Wal-Mart to offer auto insurance

Besides buying groceries, you'll also be able to buy auto insurance through Wal-Mart.

NEW YORK (CNNMoney)

The nation's largest retailer said Wednesday it is partnering with AutoInsurance.com to provide customers with "a one stop shop" for their auto insurance needs.

Wal-Mart will not sell insurance, but its customers can click through a link on walmart.com, or go to autoinsurance.com directly to get competing quotes from several car insurance providers such as Progressive (PGR, Fortune 500), Esurance and Safeco to choose the policy and price that best fit their needs. Wal-Mart will also promote the service via displays in its stores.

The service is already available in eight states -- Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee and Texas. Wal-Mart (WMT, Fortune 500) plans a nationwide rollout in the coming months.

Related: Ex-Wal-Mart CEO Duke retired with $140 million

Wal-Mart said the service will save customers money. The company cited a pilot program survey it conducted last year in Pennsylvania, where customers who purchased policies from autoinsurance.com on average said they saved $1,168 a year.

"We are always looking for ways to reduce complexity, increase transparency, and give everyday low prices to Wal-Mart shoppers," said Daniel Eckert, Wal-Mart's senior vice-president of services.

Eckert also stressed the simplicity of the site, which is able to retrieve information from a customer's current policy and automatically fill in most of the necessary coverage information.

Wal-Mart said the service originated from talks with Tranzutary Insurance Solutions, a New Jersey-based insurance broker, that runs the site.

The announcement is the latest in Wal-Mart's aggressive move into financial services recently.

Just earlier this month, the giant retailer announced it was entering the money transfer business to compete with the likes of Western Union (WU, Fortune 500) and MoneyGram (MGI). Through the service, customers can transfer money to each other within Wal-Mart stores around the country for a fee that is relatively lower than competitors.

Related: What's my real living wage?

Much of Wal-Mart's financial service offerings are targeted at people who do not have access to bank accounts, because they either cannot afford the high fees, or do not have stable enough jobs to be able to keep a minimum balance.

Wal-Mart also offers check cashing and prepaid cards at its stores. In addition, it has partnered with American Express (AXP, Fortune 500)to offer debit and checking accounts that don't require a minimum balance, or monthly maintenance fee.

This is also Wal-Mart's way of countering a slump in sales in recent months. In February, Wal-Mart reported a drop in profit and same store sales and also lowered its outlook for the year on concerns about higher taxes and health care costs.

First Published: April 30, 2014: 12:20 AM ET

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Five years later, TARP price tag hits $40 billion

The cost of the federal bailout from 2008 is down to about $40 billion.

WASHINGTON (CNNMoney)

That's a lot less than what many once feared the Troubled Asset Relief Program would cost.

But the report warned that the controversial bailout -- of banks, the housing market, and automakers -- has left a stain on the financial sector: the expectation of federal help if they get into trouble in the future.

Bailed out companies may now believe they can "play by their own set of rules without regard for consequences," wrote special inspector general Christy Romero wrote.

Related: Tim Geithner's new book coming in May

Congress grudgingly passed the federal bailout in 2008, originally to save the financial system at the height of the financial crisis. Federal officials were given the power to spend as much as $700 billion. No more than $475 billion was spent, and most of it has been paid back, according to the report.

The report attributed much of the $40 billion TARP cost from losses or write-offs on parts of bailouts of the auto industry and American International Group (AIG, Fortune 500).

While $50 billion went to General Motors (GM, Fortune 500), $12 billion is considered written off or lost, the report said. Of the $68 billion that went to AIG, $13.5 billion is considered lost.

Treasury has spent $7.8 billion of the federal bailout helping taxpayers with underwater mortgages get cheaper loans. The report said $1.2 billion has been lost on loan modifications for borrowers who later defaulted anyway.

As of March 31, 323,000, or 28%, of borrowers with modified mortgages, re-defaulted on their mortgages and nearly 100,000 more were deemed "at risk" of default, the report found.

First Published: April 30, 2014: 12:17 AM ET

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Microsoft's Xbox One to be sold in China for first time

Microsoft will start selling the Xbox One to Chinese consumers in September.

HONG KONG (CNNMoney)

China had implemented a blanket restriction on the manufacture and sale of consoles and games in 2000, denying gaming companies access to the world's most populous nation. Chinese officials had cited worries over violent content and the potential for moral decay in explaining the ban.

China announced earlier this year that it would lift the ban, allowing companies to sell consoles across the country, opening a potentially lucrative new market for manufacturers including Sony (SNE) and Nintendo.

Xbox executive Yusuf Mehdi wrote in a blog post that Microsoft is "incredibly excited" to bring the console to China.

"Launching Xbox One in China is a significant milestone for us and for the industry, and it's a step forward in our vision to deliver the best games and entertainment experiences to more fans around the world," he said.

While the ban was in place, Chinese gamers keen to try consoles were forced to rely the black market to find the latest hardware. Controversial game titles -- which are still frequently banned by the government -- were also available from underground suppliers.

The restrictions didn't affect the wide proliferation of PC, online and mobile gaming in China, all of which flourished in the absence of console-based entertainment.

Related story: The Xbox One is a $499 PC for your living room

Microsoft (MSFT, Fortune 500) said it was working with Chinese partner BesTV New Media on the project, and operating a joint venture in the Shanghai Free Trade Zone. While most video game consoles are already manufactured by contractors based in China, the new rule requires foreign companies to operate in the free trade zone.

Shanghai's free trade zone -- 29 square kilometers in area -- is an experiment in promoting trade, expanding foreign investment access and liberalizing the financial sector, all of which are tightly controlled and regulated by the government.

First Published: April 30, 2014: 2:39 AM ET

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Univision airs concerns about Comcast deal

Univision's Randy Falco, pictured in 2011.

NEW YORK (CNNMoney)

Falco stopped short of opposing the merger outright, but expressed sharp concerns about the potential combination of the two companies. As government regulators undertake a review of the merger, he said he hopes that "the right questions are asked" and "that the right protections are put in place, particularly for Univision."

Univision is the country's biggest Spanish language broadcaster. Comcast's NBCUniversal division owns the No. 2 Spanish language broadcaster, Telemundo.

Comcast refuted Falco's comments on Monday evening, citing what it called a "great record of working with programmers from the largest to the smallest" and an "extraordinary, long-standing commitment to Hispanic programming."

Comcast (CMCSA, Fortune 500) and Time Warner Cable (TWC, Fortune 500) announced their plan to merge in February. The two companies are awaiting government approval.

Falco's comments — which seemed at least partially scripted, and came during an earnings conference call with investors — were striking because big companies whose channels compete with Comcast-owned channels have mostly kept their concerns about the merger to themselves.

One exception has been Netflix (NFLX), which depends on broadband providers like Netflix for access to subscribers and negotiates with Comcast and other media companies for access to TV shows. Last week Netflix said it feared that the merger would give Comcast "anti-competitive leverage."

Falco raised a similar complaint on Monday.

"You've already heard that the new Comcast will be the dominant cable and high-speed broadband provider in markets with 30% of all U.S. cable households," Falco said on the call. "What you may not know is that the new Comcast will serve markets with 91% of all Hispanic households and be the top TV distributor in 19 out of the top 20 Hispanic markets. That gives this new company staggering influence over Hispanic consumers."

