Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

NEW YORK (CNNMoney)

CNNMoney spoke with Wal-Mart's (WMT, Fortune 500) U.S. CEO Bill Simon.

Is shopping the kind of family tradition Wal-Mart wants to perpetuate?

Simon: Our job is to try to anticipate what the customer wants... Having families out, children in the building... gives it a different feel. And it's one that's in line with who we are at Wal-Mart. It feels a lot better in the evening than it did when it was early in the morning [on Black Friday].

Related: Thanksgiving openings are the new normal

Do you wrestle with the moral implications of [opening on Thanksgiving]?

Simon: We had planned not to move [the opening time] this year, but the market moved... I have a hard time imagining it could be 4:00. Let's hope that it doesn't move.

Are you willing to draw a line?

Simon: "We've seen about as early as it can go. It's hard to imagine that it can move much more."

Simon said he worked throughout most of the night, staying up by sipping coffee and downing a Monster energy drink. He noted that the company provided the 900,000 employees who worked on Thursday with a hot meal and extra pay -- plus a 25% corporate in-store discount for their own holiday shopping.

First Published: November 29, 2013: 10:41 AM ET

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Bitcoin worth $9M buried in garbage dump

A hard drive containing about $9 million in bitcoin is trapped under mounds of trash at a landfill site like this one in the U.K.

LONDON (CNNMoney)

The device is now buried under a mountain of garbage at a landfill site in Wales. It will be almost impossible to find.

James Howells got rid of the drive, which holds a digital store of 7,500 bitcoins, between June and August this year.

The IT worker mined the virtual currency four years ago when it was the exclusive domain of tech geeks.

Back then bitcoin was worth very little. On Friday, the cryptocurrency broke through $1,200, making the missing hard drive worth around $9 million.

Related: Bitcoin worth almost as much as gold

Howells had been hanging onto it for several years before deciding to clean up his home.

After discovering the mistake late last week, a "devastated" Howells began a frantic search through computer files and other drives for a backup. There isn't one.

A trip to the garbage dump was the only option.

"As soon as I saw the site, I thought you've got no chance. The area covered is huge," he told CNN.

A spokesperson for Newport City Council said an item thrown away in the summer months would now be buried under 25,000 cubic meters of waste and earth.

The council, which operates the dump, said it has helped retrieve items in some circumstances "but this would have to be done very quickly after it was thrown away."

Howells said he's had all sorts of suggestions emailed to him about how to get the drive back.

But well-meaning individuals shouldn't bother heading to the tip on his behalf - it's closed to the public for safety reasons.

Related: 8 things you can buy with bitcoin

Speculators have helped power bitcoin's dazzling rise this year.

A growing number of businesses now accept bitcoins, including some Subway sandwich shops and Richard Branson's Virgin Galactic space travel venture, though critics claim it's unlikely to become a legitimate currency.

The program behind bitcoin was created anonymously and introduced on the internet in 2010. Unlike traditional money, bitcoins are not managed by a central authority and exist only in cyberspace.

-- CNN's Adam Dunnakey contributed to this report.

First Published: November 29, 2013: 11:08 AM ET

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Wal-Mart protesters arrested at Black Friday rallies

Demonstrators protesting outside a Walmart in Paramount, Calif. are arrested during a 2012 Black Friday protest. Protesters took to the streets near a number of Walmart locations again this year.

NEW YORK (CNNMoney)

Ten people were arrested on misdemeanor charges Friday at a protest near a Wal-Mart in Ontario, Calif., after they moved into an intersection and failed to disperse, Ontario Police Department Sgt. David McBride said.

McBride called the incident "peaceful," and estimated that between 100 and 150 people had attended the rally. It was unclear how many of those were actual Wal-Mart (WMT, Fortune 500) workers.

Another 10 people were issued citations at a protest near a Wal-Mart in Chicago for blocking a roadway. Protests also occurred in cities including Alexandria, Va.; Quincey, Mass.; Orlando, Fla.; Bellevue, Wash; Lakeside, Colo.; and Hyattsville, Md.

Wal-Mart's U.S. CEO defends early Thanksgiving Day opening

The protesters are calling for Wal-Mart to pay full-time employees at least $25,000 per year, and to increase opportunities for full-time work.

Wal-Mart currently employs 1.2 million hourly associates who earn an average of about $12 an hour and are also eligible for up to $2,500 a year in quarterly bonuses, spokesman David Tovar said. Of that 1.2 million, "over 50%" are full-time employees working an average of 37 hours per week, Tovar said.

Workers are considered full-time at Wal-Mart if they work 34 hours or more per week. The company's part-time workers average about 27 hours a week.

Over 475,000 of the company's associates earned $25,000 or more last year, according to a Wal-Mart presentation from September.

Protest organizers claimed rallies took place at 1500 locations Friday. Tovar said that number was hugely inflated, and that very few demonstrators were actual Wal-Mart employees.

Holiday shopping season kicks off with fights, arrests

Friday's protests were organized by OUR Walmart, a group backed by the United Food and Commercial Workers Union. OUR Walmart and the UFCW do not represent Wal-Mart workers, and say their goal is only "helping Wal-Mart employees as individuals or groups in their dealings with Wal-Mart over labor rights and standards."

OUR Walmart held similar protests last year. Last week, the National Labor Relations Board said it was ready to bring a case against Wal-Mart for allegedly retaliating against workers who took part in those protests.

The NLRB, which protects the rights of workers who organize for better working conditions, alleged that Wal-Mart stores in more than a dozen states "unlawfully threatened, disciplined, and/or terminated employees" who participated in legal strikes and protests.

Speaking to CNN Friday, Wal-Mart U.S. CEO Bill Simon denied the NLRB accusations and defended the company's labor practices, saying its pay is above the median for the retail sector.

"Black Friday...is the big stage and Wal-Mart is a big player on the big stage. Those who want to try to change an industry like retail, it's not unexpected that they would be out on Black Friday at Wal-Mart with something to say about it," Simon said.

First Published: November 29, 2013: 3:52 PM ET

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Stocks: Set to end November on a high

NEW YORK (CNNMoney)

U.S. stock futures were edging higher, with the Dow Jones Industrial Average and the S&P 500 each adding 0.2%, and the tech-heavy Nasdaq up 0.4%.

Trading is likely to be quiet Friday, with U.S. indexes closing at 1:00 p.m. ET after being shuttered Thursday for the Thanksgiving holiday.

Retailers could be in focus as Black Friday gets into full swing.

The annual shopping bonanza kicked off earlier than usual, with some of the biggest stores such as Kmart (SHLD, Fortune 500), Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500), Macy's (M, Fortune 500) and Target (TGT, Fortune 500) opening their doors on Thursday evening. Early deals were disappearing fast.

The upbeat start tracks a strong finish for U.S. stocks Wednesday. Solid corporate earnings and continuing bond purchases by the Federal Reserve have helped spur strong buying this month, pushing the Dow and S&P to record highs.

Related: Fear & Greed Index

It was a fairly muted day across global markets. Major European stocks were struggling for direction in morning trade, with London's FTSE inching up 0.1%.

Asian markets were mixed, with China's Shanghai Composite edging up, while Japan's Nikkei retreated from a six-year high to close down 0.4%.

First Published: November 29, 2013: 5:13 AM ET

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Toys "R" Us deals gone in a flash

NEW YORK (CNNMoney)

Hundreds of shoppers wandered through the sprawling Toys "R" Us store in Times Square at 10 p.m. on Thanksgiving -- a time when the store used to be closed for the holiday.

Toys "R" Us opened its doors at 5 p.m. on Thursday for Black Friday shoppers this year ... even though it wasn't yet Friday. The early opening thwarted the holiday shopping plans of Agata Nowak, an IT worker from Millbrook, N.Y., who was in New York City on a business trip.

She showed up at the flagship store at 8 p.m. -- that's when it opened for Black Friday last year -- in pursuit of a discount Furby for her six-year-old daughter. But alas, she was hours late this year, and the furry robot could no longer be bought for $29.99.

"I missed it," she said. "The price is now doubled."

Nowak went shopping anyway and accumulated a bag full of Thomas & Friends train toys. But the discount magic of Black Friday was lost to her.

"I would say prices are probably the same as any other day," she said.

Related: Disgusted shopper threaten to boycott Black Thursday

Thomas Hetherington, who lives near the store in midtown Manhattan, made a similar observation while shopping in the video game section with his wife and infant child.

"This year, I feel like there's more hype and not as many deals," said Hetherington, who makes a living selling used maternity jeans on eBay (EBAY, Fortune 500).

