“Stocks tumble after climb - CNN Money” plus 4 more

Stocks tumble after climb - CNN Money
ESPN - ESPN.com
Keep on Truckin': Small Biz Buyers Coming Back - CNBC
Dealers, junkyards busy thanks to clunkers … but they're still ... - Fond du Lac Reporter
2010 Honda Accord Crosstour Styling Conceals Surprising Versatility - The Auto Chanel

Posted: 01 Sep 2009 08:43 AM PDT

NEW YORK (CNNMoney.com) -- Stocks turned lower Tuesday morning, abandoning gains that were sparked by better-than-expected reports on housing and manufacturing.

The Dow Jones industrial average (INDU) lost 144 points, or 1.5%, around 2 hours into the session. The S&P 500 (SPX) index fell 15 points, or 1.5%. The Nasdaq composite (COMP) fell 27 points, or 1.3%.

Stocks had touched fresh 2009 highs last week but lost some steam Monday after a selloff in China sparked global stock losses. A spate of better-than-expected earnings reports Tuesday got an advance going in the morning, but trading was skittish and stocks collapsed before noon.

September is typically a tough month for the market. With the S&P 500 up 52% off the March lows, some traders are looking for a pullback, or at least sideways trading.

Manufacturing: The Institute for Supply Management's manufacturing index for August showed growth in the sector for the first time since Jan. 2008. The index rose to 52.9 from 48.9 previously. Economists surveyed by Briefing.com thought it would rise to 50.5.

The pending home sales index rose 3.2% in July after rising 3.6% in June. Economists surveyed by Briefing.com thought it would rise 1.5%.

Construction spending fell 0.2% in July versus forecasts for an unchanged reading. Spending rose a revised 0.1% in June.

August auto and truck sales are due later in the day.

Company news: Online auctioneer eBay said it will sell most of its Skype Internet phone business to a group of investors for $2.75 billion.

Oil: U.S. light crude oil for October delivery rose 25 cents to settle at $72.74 a barrel on the New York Mercantile Exchange.

World markets: European markets tumbled, while Asian markets ended higher.

Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.41% from 3.40% late Monday. Treasury prices and yields move in opposite directions.

Other markets: COMEX gold for December delivery fell $1 to $952.50 an ounce.

In currency trading, the dollar gained versus the euro and the Japanese yen.

Market breadth was negative. On the New York Stock Exchange, losers beat winners two to one on volume of 500 million shares. On the Nasdaq, decliners topped advancers two to one on volume of 1 billion shares.

How does your portfolio look nearly one year after the collapse of Lehman Brothers? What investment choices hurt you or helped you the most? What strategy changes are you making for the future? Tell us your story. E-mail realstories@cnnmoney.com and your thoughts could be part of an upcoming story. For the CNNMoney.com Comment Policy, click here.

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ESPN - ESPN.com

Posted: 01 Sep 2009 08:43 AM PDT

NASCAR will announce the 2010 Sprint Cup schedule in a few days. No need to wait in anxious anticipation.

No early Christmas present is coming for Kentucky Speedway. No second date is coming for Kansas Speedway -- not yet, anyway.

Apparently, no track is losing a race and no track is gaining a race. And barring some last-minute surprise, no Chase race is changing.

That's too bad. The status quo could use a shakeup. The Cup schedule hasn't had a major change with a different venue since 2005.

NASCAR spokesman Ramsey Poston said the 2010 schedule will have some calendar swaps, but should look similar to this season's schedule.

"The Cup schedule is close to completion," Poston said. "But we still have a few things to work out on the Nationwide Series and Camping World Truck Series. We want to announce all three schedules at the same time."

Expected changes for Cup are a one-week date swap between Texas and Phoenix in April. Dover's first race probably will move to mid-May. Daytona 500 Pole Day and the Bud Shootout both will run Saturday, Feb. 6, to avoid going head-to-head with the Super Bowl the next day.

Feel free to yawn here.

That's about it, and it's not enough. With attendance down in a struggling economy, now is the time to spark interest with some bold moves.

So I'll be bold and say what should (but won't) happen with the Cup schedule:

Bold Move No. 1

Cut the schedule to 32 races.

It's a simple case of supply and demand. Too many seats are going empty at too many events. The Cup schedule has reached the over-saturation point.

Some speedways have two races, but should have only one or none. Fewer races mean more demand for seats.

Why this won't happen: No track wants to give up a race. Even with decreased attendance, each Cup date is a huge money maker. It also would mean less money in sanctioning fees for NASCAR.

