Citigroup takes $11B more in losses, adds Rubin as chairman

CBS

Transcript

[Music] a shakeup at the nation's biggest bank City Group expects to take up to 11 billion in additional losses and is putting new top Management in place including former treasury secretary Robert Rubin as chairman there is also a Changing of the Guard at Time Warner the media Giants as president and chief operating officer Jeffrey bues will succeed Richard Parsons as CEO another volatile day on Wall Street as Financial stocks led the markets lower the Dow lost 51 points the NASDAQ slid 15 Rising oil prices are working their way to the pumps gas prices are up 25 cents in the past 3 weeks to a national average of $3 a gallon for the first time since July according to triaa analysts say if oil prices don't come down off their highs the national average could reach 350 or $4 a gallon by next summer and Google has confirmed what wall Street's been talking about for weeks the internet giant will develop a software package for cell phones used on the Sprint and T-Mobile networks the new Google phones won't be available until the middle of next year that's your money watch log on to cbsnews.com for more in New York I'm Alexis Christ

Wall Street braces for retail sales, inflation data

CBS News

Transcript

[Music] investors could be in for another Rocky week on Wall Street they'll be watching closely for a report on worker productivity a measure of inflation that could give some clues about the Federal Reserves next move Wall Street will also be getting reports on the trade deficit consumer credit and consumer sentiment and we'll see how consumers are handling the housing slump and soaring oil prices when we get October sales results from retailers including the gas and Walmart the earning season is now winding down three media Giants News Corp Time Warner and Disney are among the companies offering up financial report cards this week on Friday a robust jobs report was overshadowed by more bad news in the financial sector particularly Marl Lynch's exposure to billions of dollars worth of Mortgage Debt but the Dow proved resilient and managed to erase a triple digit decline by the close in the end the Dow gained 27 points the NASDAQ was up 15 and a half a big announcement is expected from Google this week the internet giant is expected to unveil plans for Google powered cell phones in deals with both T-Mobile and Sprint users would be able to download Google applications like Gmail on their mobile devices and Google would be able to sell ads last week Google's stock cracked the $700 Mark for the first time ever that's your money watch log on to cbsnews.com for more at the New York Stock Exchange I'm Alexis christopherus