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Updated: 4 years 5 months ago

Pink Diamond Sold for More than $83 Million

Wed, 11/13/2013 - 4:42pm
(GENEVA) — An enormous diamond known as “The Pink Star” sold for more than $83 million at auction Wednesday night, far surpassing its expected price. Sotheby’s says the sale the vivid and flawless 59.60-carat pink diamond is the highest price ever paid for a gemstone at auction. Prior to the sale to the successful bidder, representing an anonymous buyer, the diamond was estimated to fetch more than $60 million. The bidding opened above $52 million, and it closed with the playing of the “Pink Panther” movie’s theme music. The exact sale price of “The Pink Star” was 76.325 million Swiss francs, or $83.425 million. It had been introduced prior to the bidding as “one of the most remarkable gems ever to appear at auction.” The diamond is graded as a Type IIa, a rarity for a pink diamond, and it took Steinmetz Diamonds two years to cut it to form from a 132.5-carat rough diamond. It was first shown publicly in May 2003 as the “Steinmetz Pink,” then sold privately for the first time in 2007 when it was renamed “The Pink Star.” The sale in Geneva came a day after the largest fancy vivid orange diamond ever sold at auction went for $35.5 million at a Christie’s auction. The auctions at Geneva’s lakeside hotels draw well-heeled buyers from around the world seeking expensive jewels, artwork, wine and watches.
Categories: Financial News

Stocks Hit Fourth Record High in Eight Days

Wed, 11/13/2013 - 3:42pm
The S&P 500 reached a record high Wednesday as strong earnings from Macy’s boosted investor confidence. The stock index jumped 14.31 points, or .81%, and closed at 1782. The Dow Jones Industrial Average also rose to a high following a series of record-breaking closes in the past two weeks. It was up 70.96 points, or .45% Tuesday, to 15821.63. Macy’s, which released third-quarter earnings that surpassed forecasts, was the latest major retailer to report strong recent sales and a positive holiday outlook. [CNBC]
Categories: Financial News

Stillwater Mining Chalks Up $201 Million Loss

Wed, 11/13/2013 - 2:49pm
(BILLINGS, Mont.) — Stillwater Mining Co. reported a net loss of $201.5 million for the latest quarter after slashing the value of its copper reserve in Argentina, but company executives said Wednesday its underlying financial results are good. The Billings-based company announced Tuesday that it had reduced the value of the Altar copper and gold project by $290 million to $102 million. The company in part cited economic and regulatory uncertainty in Argentina as a drag on its investment in the country. “The business climate in Argentina has clouded the outlook,” Stillwater interim CEO Terrell Ackerman said in a conference call with investors Wednesday. The precious metals mining company acquired the Altar reserve in 2011 as the centerpiece of a $487 million cash and stock purchase of Peregrine Metals Ltd. Stillwater will continue to have a presence in Argentina, but it will take some time to determine its long-term direction with the project, which should be coming out early in 2014, Ackerman said. Company executives noted the fundamentals for palladium are “robust,” with prices high due to increased automobile manufacturing in the U.S. and labor unrest in South Africa, where the metal also is mined. “Financially, this year’s third quarter results are excellent without the writedown,” said Gregory Wing, Stillwater vice president and chief financial officer. Revenues for the quarter rose more than 54 percent compared with last year, to $280 million. The increase mainly was due to the higher palladium prices and new suppliers that caused the company’s platinum group metals recycling business to increase 74 percent from this time last year. Employment in Stillwater’s Montana mining operations has grown nearly 7 percent from last year, from1,629 employees to 1,736, officials said. Former Stillwater chairman and CEO Frank McCallister was ousted earlier this year in part due to investor discontent with his pursuit of Altar. That effort was joined by former Montana Gov. Brian Schweitzer, who replaced McCallister as chairman. Ackerman had no update on the search for a new CEO, but said the search was a key focus of
Categories: Financial News

Samsung Says It Owes Apple $52 Million

Wed, 11/13/2013 - 1:37pm
(SAN JOSE, Calif.) — An attorney for Samsung says Apple deserves less than a quarter of the $380 million it’s asking jurors to award it in a patent dispute between the two companies. Samsung attorney Bill Price said Wednesday during opening statements of a new trial between the two technology giants that Samsung owes Apple $52 million. Price says the phones Samsung is accused of ripping off from Apple have many different features, including larger screens and removable batteries. An Apple attorney, Harold McIhenny, argued earlier for the $380 million figure. A previous jury concluded that 26 Samsung products copied Apple’s scrolling function, iPhone design and other features. But a judge ruled that jury miscalculated damages, and tossed out $400 million of the verdict.
Categories: Financial News

