BUSINESS BRIEFS
Market opening at 2-month high; real test is ahead
Associated Press
NEW YORK — Wall Street will open for trading today at a two-month high as investors have grown more optimistic that the worst of the market's rout might be over. But, analysts contend, the real test is still to come.
There will be no shortage of economic data and potential corporate news as traders get back to work after the holidays. The real hope is that the market can build upon Friday's rally, when the Dow Jones industrial average snapped a four-week losing streak and closed above 9,000 for the first time since Nov. 5.
The past month has shown that the negative sentiment about things like corporate earnings and still-sluggish credit markets have already been factored into the market. Analysts say the next few weeks will determine if investors are comfortable enough to return to the market — with their fears of missing out on a rally outweighing concerns of a renewed downturn.
PHELPS TO PUSH MAZDA IN CHINA
Mazda Motor Corp. is betting that Michael Phelps will be as successful an endorser in China as he was a swimmer at last year's Olympic Games.
Phelps, who is returning to Beijing this week for the first time since winning a record eight gold medals in August, has been signed to be the brand spokesman for Mazda in the Greater China region, according to a news release by Dynamic Marketing Group's DMG Entertainment unit, which is creating the campaign.
The "seven-figure" accord is the largest single sponsorship for a western celebrity in China's history, according to the release. Phone and e-mail messages seeking details from Drew Johnson, one of Phelps' agents, weren't immediately returned.
In his return to China, Phelps will exclusively endorse the new Mazda 6 model in television commercials, print advertisements and public appearances, the DMG statement said.
MADOFF KEEPSAKES SELLING ON EBAY
NEW YORK — Did you get fleeced by Bernard Madoff? Or did you buy that Madoff Securities fleece jacket on eBay?
Madoff, who was arrested last month after allegedly telling investigators he lost as much as $50 billion of investors' money in a giant Ponzi scheme, promoted his firm by putting its name on everything from T-shirts to beach towels, tote bags and umbrellas.
Dozens of the keepsakes are now being sold on eBay.
Some of the sellers say they're former clients and employees. Others, like John Mitchell, hawked a cigar humidor bearing Madoff's name.
Other Madoff items for sale on eBay include insulated coolers, binoculars, golf caps and flashlights
The Madoff name wasn't fetching top dollar: Bidding for many items didn't rise above $50.
Eleven bidders were hoping to take home a fleece jacket, size L, yesterday; the highest bidder had offered $147.59.
GLITZY TRADE SHOW TONES DOWN A BIT
The International Consumer Electronics Show, the largest trade show in the U.S., opens this week in Las Vegas with a full slate of giant TVs and inventive gadgets, despite the pall of a recession hanging over the industry.
The economic downturn will temper the normally dizzying extravaganza, and some attendees are wondering if the whole technology trade show business is past its peak.
Last year, 140,000 people went to the show, and there were 2,700 exhibitors. The Consumer Electronics Association, which is hosting, expects the same number of exhibitors this year for the 42nd annual show, but on a slightly smaller floor space.
Jason Oxman, senior vice president of industry affairs at CEA, said several companies have asked to buy meeting-room space, rather than booths on the showroom floor. They're more focused on meeting customers and doing business than putting on large displays, he said.
