NEW YORK Wall Street is peering over the “fiscal cliff” and feeling vertigo.
The stock market finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts set to take effect Jan. 1.
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♦ Walt Disney fell $2.98, or 6 percent, to $47.06 after it said that advertising sales were flat at its ESPN unit, raising concern about the outlook for growth.
♦ Online deals company Groupon slumped $1.16, almost 30 percent, to $2.76 after it disclosed late Thursday that it was hurt by the economic problems in Europe and growth failed to meet expectations.
♦ J.C. Penney dropped $1.05 cents, or 4.8 percent, to $20.64 after the company reported a loss that was larger than investors were expecting.
♦ Kayak Software surged $8.63, or 28 percent, to $39.67 after the company said it had agreed to be bought by rival travel website Priceline.com.