S&P 500 Trades Above All-Time High

Wed, 11/13/2013 - 1:05pm
(NEW YORK) — The Standard & Poor’s 500 index is trading above its all-time high of 1,775 points as stocks turn higher on Wall Street. The S&P 500 and the Dow Jones industrial average have been hitting a series of record highs this year as the economy improves, the Federal Reserve keeps up its bond-buying program and as U.S. companies report higher earnings. After trading lower for most of the day, the market turned higher in the early afternoon Wednesday. The S&P 500 was up eight points, or 0.5 percent, at 1,775.78, a fraction of a point higher than the intraday record it reached on Oct. 30. The Dow Jones industrial average was up 25 points, or 0.2 percent, at 15,775. The Nasdaq composite was up 29 points, 0.7 percent, to 3,948.
Categories: Financial News

Google’s Relentless Campaign to Make Google+ Work Becomes YouTube’s Problem

Wed, 11/13/2013 - 10:51am
Netizens are lambasting YouTube for its new Google+-powered comments section, lifting the veil of anonymity that’s long shielded users and given the video platform a notorious reputation for its troll-friendly trove of rants. Last week YouTube mandated users sign up for Google+, its social network, before commenting on a video, which links a YouTube account to an actual identity. The move touched off an outpouring of criticism, prompting a petition that’s collected more than 100,000 signatures in less than a week and a host of Reddit users to spam the Google products forum with more than 430,000 complaints. Even YouTube co-founder Jawed Karim questioned the policy on his page in the only other post visible besides his first video upload in 2005. The new policy, which Google first announced in September, is aiming to turn the section into a conversation, a YouTube spokesperson tells TIME, ranking the comments according to “relevance” through up-votes and a user’s online profile. The strategy is likely a move to compete with Twitter, Facebook and LinkedIn, allowing Google+-connected comments to appear at the top of the unfiltered threads. (MORE: 5 Things You Should Absolutely Never Put on a Resume) The bulk of Google’s $50 billion in annual revenue still comes from search-related ads. Analysts estimate that YouTube on its own is now about a $4 billion business. But as Google builds up and diversifies the video-sharing site—it is pushing cable-like branded channels, for instance—the company has increasingly shown itself willing to experiment with the site’s fundamental parts. Integrating Google+ is not only an attempt to clean up comments, but also make parts of YouTube more search engine friendly. Users can still control what’s visible to their Google+ profile, but the comments are nonetheless linked. With YouTube’s more than 800 million unique monthly users and 100 million people liking, sharing and commenting every week, the move is an obvious boon to Google’s social network that’s struggled to keep up with Facebook. Google has been relentless in its efforts to attract more users . Last month Google+ touted
Categories: Financial News

Who Do You Think Is the Most World-Changing Person Under 30?

Wed, 11/13/2013 - 10:17am
Millennials often get a bad rap, but people under 30 have already changed society in profound and positive ways. Just think of digital behemoths like Facebook and Instagram that have radically shifted the way we connect with one another — both were created by people in their 20s. But Mark Zuckerberg and Kevin Systrom are passing the torch to others, and we at TIME are thinking about the next generation of artists, innovators and pioneers. Who are the people who will change the way we live, eat, dress, communicate and even think now and in the next few years? (MORE: Millennials: The Next Greatest Generation?) We’re giving you the floor and the chance to tell us who you think are tomorrow’s agents of change. Nominate millennial movers and shakers from all over the world who are changing the status quo. We’ll offer your suggestions to our expert panel of millennial thought leaders and publish the final list on in the beginning of December. There are a few ways to submit someone’s name. You can always leave a note in the comments, email or just send @TIME a tweet using #TIME30. Don’t forget to tell us why that person should be on the list.
Categories: Financial News

