A new offering from a fast-food giant, and waving the white flag on an investment in J.C. Penney. Those stocks and more are what's making news Tuesday.
The Dow Jones industrial average (^DJI) fell 64 points Tuesday. The Dow has now tumbled more than 700 points since setting an all-time high at the beginning of this month. The Standard & Poor's 500 (^GSPC) lost 6 points and the Nasdaq composite index (^IXIC) edged just barely lower.
McDonald's (MCD) is preparing a spicy new menu item. It will begin offering chicken wings on Sept. 9, and have them available in all 14,000 restaurants by Sept. 24. But it's a seasonal item and will only be sold through the end of November.
At the other end of the retail spectrum, Tiffany (TIF) reports a 16 percent jump in earnings, led by sales gains in China. The luxury retailer also raised its outlook for the rest of the year.
A controversial hedge fund manager has dumped his entire 18 percent stake in J.C. Penney (JCP). Bill Ackman resigned from the company's board a few weeks ago after a failed effort to oust the company's CEO. Last week Ackman called his investment in the struggling retailer "a mistake," losing an estimated $500 million on the trades.
The founder of Best Buy (BBY) recently dropped his bid to buy the company. Now he's looking to sell some of his 70 million shares in the electronics retailer. He is the company's largest shareholder.
JP Morgan Chase (JPM) has been ordered to pay $50 million in damages to a billionaire investor. He accused the company of filling his account with risky subprime mortgage investments back in 2008.
And Sirius XM Radio (SIRI) is being sued for allegedly failing to pay royalties for the music it plays that was recorded before 1972. A trade group that collects royalties is asking for up to $100 million in damages.
-Produced by Drew Trachtenberg.
Apps That Manage Your Money For You
Market Minute: McDonald's Spices Things Up; Tiffany Earnings Shine
Mint made the Mac App Store's Best of 2012 list for a reason. This simple, clean app shows how much you are spending in each category of your budget by monitoring all of your transactions. We love signing in and getting a quick, dirty rundown of where our money has gone over the last week, and using their personalized budget tools to stay on track. We highly recommend adjusting your budgets for summer months. You might spend less on transportation when the weather is nice, and chances are you could use that extra cash to flesh out that restaurant tab, right?
This is the all-in-one financial organizer. Manage all of your accounts, from credit cards to magazine subscriptions, in one place and even make custom accounts for your rent or cleaning service. Get reminders for bill payments, and monitor all of your travel reward points, too. You'll always know what you owe, how much money you have and can plan for upcoming bills and expenses without having to sift through tons of paperwork.
If you want to isolate the expense tracker function of Mint in a super simple day-to-day app, then DailyCost is a great buy. A wide variety of categories lets users input all of their daily expenses. Holding your phone horizontally, you will be able to see graphs and statistics on your spending. The app also tracks your weekly and monthly spending by category and can be backed up to iCloud for Mac users, so you'll never lose your data.
If you're a heavy traveler, Toshl is an excellent expense and budget tracker. It works with any currency and lets you separate your travel budget from your day-to-day expenses. It comes with all the trappings of a regular money management app, too, such as bill organizer and alerts, and can be synced across all your devices.
Next time you organize a group activity, Tricount will split up the expenses for you. Create the expense report on your phone and organize by person, how much they owe, and then share via email so everyone knows their share. With options for expenses, balance, share, and configuration, the app does all of the math for you.
Never miss a bill payment again. This app reminds you when your payments are due, and lets you pay on the spot from a bank account or credit card, or you can schedule a payment for the future. Connect all of your accounts to the encrypted app and then view them all in one place for easy access and payment options. You'll never overdraft or miss a payment again.
Make and share payments with friends. This app uses the same technology to pay as LivingSocial, Uber and Airbnb. Pay with your debit card or transfer funds from a linked bank account, right to a friend's Venmo account. It is Verisign Certified.