6at4 Business Report: Philly rents on the rise!

May 25, 2012 1:35:36 PM PDT
Investor confidence is still falling; Rent in Philadelphia is increasing!

Investor Confidence Falls
Even though the University of Michigan said consumer confidence rose to the highest since the fall of 2007, as the economy continues to create jobs and gas prices come down. Investors still focused on Europe's problems.

Philadelphia Rent Increasing
It's getting more expensive to rent and Philly had the biggest jump in prices. Zillow says renters in the city are paying almost 15% more than a year ago, to an average of almost $1,500 a month, in April. Baltimore came in with the next biggest jump.

Apple CEO Forgoing $75 Million
Apple CEO Tim Cook is forgoing about $75 million in dividend payments he would otherwise get for all the stock he's slated to receive in compensation over the next decade. We're talking about the big dividend Apple announced in March. As for Cook, don't worry, he's still doing well. His stock is currently worth about $565 million.

Facebook IPO
Meantime, the Facebook IPO deepening investors' distrust of the stock market, a market they already don't trust because of the financial crisis. An attorney who represents small investors tells Bloomberg that the perception is Wall Street jiggered this IPO so underwriters made money, Facebook executives made money and the small investor got left holding the bag. Need some that proof investors were already weary? They've taken money out of stock mutual funds for the past five years.

Tide Changing Containers
An update on a story we told you about earlier. The makers of Tide detergent say they will make changes to its containers in the next few weeks. The Poison Control Center said the number of children ingesting detergent in brightly colored packets has risen dramatically. In some cases, the children think the detergent is candy. Tide will put a new double latch lid on its pods containers. Parents should keep all cleaning products up and out of reach from children.