Chegg, a ‘Netflix for textbooks,’ Is the Real Test of the IPO Market

Wed, 11/13/2013 - 9:54am
Pricey textbooks have become an unwelcome tradition at most colleges. Required texts can cost more than $250 new, and the rates are only going up. The cost of books leapt 82 percent between 2002 and 2012, almost as much as the 89 percent jump in tuition and fees, according to the U.S. Government Accountability Office. This strain on students’ wallets has presented opportunities for a new class of digital disruptors in the higher ed space. One of the most prominent, Chegg, is going public on Wall Street today. Often billed as the “Netflix for textbooks,” Chegg’s primary business is renting and mailing millions of college textbooks to students around the country each semester at a fraction of a new book’s cost. The company is offering 15 million shares of common priced at $12.50, raising about $187.5 million for Chegg and making its initial market valuation almost $1.1 billion. Chegg will trade on the New York Stock Exchange under the ticker symbol CHGG. The company is hoping to ride the wave of an extremely strong period for Internet stocks. Twitter’s successful IPO last week exceeded analyst expectations with a 73-percent first-day pop. Meanwhile companies like LinkedIn, Netflix and Facebook have seen their stock prices reach all-time highs in recent months. (MORE: Free Textbooks Shaking Up Higher Education) Like Twitter’s offering, Chegg’s IPO is depending heavily on the promise of future growth. The company, which sold and rented 5.5 million textbooks between October 2012 and September 2013, has posted mounting losses in the past several years, including a  $50 million loss in the first nine months of 2013. In its prospectus the company warns that it won’t be profitable in the near future. Revenue, though, is on the rise, growing 23 percent in the first three quarters of this year to $178 million. The company also had adjusted earnings before interest, tax, depreciation and amortization of $23 million for the first nine months of 2013. Chegg began its life in 2001 as, a Craigslist-like online classifieds site for students at Iowa State
Categories: Financial News

The 401(k) of the Future Could Save Retirement

Wed, 11/13/2013 - 9:51am
A new and promising Dutch pension innovation is now being embraced in the U.K., and it’s all but certain to get a close look in the U.S. in coming months. Say hello to your likely future: the employer sponsored defined-ambition plan. The name doesn’t tell you much. It’s an obvious play on the two most common types of employer-sponsored plans: the defined-benefit plan, also known as a traditional pension, and the defined-contribution plan, most commonly a 401(k). By now, most people understand that employers generally have swapped out their traditional pensions for 401(k) plans. This takes them off the hook for providing specific levels of guaranteed lifetime income, a prospect that grew outrageously expensive as life spans expanded. Longer lives remain a distinct risk for pension providers. The British researcher and longevity expert Dr. Aubrey de Grey believes the first person who will live to 150 is alive today, and that within 20 years the first who will live to 1,000 will already have been born. He may be reaching for shock value. But the point remains: lives are growing longer all the time and employers will not want to guarantee income to infinity. (MORE: It’s Now or Never for Sony’s Long-Sputtering Turnaround) The defined-ambition plan gets around that. It is best thought of as a hybrid that moves some risk for guaranteed retirement income back to employers—but without handcuffing them should their actuarial models fail or their investment returns lag. The pension benefit would be adjustable. The level of income might be reduced or eligibility might be pushed out to, say, 69 from 67—or to 120 if we’re really going to live to 150. This adjustment would keep the plan fully funded without requiring an employer to kick in more cash. Companies in the Netherlands, where the pension system has long been highly regarded, are already rolling out defined-ambition plans. That country never embraced the 401(k) model and only in the recent downturn found poor investment returns made traditional pensions unsustainable. They are moving directly to the defined-ambition model.
Categories: Financial News

It’s Now or Never for Sony’s Long-Sputtering Turnaround

Wed, 11/13/2013 - 9:49am
Sony was long one of the world’s nimblest companies. As Peter Drucker recounted in Innovation and Entrepreneurship, when Bell Labs came up with the transistor, Akio Morita, the young president of Sony, read about it in a newspaper and promptly traveled to the United States, where he spent $25,000 to buy a license for the technology. “Two years later, Sony brought out the first portable transistor radio,” Drucker wrote. “Three years later, Sony had the market for cheap radios in the United States; and five years later, the Japanese had captured the radio market all over the world.” In the following decades, Sony went from strength to strength: televisions, VCRs and the Walkman. Today is a different story. The company is ailing, and recent disappointing earnings threw another batch of cold water on hopes of a comeback (hopes that we ourselves shared a few years ago). As investors have surveyed the damage caused by several box office flops and a shrinking electronics business, Sony shares have fallen. Numerous articles have asked whether Kazuo Hirai, who has been Sony’s chief executive since April 2012, is up to the job of turning the company around. According to the Financial Times, Hirai has “what appears to be a straightforward plan: restructure the ailing electronics division and restore Sony’s reputation as a developer of cutting-edge products.” Hirai is particularly hopeful about Sony’s line of Xperia smartphones and its PlayStation 4 game console. But none of it’s easy, according to the FT: “Deep structural challenges remain, namely the sliding profitability of consumer electronics, particularly televisions,” and “there are signs investors are growing impatient.” We’ve written more than once about Drucker’s influential concept of a “theory of the business.” Once again, this seems to be the central issue Sony faces: What is its current theory of the business, and does it need to change? “To establish, maintain, and restore a theory,” wrote Drucker in Managing in a Time of Great Change, “does not require a Genghis Khan or a Leonardo da Vinci in the executive suite. It is not genius; it is hard work. It is not being clever; it is being conscientious.” For now, Sony
Categories: Financial News

