $1.1b Tumblr deal; Boeing Dreamliner back in the air; Campbell's soup earnings heat up. Bobbi Rebell reports.
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Stocks stumbled- falling back after early gains. The major indexes closed with modest losses after hovering near record levels for much of Monday's session. But in Europe, shares reached new five- year peaks- thanks to strength in autos and travel. The major indexes all closed to the upside. Yahoo is buying Tumblr for a cool $1.1 billion. The move could give the struggling internet pioneer a much needed platform to reach a younger generation of users. But given the blogging sites' mere $13 million in revenue last year- the pressure will be on Yahoo to find a way to make more money from Tumblr. Ross Rubin of Reticle Research sees value: SOUNDBITE: ROSS ROBIN, PRINCIPAL ANALYST, RETICLE RESEARCH (ENGLISH) SAYING: "It's a very complimentary business, its a young audience, its a fast growing business - not very material from the revenue standpoint at this point but strategically its really going to allow them to have a social network, a status posting mechanism and there is a lot of value in that. " United Continentals' Boeing 787 Dreamliner returned to the skies on Monday, taking off from Houston. The 787 was grounded worldwide in January after two batteries overheated. Regulators approved a redesigned battery system in April. The turnaround plan seems to be working at Campbell soup. The company's earnings beat forecasts and it raised its full year forecast- thanks to re-invigorated soup sales that offset falling drink sales. Prices at the pump are on the rise again just ahead of Memorial Day weekend and peak summer driving season. According to the Lundberg Survey, the average price of a gallon of gasoline rose 11 cents to $3.66 per gallon over the last two weeks. Outages and Midwest and West Coast refineries are to blame.
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Skittish day for stocks
Monday, May 20, 2013 - 01:50
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