As consumer spending continues to decline, large retailer target posted a 41 percent drop in profits. The company stated that large losses in its credit card business and weak consumer spending for its clothing products led the losses.

Office Depot posted a $1.5 billion quarterly loss and warned that it would need to seek new liquidity sources in 2009. The news sent the company's shares down 26 percent.

Circuit City, whom filed for bankruptcy protection back in November, is now closing all of its stores as it has failed to attract any potential buyers. The company said it has reached an agreement with Hudson Capital Partners, SB Capital Group, and Tiger Capital Group to liquidate its 567 U.S. stores.

Macy Inc. stated that it plans to close 11 of its stores as a cost cutting move. For the month of December, Macy's reported a 4 percent drop in same store sales, leading the company to slash its earnings estimates for its fourth quarter to 90 cents to $1 from its previously announced $1.10 to $1.30.

Verizon has decided to partner with Microsoft as its default search engine for search services on its mobile devices. The news strikes a large blow against Google and Yahoo, after nearly a year of speculation on which company would become the key search provide for Verizon Wireless.

According to an Verizon Wireless Executive, the company is set to provide service to allow Kindle competitors to use Verizon's network to deliver download material including books and newspapers. Tony Lewis, who runs a program to certify third party vendors' products to work on Verizon's network, stated that he expects 2009 to be the year for competitor Kindle devices.

Best Buy is starting to sell hand held video game consoles and games in vending machines at airports to consumers who frequently travel. The new vending machines, entitled Best Buy Express, offer a variety of hand held devices also including digital cameras and headphones.

Until January 1st, AT&T is selling refurbished iPhones for $49. The move could bring an end of the year sales boost for AT&T. The price point may attract more lower income demographics. ComScore reported that while half of iPhone buyers earn over $100,000 annually, adoption by lower income families rose by over 50 percent between June and October.

Amazon.com stated that the 2008 holiday shopping season has been "its best ever." Amazon reported that received more than 6.3 million orders worldwide, more then 72.9 purchases a second. Amazon seems to be the exception this year, as the retail industry on a whole reported its first decline in holiday sales in over 40 years.

Best Buy reported a 77 percent drop in third quarter profits as consumer confidence continues to be at an all time low. The company has offered voluntary severance packages to nearly all of its current 4,000 corporate employees. Chief Executive Brad Anderson stated, "we believe that the environment for consumer spending is likely to get worse before it gets better."

Office Depot is planning to close nearly 10 percent of its retail stores in North America and eliminate 2,200 jobs as the U.S. recession lowers consumer demand.

Netflix stated that their new streaming movie player based on Microsoft's new Silverlight technology has reduced the number of I.T. jobs the company needs. The company plans to layoff the workers in January.

China Mobile Peoples, a subsidiary of China Mobile, announced plans to offer free incoming cell phone calls across Hong Kong and Guangdong. The company is hoping that by offering free incoming calls it will be able to rapidly gain market share.

Today Amazon.com launched its Black Friday Deals page www.amazon.com/blackfriday. The site will host Amazon's Black Friday deals until Cyber Monday, December 1st. Retailers are anxious this year as consumer spending continues to drop due to economic conditions.

Wal-Mart unexpectedly announced the retirement of its current Chief Executive Officer H. Lee Scott. He will be replaced by Mike Duke. Scott will remain as chairman of the board. Wal-Mart remains one of the few companies actually benefiting from the recession as more buyers turn to the store in order to save. Mike Duke will be tasked with how to keep these new customers in the years to come.