This Former Fed Official Thinks Quantitative Easing Has Been a Disaster

Wed, 11/13/2013 - 9:46am
Quantitative easing—the Federal Reserve‘s program of buying long term government and mortgage debt known as QE—is one of the more controversial policies practiced today. While there is evidence that it has successfully lowered interest rates, and therefore put more money in the pockets of creditworthy businesses and Americans, opponents of the policy have argued that the risks associated with the policy far outweigh the benefits Andrew Huszar, a senior fellow at Rutgers Business School and former manager of the Fed’s $1.25 trillion agency mortgage-backed security purchase program, has now thrown his hat in the ring with those critics, penning an article in the Wall Street Journal in which he apologized for his role in the policy and called for its reversal. TIME spoke with Huszar and asked him to explain and defend this point of view. The interview has been edited for length and clarity. TIME: Why did you write the op-ed? Huszar: The reason I wrote this piece is because I believe America had a significant wake up call with the financial crisis, yet five years later the country’s economy looks eerily similar to the way it did then. My belief is that the Fed is a significant reason why we haven’t reformed, and I wanted to try to start a conversation. TIME: You argue that QE helps Wall Street banks but not the real economy. How does QE help Wall Street banks? Huszar: QE had two goals, but one of them was originally highlighted as the primary goal by Fed Chairman Ben Bernanke: to make credit more accessible to more Americans. QE aimed to achieve this through lowering the wholesale cost for banks to make loans, and we were actually successful at doing this. For example, my program – which was buying mortgage backed securities – drove down the cost for banks to make mortgage loans. But the banks weren’t fully passing on the benefits to their customers — they were pocketing a lot of the extra profit. In addition, though we lowered the cost for banks to make mortgages, the
Categories: Financial News

Barclays Compliance Chief Resigns

Wed, 11/13/2013 - 9:39am
(LONDON) — British bank Barclays says Hector Sants, the senior manager hired to help it recover from a series of scandals, has decided to resign after suffering from stress and exhaustion. The bank said Wednesday that Sants has concluded he wouldn’t be able to return in the near term and consequently decided to quit. Sants started work at the bank this year after five years heading Britain’s Financial Services Authority during the global banking crisis. Antony Jenkins, who appointed Sants as part of reforms to reinforce a more ethical stance at the bank, issued a statement noting that although Sants had been with the bank only 10 months, progress had been made. Last year, regulators fined Barclays 290 million pounds ($462 million) for manipulating a key interbank lending rate.
Categories: Financial News

Starbucks Will Pay Kraft Over $2 Billion

Tue, 11/12/2013 - 4:21pm
Starbucks announced on Tuesday that an arbitrator said the company must pay Kraft Foods $2.23 billion in damages for cutting short its grocery store deal with Kraft, Reuters reports. Kraft started selling bags of Starbucks coffee in grocery stores in September 1998. Starbucks terminated the contract in March 2011 — three years early — accusing Kraft of multiple material breaches of contract (including mismanaging the brand). Kraft denied any breach of contract and said Starbucks must pay Kraft a fair value for the grocery store-sold coffee, which brought in $500 million per year in revenue. [Reuters]
Categories: Financial News

Elon Musk Says Tesla Fires Are Overblown

Tue, 11/12/2013 - 4:13pm
In a CNBC interview Tuesday at the New York Times’ DealBook conference, Tesla CEO Elon Musk said that concerns over the three fires in the company’s electric sports cars are being overblown. He said that he’d spoken with the three drivers and that in all three cases they had said they thought the Tesla car saved them from harm and asked them for a replacement Model S as soon as possible. “We’re now held to a much higher standard,” Musk said, adding, “There’s no reason for a recall.” Shares of Tesla peaked on Sept. 30 but then dropped after the fires. Of the market, Musk said, ”I think the high stock price was sort of distracting,” and suggested that Tesla stock is a good deal right now. [CNBC]
Categories: Financial News