He went on to describe how one of Univision's upstart cable channels, Univision Deportes Network, is being carried by "all of the top distributors" except Comcast.

"Either Comcast doesn't understand that soccer is a passion point for Hispanics or they don't support competitors who have competing services," he said. "My fear is that the latter is the case and this type of anti-competitive conduct would continue."

D'Arcy Rudnay, Comcast's chief communications officer, responded by saying that Comcast is "proud to be the nation's largest provider of Latino and multicultural television packages." She said Comcast carries "more than 60 Latino networks in both Spanish and English."

The combined Comcast-Time Warner Cable "will not have undue power in negotiating with programming networks, and we have a great record of working with programmers from the largest to the smallest," Rudnay added. She said that "through the transaction with Time Warner Cable, we are committed to bringing high-quality Hispanic content to millions of additional Americans."

First Published: April 28, 2014: 7:59 PM ET

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Netflix to speed up for Verizon customers

Netflix strikes deal with Verizon to allow faster speeds.

NEW YORK (CNNMoney)

The two companies said Monday that they struck a connection deal, the second Netflix has made with an Internet provider aimed at improving streaming speeds for customers.

"We have reached an interconnect arrangement with Verizon that we hope will improve performance for customers over the coming months," a Netflix spokesman said.

Netflix (NFLX) said it will pay Verizon (VZ, Fortune 500) for a direct connection to its network, but neither company would confirm details of the deal.

Internet service providers have been at odds with Netflix, arguing the company should pay up for the huge bandwidth its streaming videos hog. Netflix CEO Reed Hastings has said those kind of payment demands are an abuse of market power. But the company has agreed anyways to pay both Verizon and Comcast for preferential treatment.

Related: Netflix speeds lag for Verizon users amid dispute

The connection deal with Comcast (CMCSA, Fortune 500) in which Netflix pays for a direct connection to the Internet provider's network, was inked earlier this year. That deal paid off, resulting in a nearly 50% jump in streaming speeds for Comcast customers.

Federal regulators are currently considering rules that would go even further, allowing Internet providers to create a "fast lane" for certain websites and services. It's up to the Federal Communications Commission to decide the particulars and its members will vote on the proposed rules on May 15 before putting them out for public comment.

First Published: April 28, 2014: 8:27 PM ET

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Ukraine crisis: See full sanctions list

Anatoliy Sidorov, right, is a commander in the Russian military.

LONDON (CNNMoney)

The U.S. has also targeted 17 Russian companies with sanctions.

Here is a full list of the individuals and companies affected since the March sanctions began:

Individuals

Vladislav Surkov: Presidential Aide to Putin

Sergey Glazyev: Presidential Adviser to Putin

Leonid Slutsky: Russian State Duma Deputy

Andrei Klishas: Member of the Russian Federation Council

Valentina Matviyenko: Head of the Federation Council

Dmitry Rogozin: Deputy Prime Minister of Russia

Yelena Mizulina: Russian State Duma Deputy

Sergey Aksyonov: Self-claimed Prime Minister of Crimea

Vladimir Konstantinov: Speaker of the Crimean Parliament

Viktor Medvedchuk: Leader of Ukranian Choice

Viktor Yanukovych: Former President of Ukraine

Viktor Ozerov: Security and Defense Committee chairman of Russian Federation Council

Vladimir Dzhabarov: Deputy Chairman of the International Affairs Committee of Russian Federation Council

Evgeni Bushmin: Deputy Speaker of the Russian Federation Council

Nikolai Ryzhkov: Senator in the Russian Federation Council

Sergei Zheleznyak: Deputy Speaker of the Russian State Duma

Sergei Mironov: Leader of the Fair Russia Faction in the Russian State Duma

Aleksandr Totoonov: Member of Committee on Culture, Science, and Information with Russian Federation Council

Oleg Panteleev: First Deputy Chairman of the Russian committee on Parliamentary Issues

Sergey Naryshkin: Member of the National Security Council of the Russian Federation

Victor Ivanov: Member of the Security Council of the Russian Federation

Igor Sergun: Head, Russia's military intelligence service and Deputy Chief of the General Staff

Sergei Ivanov: Chief of Staff of the Presidential Executive Office

Alexi Gromov: First Deputy Chief of Staff of the Presidential Executive Office

Andrei Fursenko: Aide to the President of the Russian Federation

Vladimir Yakunin: Board Chairman, Russian Railways

Vladimir Kozhin: Putin's Head of Administration, overseeing 60,000 staff and more than 100 enterprises

Gennady Timchenko: Founder of Gunvor, one of the world's largest independent oil and gas trading companies

Arkady Rotenberg: Made billions of dollars from construction contracts from Gazprom and the Sochi Winter Olympics

Boris Rotenberg: Brother and business partner of Arkady Rotenberg

Yuri Kovalchuk: Largest single shareholder of Bank Rossiya (see below)

Rustam Temirgaliev: Deputy Chairman of the Council of Ministers of Crimea

Deniz Berezovskiy: Defected from Ukrainian Navy to Crimean Armed Forces

Aleksei Chaliy: Became Mayor of Sevastopol in Crimea in February

Pyotr Zima: Appointed head of the Crimean Security Service by Aksyonov

Yuriy Zherebtsov: Counsellor of the Speaker of the Crimean parliament

Sergey Tsekov: Vice Speaker of the Crimean parliament

Aleksandr Vitko: Commander, Russian Black Sea Fleet

Anatoliy Sidorov: Commander, Russia's Western Military District

Aleksandr Galkin: Commander, Russia's Southern Military District

Dmitry Kiselyov: Head of the Russian Federal State news agency

Alexander Nosatov: Deputy Commander, Black Sea Fleet

Valery Kulikov: Deputy Commander Black Sea Fleet

Mikhail Malyshev: Chair of the Crimea Electoral Commission

Valery Medvedev: Chair of the Sevastopol Electoral Commission

Igor Turchenyuk: Commander of the Russian forces in Crimea

Elena Muzulina: Deputy in the Russian State Duma

Oleg Belavantsev: Appointed as Russia's Presidential Envoy to Crimea by Putin

Sergei Chemezov: On the board of Directors for Rosneft, Russia's state-owned oil company

Dmitry Kozak: Deputy Prime Minister of the Russian Federation

Evgeniy Murov: Director, Russia's Federal Protective Service

Aleksei Pushkov: Chairman of the Russian State Duma Committee on International Affairs.

Igor Sechin: President and Chairman, Management Board for Rosneft

Vyacheslav Volodin: First Deputy Chief of Staff of the Presidential Executive Office

Banks and companies

Bank Rossiya: The 17th largest bank in Russia, controlled by Yuri Kovalchuk

InvestCapitalBank: Controlled by Rotenberg brothers

SMP Bank: Controlled by Rotenberg brothers

SGM Group: A gas pipeline construction company owned or controlled by Arkady Rotenberg

Bank Rossiya is the 17th largest bank in Russia.

