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Market Update : 
Retail Sales in Focus
Author: Albena Toncheva
123jump.com
Last Update: 8:22 AM ET August 11 2005

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Futures were trading higher early Thursday, pointing to a higher opening for stocks. Crude oil prices eased back but still hovered around record levels. Investors will focus on oil prices, corporate news and the latest economic readings to see if stocks can rebound from the recent broad decline. The government report at 8.30 is expected to show that retail sales quickened in July which will be a sign that economy continues to expand.

 
Yahoo! Inc. (YHOO: chart) and Alibaba.com disclosed a definitive agreement to form a long-term strategic partnership in China. Under the terms of the agreement, Yahoo! would contribute its Yahoo! China business to Alibaba.com and both companies would work together in an exclusive partnership to grow the Yahoo! brand in China. In addition, Yahoo! noted that it is investing $1 billion in cash to purchase Alibaba.com shares from the company and other shareholders. The deal allows Yahoo! to hold about 40% economic interest with 35% voting rights in Alibaba.com. Yahoo said the overall transaction is valued at more than $4 billion. The transaction is seen to end in 4Q of 2005.
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