From the looks of it, Apple’s iPhone 5 launch may have been a bit of a dud. Several news services such as Bloomberg News and the Nikkei in Japan are reporting that the company has cut orders to its suppliers for parts by as much as 50%. This moves follows a report that the company quietly cut production schedules on the iPhone 5 last month by 30% and suggests that the latest incarnation of iPhone is selling poorly – or at least below expectations based on initial order levels.
The U.S. Commerce Department released the latest data on new residential construction today and the results caught most off-guard as it was significantly better than expected with September overall housing starts increasing to 872,000 units – an amazing 15% over the revised August figure of 758,000. This data clearly suggests the nightmare of the 2007 housing market collapse can start to become a memory as the market recovers from a very scary bottom reached in the middle of 2009 when starts were at the lowest levels ever recorded since 1959.
More good news as housing’s outlook brightens… [Read more…] about After Years of Free-Fall, Housing Finds a Solid Bottom It Can Build From
Bloomberg News reported on Monday that the Best Buy Co. board of directors has received a letter with an offer from company founder and former chairman Richard Schulze to acquire all outstanding shares of the company stock and take it private. Schulze is said to have the support of at least two private equity companies and an investment bank that is confident it can arrange adequate financing. Schulze also says several former Best Buy executives are interested in joining him in the process of reinvigorating the company.