Volga Group: Owned by Gennady Timchenko

Transoil: A freight operator that transports oil, owned or controlled by the Volga Group or Timchenko

Aquanika: A mineral water and soft drink company, owned or controlled by the Volga Group or Timchenko

Sakhatrans: A transportation company, owned or controlled by the Volga Group or Timchenko

Avia Group: Provides ground services at Moscow airport, owned or controlled by Volga Group or Timchenko

Avia Group Nord: Provides services for corporate aviation at St Petersburg airport, owned or controlled by Volga Group or Timchenko

Stroytransgaz Holding: A construction holding company, owned or controlled by the Volga Group or Timchenko

Stroytransgaz Group: A construction group, owned or controlled by the Volga Group or Timchenko

Stroytransgaz OJSC: An electricity construction company, owned or controlled by the Volga Group or Timchenko

Stroytransgaz-M LLC: A construction company focused on oil, gas and petrochemicals, owned or controlled by the Volga Group or Timchenko

Stroytransgaz LLC: An infrastructure construction company, owned or controlled by the Volga Group or Timchenko

The Limited Liability Company Investment Company Abros: Owned or controlled by Bank Rossiya

CJSC Zest: Owned or controlled by Bank Rossiya

JSB Sobinbank: Owned or controlled by Bank Rossiya

First Published: April 29, 2014: 3:32 AM ET

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Taco Bell tests new restaurant aimed at Chipotle crowd

A rendering of a U.S. Taco Co. shows an eatery that could compete with chains like Chipotle and Qdoba.

NEW YORK (CNNMoney)

How far is Taco Bell branching out? The Mexican Car Bomb isn't even a taco. It's a vanilla shake with Guinness, tequila caramel sauce and chocolate flakes.

U.S. Taco Co is set to open in Huntington Beach, Calif., this summer, with a taco-focused menu -- but not the same tacos you can buy for a buck or two at Taco Bell.

The "Brotherly Love" will be like eating a Philly cheese steak stuffed inside a flour tortilla. The "Winner Winner" adds a southern twist, with crispy chicken and gravy.

The southern California location is a test-run, but it could be the first of dozens across the country, Taco Bell CEO Greg Creed told the Orange County Register.

The eatery won't offer Mexican restaurant favorites like burritos or tortilla chips, and instead it will sell steak fries with tacos.

Related: Why McDonald's is offering free coffee

U.S. Taco Co. aims to fit in with other "fast-casual" chains like Chipotle, Qdoba Mexican Grill and Panera, said Morningstar analyst R.J. Hottovy.

Those chains offer higher quality food at the same speed as a fast-food joint.

U.S. Taco Co's menu will offer steak fries and milk shakes along with tacos.

It's a growing industry so it makes sense that Taco Bell, owned by Yum! Brands (YUM, Fortune 500), would want to enter the field.

"The cost to operate isn't as high as casual restaurants, but they can still charge higher prices. It's very lucrative," Hottovy said.

The tacos will cost $4 at the new restaurant, while most cost under $2 at the nearly 6,000 Taco Bell locations in the United States.

First Published: April 25, 2014: 4:39 PM ET

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Stocks: Federal Reserve to the rescue?

Click image for more market data.

NEW YORK (CNNMoney)

After a bonanza of corporate report cards dominated recent headlines, investors will likely refocus on the state of the U.S. economy and the Federal Reserve's delicate dance to curtail its stimulus measures without roiling markets.

They will be looking for positive news to turn things around after the market downturn last week and a lot of choppy trading so far this year.

Related: Stocks end week in red as tech gets hammered

The early attention will clearly be on the Fed, which is widely expected to dial back its bond-buying exercise by another $10 billion following a two-day meeting that concludes on Wednesday.

Investors will sift through the central bank's policy statement for clues on when Yellen and Co. might embark on their first interest rate hike, a thought that has spooked some on Wall Street.

The Fed may also hint at whether it believes the recent uptick in economic data will persist. A brightened outlook could signal the central bank will continue, if not accelerate, its exit of quantitative easing.

There's no scheduled press conference following this meeting, meaning Wall Street doesn't need to worry about a repeat of last month when Yellen inadvertently riled the markets by fumbling a question about rate hikes.

But the clearest evidence on the health of the U.S. economy will come later in week in the form of the April jobs report.

Forecasters believe the government will report that U.S. nonfarm payrolls jumped by 204,000 jobs in April, improving upon March's estimate of 192,000. But watch for revisions to prior months and the unemployment rate, which could tick down to 6.6% from 6.7% in March.

Related: Many low-wage workers not protected by minimum wage

Wall Street will also take a look at GDP figures, which offer the broadest view of economic health. Due to weather-related headaches, first-quarter growth is seen tumbling to just 1.3%, down from 2.6% in the fourth quarter.

All of this U.S. economic news could easily be superseded if the situation between Russia and Ukraine intensifies. World markets, especially in Europe, fell on Friday thanks to the deteriorating economic -- not to mention political -- situation in Russia and Ukraine.

Related: The top three risks from the Ukraine crisis

Investors will weigh all of this economic and geopolitical news against more corporate earnings reports. Top consumer brands including Buffalo Wild Wing, (BWLD) Domino's Pizza, (DPZ) Expedia (EXPE)and Sprint (S, Fortune 500) will reveal their latest numbers.

PayPal owner eBay (EBAY, Fortune 500) is also scheduled to hit the earnings stage on Tuesday. The e-commerce behemoth is expected to log per-share earnings of 67 cents, down from 70 cents the year before. EBay recently ended a war with Carl Icahn over the billionaire activist investor's push to spin off PayPal.

The activist investing community will certainly tune in when Herbalife (HLF) logs quarterly results on Monday. The controversial nutrition company, which recently disclosed a probe from the Federal Trade Commission, has been under assault from billionaire hedge fund giant Bill Ackman.

Related: 5 reasons to care about Ackman's Botox bet

Twitter (TWTR) is scheduled to report earnings for the second time as a public company on Tuesday, with analysts expecting the micro-blogging site to narrow its loss to 3 cents per share, down from 8 cents a year ago. Twitter shares have shed a third of their value this year as investors back away from momentum Internet and biotech names.

Related: Investors are done with sexy stocks

Investors will also get a glimpse into the world of energy producers this week. Chevron (CVX, Fortune 500) and ExxonMobil (XOM, Fortune 500), the world's largest public energy company, are scheduled to log results on Thursday and Friday, respectively.

Other notable earning reports on tap for the week include Ameriprise Financial (AMP, Fortune 500), Bristol-Myers Squibb (BMY, Fortune 500), Goodyear Tire & Rubber (GT, Fortune 500), British soccer club Manchester United (MANU)and Standard & Poor's parent company McGraw-Hill Financial (MHFI).

Wall Street will also be digesting the latest real estate data, including an industry group's report on March pending home sales and the S&P Case-Shiller's look at February metro home prices.

As if there isn't already enough on investors' radar, the manufacturing sector will also be in the headlines. The Institute for Supply Management's closely-watched PMI index is expected to show on Thursday that activity improved slightly in April, while the government's factory orders report is set for release on Friday.

First Published: April 27, 2014: 9:20 AM ET

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Supreme Court hearing leaves Aereo backer more confident

Click the photo to watch the interview.

NEW YORK (CNNMoney)

Barry Diller, chairman of the media giant IAC, was in the courtroom on Tuesday morning when the Supreme Court heard oral arguments in television broadcasters' high-stakes lawsuit against Aereo. In an interview on CNN's "Reliable Sources," his first since the hearing, he said he left the courthouse feeling more confident that Aereo would win the case.

But, he added wryly, "it means nothing."

"Nobody knows" what the justices will decide, he emphasized. The court is expected to rule on the copyright infringement case by early summer.

Related: Watch the interview on "Reliable Sources"

Using thousands of miniature TV antennas, Aereo scoops up the freely available signals of local stations in cities like New York and Boston. Then it delivers the signals to the smart phones, tablets or computers of paying subscribers.