Bold move No. 2.

Go from two to one at five tracks.

Take one Cup event away from Atlanta, Dover, Michigan, Auto Club Speedway in California and Pocono. While you're at it, shorten that Pocono race to 400 miles.

Why this won't happen: See above. Also, NASCAR wants to race twice at Michigan because it's the home track for the U.S. auto industry.

NASCAR wants to race twice at ACS (Fontana, Calif., is 50 miles east of LA) because sponsors want two events in the second-largest population market in the country.

And NASCAR wants two races at Pocono because it's the closest track to New York City. NASCAR wants to race twice at Dover because, well, I have no idea.

Bold move No. 3

Bring in a new location by giving Kentucky Speedway a Cup date.

Kentucky is an excellent facility with good racing. It also brings in the Cincinnati and Louisville markets, along with attracting some Ohio fans who have attended the Michigan races.

Why this won't happen: Former track owners have a pending lawsuit against NASCAR.

Kentucky will get a race in 2011 if the lawsuit is dropped, thrown out or settled. If not, no race for Kentucky no matter how much new owner Bruton Smith pleads for it.

One Speedway Motorsports Inc. track will have to give up a Cup race for Kentucky to get one. Atlanta is on the hot seat.

Bold move No. 4

Change a few Chase events.

Take Dover out of the Chase and put Sonoma in. If NASCAR is going to race road courses, one should be part of the playoff to win the championship.

Swap short-track dates, placing Bristol in the Chase instead of Martinsville. The Bristol night race is one of NASCAR's biggest events. The best events should be part of the playoff, if possible.

Move Indianapolis into the Chase in place of Kansas City. Granted, racing at the Brickyard isn't the best, but neither is Kansas, and Indy is a much more prestigious event. Indianapolis should become the Chase opener.

This would give the Chase an event at almost every type of track: a 2.5-mile oval (Indy), a 2-mile oval (ACS), 1.5-mile ovals (Texas, Charlotte and Miami), 1-mile ovals (New Hampshire and Phoenix), a short track (Bristol), a restrictor-plate race (Talladega) and a road race (Sonoma).

Why this won't happen: Very difficult to make all these swaps and make it work logistically with other events.

Kansas is going to get a second Cup date, possibly as soon as 2011. One of those races needs to be in the fall to keep enough space between the two dates.

Bold move No. 5

Make the Sprint All-Star Race a traveling show.

Fans across the country should have the chance to see the event in person. An all-star event should move around, as it does in Major League Baseball and the NBA.

And what a great selling point it would be for a track to be awarded the all-star race for the upcoming season. Sites could bid on the event, adding money to NASCAR's coffers.

Why this won't happen: All the Cup teams want the extra week at home in suburban Charlotte. Smith would want something in return if NASCAR moved the event.

No one is going to agree with all these changes. But wouldn't it be fun and make things more interesting if a few of these bold moves came to pass?

Terry Blount covers motorsports for ESPN.com. His book, "The Blount Report: NASCAR's Most Overrated and Underrated Drivers, Cars, Teams, and Tracks," was published by Triumph Books and is available in bookstores. Click here to order a copy. Blount can be reached at terry@blountspeak.com.

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Keep on Truckin': Small Biz Buyers Coming Back - CNBC

Posted: 01 Sep 2009 08:29 AM PDT

When auto makers report August sales later today, don't be surprised by the whopping numbers they put up.

Ford [F Loading... () ] will probably be the biggest,with sales expected to jump 30-40%. The combination of a successful Cash for Clunkers program and very easy comparison with August of last year will help Ford post a huge number. Overall, the industry sales rate is estimated to be well over 13 million vehicles.

But look beyond this one time Clunkers bounce and you will see some encouraging news for the broader economy. Pick-up truck and work van sales are improving. At Ford, they saw the first sales increase for the F-Series pick up truck in months.

Why is this so important?

Pick-ups are the work horses of the small business contractors and trades people. The guys with tools, equipment, hardware, etc. rely on their trucks day in, day out. But for the last two years, pick-up sales have slumped, along with the housing market and the economy as a whole. It's easy to understand why a small business owner or contractor would put off buying a new truck or trucks. Business was sporadic at best, and it was not the time to lay out the money for a new pick-up.

