Filed under: Market News, Internet, Scandals and Lawsuits, Index Funds, Warren BuffettA case of corporate espionage involving baseball bats and sneakers.
The CEO of Modell's Sporting Goods is accused of going into a suburban New Jersey store of the rival chain Dick's Sporting Goods (DKS), claiming to be a senior vice president of Dick's. A lawsuit filed against him claims Mitchell Modell tried to get confidential information about Dick's online sales and the process it uses to deliver merchandise more quickly.
*Jason Decrow/Invision/AP*Modell's Sporting Goods CEO Mitchell Modell.
There are also accusations of corporate misconduct on the West Coast. According to the New York Times, 64,000 computer engineers and programmers allege that Silicon Valley executives colluded to keep salaries down and keep workers from switching firms. A trial is scheduled for this spring.
Famed investor Warren Buffett offers some advice for his wife and the rest of us. In his annual letter to shareholders, Buffett suggests we invest 10 percent of our assets in short-term government bonds and 90 percent in a very low-cost S&P 500 index. Buffett expects that simple formula will be -- in his words -- "superior to those attained by most investors."
Investors around the world are scrambling, trying to avoid the fallout from the growing conflict between Russia and Ukraine. The fear is, it could have a major impact on the economies in Europe. Stock markets in Europe tumbled, a key Russian stock index plunged 11 percent, and the Russian ruble fell to its lowest level ever against the dollar.
Here on Wall Street last week, the Dow Jones industrial average (^DJI) gained 281 points, or 1.4 percent. The Standard & Poor's 500 index (^GPSC) rose 1.3 percent, to a record high, and the Nasdaq composite (^IXIC) added nearly 1 percent.
Finally, more than 27,000 online poker players have all drawn a winning hand. A court appointed administrator said they are entitled to $76 million from defunct firm Full Tilt Poker. The company agreed nearly two years ago to forfeit almost all of its assets to the government and the its CEO later pleaded guilty to a series of fraud and gambling charges.
-Produced by Drew Trachtenberg.
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