TV station owners, including major media companies like The Walt Disney Company (DIS, Fortune 500) and CBS (CBS, Fortune 500), say that Aereo is violating copyright by allowing "public performances" of their shows. Aereo says it is only enabling only private screenings, just like off-the-shelf TV antennas do, but with added convenience.

"Aereo is, essentially, simply an antenna device that replaces technologically what you used to have to do — to go up to your rooftop and erect an antenna," Diller said.

Related: What the heck is Aereo, anyway?

He complained about some of the media coverage of the case, calling it "dopey." And he disagreed with Chief Justice John Roberts' depiction of Aereo as a "gimmick."

"Rather than saying it's a gimmick, what we did is constructed a technological advance within law as we understood it," Diller said.

Ever since Aereo was introduced in early 2012, Diller has said that there is "no plan B" if the courts conclude that the service is violating the law. He affirmed that point of view in the "Reliable Sources" interview.

Asked whether he thought Aereo would ultimately lose, he said, "I think there's a 50% chance it'll lose. Of course, yes. Always, I thought that ... But I did not think that it would become this important a moment in the world of technology."

He added that "Aereo, if it's successful, together with other services, may change and give competition to the closed system of satellite or cable. That's what it may do."

Related: Supreme Court quizzes Aereo

Diller said he had never been to the Supreme Court before Tuesday. "They took themselves very seriously when they built that place," he quipped, "and they're keeping it up, in equal majesty and grandeur as the creators."

He said he didn't expect to ever be back in court there.

First Published: April 27, 2014: 1:26 PM ET

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Under Armour scores invite to S&P 500

NEW YORK (CNNMoney)

That puts it in the ranks of the largest largest companies on U.S. stock exchanges -- call it the "varsity league" of stocks.

Under Armour (UA) stock has been on the kind of winning streak that the Yankees would envy. It has skyrocketed 850% over the past half-decade. It will replace Beam (BEAM) in the S&P lineup once the alcohol company's $13.6 billion buyout from Japan's Suntory Holdings is completed next week.

Related: Under Armour's crew of star athletes

But the Baltimore-based company didn't get much of a victory lap. Under Armour shares fell on Friday, which is somewhat unusual since new additions to the S&P 500 typically enjoy a bounce as funds that track the broad benchmark buy shares of the companies in the index.

The problem is the athletic-gear maker is a member of the "momentum crowd", a group of stocks that has quickly gone out of style on Wall Street as investors increasingly shift their money into stocks of more boring, but stable companies.

Under Armour experienced that shift first hand on Thursday, when the company's shares tumbled over 7% despite revealing a 73% leap in profits and indicting a lot of optimism about the rest of the year.

Still, the addition to the S&P 500 highlights the ability of Under Armour in recent years to challenge industry leaders Adidas (ADDDF) and Nike (NKE, Fortune 500), the latter of which was added to the even more exclusive Dow Jones industrial average in 2013.

Under Armour sports strong profit margins and impressive growth overseas, where sales surged 92% in the first quarter from the year before. The company has also boosted sales by expanding into new categories, including hunting and golf.

Earlier this year, Under Armour scored a 10-year deal to become the official sports apparel outfitter of Notre Dame's varsity teams. Terms were not disclosed but the blockbuster deal is estimated to be worth around $100 million.

So far Under Armour has been able to weather the storm stemming from the Winter Olympics, where the U.S. speed-skating team blamed the company's high-tech suits for slowing them down in Sochi. The speed-skating team even extended its exclusive contract with Under Armour.

Shares of Under Armour fell over 1.5% on Friday, trimming their 2014 gains to below 15%.

On the other hand, LinkedIn (LNKD) dropped about 5% as the professional social network was snubbed from the S&P 500 despite ample speculation earlier in the week that it would get the bid to join the lineup.

First Published: April 25, 2014: 11:44 AM ET

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Elon Musk's SpaceX will sue U.S. over rocket contract

Musk claims his aerospace company SpaceX was unfairly shut out of a contract for rocket launches he says he can do for less money.

WASHINGTON (CNNMoney)

SpaceX plans to sue the U.S. Air Force to challenge a $7.2 billion contract awarded to a company called United Launch Alliance, Musk said at a news conference on Friday.

The alliance, a venture of Boeing (BA, Fortune 500) and Lockheed Martin (LMT, Fortune 500), is set to use rocket boosters to launch things like GPS satellites into space for the federal government.

The contract, Musk charged, "essentially blocks companies like SpaceX from competing for national security launches."

"This really doesn't seem right to us," added Musk, whose electric car maker Tesla (TSLA) is challenging established auto companies.

The Air Force did not respond to a request for comment.

United Launch Alliance spokeswoman Christa Bell said the contracting process began in 2011. She said the ULA contract was able to deliver $4 billion worth of savings compared to past contracts.

"ULA recognizes the DOD plan to enable competition and is ready and willing to support missions with same assurance that we provide today," Bell said.

Related: Elon Musk's ventures

SpaceX has filed notice that it plans to sue the Air Force, the first step before a federal contract can be challenged. The suit will be filed late Friday or Monday, a spokesman said.

Musk alleged the United Launch Alliance contract is costing taxpayers "billions of dollars, for no reason" because SpaceX could provide launch rockets more inexpensively.

SpaceX has a $1.6 billion contract to launch a dozen unmanned cargo ships to the International Space Station, delivering equipment and supplies.

First Published: April 25, 2014: 3:13 PM ET

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Taco Bell tests new restaurant aimed at Chipotle crowd

A rendering of a U.S. Taco Co. shows an eatery that could compete with chains like Chipotle and Qdoba.

NEW YORK (CNNMoney)

How far is Taco Bell branching out? The Mexican Car Bomb isn't even a taco. It's a vanilla shake with Guinness, tequila caramel sauce and chocolate flakes.

U.S. Taco Co is set to open in Huntington Beach, Calif., this summer, with a taco-focused menu -- but not the same tacos you can buy for a buck or two at Taco Bell.

The "Brotherly Love" will be like eating a Philly cheese steak stuffed inside a flour tortilla. The "Winner Winner" adds a southern twist, with crispy chicken and gravy.

The southern California location is a test-run, but it could be the first of dozens across the country, Taco Bell CEO Greg Creed told the Orange County Register.

The eatery won't offer Mexican restaurant favorites like burritos or tortilla chips, and instead it will sell steak fries with tacos.

Related: Why McDonald's is offering free coffee

U.S. Taco Co. aims to fit in with other "fast-casual" chains like Chipotle, Qdoba Mexican Grill and Panera, said Morningstar analyst R.J. Hottovy.

Those chains offer higher quality food at the same speed as a fast-food joint.

U.S. Taco Co's menu will offer steak fries and milk shakes along with tacos.

It's a growing industry so it makes sense that Taco Bell, owned by Yum! Brands (YUM, Fortune 500), would want to enter the field.

"The cost to operate isn't as high as casual restaurants, but they can still charge higher prices. It's very lucrative," Hottovy said.

The tacos will cost $4 at the new restaurant, while most cost under $2 at the nearly 6,000 Taco Bell locations in the United States.

First Published: April 25, 2014: 4:39 PM ET

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Taco Bell tests new restaurant aimed at Chipotle crowd

A rendering of a U.S. Taco Co. shows an eatery that could compete with chains like Chipotle and Qdoba.

