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Business Bulletin
The latest in business news with the CNN.com business bulletin
Today's closing bell marked the end of the first quarter on Wall Street.
And as Stephanie Elam reports from our Business desk in New York. It wasn't a good one, was it Steph?
No, no, it wasn't, Reggie. And I hate to say that 'cause I feel like I always start over the negative news but it's the case on this one, it just was not a good first quarter. During the 3 months of 2008, the market was driven lower by the housing crisis then there was that credit crunch and growing fears of a recession. So for the quarter, the DOW Industrials fell more than 7%, NASDAQ lost about twice as much and the broader S&P 500 lost nearly 10%. Now also impressuring the markets this quarter were rising oil prices. However, today, erase, oil actually erased much of those gains, tumbling 4 dollars to settle at $101.58.
So, to take a look at the stock markets from today, look at those numbers, here we go. The DOW, on the upside, by 46 points at 12262, gain of little more than a third of a percent. NASDAQ, up 17 points at 2279 and that is a gain of about 3 quarters and the S&P 500 up a little more than 0.5%, Reggie.
This next story is interesting to me. Because it goes to the heart of the matter, where these companies now see the money, because people are kind of maxing out their credit cards, then they have to obviously find a new market, and that new market, it's the young, right?
Oh yeah, I don't know if this, this. Maybe this didn’t happen when you were in college. But when I was there, there were definitely tables and (Oh please, free T-shirt) get a free T shirt, sign up for a credit card. Why was that so exciting?
And it, kids got... Why was that exciting? I have no idea. But it was exciting. People love getting it.
Maybe I'm old now, because a T-shirt doesn't excite me. But I remember back in the day, people were pretty excited about the T-shirt. But this is in fact the new trend here. Not new, but a bigging, a growing trend here, it's a bigger trend. Some credit companies might see college kids as their golden goose. A study released by US Public Interests Research Group shows that 76% of students say credit cards have been marketed to them on their college campuses.
The companies often set up tables on or near campus and lure students with free gifts like those T-shirts and frisbees and candy and pizza. All things you don't need probably at that age. And in some cases, even iPods. And all you have to do is fill out an application. There are about a dozen states that have restrictions on credit card marketing on campuses. But the report shows that the companies have become more aggressive, often calling or even emailing students, but it's not just the credit card companies that are to be blame here. Many colleges' webs, actually partner with the banks to issue code-branded credit cards or ID cards that double as debit cards .Some schools defend these partnerships as a way to offset cuts in state funding, Reggie. But obviously, I remember at my school they were just off campus but still everyone walked by themselves. So there was easy access.
Oh really? They weren't off campus at mine. They were right in the student center!
Like Hello!
Yeah, come spend money. I mean, you know that, obviously kids don't really have a lot of money when they are in college. Or most kids don't. So why are the credit cards companies going after with such gusto, these college students.
Well yeah they may not have a lot of money but they do have a lot of wants, and probably need at that age too. So there’s money to be made. And you know, a lot of these college students usually don't have financial ties, meaning that once they set out signing up for a credit cards through a certain bank, it's more likely they will go back to the same provider when they need a car loan or savings loan. So it kind of engenders some sort of loyalty, Reggie.
I, well, I think that's, in my case, that was true actually .They got me right in the beginning
And you probably still have that frisbee up the other wall.
And that T-shirt somewhere!
Yeah!
Well , let's talk about there was a major deal that was announced today in the music world that gives a company that actually have not really had its hands in that much, prior to this, it really gives them a lot of power.
Oh yeah, Irish rock band U2 has agreed to a twelve-year contract with concert promoter Live Nation. The move gives Live Nation control of U2's concerts, their merchandise and U2 website and fan-club. Live Nation which operates more than 100 concert venues around the country is ending its relationship with Ticket Master at the end of the year in order to compete with the ticket giant. Over the past few years, Live Nation has actually acquired several companies which run websites and create merchandise for artists. And last year, it signed a 10-year, 120 million-dollar deal with the Material Girl. That’s right Madonna was the one they got on there.
Yeah so I mean everyone's jumping on the Live Nation bandwagon. I'm so glad that you wanna talk about Madonna.
Ha, I always find a way to throw in some pop for you, Reggie.
Thank you so much, yeah, I am listening to the new single
I heard it's good, I haven't heard it yet.
You gotta get it.
But there's probably a different discussion that we will have to have somewhere else.
Ok, could you work it into some business report this week? We'll get to that.
OK I'll work on it.
Alright, thanks Stephanie, see you later.
Bye! Reggie!