To be sure, Cash for Clunkers was the incentive many small business owners needed to upgrade their work vehicles. But, this goes beyond that. Talk with dealers and they will also tell you they are seeing more contractors and tradesmen coming into dealerships. There is an optimism, albeit cautious, among these pick-up buyers that wasn't there six months or even two years ago.

The first August auto sales report comes out at noon.

More on CNBC.com including:
After 'Clunkers' Boost, What's Next For Auto Sales?
Could Ford Catch Toyota?

Click on Ticker to Track Corporate News:

- Ford Motor [F Loading... () ]

- Toyota Motor [TM Loading... () ]

- Nissan [NSANY Loading... () ]

- Honda Motor [HMC Loading... () ]

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Questions? Comments?

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Dealers, junkyards busy thanks to clunkers … but they're still ... - Fond du Lac Reporter

Posted: 01 Sep 2009 08:36 AM PDT

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Agnew said of the more than 100 transactions Holiday Auto has submitted, only about 20 have been processed. Homan said dealers were supposed to be paid within 10 days of the transaction, but that hasnt happened at his business. He thinks he can manage his cash flow for a couple more weeks, but he may need help from his financial institution if it takes longer.

Its a lot of work, but weve sold a lot of cars, he said, focusing on the upside.

Sixth District Rep. Tom Petri, R-Fond du Lac, said he would prefer seeing dealers receive their money right away, but he understands the delay.

If 435,000 customers lined up at your door, youd be overwhelmed too, he said.

Parts, metals

Just how much CARS will support junkyards and metal processors remains a mystery. Yards have only begun stripping trade-ins of reusable parts, like the catalytic converter, aluminum wheels, aluminum radiator and batteries. Once theyre finished, theyll send the remains to shredders, said Jason Lasky, vice president of Sadoff & Rudoy Industries, 240 W. Arndt St.

Its really hard to tell (at the moment) if theres a boon with the Clunkers, he said.

On the plus side, steel prices show signs of rising. Lasky said suppliers havent purchased new steel the last six months due to the poor economy, and prices dropped as a result of reduced demand. But now that carmakers are working again, they should see a greater need for steel.

Lasky said that necessity bodes well for everyone, so long as supply doesnt outweigh demand again and the recession doesnt turn into a depression.

(CARS) is a great, great program, he said.

Effective?

CARS seems to have given businesses the jump-start they need, said Petri. He likened it to the incentives offered on the housing market, including a tax credit for first-time homebuyers.

But will it kick off the economy and keep it going strong six months from now? Probably not. Petri said discounts and credits arent a long-term solution, but they may help small businesses and cash-strapped families survive until the economy recovers.

Were keeping our fingers crossed, he said.

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2010 Honda Accord Crosstour Styling Conceals Surprising Versatility - The Auto Chanel

Posted: 01 Sep 2009 08:08 AM PDT

Next evolution of the crossover offers CUV attributes while maintaining a premium sedan feel and a sporty, bold appearance

TORRANCE, Calif., Sept. 1, 2009; The all-new 2010 Honda Accord Crosstour evolves the Crossover Utility Vehicle (CUV) concept by integrating a sleek and aerodynamic shape that blends sporty, low-profile contours with versatile CUV functionality, American Honda Motor Co., Inc., announced today.

"Our concept is to broaden the appeal of the Accord line-up by leveraging traditional Accord strengths of fun-to-drive performance and handling while also adapting to dramatic shifts in the light truck marketplace," said Erik Berkman, vice president of American Honda Motor Co., Inc. "The Accord Crosstour accomplishes that by offering a modern interpretation of a CUV while integrating the refinement and efficiency of a premium sedan."

Derived from the Accord Sedan, the Accord Crosstour maximizes car-like ride and refinement, yet maintains capabilities consistent with a CUV's increased ride height and all-weather potential. The Accord Crosstour's styling builds on the Accord's familiar character lines and adds a bolder front grille complemented by a durable lower-body appearance, wedge-shaped C-pillars and an aggressive rear stance. The flowing roofline narrows smoothly into the rear of the vehicle to create an aggressive-looking design, which conceals a unique cargo area that can adapt to large objects that exceed the capacity of a sedan.

"We know SUV buyers like the commanding view of the road that comes with a high eye-point and like the comforts of living with an SUV," said Berkman. "This vehicle meets the needs of buyers looking for those attributes yet at the same time want an image that is different from a conventional SUV."

The Accord Crosstour will be positioned at the top of the Accord family when it goes on sale in fall 2009. Additional details will be announced later in the year. Consumer information is available at http://automobiles.honda.com/future-cars.