Daimler, the maker of Mercedes Benz cars, has paid its dealerships 53 million euros for losses and has offered an additional 10 million euros so dealerships can buy showroom models. The report indicated that many of the company's dealerships are struggling due to also selling Daimler's truck models, which have seen much slower sales.

The average price of gas across the U.S. dropped under $2, the lowest in over three years. Crude oil has been in a free fall after losing over two thirds of its value since July. Some are predicting oil prices to drop below $40 and gasoline falling below $1.50.

As part of a 2-year stimulus package, President elect Obama stated that he aims to create 2.5 million new jobs. Obama stated in his weekly address that the "financial markets faced more turmoil," which may lead a "deflationary spiral." New home purchases in October fail to the lowest in half a century, and 540,000 more jobless claims were filed last week, the highest in over 18 years. Obama stated,... More

Samsung Electronics has started mass producing a new 256GB hard drive for laptops in a few months. Currently, the largest SSD drives on the market are 128GB. SSD drives have the capabilities to offer significantly faster reads and writes when compared to traditional harddrives.

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.

The unemployment rate in California rose unexpectedly to 8.2 percent in October. The rise brings the unemployment rate to the highest for the state in 14 years, and the state's unemployment fund is about to run out of reserves. State officials are planning to ask the Federal Government for a loan in order to be able to keep paying unemployment benefits.

Investors are betting that Citigroup will receive help from the government. Currently, Citigroup has $2 trillion in assets, which makes it significantly larger than AIG who has received continual support in order to prevent bankruptcy.

The U.S. unemployment rate continues to rise with some analysts predicting unemployment numbers as high as 8.5 percent by the end of 2009. The unemployment rate was 6.5 percent in October; however, more industries are expected to introduce more job cuts. Retail, transportation, hotels, and restaurants are expected to be among the hardest hit.

Salesforce.com reported a 55 percent increase its third-quarter profits. Salesforce reported net income of $10.1 million or 8 cents per share, significantly higher than $6.5 million or 5 cents per share for the same quarter a year prior. Salesforce provides monthly subscription based online management software.

Prices of homes in California have dropped by 34 percent over the past year alone according to a report released by a real estate tracking firm. The statewide median home price plunged to record low of $278,000 in October.

Democrat Congressional Leaders have asked General Motors, Ford Motor Company, and Chrysler to provide a business plan as to how the companies will survive. The news is brings new light to the auto industry who had feared bailout talks were over.

Shares of Yahoo dropped over 20 percent Wednesday, after Steve Ballmer told shareholders that the company was no longer interested in acquiring Yahoo. He reiterated that a partnership between the two companies would provide for interesting opportunities; however, he noted that no current discussions have been taking place.

PetSmart expects its profits to be between 59 and 62 cents per share in the fourth quarter inline with analysts estimates. The company is expecting same-store sales to rise by a small percentage; however, it plans to cut its capital spending budget for 2009.

The Federal Reserve now expects the recession to last as long as one year with the risk that the slowdown may last even longer. Federal governors warned that the economy is expected to contract throughout the rest of this year and the first half of 2009. A year long recession would make this the longest recession since the 16-month recession in 1981.

After two days of negotiations, U.S. automakers may soon leave Washington without federal funding. Chief executives of General Motors, Ford Motor Company, and Chrysler have been unable to convince lawmakers to provide funding from the $700 billion rescue plan.