Stocks Dip Tuesday Following Record Highs

Tue, 11/12/2013 - 3:41pm
The Dow Jones Industrial Average closed slightly down Tuesday following weeks of gains culminating in Monday’s record high. The index closed at 15,750.67, down .21% from a day earlier. The S&P 500, which has also surged recently, ended the day .24% and the Nasdaq was unchanged. The Dow Jones spiked last week on a positive jobs report, hitting three record highs in the week through Monday. [CNBC]
Categories: Financial News

Where the Next Huge Real Estate Bubble May Be Building

Tue, 11/12/2013 - 12:48pm
The 2000s real estate bubble—which burst in 2007 and precipitated a once-in-a-century financial crisis and recession—is not something most folks are excited to see a sequel of. But five years of declining or stagnating housing prices, the market turned around big time in 2012, making some analysts worry that we’re seeing the beginnings of Housing Bubble 2.0. Case-Shiller Home Price Index: Composite 20 data by YCharts As you can see, home prices in most of the country are far from the bubble levels of mid-2000s, but if you drill down deeper to look at individual markets, one sees a different picture. Jed Kolko, housing economist with the real estate site Trulia, has been tracking home prices across the country to see which markets are over and undervalued. In a forthcoming “Bubble Watch” report, he finds that while most of the U.S. real estate market remains significantly undervalued, there are certain markets that are straying into bubble territory. (MORE: The Real Reason New College Grads Can’t Get Hired) According to Kolko’s analysis, which looks at several factors like price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trend, markets in Orange County California and Los Angeles are more than 10% overvalued. Kolko also pegs the Austin, Texas market at 10% overvalued, while 7 other markets range from 4% to 7% overvalued. Those include: San Antonio, TX; Honolulu, HI; San Francisco, CA; Houston, TX; Riverside-San Bernandino, CA; and Oakland, CA Unsurprisingly, these markets — concentrated in Texas and California, have also seen double digit home appreciation over the past year, with Orange County real estate appreciating a whopping 23.4% since October of 2012. So are we in danger of another housing bubble like we experienced last decade? Not quite yet, at least nationally.  According to Kolko, the market remains roughly 4% undervalued overall. And in some markets, like Cleveland, Ohio and Palm Bay-Melborne-Titusville, Florida, home prices are still 20% below their fundamental value. Furthermore, even the most frothy markets are less overvalued than the national market was in 2004, when home
Categories: Financial News

Grading China’s Communist Party Meeting: Big Talk, But C- Work

Tue, 11/12/2013 - 11:52am
Governments always play catch up with markets. Today, China’s Communist Party ended its third plenum meeting laying out the country’s future development path, announcing that markets would have a “decisive” role in allocating resources. At the same time, Chinese shoppers were racking up the world’s biggest online shopping day in history—not just in China, but anywhere. Whatever the Party’s press communiqués might herald, markets are already at the heart of the Chinese economy: private firms represent 80% of urban employment, and 90% of new job creation in the country. The information that was sorely missing from the Party’s 5,000-word wrap up memo was whether they are finally going to start getting the government priority they deserve. As Brookings China expert Cheng Li laid out in a recent analysis of the plenary, the dominant economic trend in China over the last few years as been what the Chinese call “the state advances as the private sector retreats.” It’s a trend that’s led to growing inequality, slower productivity growth, and a housing bubble, as TIME reported on this cover from 2011. (MORE: One Place Where Brooklyn Is Not Cool) Unfortunately, the Third Plenum communiqué didn’t signal a major shift in that direction, and actually included a call to further “consolidate and develop the state sector.” As Mark William, Capital Economics chief Asia economist puts it, “reformers will struggle to push piecemeal efforts against the opposition of vested interests.” Which is too bad, because China has represented the majority of the world’s new growth since the financial crisis. Here are three reforms that could help spur more of it, both in the Middle Kingdom, and the rest of the world: 1. Market reform. One of the reasons that China has a $10 trillion housing bubble is that people have no where to put their money except into state owned banks which pay low interest rates, and lend money mainly to unproductive state owned enterprises. If cities in particular could raise money in local municipal bond markets, they could find ways to fund growth that
Categories: Financial News

