6at4 Business Report: Netflix, Apple TV, bad housing news
Netflix stock price takes a huge plunge, but there could be some big TV news from Apple.
Consumer confidence falls
Consumer confidence fell in October to the lowest level since March 2009. Remember, that is when the U.S. was in a recession. People say they are worried about jobs and how much money they are making.
Home prices fall
Not helping matters, home prices fell in August and are down 3.8% compared with last August according to the S&P Case Shiller index. Economists say when people see their main asset, their homes, decline in value it's not good for confidence. Recovering the 31% plunge in home prices from the peak in 2006 will probably be years in the making as foreclosures throw more properties on the market.
Mortgage rates drop
Low mortgage rates are not helping out housing. Zillow.com says 30-year mortgage rates fell to 3.95% from 4.00%.
What could be the next big thing from Apple? Possibly TV! The company has a prototype TV in the works and Piper Jaffray analyst Gene Munster says Apple may introduce it as early as next year. Steve Jobs is quoted in the new walter isaacson biography as saying he'd "finally cracked" how to build an integrated TV with a simple user interface. Sources tell Bloomberg that the project's being led by the Apple software engineer who helped create the iPod and built iTunes.
Collingswood Job Fair
The down economy is responsible for more than 1,000 people job hunting at Collingswood Grand Ballroom. Eighty-one employers turned out at this job fair to interview applicants, provide help with resumes, and offer advice to people who've been unable to find work. This was the 4th job fair hosted by the Camden County Board of Freeholders since last fall. At least 1,200 people have showed up at each of them.
Netflix stock price took a nosedive on Wall Street after more customers dropped the service than first thought. About 800,000 customers cancelled Netflix service in the past three months. That number is much larger than the company was expecting. The exodus began after Netflix increased prices by 50%, and announced plans to split the company into two. However, the plan to divide Netflix streaming and DVD rentals into 2 separate services has since been scrapped.
6at4, stock market, economy, apple, netflix, business/finance
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