Stocks finally took a pretty good hit yesterday. The Dow Jones industrials fell 93.87 points to 10,332.44, although the index had been down more than 170 points earlier in the day. It was only the third time in November that the Dow has traded lower (out of 14 sessions). Concerns about the job market and rising foreclosure activity heading into 2010 put fear into investors. It is interesting that the media equates every unemployed person with being a homeowner. Sure, I realize that many homeowners have been impacted by rising unemployment, but it is true that many people who have lost jobs are renters.
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It has not been a good year for credit card companies. Congress has the industry in its crosshairs and new rules and regulations regarding fees and procedures are going to make it tough on these companies. And, fears that more and more people will default on their credit card loans has companies canceling cards quickly. But, according to Mintel Comperemedia, the number of credit card offers sent through the mail in October rose to 180 million pieces. That's up 34 percent from the previous month but still way below the peak set in February 2004.
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This will likely be a record year for the number of press releases that try to tie products and services to the upcoming holiday season. Here are a couple of my favorites from just yesterday: A survey from Dunkin' Donuts finds that 58 percent of American adults plan to take a nap on Thanksgiving Day. Of course, more men (60 percent) will sack out in a tryptophan stuper than women (56 percent). I guess the folks at Dunkin' are hoping the 42 percent of people who will not be napping will swing by one of their shops to tank up on coffee. We here would love to do that, but there are no Dunkin' Donuts in California.
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There's no way I can top the creative writing in this press release, so let me just share it with you, "There is no greater love than the adoration you receive from man's best friend. This holiday season, return the love by gifting your four-legged friend with Wisdom Panel Insights, the most comprehensive mixed-breed cheek swab DNA test on the market. It will not only help explain his ancestry, but may also provide valuable insights to help you strengthen the bond with your canine companion." Sure, but what if the DNA test proves Rover doesn't really have the DNA you thought?
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And, how neat would it be to have Cindy Crawford wake you up next Friday with a reminder that it's time to go shopping? Well, good news, J.C. Penney will arrange the call for you. That's right, the retailer -- which has an exclusive Cindy Crawford Style brand of clothing -- will offer wake-up calls not only from Cindy but also designer Kimora Lee Simmons and the boys from Rascal Flatts. Just go to www.jcp.com/wakeup.
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Birds Eye Foods, maker of frozen vegetables, was acquired yesterday by Pinnacle Brands for $1.3 billion. The history of the company dates back to 1923, when its founder invested $7 for an electric fan, buckets of brine, and cakes of ice. The founder of the company: Clarence Birdseye.
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