Why Daily Deal Sites Are Giving Up on Daily Deals

Tue, 11/12/2013 - 11:42am
Fewer and fewer consumers bother to open the daily deal messages plopped in their e-mail in-boxes, and fewer still follow through and actually bite on the offers. That’s why daily deal giants Groupon and LivingSocial are trying desperately to focus on other modes of netting sales. Last week, after posting wider-than-expected losses and subpar sales in the third quarter, Groupon, the world’s leader in the daily deal space, announced that it would strive hard to push beyond the deal model it helped create—one that relies on subscribers opening daily deal offers sent to e-mail in-boxes and snatching them up promptly. One of the reasons cited for Groupon’s struggles is the change that came to Gmail this summer, which has meant that marketing offers (including those of Groupon) are segregated in a special “Promotions” folder rather than the user’s main in-box. As a result, Gmail accountholders have been less likely to open, let alone book, those daily offers from Groupon. In a conference call with analysts, Groupon CEO Eric Lefkosky said that in the last quarter the company saw “low double-digit declines” in the percentage of subscribers opening its daily deal e-mails, according to Businessweek. Lefkosky explained that one of Groupon’s main goals was to expand far beyond the e-mail-marketed daily-deal business. Per the Wall Street Journal, he said, “We have to even further reduce our reliance on email and whatever happens with Gmail becomes less relevant.” (MORE: Is the Daily Deal Model Dying a Slow Death?) Lefkosky also tried to make the case that its e-mail-generated coupon bookings themselves are increasingly less relevant. When Groupon was a hip upstart, all of its revenues came via subscribers who purchased the daily deal coupons to restaurants, spas, and whatnot that wound up in their e-mail in-boxes. Lately, however, Lefkosky has more or less been bragging that sales originating from e-mails constitute “under 40 percent” of Groupon transactions. Well before Gmail installed its Promotions folder, many have observed that the daily deal model appears to be dying a slow death, as interest in
Categories: Financial News

Federal Government Approves American-US Air Merger

Tue, 11/12/2013 - 10:56am
The U.S. Justice Department announced Tuesday it had reached an agreement that will allow the merger of U.S. Airways and American Airlines. The merger, which will create the largest airline in the world, had been held up over concerns it would give the combined company too much market power and result in inflated ticket prices, particularly in markets like Washington, D.C., where it will control 69% of air traffic.
Categories: Financial News

How to Ruin Thanksgiving, an Hour-by-Hour Guide for Shoppers

Tue, 11/12/2013 - 10:56am
Walmart and Toys R Us recently announced their fairly unsurprising plans to launch holiday sales starting in the early evening of Thanksgiving. A year ago, these retailers launched deals starting at 8 p.m. on Thanksgiving. This year, in a shortened, especially desperate season for retailers, stores are giving shoppers more reason to desert their families on Thanksgiving before dessert is served. “Doorbusters” will be available starting at 5 p.m. at Toys R Us, and the deals at Walmart kick off at 6 p.m., thereby stealing the crazed consumerism thunder from Target, Macy’s, J.C. Penney, and other retailers that are waiting until 8 p.m. on Thanksgiving to open doors to the masses. Many retailers and malls will stay open through the night, with some hosting absurdly long shopping marathons lasting 29 hours (at a mall in Florida), up to 41 hours (at Kmart). There will of course be more deals starting early the morning of Black Friday—the day after Thanksgiving, which used to kick off the holiday shopping season but now almost feels like an afterthought due to the rise of Thanksgiving Day shopping. Imagine this: For the first time in recent memory, it might actually make sense to hit Walmart or Target at 4 a.m. on Black Friday. After all, there should be good deals, and the crowds are likely to be much smaller compared to the night before. (MORE: Hey Thanksgiving Shoppers! Macy’s Isn’t the Only One to Blame for Ruining the Holiday) In any event, for those who are looking for deals and/or looking to see as little of their families as possible on Thanksgiving, here’s a rundown of when major retailers are set to open on Turkey Day: 6 A.M. Kmart, which rolled out holiday commercials in early September, again pushes the bounds of acceptable retailer behavior with Thanksgiving hours beginning at 6 a.m. Stores will remain open for 41 hours in a row, closing mercifully at 11 p.m. on Black Friday. It’s an arrangement that works out especially well “for shoppers who hate their families,” as
Categories: Financial News