Nov. 14 - Summary: Yellen hearing gets thumbs up on Wall St.; Hedge funds disclose holdings; Wal-Mart's warning; Google's legal win. Bobbi Rebell reports.
Markets liked what they heard on Capitol Hill. Fed Chairman Nominee Janet Yellen held her own at the Senate Banking Committee meeting- indicating she doesn't see asset bubbles and that the fed won't taper anytime soon- giving markets room to move to record highs- again. Moody's Analytics John Lonski believes her confirmation is a sure thing: SOUNDBITE: JOHN LONSKI, CHIEF ECONOMIST, MOODY'S ANALYTICS (ENGLISH) SAYING: "She is going to sail through the rest of the formalities and thus far financial markets show no strong or meaningful opposition to her nomination as the next Fed Chief." In Europe, those signs the the Fed won't make any moves anytime soon, also lifted the markets. Insurance companies will now be allowed to extend policies that have been canceled for one year- even if they don't comply with the new Affordable Care Act. But insurers are raising questions about how the proposal will work. Reuters's David Morgan: SOUNDBITE: DAVID MORGAN, REUTERS (ENGLISH) SAYING: "This is of great cause of concern among insurers because it means that younger people who have these cheaper less high quality plans may want to renew them rather than go into the new Obamacare marketplaces and if they don't go into those market places there is a danger in the minds of the insurers at least that those market places will be dominated by costlier beneficiaries who would be sick or older. " Hedge fund managers revealing their holding in quarterly filings known as 13F filings with the SEC. The largest shareholder in New York City's Sothebys is Dan Loeb's Third Point- and Tiger Management sold out of its Facebook and JC Penney positions- but opened a large stake in Pandora. Wal-Mart reporting lower than expected sales-blaming what they call a competitive retail environment- and pointing to cautious consumers. A big legal win for Google. A long running lawsuit accusing the internet search company of digitally copying millions of books for an online library without permission- was dismissed. The judge accepted Google's argument that making snippets of the more than 20 million books it has scanned was fair use, and it would benefit students and researchers.