October Spooky to Wall Street So Far


Published October 11, 2012

| FOXBusiness

It was another down day on Wall Street Wednesday, with the Dow giving up 129 points. The Nasdaq Composite lost 13 points and the S&P 500 fell by 9.

But futures are indicating a higher open Thursday, despite the downgrade of Spain's sovereign debt rating to just above junk status at Standard and Poor's.

Wal-Mart (WMT) is certainly a bright spot. Shares of the world's largest retailer hit their highest level in history yesterday.

Wal-Mart's holiday layaway program is going gangbusters, logging $400 million in sales so far. Now the chain is sampling same-day delivery in at least four markets with the hopes that online shoppers will pay some $10 for the luxury of immediate shipping.  

Meanwhile,.40% of U.S. teenagers own an iPhone. A new survey of 7,700 teens by Piper Jaffray finds the number has risen fast: last Spring, just 17% of teens said they owned an iPhone; and 62% of teens that do not currently own an iPhone say their next phone will be an iPhone.

A warning to folks who like Mini-Wheats for breakfast. Retailers have been contacted about the recall of 2.8 million packages of Kellogg's Frosted Mini-Wheats Bite-Size Original and Mini-Wheats Unfrosted Bite Size. They're being pulled from store shelves for possible fragments of flexible metal mesh from a faulty manufacturing part.

It's a voluntary recall and no injuries have been reported so far. But consumers should check their cereal box for the letters KB, AP, or FK before or after the best-before date.

Kellogg (K) has spent hundreds of millions of dollars in recent years to fix its factories' supply chain issues.