NEW YORK (CNNMoney)

How far is Taco Bell branching out? The Mexican Car Bomb isn't even a taco. It's a vanilla shake with Guinness, tequila caramel sauce and chocolate flakes.

U.S. Taco Co, set to open in Huntington Beach, Calif., this summer, with a taco-focused menu -- but not the same tacos you can buy for a buck or two at Taco Bell.

The "Brotherly Love" will be like eating a Philly cheese steak stuffed inside a flour tortilla. The "Winner Winner" adds a southern twist, with crispy chicken and gravy.

The southern California location is a test-run, but it could be the first of dozens across the country, Taco Bell CEO Greg Creed told the Orange County Register.

The eatery won't offer Mexican restaurant favorites like burritos or tortilla chips, and instead it will sell steak fries with tacos.

Related: Why McDonald's is offering free coffee

U.S. Taco Co. aims to fit in with other "fast-casual" chains like Chipotle, Qdoba Mexican Grill and Panera, said Morningstar analyst R.J. Hottovy.

Those chains offer higher quality food at the same speed as a fast-food joint.

U.S. Taco Co's menu will offer steak fries and milk shakes along with tacos.

It's a growing industry so it makes sense that Taco Bell, owned by Yum! Brands (YUM, Fortune 500), would want to enter the field.

"The cost to operate isn't as high as casual restaurants, but they can still charge higher prices. It's very lucrative," Hottovy said.

The tacos will cost $4 at the new restaurant, while most cost under $2 at the nearly 6,000 Taco Bell locations in the United States.

First Published: April 25, 2014: 4:39 PM ET

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Under Armour scores invite to S&P 500

NEW YORK (CNNMoney)

That puts it in the ranks of the largest largest companies on U.S. stock exchanges -- call it the "varsity league" of stocks.

Under Armour (UA) stock has been on the kind of winning streak that the Yankees would envy. It has skyrocketed 850% over the past half-decade. It will replace Beam (BEAM) in the S&P lineup once the alcohol company's $13.6 billion buyout from Japan's Suntory Holdings is completed next week.

Related: Under Armour's crew of star athletes

But the Baltimore-based company didn't get much of a victory lap. Under Armour shares fell on Friday, which is somewhat unusual since new additions to the S&P 500 typically enjoy a bounce as funds that track the broad benchmark buy shares of the companies in the index.

The problem is the athletic-gear maker is a member of the "momentum crowd", a group of stocks that has quickly gone out of style on Wall Street as investors increasingly shift their money into stocks of more boring, but stable companies.

Under Armour experienced that shift first hand on Thursday, when the company's shares tumbled over 7% despite revealing a 73% leap in profits and indicting a lot of optimism about the rest of the year.

Still, the addition to the S&P 500 highlights the ability of Under Armour in recent years to challenge industry leaders Adidas (ADDDF) and Nike (NKE, Fortune 500), the latter of which was added to the even more exclusive Dow Jones industrial average in 2013.

Under Armour sports strong profit margins and impressive growth overseas, where sales surged 92% in the first quarter from the year before. The company has also boosted sales by expanding into new categories, including hunting and golf.

Earlier this year, Under Armour scored a 10-year deal to become the official sports apparel outfitter of Notre Dame's varsity teams. Terms were not disclosed but the blockbuster deal is estimated to be worth around $100 million.

So far Under Armour has been able to weather the storm stemming from the Winter Olympics, where the U.S. speed-skating team blamed the company's high-tech suits for slowing them down in Sochi. The speed-skating team even extended its exclusive contract with Under Armour.

Shares of Under Armour fell over 1.5% on Friday, trimming their 2014 gains to below 15%.

On the other hand, LinkedIn (LNKD) dropped about 5% as the professional social network was snubbed from the S&P 500 despite ample speculation earlier in the week that it would get the bid to join the lineup.

First Published: April 25, 2014: 11:44 AM ET

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Elon Musk's SpaceX will sue U.S. over rocket contract

Musk claims his aerospace company SpaceX was unfairly shut out of a contract for rocket launches he says he can do for less money.

WASHINGTON (CNNMoney)

SpaceX plans to sue the U.S. Air Force to challenge a $7.2 billion contract awarded to a company called United Launch Alliance, Musk said at a news conference on Friday.

The alliance, a venture of Boeing (BA, Fortune 500) and Lockheed Martin (LMT, Fortune 500), is set to use rocket boosters to launch things like GPS satellites into space for the federal government.

The contract, Musk charged, "essentially blocks companies like SpaceX from competing for national security launches."

"This really doesn't seem right to us," added Musk, whose electric car maker Tesla (TSLA) is challenging established auto companies.

The Air Force did not respond to a request for comment.

United Launch Alliance spokeswoman Christa Bell said the contracting process began in 2011. She said the ULA contract was able to deliver $4 billion worth of savings compared to past contracts.

"ULA recognizes the DOD plan to enable competition and is ready and willing to support missions with same assurance that we provide today," Bell said.

Related: Elon Musk's ventures

SpaceX has filed notice that it plans to sue the Air Force, the first step before a federal contract can be challenged. The suit will be filed late Friday or Monday, a spokesman said.

Musk alleged the United Launch Alliance contract is costing taxpayers "billions of dollars, for no reason" because SpaceX could provide launch rockets more inexpensively.

SpaceX has a $1.6 billion contract to launch a dozen unmanned cargo ships to the International Space Station, delivering equipment and supplies.

First Published: April 25, 2014: 3:13 PM ET

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Tesla finds friends in the FTC

A Tesla Motors vehicle in a Miami showroom.

NEW YORK (CNNMoney)

Three officials at the agency argued Thursday that the electric car company should be permitted to sell vehicles directly to customers.

Many states currently forbid the practice of automakers selling cars to customers outside of the established dealer network, and the officials say that's a "bad policy."

In a post on the FTC's blog, the three officials write that these state laws stifle competition, hurt consumers and the chance for new businesses to succeed. The blog post isn't more than a recommendation, as auto sales are mostly regulated at the state level, and the authors say that it does not necessarily reflect the views of the commission.

"We hope lawmakers will recognize efforts by auto dealers and others to bar new sources of competition for what they are—expressions of a lack of confidence in the competitive process that can only make consumers worse off," they write.

Related: Where you can buy a Tesla

Tesla (TSLA) CEO Elon Musk has been vocal about not wanting to use the traditional dealer model. He's fought with states like New York and New Jersey to keep Tesla stores open. His company is outright banned from selling vehicles the way he wants in other states like Texas.

Dealership lobbies are strong in many states and argue that the law protects small local dealers from abusive practices by manufacturers. But the FTC officials write that these laws have become "protectionist," preserving just one way of selling cars: through an independent care dealer.

Plus, they argue, Tesla sold just 22,000 out of the 15 million cars sold in the U.S. last year, hardly threatening established dealers. It has never had any independent dealers, and does not want them, they write.

Tesla could not immediately be reached for comment.

The dealership lobby isn't backing down, fearing Tesla's ways could pave the way for larger automakers to sell cars directly, too, and ultimately undermine the system of franchised auto dealers.

The National Automobile Dealers Association, an industry trade group representing 16,000 new car and truck dealerships, argues that dealers competing for customers in local markets, rather than factory owned stores, help give shoppers more bargaining power.

