Market Minute: Google Faces Privacy Lawsuit; Canada Sells a Chunk in General Motors

Before you go, we thought you'd like these...
Before you go close icon
Google suffers a legal setback, but good news for exotic dancers. Those stories and more are what's in Wednesday's Market Minute.

The Dow Jones industrial average (^DJI) rallied 128 points Tuesday, its second straight triple-digit gain. The Nasdaq composite index (^IXIC) rose 22 points and the Standard & Poor's 500 index (^GPSC) gained 12. It was the sixth straight advance for the S&P 500.

German Google Street View car CeBIT Technology Fair
Sean Gallup/Getty ImagesA German Google Street View car CeBIT Technology Fair in 2010.
A federal appeals court rules that a major lawsuit against Google (GOOG) can proceed. The company is accused of illegal wiretapping after secretly collecting emails, passwords and other personal information as its vehicles roamed through residential areas for its Street View mapping project. Plaintiffs in the case are asking for $10,000 each, but if this turns into a class action case, the financial toll could be significant.

The Canadian government has sold about 20 percent of its stake in General Motors (GM) that it acquired as part of the 2009 bailout of the automaker. The Canadians sold 30 million shares; they still hold about 110 million shares. GM is a major employer in Canada.

Shares of Apple (AAPL) are set to decline for a second straight day. They fell more than 2 percent Wednesday after the company took the wraps off two new iPhone models.

Coldwater Creek (CWTR) is in hot water. Shares of the retailer of women's apparel are set to plunge after the company posted disappointing sales. It also lowered its earnings outlook for the rest of the year.

Another apparel retailer, Oxford Industries (OXM), is also set to decline. The owner of the Tommy Bahama and Lilly Pulitzer brands warned that earnings and sales will miss previous targets.

And Restoration Hardware (RH) posted a quarterly loss due to some one-time charges. But the home furnishings retailer said revenue jumped 30 percent and the company raised its forecast for the full year.

And a federal judge has ruled that Rick's Cabaret International (RICK) owes back pay to former employees. He said the exotic dancers were entitled to a minimum wage salary, rejecting the company's argument that they were independent contractors.

-Produced by Drew Trachtenberg.

World's Most Expensive Cities for Expats
See Gallery
Market Minute: Google Faces Privacy Lawsuit; Canada Sells a Chunk in General Motors
Price of an average pair of blue jeans in Angola's capital: $204
Think your Starbucks habit is tough here? A cup of coffee in Moscow can cost $8.29.
Doesn't sound much like the value menu: A fast food hamburger meal here runs $7.31 on average.
Savor your lunch: A club sandwich meal in this African capital costs  $25.51 on average. (Don't go looking for a familiar fast food burger -- the big chains aren't here yet.)
Home sweet home won't come cheap in this island city-state: Monthly rent for an unfurnished two-bedroom luxury apartment averages $3,795.
But move from Singapore to Hong Kong and you'll reminisce about the good old days when your rent was reasonable. To lease an unfurnished two-bedroom luxury apartment here, you'll shell out $7,092 a month.
It's painful to fill your gas tank anywhere these days, but pity the poor Swiss: A liter of gas in Geneva runs $2.02, or $7.66 a gallon.

If you're bringing your family along for your job in Zurich, you'll need a bit more space -- and money An unfurnished luxury three-bedroom house will set you back $5,981 a month (which, on this list, looks almost reasonable).

News and entertainment will cost you in Bern: A movie ticket averages $18.95, and a copy of a daily international newspaper will run you $4.35.
After looking at the rest of the cities on the list, Sydney feels practically cheap: Just $2.15 for a liter of soda, $113.55 for a pair of blue jeans, and $9.20 for a fast food hamburger meal.
Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading