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The Philly Fed general economic index rose sharply in December, surprising many forecasters. The Business Outlook Survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of ‑10.7 in November to 8.1 this month. A positive index number generally indicates expansion. The median forecast of economists surveyed by Bloomberg called for an improvement to -3 from November's reading, which was negatively impacted by Sandy.
To some degree, the extent of the December pickup may reflect a snapback from the most difficult period of recovery from Sandy. The survey’s future indicators suggest improved optimism among reporting manufacturers for the next six months. In New York, however, the Empire State index continued to be in negative territory.
Arris Swings for the Fences
(Light Reading Cable)
Oracle buys another cloud software company, Eloqua, to market to marketers (San Jose Mercury News)
Oracle will spend $871 million for Northern Virginia-based Eloqua.
Salesforce May Go Shopping in Response to Oracle Deal (All Things D)
Marketo, Hubspot named as possible targets.
T-Mobile rolls out iPhone-friendly coverage across 14 cities including New York, Boston (The Verge)
Philadelphia among them.
NJ lawmakers give final OK to Internet betting (AP via KTVN)
Eurotech and ThingWorx Partner to Enable Rapid M2M Solution Delivery (ThingWorx Press Release)
Pa.-Based Journal Register to Be Auctioned in 2013 (AP via ABC News)
Penn expands its social media landscape (Penn Current)
at 11:21 AM
On December 20, 2001, Comcast reached an agreement to acquire AT&T Broadband, created through AT&T's acquisitions of MediaOne and TCI, for $52 billion. AT&T acquired TCI from John Malone in 1999 for $55 billion. The deal would almost triple the number of Comcast subscribers to 22 million, clearly establishing it as the leading US cable operator. Comcast CEO Brian Roberts cited the potential for products such as "video on demand, interactive services, high-speed data services, cable modems … the most attractive way to get the internet in your home is with a cable modem."