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U.S. Manufacturing Still Stalled
1The ISM manufacturing index edged up to 49.2 in Nov. from 48.5 in Oct. But that was below forecasts of 51 and was the third straight month below the boom-bust 50 line. The new orders index dipped below 50, and job cuts intensified. ISM sees no catalyst for manufacturing. Last week's surge in the Chicago purchasers' index had raised hopes for a U.S. recovery. More on this page
Retailers Off To Big Holiday Start
2J.C. Penney rose 4% and Wal-Mart 1% after record Thanksgiving weekend sales. Three out of four consumers hit stores. Online sales jumped 61% over last year to $234.2 mil, said researcher Bizrate. Amazon rose 3%. Analysts warn about reading too much into a single weekend, especially amid heavy discounting. There are six fewer shopping days this year.
United, Mechanics Reach Deal
3The UAL unit and the union agreed on minor changes to a $700 mil wage cut plan. Mechanics, who rejected a deal last week, vote Thursday. United Air needs to make cuts so it can secure a $1.8 bil federal loan to help avoid bankruptcy. UAL jumped 34%. The carrier missed a $375 mil debt payment deadline but has a 10-day grace period.
Affirmative Action In Pivotal Test