He said the Xbox One was going for $499, the same price that he'd found elsewhere. The best deal he'd managed to find was buying one video game at full price, and getting the second one at 40% off.

"That's pretty decent," he said, "but as a Black Friday deal, it's not blowing my mind."

In an interview with CNNMoney prior to Black Friday, Richard Barry, chief merchandising officer for Toys "R" Us, listed some of the so-called "door busters" meant to lure shoppers: 55% off the Cra-Z-Loom Bracelet Maker, 50% off Disney Infinity and Skylanders Swap Force video games, 50% off Despicable Me, $100 off Power Wheels 12 Volt Corvette, $90 off the Kindle Fire with a $20 gift card, and the aforementioned Furby for 45% off.

Poll: Do you think Black Friday is worth it?

"We're planning significant intensity" for this year's holiday shopping season, said Barry. "If you're a procrastinator out there and you're thinking you've got a long time before the holidays, you'd better shape up."

So with that in mind, Blake Lipper, a student at the Art Academy of Cincinnati, was at Toys "R" Us with his mother and two sisters on Black Thanksgiving, looking for deals. But he said the discounts were more scattered compared to previous years.

First Published: November 29, 2013: 3:35 AM ET

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J.C. Penney shows signs of life on Black Friday

Shoppers headed to a J.C. Penney store in New Jersey on Thanksgiving seeking early Black Friday deals.

WAYNE, N.J (CNNMoney)

On Thursday night, the parking lot at a store in Wayne, N.J., was sparse an hour before opening at 8 p.m. Meanwhile, a few miles away lines had already wrapped around Best Buy (BBY, Fortune 500) and Target (TGT, Fortune 500).

But minutes before the store opened, about 100 people suddenly showed up, with most heading straight to the shoe section.

"So far, I have seven pairs," said Geraldine Jaquez, her arms piled high with boxes of boots. "I've never done Black Friday before, but I like these earlier hours because there's not as much traffic."

Like many of its competitors, J.C. Penney (JCP, Fortune 500) opened at 8 p.m. on Thanksgiving this year -- its earliest Black Friday opening ever. While the turnout was modest, the Thursday opening brought in budget shoppers who kept trickling in as the night went on. Some had saved up months in advance, preparing to score deals this night.

Related story: J.C. Penney fans win fight for free snow globes

"I love J.C. Penney. It's awesome. Their regular prices are like sale prices and then to get sales on top of that is a real deal," said Colin Cook, who planned to spend about $350 on gifts for family: women's clothing and maybe some diamond stud earrings for $79.99.

J.C. Penney is hoping for strong sales this holiday, a season when retailers typically earn the bulk of their annual profits. J.C. Penney has been focused on damage control after former CEO Ron Johnson's plan to revolutionize the company backfired. Instead, it alienated longtime customers by eliminating discounts, getting rid of house brands and changing store design to appeal to younger shoppers.

Johnson was ousted in April, and J.C. Penney has been working to lure back customers ever since.

Discounts returned in a big way as the retailer focused on clearing out inventory that wasn't resonating with customers. On Thanksgiving night, the store offered deep discounts -- 80% off St. John's Bay puffer coats, 70% off many juniors dresses, and Samsonite luggage marked down to $159.99 from $400.

"We're very excited to see our customers are responding and we're definitely seeing customers coming back to the old J.C. Penney they were used to," said Store Leader Susie Schaechner.

Turnarounds are tough, though. With many items on clearance, the company's profit margins have been squeezed, sending its stock down about 48% from a year ago.

Related story: J.C. Penney stock target: $1

Retail comebacks are hard to pull off, but not unprecedented. About a year ago, Best Buy was struggling to compete with Amazon (AMZN, Fortune 500). Analysts were even predicting a bankruptcy. Things picked up after new CEO Herbert Joly entered the picture. Now, Best Buy shares are up more than 200% over last year.

Will J.C. Penney be the next retailer to engineer a comeback? It's still too soon to be sure, but there are signs the company may be turning a corner.

"I'm a little more optimistic than I would have been two months ago. When I go to the store, I'm starting to see things normalize a bit," said Brian Sozzi, CEO and Chief Equities Strategist with Belus Capital Advisors. "The traffic on weekends seems to be improving. There are some signs of life there."

Earlier this month, the company announced its October sales rose from a year earlier -- the first time that's happened in nearly two years.

And Black Friday customers certainly like the deals.

"I don't like shopping. I hate it," said Jenny Acuna. "But I like J.C. Penney. The prices are reasonable."

First Published: November 29, 2013: 1:45 AM ET

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U.K. moves to cool property market

The Bank of England says U.K. house price inflation is accelerating and spreading out from London.

LONDON (CNNMoney)

House prices have increased by about 7% in a year, and by much more in London, raising concerns that borrowers may have trouble making repayments when interest rates start to rise from their record low levels.

Bank of England Governor Mark Carney said house price increases were gaining momentum, and broadening out across the country, but that the risks were manageable.

It was important to act now to avoid more dramatic intervention later, and to allow the bank to keep supporting the broader recovery in the U.K. economy with its low-rate policy, he told reporters.

"Risks to financial stability may grow if there are further substantial and rapid increases in house prices and a further build-up of household indebtedness," he said.

Household mortgage debt stands at about 110% of annual disposable income, below the 2008 peak of 128% but well above the longer term average.

Related: Five housing bubbles to watch

The changes announced Thursday mean that from next year, U.K. banks will no longer be able to use the "Funding for Lending" program to access cheap credit for mortgages and personal loans. Lending to businesses will be unaffected.

The Bank of England is also giving itself the power to vary the affordability criteria that mortgage borrowers must meet. This is supposed to ensure banks don't take on excess risk and homeowners are better able to service their debts if circumstances change.

But some analysts say the measures don't go far enough, particularly as a separate program of subsidized mortgages for borrowers with small deposits -- known as "Help to Buy" -- is unaffected.

Since April, such borrowers have been able to access interest-free loans for five years on newly-built homes. The program will be extended to help buyers purchase existing properties worth up to £600,000.

Related: Surging U.K. economy surprises central bank

Both programs were launched with the aim of stimulating lending in the wake of the financial crisis to support the economic recovery and job creation. But just months after the U.K. was teetering on the brink of a triple-dip recession, a surge in consumer spending and rising house prices have led to a dramatic turnaround.

The strength of the comeback took the Bank of England by surprise, and earlier this month it upgraded its forecasts for growth and signaled that interest rates could rise much sooner than it was forecasting earlier in the year.

The pound has rallied 10% since July to trade near a 12-month high of $1.63.

First Published: November 28, 2013: 8:12 AM ET

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Target's Black Friday deals draw big lines

Black Friday "addict" Qiana Roberts, left, convinced her niece Najla Roberts and friend Qian Boone to stand in line for hours at a Philadelphia Target.

PHILADELPHIA (CNNMoney)

She skipped Thanksgiving with her family in order to get a spot in line outside a Philadelphia Target (TGT, Fortune 500) at 8 a.m. Thursday morning -- 12 hours before it opened. By the time she got there, she was about twelfth in line.

"It's hard for me not to go, even when I don't really need anything," said Roberts, who has waited in line at either Target or Wal-Mart (WMT, Fortune 500) for seven Black Fridays straight. "Guess, I'm a little addicted."

By 7:30 p.m., some 200 people were braving the cold in hopes of nabbing Black Friday deals at the Target in West Philadelphia.

Black Friday 2013: What to expect

Most of the people in line said they wanted the "doorbuster" sale item -- a 50-inch Element TV for $229 that usually sells for $600 -- available by ticket to the first 50 people in line. The other big sale item was Beats By Dre headphones on sale for $115, normally $179.

Roberts, 35, was desperate to get three TVs, so she enticed niece Najla Roberts and friend Qian Boone to come along.

"But I would have gone alone. I've done it before," said Roberts who works for the Philadelphia school system.

Target is one of a handful of stores that kicked off Black Friday earlier on Thanksgiving Day this year. But its 8 p.m. opening was still two hours later than the store openings at Toys "R" Us, Best Buy (BBY, Fortune 500) and Wal-Mart.

Poll: Will you shop or not?

Shoppers didn't seem too irked by the earlier opening. Indeed, Rick Dengelegi, who oversees 9 Philadelphia-area Target stores, said lines were longer, even earlier than last year.

"Some guests may have already shopped (elsewhere) and then come here, but we're definitely seeing a bigger line, which is exciting," Dengelegi said.

First in line was Khalif Robinson who got to the West Philadelphia Target at 12:45 a.m. Thursday morning to ensure he got a deal on the 50-inch TV to better enjoy the Philadelphia Eagles football games.

