2012 YEAR IN REVIEW
The standout news & pop obsessions gleaned from your search habits
Year in Review 2012: Obsessions
Here are the top 10 obsessions that, as ranked by their search volume and percentage spike compared with 2011 on Yahoo!.
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- GM to sell its 7-percent stake in French automaker Peugeot
General Motors Co said Thursday it will sell its entire 7 percent stake in French alliance partner PSA Peugeot Citroen because the investment is no longer necessary. GM will sell the 24,839,429 shares through a private placement to institutional investors. The company had acquired the stake in Peugeot when it entered into an alliance with the French company in March 2012. "Our equity stake was planned to support PSA in their efforts to raise capital at the time of the creation of the GM and PSA alliance, and that support is no longer needed," GM Vice Chairman Steve Girsky said in a statement.
- Lululemon warns on fourth quarter sales, cuts outlook; shares plunge
By Solarina Ho TORONTO (Reuters) - Lululemon Athletica Inc warned on Thursday it expects flat same-store sales in the crucial fourth quarter due to "macro and execution issues" and cut its full-year outlook, sending shares of the trendy Canadian yogawear chain tumbling. The sales forecast is a big reversal for Lululemon, which not long ago was posting same-store sales growth well into double digits. Flat comps suggest there's been a change in consumer demand for the product," said Christian Buss, an analyst with Credit-Suisse. Lululemon has been plagued by problems throughout the year.
- Cisco cuts long-term revenue, earnings target
By Sinead Carew and Nicola Leske NEW YORK (Reuters) - Cisco Systems Inc on Thursday cut its longer-term earnings and revenue growth targets due to problems in emerging markets, conservative customer spending and stalling growth in its core business of network equipment, the latest in a drumbeat of bleak developments at the Silicon Valley company. Its shares were down 2 percent - a seven-month low - after it cut its three- to five-year revenue growth target to a range of 3 to 6 percent at its analysts' meeting. Cisco, which issued a dramatic warning on November 13 that revenue would decline in the current quarter and coming quarters, also reduced its target for earnings-per-share growth to a range of 5 to 7 percent for the same period from its previous target of 7 to 9 percent. Chief Financial Officer Frank Calderoni said revenue in Cisco's core network equipment business would be flat to up 1 percent in the same time frame.
- Bain Capital buys majority stake in parka maker Canada Goose
By Cameron French TORONTO (Reuters) - Bain Capital, the U.S. private equity firm, has bought a majority stake in Canada Goose Inc, a family-owned company which had been seeking an investor to help it meet demand for its high-end cold-weather gear. The two companies did not disclose the purchase price or the size of the majority stake bought by Bain, but said in a statement on Tuesday that Canada Goose Chief Executive Dani Reiss will remain in his position and maintain a "significant" stake in the company. Canada Goose has built a name on its pricey fur-lined parkas and other winter items, which the company boasts are manufactured in Canada, in spite of higher manufacturing costs than in other locations. In April, the company hired investment bank Canaccord Genuity to find a partner to bring additional equity into the company, with Reiss saying at the time that a minority partner was preferred.
- Air Canada to buy up to 109 Boeing 737 MAX planes
Air Canada said on Wednesday it will purchase up to 109 of Boeing Co's 737 MAX under its narrow-body fleet renewal plan, a major win for the aircraft maker and significant shift in supplier for Canada's largest carrier. The agreement, which includes 61 firm orders, will replace Air Canada's existing mainline fleet of Airbus narrow-body aircraft, the carrier said, confirming an earlier Reuters report. The deal marks a substantial competitive victory for Boeing over Airbus and a rebound on its home turf after Airbus displaced it at low-cost Mexican airline VivaAerobus in a fierce contest earlier this year.
- GM doesn't owe $450 million in retiree benefits: U.S. judge
A federal judge said General Motors Co is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the United Auto Workers union. In a 36-page decision, U.S. District Judge Avern Cohn in Detroit said on Tuesday that the current GM did not assume any obligation for the payment, which the automaker had contracted to make two years before its June 2009 bankruptcy filing. The payment had been part of a June 2007 contract between the old GM, its former Delphi Corp affiliate and the UAW. It was not, however, included in a different contract over medical benefits signed in July 2009 by the GM that emerged from Chapter 11.
- Budget deal reached amid conservative opposition
By Richard Cowan and David Lawder WASHINGTON (Reuters) - Budget negotiators in the Congress have reached an agreement on Tuesday that, if approved by the House and Senate, could restore some order to the nation's chaotic budget process and avoid another government shutdown on January 15. The chief negotiators, Democratic Senator Patty Murray and Republican Representative Paul Ryan, were to announce details at a news conference at 6 p.m. ET (2300 GMT). The most immediate result would be to avoid starting the new year with another government shutdown on January 15. The government was partially closed from October 1 to October 16 after a battle over Obamacare held up passage of a measure to fund the government.
- Lululemon aims to move past gaffes with new CEO, chairman
By Solarina Ho and Allison Martell TORONTO (Reuters) - Lululemon Athletica Inc named a new chief executive on Tuesday and said founder Chip Wilson will step down as chairman, as the upscale yogawear retailer tries to expand globally and put a series of embarrassing quality issues and other gaffes behind it. The company said Laurent Potdevin, most recently president of trendy footwear brand TOMS Shoes, will replace Christine Day as CEO in January and emphasized Potdevin's role leading TOMS' global expansion. Lululemon, in the early stages of a push into Europe and Asia, was forced to recall some of its signature black stretchy pants in March because they were see-through. "Product and quality for any premium brand such as Lululemon is absolutely paramount," Potdevin told Reuters.