More Bad News From Yahoo
Beleaguered Internet firm Yahoo YHOO reported more bad news ahead of the bell this Thursday, announcing that a data breach in August 2013 compromised more than one billion (with a "b") accounts - the biggest data breach in history. The hackers - reportedly working on behalf of a foreign government - used forged cookies that did not require passwords for access to online accounts.
Yahoo shares are down in the pre-market on the report, but the stock is still up 24% from a year ago and more than 150% over the past five years. Although the breach occurred three years back, this may further prod a migration away from Yahoo email usage.
November's Consumer Price Index (CPI) rose 0.2%, as expected. Stripping out food & energy costs, the figure remains 0.2%. This marks the fourth straight rise in CPI - in-line with most inflation evidence in there domestic economy - and up 1.7% year over year. Core CPI year over year is 2.1%, unchanged from October.
Initial Jobless Claims were mostly in-line with expectations: 254K vs. 256K in the consensus estimate. Still north of 250K, which we dipped below only slightly over the past several weeks, but this remains consistent with a robust U.S. labor market. Continuing claims stayed steady at 1.202 million.
Futures are down slightly in today's pre-market; there appears to be a cooling-off period before the Dow mounts its attack on the psychologically pleasing 20,000. The Fed raising interest rates 25 basis points (to 0.50-0.75) was the least-newsworthy result possible from this week's FOMC meeting - either no move or one greater than a quarter-percent would have had a much greater impact on Wednesday trading.
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