Robinson mistakenly got in line that early because he thought Target opened at 8 a.m. Other shoppers didn't arrive until 3 a.m. Robinson wore a warm Eagles jacket, but his toes had gone numb by Thursday evening -- and he was starving, because he hadn't eaten all day.

"I'm going to eat seven plates of glory (Thanksgiving feast) when I get home," said Robinson, with a couple of hops to stay warm.

Related: Is Black Friday Worth It?

For Darlene Robinson (no relation to Khalif), waiting in line for the 50-inch TV was a mission of love. Robinson is the housing coordinator for Women Walking in Victory, a Philadelphia nonprofit about to open a new 16-bed home for poor women with mental health problems.

The television was for the 15 women checking in to the new facility on Friday.

"Some of them really have nowhere to turn, so I'm here for the people," said Robinson who got in line around 4 p.m. "It's worth the wait."

First Published: November 29, 2013: 1:02 AM ET

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J.C. Penney shows signs of life on Black Friday

Shoppers headed to a J.C. Penney store in New Jersey on Thanksgiving seeking early Black Friday deals.

WAYNE, N.J. (CNNMoney)

On Thursday night, the parking lot at a store in Wayne, N.J., was sparse an hour before opening at 8 p.m. Meanwhile, a few miles away lines had already wrapped around Best Buy (BBY, Fortune 500) and Target (PBCFX).

But minutes before the store opened, about 100 people suddenly showed up, with most heading straight to the shoe section.

"So far, I have seven pairs," said Geraldine Jaquez, her arms piled high with boxes of boots. "I've never done Black Friday before, but I like these earlier hours because there's not as much traffic."

Like many of its competitors, J.C. Penney (JCP, Fortune 500) opened at 8 p.m. on Thanksgiving this year -- its earliest Black Friday opening ever. While the turnout was modest, the Thursday opening brought in budget shoppers who kept trickling in as the night went on. Some had saved up months in advance, preparing to score deals this night.

Related story: J.C. Penney fans win fight for free snow globes

"I love J.C. Penney. It's awesome. Their regular prices are like sale prices and then to get sales on top of that is a real deal," said Colin Cook, who planned to spend about $350 on gifts for family, women's clothing and maybe some diamond stud earrings for $79.99.

J.C. Penney is hoping for strong holiday sales, a season when retailers typically earn the bulk of their annual profits. J.C. Penney has been focused on damage control after former CEO Ron Johnson's plan to revolutionize the company backfired. Instead, it alienated longtime customers by eliminating discounts, getting rid of house brands and changing store design to appeal to younger shoppers.

Johnson was ousted in April, and J.C. Penney has been working to lure back customers ever since.

Discounts returned in a big way as the retailer focused on clearing out inventory that wasn't resonating with customers. On Thanksgiving night, the store offered deep discounts -- 80% off St. John's Bay puffer coats, 70% off many juniors dresses, and Samsonite luggage marked down to $159.99 from $400.

"We're very excited to see our customers are responding and we're definitely seeing customers coming back to the old J.C. Penney they were used to," said Store Leader Susie Schaechner.

Turnarounds are tough, though. With many items on clearance, the company's profit margins have been squeezed, sending its stock down about 48% from a year ago.

Related story: J.C. Penney stock target: $1

Retail comebacks are hard to pull off, but not unprecedented. About a year ago, Best Buy was struggling to compete with Amazon (AMZN, Fortune 500). Analysts were even predicting a bankruptcy. Things picked up after new CEO Herbert Joly entered the picture. Now, Best Buy shares are up more than 200% over last year.

Will J.C. Penney be the next retailer to engineer a comeback? It's still too soon to be sure, but it seems the company may be turning a corner.

"I'm a little more optimistic than I would have been two months ago. When I go to the store, I'm starting to see things normalize a bit," said Brian Sozzi, CEO and Chief Equities Strategist with Belus Capital Advisors. "The traffic on weekends seems to be improving. There are some signs of life there."

Earlier this month, the company announced its October sales rose from a year ago -- the first time that's happened in nearly two years.

And Black Friday customers certainly like the deals.

"I don't like shopping. I hate it," said Jenny Acuna. "But I like J.C. Penney. The prices are reasonable."

First Published: November 29, 2013: 1:45 AM ET

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Sriracha factory ordered to put a lid on smell after locals pepper city with complaints

NEW YORK (CNNMoney)

A judge in Los Angeles County has ordered Sriracha maker Huy Fong Foods to suspend operations at a plant in the city of Irwindale that local residents claim has caused an overpowering odor.

Irwindale claimed in a lawsuit that the stench was causing watery eyes, sore throats and headaches, prompting complaints from dozens of residents.

"You couldn't stay outside in some places," Irwindale city manager John Davidson said. "We've had softball teams that have had to cancel their games and practices because their eyes were watering."

The judge's ruling orders Huy Fong to "immediately make changes in its site operations reducing odors and the potential for odors." The city has been pushing Huy Fong to install a new filtration system to address the issue.

"We want to find a balance between letting this business be a business and protecting our residents," Davidson said. "We hope this will allow us to sit down with Huy Fong and come up with a solution that meets the needs of the community."

Huy Fong declined to comment.

For most of its lifespan, Huy Fong has produced the Thai chili sauce without incident in Rosemead, Calif., but it shifted some production to Irwindale earlier this year.

While Huy Fong isn't the originator of Sriracha, the company's distinctive green-topped bottles have become a staple on grocery shelves, kitchen lines and restaurant tables since it began U.S. production in 1983.

The company produced 20 million bottles of Sriracha in 2012, or $60 million worth, all without the benefit of advertising. Consumer devotion to the brand has inspired cookbooks, embroidery, jewelry and a limited-edition flavor of Lay's potato chips.

First Published: November 27, 2013: 4:31 PM ET

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Disgusted shoppers threaten to boycott Black Friday Thursday

This badge is circulating on Facebook and was shared more than 959,000 times as of mid-day Wednesday.

NEW YORK (CNNMoney)

Among their biggest targets: Kmart plans to kick Thanksgiving day off, opening stores at 6 a.m. and remaining open for 41 hours straight.

Toys "R" Us starts its doorbusters at 5 p.m. At Wal-Mart stores (many of which are open all day), the deals start at 6 p.m.

Best Buy opens at 6 p.m., and then Macy's, Kohl's, J.C. Penney, Target and Sears all open at 8 p.m.

An "I pledge to not shop on Thanksgiving" badge is circulating on Facebook and has been shared more than 959,000 times as of mid-day Wednesday.

Related: Are you working during the holidays? Share your story

"5 pm open on Thanksgiving? Really?" wrote Jaime Etheridge Krauss on the Toys "R" Us Facebook page. "A store who is devoted to children and families opens when Americans sit down at the dinner table? What about your employees?!?"

"Hey Kmart! Because of you being Open on Thanksgiving and totally disrespecting your employees, Our Family will never spend a $ in your store!" writes Frank Chip Munroe.

"Kohl's has always been my absolute favorite place to shop. However, as much as it breaks my heart to say this I will no longer be shopping at Kohl's from this point on or any of the other retailers that are opening ON THANKSGIVING. This is a day for family and giving thanks," wrote Kelli Williams Lord.

"Macy's I am disappointed in you for opening your stores on Thanksgiving. Let your employees have a day with their families! It is not the end of the world to wait until Friday to start the chaos!" wrote Katie Buchanan Reynolds.

"I always wanted to believe that Target was somehow better than Walmart in product, and in policies. I realize that Target does not share my values and will no longer get my business. Give your employees a paid day off!" wrote Sean Pierce.

"Even Ebenezer Scrooge let Bob Cratchit go home a few minutes early on Christmas Eve," wrote Dan Hall on J.C. Penney's page. "When you're eating your Thanksgiving turkey this year, remember that your employees are taking time away from their families to help satisfy your greed."

Poll: Do you think Black Friday is worth it?

Of course, the real test of shopper anger will come tomorrow night: Will the the outraged shoppers be outnumbered by people who turn out for the deals?

The holiday shopping season was cut six days shorter this year because Thanksgiving falls later on the calendar, and retailers are fearing sales could be flat.

First Published: November 27, 2013: 2:18 PM ET

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Black Friday: Is it worth it?

NEW YORK (CNNMoney)

Some of the nation's largest retailers plan to open their doors on Thanksgiving Day, kicking off with Kmart (SHLD, Fortune 500) at 6 a.m.,Toys R Us at 5 p.m. Wal-Mart (WMT, Fortune 500) and Best Buy (BBY, Fortune 500) at 6 p.m. and Macy's (M, Fortune 500), Target (TGT, Fortune 500) and others will open throughout the evening.

