Stocks take a tumble

FOX BUSINESS REPORT 1 14 14 2086130000 5208192 ver1.0 640 480 300x168 Stocks take a tumble

The new year slump continued on Wall Street. The dow tanked a solid percent Monday, January 13. This marked the 4th session in a row that stocks were down. Investors were still reeling from Friday’s disappointing jobs report and the news that the holiday shopping season was a bust.

Google is buying Nest Labs for $3.2 billion dollars. This marks Google’s second biggest acquisition ever. Nest Labs makes smoke detectors and thermostats that can be controlled with a smart phone. Many see this as a way for the search giant to move further into the smart-home market.

According to Reuters, some banks have been making millions of dollars by rigging rates for mortgage giants Fannie Mae and Freddie Mac. The news agency cites and FBI bulletin that says traders used hand signals and even set special telephone ring tones to identify certain orders where they would try to front run the market.

Pizza Hut is now selling pizza by the slice in two stores. The slices cost between $2 and $3 dollars. They also take less than half the time to heat up as a traditional pie. Owner Yum Brands is looking to stay competitive in a tight market.

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