"Buying a car isn't like buying a pair of shoes online," said Jonathan Collegio, vice president of public affairs for the NADA. "Cars require licensing to operate, insurance and financing to take home, and contain hazardous materials, so states are fully within their rights to protect consumers by standardizing the way cars are sold," he said.

First Published: April 24, 2014: 8:57 PM ET

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Internet giant Sina caught in China porn crackdown

HONG KONG (CNNMoney)

Official state media reported that authorities will strip Sina.com of its video and audio publication licenses after finding lewd videos and images on the website.

It was not immediately clear how the Sina's operations would be affected, but the company's social media platforms and websites appeared to be functioning on Friday.

Chinese authorities have embarked on an anti-porn campaign in recent weeks, but the high-profile shaming of Sina is a surprise escalation that signals Beijing's determination to remove what it considers to be objectionable content.

Authorities have closed hundreds of websites and thousands of user accounts as part of the wider crackdown, according to state media.

The National Office Against Pornographic and Illegal Publications said it had found 20 pornographic articles and four videos on Sina.com. The agency said in a statement that it had referred several individuals involved in the case to police.

State media carried an apology from Sina (SINA), in which the company offered its "most sincere apology to all netizens and the public."

Related story: Move over Facebook, Alibaba's mega IPO is coming

The internet and media are closely controlled and censored in China. Services including Facebook (FB, Fortune 500) and Twitter (TWTR) are banned in the country, and Beijing has invested heavily in a firewall that restricts access to controversial websites.

The move against Sina comes just days after one of its social media properties, Weibo (WB), rallied 19% in its New York IPO.

Shares of the Chinese social media platform, which is often compared to Twitter, fell 4.5% in Thursday trading. Sina maintains a controlling stake in Weibo.

First Published: April 25, 2014: 2:04 AM ET

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Alibaba founders fund mega charity ahead of IPO

Alibaba founder Jack Ma has created charitable trusts that could be worth more than $3 billion.

HONG KONG (CNNMoney)

Alibaba co-founder Jack Ma, along with current CEO Joe Tsai, said Friday that they have established two trusts funded by share options worth about 2% of the company. The philanthropic effort will initially benefit environmental, medical, education and cultural causes in China, according to a statement.

Alibaba is widely expected to soon announce plans for a mega IPO that will rank among the largest in history.

Some analysts say the company is currently worth more than $170 billion -- a figure that would value the trusts at roughly $3.4 billion.

Alibaba, founded 15 years ago, has a stranglehold on the e-commerce business in China, and its online shopping sites account for about 80% of the industry.

The company has also expanded to a number of business areas, including online payment services and start-up investing.

Related story: Move over Facebook, Alibaba's mega IPO is coming

Ahead of the IPO, Ma is ranked China's 29th richest man with a net worth of over $4 billion, according to the Hurun Rich List, which tracks wealth in the world's second-largest economy.

Ma, who currently serves as executive chairman, said he established the trusts because "concern and complaints cannot change the current situation."

"We must assume responsibility and take action to improve the environment that our children will inherit," he said.

The establishment of the trusts makes Ma one of China's first billionaires to set up a major philanthropic endeavor, and puts him in the ranks other successful executives who have pledged large portions of the fortunes to charity.

Three of those -- Michael Bloomberg, Bill Gates and Warren Buffett -- praised Ma's decision in the statement issued by Alibaba.

"Their gifts set a new bar for philanthropy in China, and hopefully other entrepreneurs and business leaders around the world will follow in their footsteps," said Bloomberg, the former New York City Mayor and founder of Bloomberg Philanthropies.

First Published: April 25, 2014: 1:31 AM ET

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Regulators pave way for Internet "fast lane" with net neutrality rules

FCC chairman Tom Wheeler, a former cable industry lobbyist.

NEW YORK (CNNMoney)

The news quickly drew condemnations from net neutrality activists, who say the proposal from the Federal Communications Commission will give large companies that can afford to pay for priority access a permanent advantage over smaller competitors.

The proposal follows a January court decision that struck down the FCC's previous net neutrality rules, which barred Internet service providers like Verizon (VZ, Fortune 500) and Comcast (CMCSA, Fortune 500) from blocking or "unreasonably discriminating" against online content. Those regulations were challenged in 2011 by Verizon, which claimed the move overstepped the commission's legal authority, and the FCC has since been working to craft new rules that will pass legal muster.

The rules to be proposed on Thursday, according to an FCC spokesman, will require ISPs to offer "a baseline level of service" to their subscribers while allowing them to "enter into individual negotiations with content providers." That means that companies like Amazon (AMZN, Fortune 500), eBay (EBAY, Fortune 500) and Netflix (NFLX) could conceivably pay ISPs to ensure that their sites load for Web users faster than those of competitors.

Related: How net neutrality fight may change your Internet

In all cases, the FCC proposal says, Internet providers must act in a "commercially reasonable manner," with agreements between ISPs and content providers subject to review by regulators on a case-by-case basis.

"Exactly what the baseline level of service would be, the construction of a 'commercially reasonable' standard, and the manner in which disputes would be resolved, are all among the topics on which the FCC will be seeking comment," the FCC spokesman said.

The commission will vote on the proposed rules May 15 before putting them out for comment. In the meantime, Net freedom activists are already crying foul.

"If it goes forward, this capitulation will represent Washington at its worst," Todd O'Boyle, program director of Media and Democracy Reform Initiative at Common Cause, said in a statement. "Americans were promised -- and deserve -- an Internet that is free of toll roads, fast lanes, and censorship -- corporate or governmental."

Craig Aaron, president of the media freedom group Free Press, said the FCC was "aiding and abetting the largest ISPs in their efforts to destroy the open Internet." He said the FCC proposal would create the incentive for Internet providers to manufacture congestion on their networks and then charge content providers for the ability to avoid it.

Verizon spokesman Ed Mcfadden declined to comment directly on the FCC proposal, but said his company is committed to letting customers "access the Internet content they want, when they want and how they want."

"Given the tremendous innovation and investment taking place in broadband Internet markets, the FCC should be very cautious about adopting proscriptive rules that could be unnecessary and harmful," Mcfadden said.

Comcast and AT&T did not immediately respond to requests for comment.

Related: New chapter begins in net neutrality fight

The FCC's planned rules relate specifically to broadband, which is used for most home Internet connections. They won't cover the mobile Web, which is much more lightly regulated.

Concerns about traffic discrimination have already arisen in the mobile world. Earlier this year, AT&T (T, Fortune 500) announced a "sponsored data" plan for mobile customers in which content from paying businesses won't count against monthly data caps. Verizon and AT&T have also previously blocked use of the Google (GOOG, Fortune 500) Wallet app, which competes with their own offerings.

The FCC rules also won't cover deals like the one reached earlier this year between Netflix (NFLX) and Comcast, in which the online video company reluctantly agreed to pay for a direct connection to Comcast's network to boost lagging streaming speeds. That's because the proposal only relates to what ISPs do with content in the so-called "last mile" of their networks, where they connect directly to the homes of customers.

Netflix CEO Reed Hastings has called for the FCC to implement "stronger" net neutrality rules that would also cover connections between networks.

First Published: April 23, 2014: 7:42 PM ET

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What stumps Warren Buffett? Minimum wage

NEW YORK (CNNMoney)

"I thought about it for 50 years and I just don't know the answer on it," Buffett told CNN Wednesday. "In economics you always have to say 'and then what?' And the real question is are more people going to be better off if it is raised," he said.