The big enticement will be so-called "doorbusters," limited-time only deals offered to the first shoppers in the store. Hot-ticket doorbusters are typically electronic items like TVs and laptops at deep discounts of 50% or more.

Poll: Will you shop on Black Friday or not?

Yet most stores keep such limited supplies of these deals, that few shoppers walk away with them, said Marshal Cohen, chief retail analyst at the NPD Group. "If you're looking for that ultimate score, the half-price big screen TV, if you're not the 24th person in the line, 'good luck,'" he said.

Some die-hard shoppers started camping out in front of an Ohio Best Buy as early as last week to nab its popular doorbuster deals on big-screen TVs, laptops,video games and other electronics, such as a $500 55-inch LG flat-screen TV.

One exception: Wal-Mart is guaranteeing prices for some of its best deals, as long as customers are in line during specific times. If a store runs out of the product, shoppers get a voucher guaranteeing the product at the sale price.

But shoppers may not need to venture out to nab most Black Friday deals in the first place. With competition fierce, many retailers' are offering deals online that rival the ones being offered in stores, said Walter Loeb, a retail analyst and president of Loeb Associates.

Target, for example, will start offering almost all of its in-store deals in the early morning hours of Thanksgiving on Target.com before stores even open. Meanwhile, Consumer Reports has noted that Amazon (AMZN, Fortune 500) is offering Black Friday prices on big-screen TVs that are similar to deals available at Wal-Mart and Best Buy stores.

Related: Black Friday 2013: What to expect

"Prices during the holidays, even for some of the doorbusters, aren't necessarily the best prices of the season," said Patricia Huddleston, a professor of retailing at Michigan State University.

A recent survey by personal finance site, NerdWallet.com, found that 23 out of 25 stores were offering at least one product at the exact same price as last year, while some stores had multiple deal repeats or offered better prices on certain products earlier in the year.

And certain products will likely see even deeper discounts as Christmas approaches.

For example, better prices on winter clothing and generic toys are often found in the final week or two before Christmas as stores attempt to clear their shelves, said Trae Bodge, a spokesperson for RetailMeNot.com, a web site that tracks consumer deals.

So unless you have your eye on a hot product that you're worried will sell out, it's often best to wait. "Black Friday is about specific items," Bodge said. "Do the remainder of your shopping afterwards."

Related: 5 Black Friday tricks to avoid

Jessica Kessler had her first Black Friday experience several years ago, waking up at 3 a.m. on Friday to stand outside in the cold with hundreds of people waiting for Kohl's to open. Since then, she has ventured out with her husband's family in the early morning hours of Black Friday to hunt for deals. But she said there is no discount deep enough to draw her from her home on Thanksgiving.

"I was able to knock out a good bit of my shopping in the years that we went and got some deals that I was happy with," she said. "But at this point, there is no amount of savings that they could offer that would make it worth it to me."

First Published: November 27, 2013: 12:05 PM ET

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Disgusted shoppers threaten to boycott Black Friday Thursday

This badge is circulating on Facebook and was shared more than 959,000 times as of mid-day Wednesday.

NEW YORK (CNNMoney)

Among their biggest targets: Kmart plans to kick Thanksgiving day off, opening stores at 6 a.m. and remaining open for 41 hours straight.

Toys "R" Us starts its doorbusters at 5 p.m. At Wal-Mart stores (many of which are open all day), the deals start at 6 p.m.

Best Buy opens at 6 p.m., and then Macy's, Kohl's, J.C. Penney, Target and Sears all open at 8 p.m.

An "I pledge to not shop on Thanksgiving" badge is circulating on Facebook and has been shared more than 959,000 times as of mid-day Wednesday.

Related: Are you working during the holidays? Share your story

"5 pm open on Thanksgiving? Really?" wrote Jaime Etheridge Krauss on the Toys "R" Us Facebook page. "A store who is devoted to children and families opens when Americans sit down at the dinner table? What about your employees?!?"

"Hey Kmart! Because of you being Open on Thanksgiving and totally disrespecting your employees, Our Family will never spend a $ in your store!" writes Frank Chip Munroe.

"Kohl's has always been my absolute favorite place to shop. However, as much as it breaks my heart to say this I will no longer be shopping at Kohl's from this point on or any of the other retailers that are opening ON THANKSGIVING. This is a day for family and giving thanks," wrote Kelli Williams Lord.

"Macy's I am disappointed in you for opening your stores on Thanksgiving. Let your employees have a day with their families! It is not the end of the world to wait until Friday to start the chaos!" wrote Katie Buchanan Reynolds.

"I always wanted to believe that Target was somehow better than Walmart in product, and in policies. I realize that Target does not share my values and will no longer get my business. Give your employees a paid day off!" wrote Sean Pierce.

"Even Ebenezer Scrooge let Bob Cratchit go home a few minutes early on Christmas Eve," wrote Dan Hall on J.C. Penney's page. "When you're eating your Thanksgiving turkey this year, remember that your employees are taking time away from their families to help satisfy your greed."

Poll: Do you think Black Friday is worth it?

Of course, the real test of shopper anger will come tomorrow night: Will the the outraged shoppers be outnumbered by people who turn out for the deals?

The holiday shopping season was cut six days shorter this year because Thanksgiving falls later on the calendar, and retailers are fearing sales could be flat.

First Published: November 27, 2013: 2:18 PM ET

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Sriracha factory ordered to put a lid on smell after locals pepper city with complaints

NEW YORK (CNNMoney)

A judge in Los Angeles County has ordered Sriracha maker Huy Fong Foods to suspend operations at a plant in the city of Irwindale that local residents claim has caused an overpowering odor.

Irwindale claimed in a lawsuit that the stench was causing watery eyes, sore throats and headaches, prompting complaints from dozens of residents.

"You couldn't stay outside in some places," Irwindale city manager John Davidson said. "We've had softball teams that have had to cancel their games and practices because their eyes were watering."

The judge's ruling orders Huy Fong to "immediately make changes in its site operations reducing odors and the potential for odors." The city has been pushing Huy Fong to install a new filtration system to address the issue.

"We want to find a balance between letting this business be a business and protecting our residents," Davidson said. "We hope this will allow us to sit down with Huy Fong and come up with a solution that meets the needs of the community."

Huy Fong declined to comment.

For most of its lifespan, Huy Fong has produced the Thai chili sauce without incident in Rosemead, Calif., but it shifted some production to Irwindale earlier this year.

While Huy Fong isn't the originator of Sriracha, the company's distinctive green-topped bottles have become a staple on grocery shelves, kitchen lines and restaurant tables since it began U.S. production in 1983.

The company produced 20 million bottles of Sriracha in 2012, or $60 million worth, all without the benefit of advertising. Consumer devotion to the brand has inspired cookbooks, embroidery, jewelry and a limited-edition flavor of Lay's potato chips.

First Published: November 27, 2013: 4:31 PM ET

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Black Friday: Is it worth it?

NEW YORK (CNNMoney)

Some of the nation's largest retailers plan to open their doors on Thanksgiving Day, kicking off with Kmart (SHLD, Fortune 500) at 6 a.m.,Toys R Us at 5 p.m. Wal-Mart (WMT, Fortune 500) and Best Buy (BBY, Fortune 500) at 6 p.m. and Macy's (M, Fortune 500), Target (TGT, Fortune 500) and others will open throughout the evening.

The big enticement will be so-called "doorbusters," limited-time only deals offered to the first shoppers in the store. Hot-ticket doorbusters are typically electronic items like TVs and laptops at deep discounts of 50% or more.

Poll: Will you shop on Black Friday or not?

Yet most stores keep such limited supplies of these deals, that few shoppers walk away with them, said Marshal Cohen, chief retail analyst at the NPD Group. "If you're looking for that ultimate score, the half-price big screen TV, if you're not the 24th person in the line, 'good luck,'" he said.

Some die-hard shoppers started camping out in front of an Ohio Best Buy as early as last week to nab its popular doorbuster deals on big-screen TVs, laptops,video games and other electronics, such as a $500 55-inch LG flat-screen TV.

One exception: Wal-Mart is guaranteeing prices for some of its best deals, as long as customers are in line during specific times. If a store runs out of the product, shoppers get a voucher guaranteeing the product at the sale price.

But shoppers may not need to venture out to nab most Black Friday deals in the first place. With competition fierce, many retailers' are offering deals online that rival the ones being offered in stores, said Walter Loeb, a retail analyst and president of Loeb Associates.

