Money Minute: Amazon, Post Office Team Up for Sunday Package Delivery
It's Veteran's Day, but the stock market is open. Last week, the Dow Jones industrial average (^DJI) rose 0.9 percent, closing Friday at its 34th record high of the year. The Standard & Poor's 500 index (^GPSC) added 0.5 percent for the week, but the Nasdaq composite index (^IXIC) edged lower.
Amazon.com is teaming up with the U.S. Postal Service. Beginning this week, packages from Amazon for its Amazon Prime customers will be delivered on Sundays in the New York and Los Angeles areas. Service in the Houston, Dallas, New Orleans and Phoenix metro areas will be added next year. The deal could add revenue for both Amazon (AMZN) and the Postal Service, which hopes to steal some business from UPS (UPS) and FedEx (FDX).
Shares of Twitter (TWTR) are likely to remain volatile this week. They rallied from the IPO price, but headed downhill since peaking on Thursday morning.
After Twitter's blockbuster opening, attention turns to who's next. Several Internet related companies, including Box, Square and Airbnb, are said to considering public offerings. Analysts say the demand for tech IPOs is very high right now. But there's some concern that the hot IPO market could signal a market bubble.
The casino industry in Atlantic City is in trouble. Half of the 12 casinos there have filed for bankruptcy protection in the past six years, including the Atlantic Club casino last week. Part of the problem is that casinos opened in neighboring Pennsylvania a few years ago, and last week, voters in New York approved a measure to expand gambling in that state as well.
Orange juice drinkers could soon get squeezed at the grocery store. The Agriculture Department has revised its forecast for the crop in Florida to show a 6 percent decline from last year. It's now expecting the smallest harvest in 24 years, and that could send prices higher.
-Produced by Drew Trachtenberg.