Buffett also said that the current federal minimum of $7.25 is not a living wage. If raising it didn't hurt employment he'd want it up significantly higher. "You do lose some employment as you increase the minimum wage, if you didn't I would be for having it $15 an hour," he said.

Many states and cities have recently raised their minimum wage rate above the federal minimum and President Obama is pushing for Congress to raise the nationwide rate to $10.10 an hour.

Buffett said he's not arguing against raising the minimum wage, but suggests that increasing the earned income tax credit may be a better way to attack the problem.

The EITC is an antipoverty program designed to encourage people to work by providing a credit on wages.

Related: Many low-wage workers not protected by minimum wage

"I know that if you raise the earned income tax credit significantly, that would definitely help people who've gotten the short stick in life," Buffett said.

Buffett conducted media interviews in New York after a lunch that brought in a $1 million donation for a charity called GLIDE. The charity runs a number of anti-poverty and educational programs in San Francisco, a city with one of the highest levels of inequality in the country.

The booming tech industry and high-paid executives in the Silicon Valley area have been blamed for rising rent prices pushing some people out of their homes.

Over the past 14 years, Buffett has raised nearly $16 million for GLIDE by auctioning off the opportunity to have lunch with the investing guru.

"I'm not rich because somebody is poor. But some people are poor because the system does not reward particular skills," Buffett said. "Some of them have very limited skills in terms of what it brings them in a market system," he said.

- CNN's Poppy Harlow contributed to this report.

First Published: April 23, 2014: 6:35 PM ET

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Obama fails to secure breakthrough in Japan trade talks

The Obama administration was seeking a breakthrough on trade talks during a trip to Japan.

HONG KONG (CNNMoney)

The unwieldy trade pact is a major priority for the Obama administration, but progress has stalled after 20 rounds of negotiations spread over a period of years have failed to produce a consensus.

The latest hang-ups are over Japan's efforts to protect agricultural products including beef, rice, sugar and pork. In the same vein, Washington is hoping to protect U.S. automakers from Japanese competitors.

Advisers from both countries had been engaged in negotiations in the lead up to President Obama's trip to Japan, and analysts suggested that if significant progress were made, details would be announced at Thursday's joint press conference.

Yet no breakthrough materialized, leaving both leaders to say only that the initiative remains a priority and talks will continue.

"We are closer to agreement on issues like automobiles and agriculture," Obama said. "Now is the time for bold steps that are needed to reach a comprehensive agreement, and I continue to believe we can get this done."

Twelve countries -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam -- are taking part in the TPP talks. Together they make up 40% of the global economy.

The agreement has the potential to knock down tariffs and import quotas, and open new Pacific markets to American companies. The U.S. and Japan -- the first and third largest economies in the world -- anchor the deal, which does not include China.

Related story: Russia looks to Asia for trade cushion

Yet the TPP remains highly controversial in many of the countries currently involved in negotiations.

Key members of the U.S. Congress say they are being kept in the dark about pact details, and some members of the president's own party have voiced concern over the treaty's impact on jobs.

Significant political opposition makes it unlikely that Obama will be able to push any agreement through Congress before the 2014 mid-term elections.

Analysts at the Eurasia Group said that Japanese Prime Minister Shinzo Abe is well aware of this dynamic, making concessions unlikely in the near term.

" [Abe] thus has little incentive to respond to U.S. demands that Japan open its agriculture, services, and auto sectors before Obama can ensure speedy U.S. ratification," the analysts wrote in a recent report.

First Published: April 24, 2014: 1:26 AM ET

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Friday Links

NEW YORK (CNNMoney)

A weekly collection of design, data and interactive links.

Photo/Video
Onion Skin | An installation by Olivier Ratsi.
Project Ara | A smartphone made by DARPA.
Binkbeats | Windowlicker by Aphex Twin.
Strength | Deutsche Bank media wall.
The Tale of the Plump Bird | Short animated video by Saki Iyori.
Scenes of Spring | Photographs from The Atlantic's InFocus blog.
Ornithology S. | Animated 4-color screen prints on bristol paper.

Design/Data viz
Responsive Man | Responsive layout of the human face.
Affordances Matter | A detailed look at iOS 7's shift key.

Code
Perspective Transformation II | Perspective example using d3.js
Unix Command Line | For artists and activists.

See last week's links

Have a nice weekend!
@dubly and @talyellin

First Published: April 18, 2014: 9:37 AM ET

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Get out from under a too-heavy workload

Buried by tasks on the job? Here's how to speak up if you're maxed out, without sabotaging your next promotion.

(Money Magazine)

Consider it a form of flattery: With companies today demanding that employees work faster while tackling more complex tasks, the nimble professionals who "get it" have been deluged, says Anat Lechner, associate professor at NYU's Stern School of Business.

"When you're that kind of person, everyone knows who you are." Lucky you.

Here's how to speak up if you're maxed out, without sabotaging your next promotion.

Speak to the firm's interests

Your manager probably hasn't thought about what else is on your plate when she asks you, in passing, to take on a new proposal.

It's up to you to speak up if you don't have bandwidth.

"But you have to be able to react within seconds," says New York City career coach Caroline Ceniza-Levine.

Related: Don't let divorce wreck your finances

Keep a running tally of all your projects, so you'll be ready to respond. Then, rather than whining to the boss that you already do the job of five people, you can explain how taking a new project will prevent you from achieving some other equally important task, says Atlanta executive communications coach Darlene Price.

You might say: "Jim, the client in New York needs my attention this week so I can close the deal, which is worth $1 million. What should we do?"

Related: Baby on the way? Time to make a budget

Of course, the right approach depends on your manager's personality and the security of your job. You may find it safer to agree to a task but ask for the resources you need to do it. "Say, 'Yes, but to do that, I need x, y, or z,'" suggests Lechner.

Name the right recipient

Aim to hold on to high-profile jobs and offload work that won't help you advance. Instead of letting the duties fall upon your peers, who may not be pleased to pick up your discards, suggest that a junior colleague take an unwanted project as a stretch role.

"Something you don't want to do can be useful to someone else," says Ceniza-Levine.

Draw a line in the sand

If a manager essentially tells you to suck it up, you may be part of a workaholic culture or chronically understaffed department where the only way to scale back is to leave, says Price.

Once you have a "walkaway" strategy, consider making a final attempt with your boss.

Related: Budgeting for a new home, and a disability

One executive Price coached -- who traveled so often her 6-year-old asked her where she lived -- tried repeatedly to get her manager to reduce her business trips. Finally she told him she couldn't accept the working conditions and asked if he'd write her a letter of recommendation. "That called his bluff," says Price.

With this tactic, you've got to be ready to hear "buh-bye" -- but you may be better off in a new job anyway.

First Published: April 18, 2014: 5:00 PM ET

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Lara Spencer promoted to 'GMA' co-host

NEW YORK (CNNMoney)

The promotion puts Spencer on par with George Stephanopoulos and Robin Roberts, the other two co-hosts, and means she'll be more visible during the 7 a.m. hour of the top-rated morning show.

"GMA" has weathered a number of cast changes in recent months: Weather anchor Sam Champion was replaced by Ginger Zee in December, and news anchor Josh Elliott was replaced by Amy Robach a few weeks ago. Two new contributors, Michael Strahan and Tony Reali, have been announced since Elliott's departure.