Target, for example, will start offering almost all of its in-store deals in the early morning hours of Thanksgiving on Target.com before stores even open. Meanwhile, Consumer Reports has noted that Amazon (AMZN, Fortune 500) is offering Black Friday prices on big-screen TVs that are similar to deals available at Wal-Mart and Best Buy stores.

Related: Black Friday 2013: What to expect

"Prices during the holidays, even for some of the doorbusters, aren't necessarily the best prices of the season," said Patricia Huddleston, a professor of retailing at Michigan State University.

A recent survey by personal finance site, NerdWallet.com, found that 23 out of 25 stores were offering at least one product at the exact same price as last year, while some stores had multiple deal repeats or offered better prices on certain products earlier in the year.

And certain products will likely see even deeper discounts as Christmas approaches.

For example, better prices on winter clothing and generic toys are often found in the final week or two before Christmas as stores attempt to clear their shelves, said Trae Bodge, a spokesperson for RetailMeNot.com, a web site that tracks consumer deals.

So unless you have your eye on a hot product that you're worried will sell out, it's often best to wait. "Black Friday is about specific items," Bodge said. "Do the remainder of your shopping afterwards."

Related: 5 Black Friday tricks to avoid

Jessica Kessler had her first Black Friday experience several years ago, waking up at 3 a.m. on Friday to stand outside in the cold with hundreds of people waiting for Kohl's to open. Since then, she has ventured out with her husband's family in the early morning hours of Black Friday to hunt for deals. But she said there is no discount deep enough to draw her from her home on Thanksgiving.

"I was able to knock out a good bit of my shopping in the years that we went and got some deals that I was happy with," she said. "But at this point, there is no amount of savings that they could offer that would make it worth it to me."

First Published: November 27, 2013: 12:05 PM ET

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Europe's golden visas lure rich Chinese

A fence separates Morocco from Spain's north African enclave of Melilla. Spain recently joined Portugal in offering rich foreigners a way into the EU in return for cash.

LONDON (CNNMoney)

Spain, Portugal, Greece and Cyprus, which have suffered the most from the region's prolonged recession, are offering visas to foreigners who buy real estate. The goal is to lure investment and strengthen battered European economies.

Chinese nationals are at the front of the line for these golden tickets to Europe, immigration experts say. Interest from Russia, the United Arab Emirates and South Africa is also stirring.

Foreign investors who purchase real estate are granted residency rights, and in some cases full European Union citizenship. The minimum outlay ranges from €250,000 (about $340,000) to €500,000.

Related: Eurozone recovery fades as growth stalls

Portugal has been offering these deals for just over a year. Foreigners receive a residency permit when they invest €500,000 in property.

After five years, they can apply for permanent residency, and EU citizenship one year later. Portugal is also trading visas to those who inject capital or create jobs in the country -- similar to the U.S. immigrant investor program, which requires a minimum spend of $500,000.

Like those on offer in Spain, the Portuguese visas grant access to the Schengen area, which includes the bulk of the EU but not the U.K.

Official figures show more than 330 visas have been issued in the first 12 months of the program, raising €225 million.

By contrast, lawyers with Efthymios G. Navridis & Associates say just one application for a so-called golden visa has been approved in Greece.

Yet the flow of wealthy investors buying the keys to Europe -- via Portugal at least -- is strengthening.

Francisco Barata Salgueiro, partner at Portuguese law firm Neville de Rougemont & Associates, has seen a steady rise in inquiries this year and currently advises around 150 mostly Chinese investors on the golden visa program.

The increase partly reflects a watering down of the law. In January, the minimum stay requirements were scaled back significantly, to just 35 days over 5 years.

Salgueiro said most investors are lured by the prospect of being able to travel freely throughout most of Europe.

"They also mention the flexibility of sending their children to study in Europe. Quite a few will consider retiring here," he said.

Related: Rich Chinese look abroad to secure wealth

The Portuguese economy, one of the eurozone's smallest, has paid a heavy price for the spending cuts and reforms demanded in return for a €78 billion euro bailout.

The country recently emerged from its worst recession in about 40 years, though unemployment remains near record highs and the outlook is cloudy.

It hopes the revenue from visa-hungry investors will help boost the ailing economy and revive the property market.

Singapore agency Premiere Realty is tapping into growing demand in Asia for Portuguese real estate.

"A lot of Chinese want to migrate to Singapore but aren't successful, so we work with immigration partners who offer Portugal to their clients as an alternative," Premiere Realty's Florence Ang said.

Spain launched a program last month, with a few key differences. The minimum outlay is also €500,000 but those chasing EU citizenship will find it much more onerous.

Wannabe Europeans must live in Spain for more than half the year for 10 years before citizenship will be offered.

And Ang reckons Portugal may be a wiser bet for buyers seeking a return on their investment, as well as residency rights.

Spain's property market is recovering very slowly from the 2007 crash that tipped the country into a deep recession.

"The real estate market in Portugal is definitely in better shape," she said.

First Published: November 26, 2013: 9:27 PM ET

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No tech bubble here

Market analysts say this Nasdaq run-up is nothing like the tech bubble of 13 years ago.

NEW YORK (CNNMoney)

It makes sense that benchmarks like the Nasdaq at 4,000 could reignite bubble fears. It comes after the recent string of successful initial public offerings from unprofitable companies like Twitter (TWTR), and reports of startup Snapchat turning down a $4 billion buyout -- despite bringing in no revenue.

But analysts say the rush to call a tech bubble, while understandable, isn't grounded in reality.

"Anytime you have a substantial run in an asset -- especially one like the Nasdaq ... you can't help but ask the [bubble] questions," said Drew Nordlicht, managing director at asset management firm HighTower Advisors. "But there are big divergences between now and the tech bubble of 2000."

2000 vs. 2013: The biggest difference between now and then: The hype in 2013 is fairly muted compared with the dot-com heyday.

Sure, Facebook's (FB, Fortune 500) IPO may have been overhyped, and select startups will continue to raise money at seemingly astronomical valuations. But analysts insist the exuberance level doesn't even come close to the old days.

"In 2000, people said the [dot-com boom] was on par with the Industrial Revolution -- we were going to be living in one of those sci-fi movies," Nordlicht said. "We don't have that level of a mass fever pitch today."

Todd Salamone, senior research VP at Schaefer's Investment Research, agreed.

"There was a 'sky's the limit' mentality in 2000, in terms of revolutionary technology leading to productivity enhancements," Salamone said. "There was no prediction that was too high. Today there is a lot more hand-wringing, more caution."

By the numbers: It's not just about irrational excitement: Tech company valuations this time around simply don't rival those of 2000.

Back in 2000, a person would hardly blink an eye at a company like Cisco (CSCO, Fortune 500) trading at 66 times earnings estimates for the coming year, said Nordlicht, the HighTower managing director.

These days, Cisco's price-to-earnings ratio is hovering below 12 -- near that of mighty Apple (AAPL, Fortune 500). Even Google (GOOG, Fortune 500), which has generally reported strong earnings this year and is poised to overtake Exxon Mobil (XOM, Fortune 500) in market capitalization, is trading at 24 times earnings expectations for next year.

While the Nasdaq does have outliers like Netflix (NFLX) trading at more than 200 times earnings, such high ratios aren't the norm -- and the broader index are much more grounded in reality than 13 years ago.

"These ratios aren't levels that have defined peaks in the past," said Salaome, the Schaefer's senior research VP. "Far from it."

Price-to-earnings ratios soared so high in 2000 because "people were buying companies based on future prospects -- where you expected them to be a in a decade," Nordlicht said. "You don't see that today. Even if people aren't demanding profitability right now, they want to see a road that leads to profit."

Related story: 8 things to know about the 2013 bull market

A slower rise to 4,000: Looking at the Nasdaq's overall gains, Salamone pointed out the 1999-2000 run-up was "parabolic": The index hit 3,000 in November 1999 and topped 4,000 the following month, before reaching a high above 5,000 in March 2000.

"Today's move is not what I would call parabolic," Salamone said. This time around, the Nasdaq took nearly a year to jump from 3,000 to 4,000.

What's more, the Nasdaq has risen along an overall 2013 bull market, on stronger macroeconomic conditions: the Federal Reserve's bond-buying program, the overall improving economy and low earnings expectations. The Nasdaq's 32% gain so far in 2013 is only six percentage points above that of the S&P (SPX) 500 index, and ten points above the Dow's (INDU) jump.

Startups will continue to raise gobs of cash, and select tech sectors like social-media stocks may get rather frothy. But the established techs in the Nasdaq -- and the index's gain -- aren't where to look if you're trying to prove a bubble.

In fact, Salamone thinks the memory of 2000 is still too fresh to let the excitement soar into bubbly exuberance.

