Today being Cyber Monday, with many people shopping online. Now, the U.S. government is cracking down on websites that sell counterfeit goods. The U.S. seized 150 domain names selling fake Ugg boots, Nike sneakers and sports jerseys. Most of the websites taken down operate overseas with the bogus merchandise predominately made in China. However, many times it's hard to tell the difference.
New home sales
On the housing front, new home sales came in at disappointing levels. They jumped only 1.3% in October, which is less than what economists had been expecting. All of this is delaying a recovery in the housing industry which is heading for its weakest year on record. Federal Reserve officials are thinking about buying more mortgage bonds to try and boost the housing market.
As for the AT&T - T-Mobile saga, AT&T is putting up a big fight in trying to make the proposed T-Mobile merger happen. AT&T is considering selling off more assets than planned to try to win approval from the U.S. Justice Department. They are trying to size-down the merger so it would be smaller and perhaps skirt anticompetitive concerns. The proposal likely to come out in the next hearing which is scheduled for December.