22-year-old Molly Katchpole and 300,000 other petition signer’s victory over Bank of America may be part of a much larger trend — a consumer backlash against corporate America. “Every company is now sitting on electronic quicksand,” PR guru Howard Rubenstein tells USA Today. Katchpole’s online petition was signed by 300,000 consumers, and was one reason why Bank of America dropped its decision to impose monthly fees on debit card users. Some see the instant backlash against Netflix and Bank of America as the Occupy Wall Street of the no longer silent majority. One bad PR move can lead to major problems for big companies.
The Greek cabinet has backed a referendum proposal by Prime Minister Papandreou. The proposed vote could derail the hard won European debt deal. But the vote might never be held. The Greek government faces a no-confidence vote this week, and opposition parties oppose the referendum. This morning financial markets have steadied themselves after two days of sharp losses. U.S. stock futures rose, but the Dow Jones index is down more than 500 points so far this week.
Oh so 90′s … Sony used to be the company to beat in consumer electronics. Not today. After reporting another deep quarterly loss, Sony has sharply cut its annual earnings forecast. The Japanese giant has been battered by a strong yen, production problems because of the floods in Thailand, and sagging flat screen TV sales.
Looking for some good news? U.S. car and truck sales rose 7.5 percent in October, led by a big gain for Chrysler. Despite high gas prices, SUV and light truck sales increased more than expected.