"In 2000, everybody looked back and was shocked by how badly they were burned," he said. "Now everyone's afraid of that happening again -- and it's hard to have a bubble when everybody fears a bubble."

First Published: November 27, 2013: 3:48 AM ET

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Stocks: Cheery mood on Thanksgiving eve

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were continuing to edge higher Wednesday morning.

The main indexes in the U.S. have risen by 23% to 33% so far this year thanks to an economic recovery spurred on by the U.S. Federal Reserve.

Airline investors were staying alert Wednesday morning as they wait on a judge to rule on various issues surrounding the merger between US Airways (LCC, Fortune 500) and American Airlines (AAMRQ, Fortune 500). The ruling is expected around 10 a.m. ET.

Related: Fear & Greed Index

On the economic front, the U.S. government will release its weekly report on initial jobless claims at 8:30 a.m. ET. The report comes a day earlier than usual because of Thursday's Thanksgiving holiday.

Also at 8:30, the Census Bureau will release data on durable goods orders. At 9:55, the University of Michigan and Thomson Reuters will release their consumer sentiment index.

Related: No tech bubble here

U.S. stocks finished slightly higher Tuesday, continuing to set new records. The Nasdaq index, which is dominated by tech stocks, closed above 4,000 for the first time in 13 years.

Hewlett-Packard (HPQ, Fortune 500) shares surged in after-hours trading Tuesday after the firm reported quarterly earnings and sales that beat expectations.

European markets were pushing higher in morning trading, in part due to agreement on a new coalition government in Germany led by Chancellor Angela Merkel. London's FTSE 100 was leading the way with a 0.3% rise.

Related: Europe's golden visas lure rich Chinese

Asian markets ended with mixed results. Chinese indexes posted modest gains while Japan's benchmark Nikkei lost 0.4%.

Tensions in the region are rising after China announced the creation of a controversial new air defense zone. Both the United States and its close ally, Japan, refuse to recognize the zone.

First Published: November 27, 2013: 5:29 AM ET

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1 in 6 unemployed are substance abusers

NEW YORK (CNNMoney)

The survey shows that 17% of unemployed workers had a substance abuse disorder last year, whereas 9% of full-time workers did so. The numbers are self-reported, and therefore, could be even higher in reality.

Substance dependence is defined by several factors, including having withdrawals, repeatedly using a substance over the course of one month and witnessing related adverse effects at home, work or school. Addictions to alcohol, illegal drugs and misused prescription drugs are all included.

So are people unemployed because of their drug and alcohol use? Or do long bouts of unemployment lead people to substance abuse?

Some evidence could point to the latter, according to research from St. Louis Fed economists Alejandro Badel and Brian Greaney.

The trends for drug use have held relatively steady for a decade, even in spite of the recession. One would think that as millions of "clean" workers suddenly lost their jobs and joined the unemployment rolls, the rate of drug use among that group should have fallen pretty dramatically. Instead, it barely changed.

Related: Inside Silk Road's drug market, U.S. pot and cocaine are cheap

Badel and Greaney say the data aren't completely conclusive, but the results could be consistent with the idea that previously drug-free workers could have turned to drugs after losing their jobs.

"During episodes of large increases in unemployment, the number of drug users can increase dramatically," their paper reads.

Another study, conducted by University of Miami sociologist Michael French and Nova Southeastern University economist Ioana Popovici, came to a similar conclusion about alcohol.

As people become unemployed, they're faced with competing challenges, French says: On one hand, their income falls and they're less able to afford alcohol or drugs. But at the same time, they're faced with more idle time to fill with recreational activities.

As it turns out, the loss in income isn't enough to stop them from drowning out their sorrows with alcohol.

"Among those who are unemployed, the leisure effect is dominating the income effect," French said. "We find that when the unemployment rate increases, all else equal, drinking increases."

Share your story: What's your biggest job search mistake?

It's not just the unemployed who are indulging. A surprising number of addicts are employed.

About 21 million American adults were dependent on alcohol or drugs in 2012, the highest number on record, according to the government's data. Half of them had full-time jobs.

Among them, alcoholism is the most common form of substance abuse.

But taking alcohol out of the mix, about 40% of people who are addicted to illicit drugs like marijuana, cocaine and heroine, are holding down full-time jobs too.

Casual use of illegal drugs is also fairly common among full-time workers. About 9% of workers used at least one illicit drug in the prior month, when the survey was conducted in 2012.

Slightly older government data -- from 2002 to 2004 -- shows casual drug use tends to be most common among workers in food service, construction and creative industries like arts, design, entertainment and media.

Workers in security, education and legal professions are least likely to have used an illicit drug.

"Drug use cuts across all employment groups," French said. "It's remained relatively constant over the last 10 years, and despite all our efforts (every president has a war on drugs) we're not making a lot of progress in that area."

First Published: November 26, 2013: 4:33 AM ET

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Stocks: Drifting into holiday mode

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

U.S. stock futures were edging slightly higher Tuesday while most world markets were narrowly weaker.

Markets are expected to see lower trading volumes this week as people get ready for the major American holiday.

U.S. stocks had pushed up Monday morning after diplomats forged a landmark deal with Iran over the weekend, but then moved back down and finished little changed.

Markets seem to have grown increasingly cautious about developments in the Middle East and how they could affect global markets and oil prices, said Mike van Dulken, head of research at Accendo Markets in London.

"U.S. Secretary of State John Kerry said not to underestimate difficulties in Syria in terms of political solutions, which on top of skepticism over the Iranian deal, highlights the region's hold over global sentiment," said van Dulken.

Related: Fear & Greed Index

Looking ahead to Tuesday's economic reports, the U.S. Census Bureau will release data on housing starts and building permits at 8:30 a.m. ET. The Case-Shiller index of house prices in 20 cities will be released at 9 a.m. The Conference Board will release its monthly consumer confidence report at 10:00.

In corporate news, Barnes & Noble (BKS, Fortune 500) and Tiffany (TIF) are scheduled to report quarterly results before the opening bell, while Hewlett-Packard (HPQ, Fortune 500) is up in the afternoon.

Shares in Carnival (CCL) fell by roughly 2% ahead of the market open after it was revealed Monday that the firm's vice chairman and chief operating officer, Howard Frank, sold roughly 30% of his holdings in the cruise ship company.

Looking abroad, European markets were mostly dipping lower in morning trading. Most Asian markets also closed with losses.

First Published: November 26, 2013: 5:12 AM ET

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Qualcomm faces antitrust probe in China

HONG KONG (CNNMoney)

Beijing's National Development and Reform Commission has launched an antitrust investigation into Qualcomm, the company said in a brief statement.

Qualcomm (QCOM, Fortune 500) said the Chinese government agency had not revealed the substance of the investigation. The company wasn't aware of any charge that it had broken anti-monopoly laws, it added.

The Chinese government is waging a campaign against market abuse and corruption, which has led to greater scrutiny of corporate practices that affect the prices consumers pay. Qualcomm is the latest foreign company to be netted in the crackdown.

Related story: China offers big risk, bigger reward

Last month, state media fingered Starbucks for charging too much for coffee. In August, the government levied a $108 million fine against six dairy companies including Danone (DANOY) and Mead Johnson (MJN) for unfairly fixing the price infant formula products. And earlier this year, several foreign drugmakers, including GlaxoSmithKline, (GLAXF)were placed under investigation over bribery allegations.

Qualcomm, which makes chips for smartphones and tablets, is keen to expand in China, especially as the country prepares to adopt the next generation of high speed technology for mobile networks, known as long-term evolution.

"Looking forward, we expect continued strong growth of 3G and 3G/4G multimode devices around the world, particularly in China with the anticipated launch of LTE," Qualcomm CEO Paul Jacobs said earlier this month.

First Published: November 26, 2013: 5:34 AM ET

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Gas prices may fall on Iran deal

Click here to see gas prices in your state.

NEW YORK (CNNMoney)

In fact, analysts expect gas prices to decline after the big Thanksgiving travel week regardless of the Iran deal.

Iran entered into a preliminary agreement over the weekend with the United States, Russia, UK, China, France and Germany to limit its nuclear program in exchange for lighter economic sanctions. Oil prices were down Monday morning on the news. And that may be the start of a larger, long-term price decline that could occur as a result of the deal, according to Oppenheimer oil analyst Fadel Gheit.

"The market is trying to tell us, the more good news coming from Iran, the lower oil prices will be. But it's not going to happen overnight," he said.

Related: Find the gas price in your state

Gheit said oil traders will wait to see if the deal goes through. Even if sanctions are eased, it will take time for new foreign investment to reach Iran and spur production there.

