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8A – Daily News – Tuesday, August 24, 2010 NEW YORK (AP) — Stocks slumped to a weak finish Mon- day as lingering worries about the economy overcame opti- mism from a fresh round of cor- porate dealmaking. Stocks had an early lift after Hewlett-Packard Co. bid 33 percent more than rival Dell Inc. for a data storage provider, but the gains faded quickly. The Dow Jones industrial average was up as much as 91 points in early trading but turned mixed for much of the day. A slump in the final half- hour of trading left the Dow with a loss of 39 points. Despite the positive deal news, a number of worries about the economy are keeping a lid on the market, especially a reluctance among companies to create jobs. Stocks had a two- day selloff late last week after first-time claims for unemploy- ment benefits jumped to their highest level since November. ‘‘Companies are not hiring because they don’t know the rules of the game,’’ said. Frank Ingarra, co-portfolio manager of Hennessy Funds. ‘‘When Come in and be Treated Like Family NEED ? We buy old or get an 10 a.m. - 5:30 p.m. Sat 11 a.m. - 4 p.m. the Exchange Gold 528-8000 423 WALNUT ST, RED BLUFF Instant Cash Loan! Mon.-Fri. Stocks slip as economy worries outweigh deal news Wall Street you don’t know the rules, you pack up and go home.’’ Ingarra said companies are hesitant to hire because of uncertainty surrounding costs tied to recently passed financial regulation and health care reform. The possibility of rising taxes also has companies wor- ried about consumption, he said. In other deal news, Potash Corp. of Saskatchewan Inc. rejected BHP Billiton’s $38.5 billion offer to acquire the fer- tilizer company, and HSBC Holdings said it was in talks to buy a controlling stake in Ned- bank Group Ltd. of South Africa from Old Mutual for as much as $6.8 billion. The Dow Jones industrial average lost 39.21 or 0.4 per- cent, to close at 10,174.41. Other major stock indexes also ended lower. The Standard & Poor’s 500 index fell 4.33, or 0.4 percent, to 1,067.36, while the Nasdaq composite index lost 20.13, or winds,’’ said Walter Gerasi- mowicz, chief investment offi- cer at Meditron Asset Manage- ment. He said investors are overlooking historically low interest rates and signs of cor- porate strength, choosing instead to focus on disappoint- ing economic data. Reports are due this week on the housing market, durable goods orders, consumer senti- ment and a revision to second- quarter gross domestic product. Housing remains especially weak following the expiration of the government’s tax credit earlier this year. Reports on existing and new home sales are due out Tuesday and Wednes- day. Traders will be looking at 0.9 percent, to 2,159.63. Falling stocks outpaced gaining ones three to two on the New York Stock Exchange. Consolidated trading volume was very light at 3.3 billion, versus 3.8 billion on Friday. Bond prices fell. The yield on the 10-year Treasury note, which moves opposite to its price, fell to 2.60 percent from 2.62 percent late Friday. That yield helps set interest rates on mortgages and consumer loans. ‘‘People are focused on the head winds more than the tail Wednesday’s report on durable goods orders to see if a slow- down in manufacturing was only temporary. Manufacturing has been one of the few bright spots in the broader economy this year. Hewlett-Packard shares fell 81 cents to $39.04, while 3Par jumped $8.05, or 44.6 percent, to $26.09. Dell fell 13 cents to $11.94. ’Tax lady’ Roni Deutch faces Calif. fraud lawsuit SACRAMENTO (AP) — California’s attorney general sued ‘‘tax lady’’ Roni Deutch for more than $34 million on Monday, alleging that her law firm regularly violates state law by making false promises that it will help people resolve disputes with the Mark's Fitness -Private Personal Training -Public Fitness Classes (Spin & other classes TBD) Opening Sept. 1st WANTED: Fitness Instructors Call: (530) 941-2832 821 Walnut St. Internal Revenue Service. Attorney General Jerry Brown contends that Deutch overstates her TV claims of winning tax bat- tles with the IRS. She advertises a success rate of up to 99 percent, yet suc- cessfully reduces the amount of money her Mon.-Fri. 10:30 to 5:30 Sat. 11-3 40 Crafters in 1 Shop! Or Rent a Space to Sell Your Crafts Gifts for family & friends Plenty of parking on Pine Street 650 Main St., Red Bluff 530 528-2723 Furniture Depot is giving away Free Furniture! 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Her ads are in heavy rotation on cable tele- vision and she has offered tax advice on national net- works, including NBC, CNN, Fox and CNBC. Brown’s lawsuit, filed in Sacramento County Superi- or Court, says Deutch’s firm takes in at least $25 million annually, and spends $3 million on advertising. The AG is seeking a pre- liminary injunction to block what it alleges are unfair business practices and false advertising. The case seeks unspeci- fied civil penalties on top of $33.9 million in restitution for the hundreds of clients Brown says filed com- plaints alleging they were defrauded. Her firm collects retainers of up to $4,700 and refuses to return the money when it fails to win tax settlements, the suit says. Yes, You Can Bowl!! Regular & Short Season Leagues & Clubs to fit your schedule & budget now forming! Get the Details & Some Cool Savings at Call 530-527-2720 365 S. Main St.,Red Bluff www.lariatbowl.com It’s Fun! 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