Walmart Black Friday

The holiday shopping season is getting an early start as Walmart announced its stores will open at 10 p.m. and revealed its deals on Thursday. Meanwhile, Gap, Old Navy, Banana Republic, Macy's, Kohl's and Target are reportedly embracing a midnight schedule.

Walmart is trying to get a leg up on its competitors by revealing its deals much earlier than it did last year on Nov. 22. The company said deals on toys, home items and clothing will start at 10 p.m. on Thanksgiving day. Electronics deals will start at midnight, including over $100 off an Xbox360 game console. Other deals will begin at 8 a.m. on Black Friday.

At Walmart.com, customers can sign up to receive an early preview of Black Friday deals by entering their email address to sign up. The mammoth store is also allowing shoppers to sign up through the company's Facebook page.

"The Christmas Price Guarantee does not cover local competitor's offers during the "Black Friday" day after Thanksgiving event," according to a spokesperson for Walmart. "However, our regular ad match policy will still be in effect that day."

Competitiveness in the retail sector intensifies every holiday season, though Target said it still plans to reveal its Black Friday deals the day before Thanksgiving. Holiday activity provides about 20 percent of retailers' annual sales every year.

Last week, Amazon launched its early Black Friday deals store for those looking for discounts on such products as cameras, video games and jewelry.

'When it comes to holiday gift shopping, there are three things customers want: low prices, items to be in-stock and ready to ship, and a convenient shopping experience," Amazon spokeswoman Sally Fouts said in a statement. "So in addition to our everyday low prices, customers will find exceptional deals in our Black Fridays deals store starting today all the way through Black Friday."

The online shopping destination, for example, has shaved more than $300 off a Polk Audio Theater System as part of its early Black Friday deals in electronics.

But before consumers get too excited about the kick off to the day after Thanksgiving, Dan de Grandpre, editor-in-chief of Dealnews, says the best deals are still to come.

"There are a lot of stores that are using the words 'Black Friday' now," de Grandpre told ABC News.com. "You will see a lot of stores using early 'Black Friday' and 'pre-Black Friday' sales but, the thing is, not all stores are doing deals as good as the deals they will offer on Black Friday."

Because of an anemic economy, many retailers are trying to lure customers as analysts predict an average holiday shopping season. According to the National Retail Federal, retail sales for 2011 are expected to increase 2.8 percent to $465.6 billion.

"Retailers are optimistic that a combination of strong promotions and lean inventory levels will help them address consumer caution this holiday season," NRF President and CEO Matthew Shay said in a statement. "While businesses remain concerned over the viability of the economic recovery, there is no doubt that the retail industry is in a better position this year to handle consumer uncertainty than it was in 2008 and 2009."
Source : abcnews.go.com

Bank Transfer Day

NEW YORK (TheStreet) - Credit unions and small community banks are rubbing their hands in delight at the prospect of new customers lining up outside their doors seeking to open an account with them on "Bank Transfer Day" that falls on Saturday.

Credit unions and community banks are reporting significantly higher volumes of applications for new account openings. The Credit Union National Association said credit unions have added more than 650,000 members and $4.5 billion in new deposits in the past month.

The protest movement that urges customers to close their accounts with big banks and put their money with credit unions and community banks instead has been a boon for smaller players, who are capitalizing on the anti-big bank sentiment.

"Consumers are dissatisfied with their experience with big banks. The debit card fees, which has now been withdrawn, was the last straw on the camel's back," said CEO Greg Mitchell. "Consumers want to go back to a place where they can get a predictable level of service and some respect."

Some banks like Los Angeles-based First Pactrust Bancorp(BANC) has been aggressively seeking out customers frustrated with big banks, hoping to gain some market share through good old-fashioned banking practices that relies on relationships.

Bank Transfer Day has attracted a lot of attention for its anti-big bank rhetoric that seems to have struck a chord with supporters of the Occupy Wall Street movement.

The bank has kick-started a promotion ad campaign earlier this week, offering customers $60- the same fee customers might have ended up paying in debit fees had Bank of America(BAC) gone ahead with its unpopular fee- if they switch their account to PacTrust. The bank will stay open longer on Saturday in honor of Bank Transfer Day, the bank said.

The movement was fueled by a public outcry against new fees imposed by large banks including Bank of America(BAC), Wells Fargo(WFC) and JPMorgan Chase(JPM) as they seek new ways to offset regulations that limit their fee income from processing debit card transactions. The banks have since caved to public sentiment, withdrawing their proposals.

Source : http://www.thestreet.com/story/11301221/1/bank-transfer-day-everybody-wins.html

Analysts Downplay Apple Stock Dip on Jobs Resignation

Apple stock dipped as much as 7.39 percent Wednesday, stripping $24 billion from its market cap in after-hours trading, after its iconic leader Steve Jobs announced he was stepping down as CEO amid longstanding health concerns.

Under Jobs, whose vision is credited with delivering an unprecedented string of breakthrough products from the Apple II to the iPad, Apple had surged from near bankruptcy in the late 1990s to the most valuable company in the world this month, briefly topping Exxon Mobile. Along the way, it eclipsed long time rival Microsoft, and it most recent adversary, Google. It had closed the day at $376.18, up 0.69% from yesterday, before sliding on the news.

 A screenshot from MarketWatch showing the drop in stock value and the raise in after hours traded volumes of the Apple stock (AAPL) following Steve Jobs resignation.

Analysts downplayed the drop, noting that Jobs was long expected to step away from the CEO role. “Frankly it removes an overhang. People didn’t know when this would happen or when the day would come. It’s probably the best outcome,” Michael Walker, Portfolio Manager for WP Stewart told Reuters.
Ultimately, Walker said, the market had already priced Jobs’ departure into the stock. On Jan. 17, he took a medical leave of absence — he’d previously been diagnosed with of a rare form of pancreatic cancer, and in 2009 underwent a liver transplant.

Still, the move brings to a close an era, capping one of the biggest business comebacks in history. Jobs was fired from the company he founded in 1985, then invited back to run it as it foundered on the brink of bankruptcy. In 1997, right after Jobs got his job back, Michael Dell was asked what would he do to fix it. He famously answered “I’d shut it down and give the money back to the shareholders.”

Since then, Apple’s success on the back of winning products from the iMac to the iPod, iPhone and iPad has become a business legend. At one point of the end of July the cash on hand available to Apple, or its liquidity, exceeded that of the U.S. Government. The guys at Cupertino could count on $76 billion in their wallet, whereas Washington couldn’t reach deeper in their pockets than $74 billion.

Now the question is how the company can continue its winning streak under new leadership. In his resignation letter, Jobs gave a strong recommendation for COO Tim Cook, a man known more for operational expertise than vision, to be appointed as his replacement. The board accepted the recommendation and appointed Cook as Jobs’ successor. Jobs will serve as chairman of the board.
“I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role,” Jobs wrote in a letter announcing his resignation.

Source : http://www.wired.com/epicenter/2011/08/apple-stock/