"But once the sanctions are removed, I think we'll all see tremendous increase in oil and gas production that is good for the consumer and the global economy," he said. "If the deal goes through with no glitches, I truly believe we could see gasoline down 40-50 cents a gallon by next summer."

Tom Kloza, chief oil analyst with the Oil Price Information Service and GasBuddy.com, agrees that the impact on U.S. gas prices will be minimal in the near term.

"It's not a major game changer for the next six months," he said.

But he says that U.S. drivers will see the lowest pump prices in several years before Christmas anyway.

Related: U.S. to become top oil producer by 2015

The average price of a gallon of self-serve regular gas stands at $3.28 a gallon, up about 7 cents in just last seven days. Only about 8% of stations nationwide reported prices under $3 per gallon, compared to more than 20% just last week.

The recent run-up in prices has been due to short-term factors, including problems at some Gulf Coast refineries that are nearly resolved, according to Kloza.

But the average price for gas is still down 15 cents, or about 4%, compared to a year ago. The boost in U.S. oil production and a decline in U.S. demand due to more efficient vehicles has removed the threat of very expensive gas.

Only 1% of stations nationwide now charge more than $4 a gallon, compared to 10% that did six months ago.

First Published: November 25, 2013: 12:57 PM ET

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FDA orders genetic testing firm 23andMe to halt sales

The FDA says 23andMe "has failed to address the issues described during previous interactions with the Agency."

NEW YORK (CNNMoney)

23andMe is led by Anne Wojicki, who co-founded the company in 2006 and recently separated from her husband, Google co-founder Sergey Brin. Google (GOOG, Fortune 500) has invested millions of dollars in the company in recent years.

23andMe offers $99 saliva-testing kits that customers use at home and then send to the company for reports on their heritage, their receptiveness to medications and their genetic risk for dozens of health conditions.

"Strike back before cancer has a chance to strike," the California-based company says on its website.

But in a letter dated Friday and posted on its website, the FDA said that despite extensive correspondence with 23andMe, regulators "still do not have any assurance that the firm has analytically or clinically validated the [personal genome service] for its intended uses."

Related: The race to a $100 genome

The agency warned of the potential health consequences for customers whose results contain inaccurate positive results for health risks. Women whose results indicate a risk for breast cancer, for example, could undergo unnecessary surgery or chemotherapy.

The FDA said 23andMe "must immediately discontinue marketing the [personal genome service] until such time as it receives FDA marketing authorization."

23andMe said it "recognize[s] that we have not met the FDA's expectations regarding timeline and communication."

"Our relationship with the FDA is extremely important to us and we are committed to fully engaging with them to address their concerns," the company said in a statement.

Wojicki has claimed that 23andMe has already mapped the genotypes of nearly 500,000 people. The company's name is a reference to the 23 chromosome pairs present in human cells.

FDA spokeswoman Erica Jefferson said the agency "supports innovative products that can be demonstrated to work as claimed."

"The FDA has worked and will continue to work closely with any company marketing direct-to-consumer genetic tests without stifling innovation," she said.

A variety of commercial genetic testing companies have emerged in recent years, though most aren't regulated. The sector has been criticized by the Government Accountability Office, which warned in 2010 that consumers were receiving results "that are misleading and of little or no practical use."

The FDA announced plans to regulate genetic testing in 2010, but has yet to issue guidance on the subject, according to the National Human Genome Research Institute. The agency has been handling its enforcement responsibilities on a case-by-case basis.

First Published: November 25, 2013: 5:13 PM ET

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Twitter needs an Asian strategy

Twitter must target Asia more aggressively if it hopes to have long-term financial success.

NEW YORK (CNNMoney)

All social media companies need to emphasize mobile. Fortunately for Twitter (TWTR), it is already off to a good start: 75% of its users access the service via a mobile device, and mobile advertising accounts for around 55% of its revenue.

Twitter also announced the acquisition of mobile advertising company MoPub in September for a reported $350 million, an indication that the company realizes it needs to be an even bigger player in mobile.

But Twitter has a problem. It is not a major presence in Asia. And according to figures from tech research firm Gartner, the Asia Pacific region is the biggest mobile ad market, with an estimated $4.8 billion in revenues this year.

North America is second, with $3.8 billion in mobile ad sales. So for Twitter to realize its full potential, it will need to infiltrate the Asian market sooner rather than later.

Related: How Twitter is driving change in Saudi Arabia

At present, only a fraction of Twitter's users are based in the Asia-Pacific region. Twitter's current share of global mobile advertising revenue sits at about 2%, compared to Facebook's (FB, Fortune 500) 16% and Google's (GOOG, Fortune 500) 53%.

That's not great news for Twitter. But if the company can successfully grow its user base in Asia, there is a good chance that Twitter's total share of global mobile ad sales will increase dramatically.

So what stands in Twitter's way? Sina's (SINA) Twitter-like micro-blogging service Weibo, and voice and 'chat' messaging services such as Tencent's WeChat are the biggest obstacles.

Weibo has been successful gaining share in China. Net income in the third quarter for Weibo nearly tripled from a year ago while sales were up 21%.

This growth has been fueled mostly by a strategic partnership with Alibaba, through which Weibo subscribers are able to purchase goods on the site using 'Alipay', Alibaba's third party payment system. In fact, Twitter might want to adopt a similar model in order to help it achieve profitability.

WeChat, on the other hand, has done a strong job of infiltrating the broader market outside of China, building a strong user base in countries such as India, Malaysia and Thailand.

Tencent (TCEHY) also used WeChat to boost sales in China through a collaboration with its own e-commerce website 51buy, and recently made headlines by generating HK$637 million (US$82 million) worth of sales through its service on November 11, which has become the Chinese equivalent of Cyber Monday in the United States.

Related: China's Craigslist surges in IPO

So for Twitter to effectively grow its audience in Asia, it will be crucial to understand and appreciate the differences in user behavior between that region and the U.S. -- especially with regards to China. It may also need to follow some of the strategies that Weibo and WeChat have employed in their own quest for profitability.

Of course, it would help if Twitter figured out a way to be profitable from its existing user base. But expanding into what's already the world's largest market for mobile advertising will be key to Twitter's long-term success.

Peter Pham is director of AlphaVN, an independent research and investment advisory firm. He is also the author of the book "The Big Trade" and runs AlphaVN.com, an investing blog focusing on Vietnam and other markets in Southeast Asia. Magare Banda is an Asian markets analyst focusing on new media.

First Published: November 25, 2013: 10:26 PM ET

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Swiss voters reject proposal to cap executive pay

The campaign to cap executive pay at 12 times the lowest salary was led by young members of Switzerland's Social Democratic party.

LONDON (CNNMoney)

The "1:12 -- for fair wages" initiative, which proposed capping executive salaries at 12 times the lowest paid employee's, was rejected by 65.3% of voters, and failed to win majority support in any of the country's 26 districts.

The vote means that Swiss-based executives at companies such as UBS, (UBS) Credit Suisse (CREDIT SUISSE AG), Novartis (NVS)or Glencore Xstrata (GLCNF), will still be able to earn salaries worth more in a month than their lowest paid workers make in a year.

Switzerland's constitution allows four popular initiatives to be put to a national vote each year, provided the organizers gather 100,000 signatures in support.

In order to force a change in the law, the initiative would have needed to be approved by a majority of the electorate and the country's 26 cantons, or districts.

Related: Opinion: U.S. should follow Swiss on pay cap

The Swiss federal government and parliament had recommended voting against the cap, joining business leaders in warning that it could force some companies to leave the country and others to shed jobs.

Switzerland is a wealthy country, enjoying above average rates of growth and employment and relatively short working hours. The average household has net disposable income of about $30,000, compared with the OECD average of $23,000.

But OECD figures also show a considerable gap between rich and poor -- the top 20% of the population earn nearly five times as much as the bottom 20% -- and anger at growing inequality has been increasing as executive pay packages soar.

Examples of excess -- such as a plan by Novartis, subsequently dropped, to pay its outgoing chairman nearly $78 million over six years -- gave the 1:12 campaign momentum.

Related: UK moves to block bankers' bonus cap

Some of Switzerland's neighbors have also responded to popular anger over executive pay at a time of record unemployment and stagnant wages.

EU policymakers are hoping to limit bonuses for any banker earning more than 500,000 euros a year (or $678,000 U.S.). The maximum payout would be equal to annual salary or twice salary if a majority of shareholders approve.

The cap -- which is being challenged in court by the British government -- would apply globally to banks based in the EU, and to international banks operating within Europe. It could affect more than 35,000 bankers around the world, the vast majority of them in London.