Spencer's promotion is most likely the last in this series of changes. It was announced about a month after she signed a new contract with ABC News.

Related: How things got ugly between ABC and Josh Elliott

Spencer was a host of the entertainment newsmagazine "The Insider" before joining "GMA" in 2011, in a job created for her -- "lifestyle anchor." Her signature segment has been the "Pop News Heat Index," an 8 a.m. hour summary of entertainment and pop culture news stories.

Friday's promotion affirms how the morning show has evolved. Over time, Spencer has played a bigger part at both 7 and 8 a.m. Case in point: She recently interviewed Vice President Joe Biden at a White House event with the original "Rosie the Riveters," whom Biden said represented "the start of the first's women's liberation movement."

Her promotion was announced by the new president of ABC News, James Goldston, who was the producer in charge of "GMA" back in 2011. Goldston said in an internal memorandum that "Lara is clearly an essential ingredient in the success we have enjoyed."

Two years ago this week, "GMA" began to beat NBC's "Today" show in the morning TV ratings race, ending a 16-year winning streak by "Today." Despite the cast shakeups, "GMA" remains firmly in first place; last week the show led "Today" by 279,000 viewers between the ages of 25 to 54, a key demographic for news advertisers. ABC said that win represented the widest gap between the rival shows in three months.

First Published: April 18, 2014: 3:16 PM ET

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Michaels hack hit 3 million

A data breach at Michaels craft stores lasted eight months.

NEW YORK (CNNMoney)

The news comes three months after the nation's largest crafts chain told customers it learned of a possible hack. It's been investigating since then.

Some customers' credit and debit card numbers as well as expiration dates were compromised, but the company said there is no evidence that information such as a customers' names or PINs were stolen.

The breach occurred between May 8, 2013 and Jan. 27, 2014 and affected about 7% of transactions made with cards during that time. Not all stores were impacted and a "limited number" of those cards were subsequently used fraudulently, Michaels said.

The Michaels subsidiary Aaron Brothers was also hacked. Information from another 400,000 cards was potentially stolen at the Aaron Brothers stores between June 26, 2013 and Feb. 27, 2014.

Related: What you need to know about the Heartbleed bug

"We want you to know we have identified and fully contained the incident, and we can assure you the malware no longer presents a threat to customers while shopping at Michaels or Aaron Brothers," wrote CEO Chuck Rubin in a post on the company's website.

The initial Michaels announcement came just weeks after Target (TGT, Fortune 500) also disclosed it was hacked. The attack on Target affected as many as 110 million customers, including 40 million credit and debit card shoppers at the height of the holiday shopping season.

First Published: April 17, 2014: 7:23 PM ET

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8 million sign up for Obamacare

NEW YORK (CNNMoney)

But the final enrollment figure remains to be seen: The White House has not released how many people have fully enrolled, which requires paying their first premium.

The open enrollment period ended on March 31, though people in some states are still able to sign up if they had already begun the application process.

The White House also said that 28% of those signing up on the federal exchange are between ages 18 and 34. The enrollment of young adults is being closely watched since they are presumed to be healthier and less costly, which will help offset the higher expenses generated by older enrollees.

Related: Got Obamacare, can't find doctors

The success of Obamacare's initial year will have an impact on insurance premium increases for 2015.

National enrollment figures, however, are not that significant, experts have said. Ultimately, it's more important that the final enrollment tally -- and the share of young adults -- matches with insurers' expectations. Insurers interviewed last month said sign-ups were tracking closely to their projections.

The White House used the occasion to again tout the fact that Obamacare has helped slow the rise of health care costs to record low levels. In the decade before Obamacare, employer-based insurance costs rose almost 8% a year. Last year, it increased at half that rate, President Obama said Thursday in a press conference.

Obama also chastised the governors and lawmakers in 24 states who have opted not to expand Medicaid, which he said was purely for political reasons. Many adults below the poverty line in these states are not eligible for Medicaid, nor do they qualify for federal subsidies to buy private insurance on the exchanges. Some 5.7 million people will remain uninsured because of this, according to the White House.

"It's wrong," the president said. "Those folks should be able to get insurance like everybody else."

Related: Medicare doctors - who gets the big bucks & for what

First Published: April 17, 2014: 5:09 PM ET

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Wealthy investors flock to fine art funds

Art investment funds might choose to invest in "blue-chip" works, such as Andy Warhol's dollar sign series.

HONG KONG (CNNMoney)

The name says it all: These funds invest in fine art and seek returns by acquiring and selling high-end pieces for profit.

Growth in art investing has helped smash records for international art sales, which hit $66 billion last year. And the idea has been catching on with the very rich -- a group that already uses collectors' items and luxury goods as investments -- in the years following the global financial crisis.

"People are looking at new areas to invest in, and at the moment art is one of those -- it's making people money," said Jon Reade, co-founder of Hong Kong-based art brokerage Art Futures Group.

Related story: Chinese snap up fine art for use in laundering schemes

As with stocks, fund managers might buy pieces they believe are currently undervalued, perhaps from emerging artists. Funds can also buy into "blue-chip" artists -- similar to blue-chip stocks, these are top artists whose coveted works may offer more reliable returns.

Some art investment funds focus on investing in art from a certain region, a particular style period, or a specific medium, such as photography.

Another strategy is to buy in bulk, from a gallery or artist nearing bankruptcy, or to arrange for pieces to be exhibited -- a move that can help increase value.

Fund managers try to predict when a certain work will peak in value -- the golden moment to sell for a profit. To accomplish this, managers track a variety of indicators from auction houses, curators and galleries that can illuminate otherwise murky trends.

These funds can carry a hefty price tag -- London's Fine Art Fund Group requires a minimum investment of $500,000 to $1 million per investor.

"It's a very significant threshold, so it's not a fund for widows, orphans or retail investors," said CEO Philip Hoffman. "It's purely for high net worth and institutional type investors."

Related story: Where the rich stash their toys

Art funds are relatively new, and hold total assets of roughly $2 billion worldwide, according to the Art Fund Association, an industry group. That's still tiny compared to the $2.6 trillion hedge fund industry.

But related businesses are already springing up to support investing in art, such as freeports -- highly secure, tax-free places to stash fine art and other luxury items.

Future demand for art funds is expected to come from Asia, and especially China. Chinese demand boosted the global art fund market by 69% in 2012 alone, according to a Deloitte report.

Art investing is attractive to the Chinese due to limited investment options in the country. Plus, it promises big gains -- China's contemporary art market has gained roughly 15% each year in the last decade, while stocks have been largely flat, said New York University professor Jianping Mei, the developer of a fine art index.

Critics say a lack of regulation and the opaque nature of the market make art one of the riskiest investment options out there. Some have even accused wealth managers of exploiting the lack of transparency to bid up certain artists or works in order to raise the value of their funds.

Related story: Quarter sells for a record $1.5 million

And art is not as liquid an investment as assets such as stocks or bonds. Investors should expect to hold pieces for years, and be prepared to absorb insurance and storage costs during that time.

But supporters say these characteristics make art an extraordinary and rewarding investment.

"You get the benefit of a beautiful work of art you can enjoy on your wall," said Diana Wierbicki, who specializes in art law at Withers. "It's also an asset that is appreciating in value, because it's a market that's so strong."

First Published: April 17, 2014: 10:07 PM ET

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