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Thursday, November 20th, 2008
articles.php?which=WhosThinkingAboutGivingUpTheGhost
Who's Giving Up The Ghost.

It's hard to reflect on the bad things when today was such a great day for the markets. Crude oil prices continued to drop, hitting $115.20—a three month low. The stock market had an impressive turnaround, closing up more than 300 points. And the dollar, which has been weak for months now, was substantially strengthened, with its index rising 1.7% (that's a like an extra croissant for those of you who are traveling abroad). But all that happy news aside, there was some doom and gloom. It wouldn't be Friday without it:

-Fannie Mae reported $2.3 billion in second quarter losses this week. That amount was a bigger-than-expected loss for the company, who's been struggling as the result of defaults on home mortgages. Fannie Mae is one of the primary lenders for mortgages in the U.S., and not surprisingly, they've been at the epi-center of the crisis.

-Natural foods mecca Whole Foods reported disappointing third quarter profits this week, and announced that it plans to cut back on new store openings and will suspend shareholder's quarterly dividends. This news comes on the heels of several years of slowing sales at Whole Food. It should also come as absolutely no surprise to anyone who's ever learned the hard why the grocer is also referred to as "Whole Paycheck."

-Rumors are swirling (though not yet confirmed) that trouble is afoot at BitTorrent, a start-up that shills software for transferring files over the Internet. Their goods are seemingly popular: they claim more than 150 million users. Despite that, Valleywag's reporting that there's been a slew of layoffs and that things aren't looking good. Apparently it has something to do with an inter-office coup. We couldn't make this up...

-This new hurts most: after years of wheeling around town on two wheels in helmets, the Segway Enthusiasts Group has finally called it quits, according to TechDirt. The good news is that their site's still up - so there's hope yet!

Segway

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