First Published: November 24, 2013: 12:48 PM ET

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Oil prices plunge after Iran nuclear deal

Iran has reached a deal over its nuclear program that could lead to more oil exports from the country.

HONG KONG (CNNMoney)

The preliminary accord, which was struck between Iran and six world powers, offers the Middle East nation $7 billion in relief from economic sanctions.

Iran, a major global oil producer, has seen oil sales slump by 60% from previous sanctions since the beginning of 2012. That has led to an $80 billion loss in revenue, according to the U.S. government.

Although the new deal won't allow Iran to increase oil sales for six months, it could still pave the way for more supplies to be released to the global market.

Analyst David R. Kotok of Cumberland Advisors said the agreement has helped reduce political risk, and will push benchmark oil prices lower in Europe and the U.S.

Related story: U.S. to seize Manhattan skyscraper secretly owned by Iran

Brent crude for January delivery fell 2.5% in London on Monday, losing $2.4 to $108.66 per barrel. Light crude in New York lost $1.51 to $93.33 a barrel.

World stock markets were also buoyed by the Iran deal as cheaper energy prices is a positive for the global economy.

Germany's DAX index rose 0.7% in early European trading, while the FTSE added 0.4% in London.

In Asia, Japan's Nikkei closed up 1.5% and Australia's ASX All Ordinaries put on 0.3%.

First Published: November 25, 2013: 5:08 AM ET

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Stocks: Iran deal boosts investor enthusiasm

Click chart for in-depth premarket data.

NEW YORK (CNNMoney)

U.S. stock futures climbed 0.3%, tracking gains across world markets. Oil prices sank on the expectation of more oil exports from Iran following the nuclear deal.

On Sunday, diplomats made history when Iran and six world powers reached an agreement over the country's nuclear program.

The deal brokered between the U.S., U.K., France, Russia, China and Germany curtails Iran's ability to develop a nuclear weapon.

Iran has been hard hit in recent years as various sanctions have hurt the oil-rich economy and led to staggering inflation levels.

Related: Fear & Greed Index

The gains for U.S. stock futures on Monday put the Dow Jones Industrial Average and the S&P 500 on course to continue their recent record breaking run.

Last week the Dow hit a record high and the S&P 500 closed above 1,800 for the first time.

Trading volume is expected to be low during a holiday-shortened week. U.S. markets will be closed on Thursday for Thanksgiving and will shut down at 1 p.m. EST on Friday.

Related: The holidays will make for a quiet trading week

European markets were climbing higher in morning trading, with Germany's benchmark Dax index leading the way.

Most Asian markets rose Monday, with Japan's Nikkei jumping 1.5% as the yen weakened against the U.S. dollar.

First Published: November 25, 2013: 5:27 AM ET

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Credit Suisse banker sentenced to 30 months in prison

NEW YORK (CNNMoney)

Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.

According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse (CS) was forced to take in early 2008.

Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.

First Published: November 22, 2013: 7:56 PM ET

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Investors thankful for stocks at records

Click the chart for more stock market data.

NEW YORK (CNNMoney)

Trading volume is typically quiet during the holiday-shortened week. The U.S. markets will be closed on Thursday for Thanksgiving and will shut down at 1 p.m. EST on Friday.

Still, stocks have historically moved higher even as investors may be more focused on turkey and football. The S&P 500 has averaged a gain of 0.6% during Thanksgiving week over the past 20 years, according to Schaffer's Investment Research.

And with just a small move up, the Nasdaq could top 4,000, a level it hasn't touched since September 2000 -- just months after the tech market collapsed. The Nasdaq ended last week just shy of 3,992.

Related: 8 things to know about the 2013 bull market

Meanwhile, world focus was on the nuclear deal reached between Iran and the five permanent members of the U.N. Security Council plus Germany this weekend.

Under the deal, Iran has agreed to significantly reduce its nuclear program. In exchange, the six world powers will temporarily lift several sanctions against Iran, including those on gold and precious metals. Nearly $4.2 billion in Iranian oil reserves that had been frozen will also be unlocked.

Investors continue to wait for more clarity from the Federal Reserve about when it may pull back on some of its stimulus measures.

Minutes from the Fed's October meeting released last week showed that policymakers believe scaling back, or tapering, its bond buying program is warranted "in coming months." But exactly when the Fed will make the tapering announcement remains unclear.

Some experts believe the Fed could begin pulling back on its $85 billion per month in bond purchases as early as December.

Poll: How will the stock market do in 2014?

But others think the Fed will wait until early 2014 after Ben Bernanke's term as Fed chair is over.

Current Fed vice chair Janet Yellen is awaiting approval from the Senate to be the next head of the Fed.

Her confirmation is expected to be a formality after the Senate Banking Committee voted last week to send her nomination to the full Senate for a vote that is likely to take place next month.

The Fed's stimulus measures have been a major factor fueling the bull market for the past several years.

HP earnings and retail sales in the spotlight: Though the week ahead will likely be light on economic news, investors will be keeping an eye on a few earnings reports.

Hewlett-Packard (HPQ, Fortune 500) will be in focus as investors look for an update on Meg Whitman's turnaround plan for the PC and printer maker. Investors have been pleased with Whitman so far, and HP has been beating low expectations. Shares of HP are up almost 80% so far this year.

Related: Retailers brace for a tough holiday season

Tiffany's (TIF) and Barnes & Noble (BKS, Fortune 500) are also on tap to report their latest quarterly results. Retailers will generate a lot of attention on the night of Thanksgiving and Black Friday as the holiday shopping season kicks off.

There are some worries that consumers may be less willing to spend as much on gifts this year. But stores are opening earlier than ever before in hopes to attract more shoppers for Black Friday, one of the busiest days of the year for retailers.

Kmart, a subsidiary of Sears (SHLD, Fortune 500), is leading the pack, opening at 6 a.m. on Thanksgiving Day and staying open for 41 hours straight -- a move that has generated backlash from some customers who feel that store employees should be given a break to spend time with family on the holiday.

Wal-Mart (WMT, Fortune 500)is opening doors at at 6 p.m. on Thanksgiving Day, two hours earlier than last year. Macy's (M, Fortune 500), Kohl's (KSS, Fortune 500), J.C. Penney (JCP, Fortune 500) and Sears will let customers in at 8 p.m.

First Published: November 24, 2013: 11:17 AM ET

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Swiss voters reject proposal to cap executive pay

The campaign to cap executive pay at 12 times the lowest salary was led by young members of Switzerland's Social Democratic party.

LONDON (CNNMoney)

The "1:12 -- for fair wages" initiative, which proposed capping executive salaries at 12 times the lowest paid employee's, was rejected by 65.3% of voters, and failed to win majority support in any of the country's 26 districts.

The vote means that Swiss-based executives at companies such as UBS, (UBS) Credit Suisse (CREDIT SUISSE AG), Novartis (NVS)or Glencore Xstrata (GLCNF), will still be able to earn salaries worth more in a month than their lowest paid workers make in a year.

Switzerland's constitution allows four popular initiatives to be put to a national vote each year, provided the organizers gather 100,000 signatures in support.

In order to force a change in the law, the initiative would have needed to be approved by a majority of the electorate and the country's 26 cantons, or districts.

Related: Opinion: U.S. should follow Swiss on pay cap

The Swiss federal government and parliament had recommended voting against the cap, joining business leaders in warning that it could force some companies to leave the country and others to shed jobs.

Switzerland is a wealthy country, enjoying above average rates of growth and employment and relatively short working hours. The average household has net disposable income of about $30,000, compared with the OECD average of $23,000.

But OECD figures also show a considerable gap between rich and poor -- the top 20% of the population earn nearly five times as much as the bottom 20% -- and anger at growing inequality has been increasing as executive pay packages soar.

Examples of excess -- such as a plan by Novartis, subsequently dropped, to pay its outgoing chairman nearly $78 million over six years -- gave the 1:12 campaign momentum.

Related: UK moves to block bankers' bonus cap

Some of Switzerland's neighbors have also responded to popular anger over executive pay at a time of record unemployment and stagnant wages.

EU policymakers are hoping to limit bonuses for any banker earning more than 500,000 euros a year (or $678,000 U.S.). The maximum payout would be equal to annual salary or twice salary if a majority of shareholders approve.

The cap -- which is being challenged in court by the British government -- would apply globally to banks based in the EU, and to international banks operating within Europe. It could affect more than 35,000 bankers around the world, the vast majority of them in London.

First Published: November 24, 2013: 12:48 PM ET

15.30 | 0 komentar | Read More