GM strike could cost $8B; home resales hit 5-year low

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[Music] it was back to the bargaining table for GM and the UAW as workers returned to the picket lines for a second day the union authorized its first Nationwide strike against GM in nearly four decades yesterday after Marathon talks failed to generate a new contract analysts say if the strike lasts a month it could cost GM over 8 billion it's the House of Blues for the real estate market home resales fell more than 4 % in August to the lowest level in 5 years pushing the glut of unsold homes on the market to an all-time high that disappointing news from the housing market and a sharp drop in consumer confidence this month kept a lid on any gains on Wall Street the DOW Industrials were able to rise about 19 and a half points the NASDAQ Composite added 15 another legal defeat for Vonage a jury found the internet phone service provider deliberately infringed on six patents owned by Sprint Nexel and ordered the company to pain nearly $70 million in Damages how about a free tune with your coffee starting next month Starbucks will be giving away 50 million free digital songs to customers to promote its new iTunes music service it will also start selling iTunes cards for full album downloads that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus

Dow drops 61 amid GM strike; AMR stock sinks 14%

CBS News

Transcript

[Music] Wall Street has a lot on its mind this week. Investors stand ready to review a string of key economic reports. Investors also had to digest the first nationwide UAW strike at General Motors in nearly 40 years. In the end, the Dow lost 61 points while the Nasdaq dipped more than three. On the docket today, expect figures on consumer confidence and home resales for August. And keep your eye on shares of AMR. The parent company of American Airlines saw its stock go into a tail spin Monday, off some 14%. That's after AMR updated its third quarter guidance to reflect higher costs and lower revenue than what many analysts were expecting. Well, it is the day diehard gamers have been waiting for. Microsoft is launching Halo 3 exclusively for its Xbox 360. It's the final chapter in the groundbreaking Halo trilogy. Microsoft held midnight madness events across the country and more than 10,000 retailers opened their doors a minute past midnight. Sales of Halo 3 are expected to soar past $200 million in its first day on the market. Microsoft is also in the spotlight because the software giant is reportedly in talks to make an investment in Facebook. The 5% investment would value the popular online social networking company at $10 billion or more. Microsoft may have some competition though. Google is also said to be interested in buying a stake in privately held Facebook. That's your money watch. Track all the business headlines at cbsnews.com. In New York, I'm Alexis Christopherus.