Target Corporation (TGT), a retailer that competes with Wal-Mart Stores, Inc. (WMT) and Best Buy Co., Inc. (BBY), had some good news today for its shareholders. Management has decided to reinstate its stock buyback program. According to the press release, the company believes the economic environment has improved to the point where reducing some of its float could be a worthwhile investment.

This buyback is a continuation of a $10 billion program begun back in November 2007. About half of that sum has already been spent; the remainder of the allocation is expected to be used up in two to three years. So, this isn't an aggressive move, certainly. And, as always, evolving market conditions can affect the intended schedule.

In the wee morning hours just prior to the market opening I had given some thought to shorting AOL Inc. (AOL) on its first day as a newly independent company. Yes, that same company that owns Bloggingstocks.com and a multitude of other interesting Internet "content" icons (and some not yet so). However, I did not do it because it would have been too impulsive and that is rarely a good investment strategy.

I was stunned that we changed our logo. And we changed it to what seems like a team of logos instead of one. That seems bizarre to me if you're trying to build a brand. It is also ironic since we are planning on making money on advertising, and we will be muddling our own brand.

Aeropostale (ARO), a mall business whose related stocks include Gap (GPS) and American Eagle Outfitters (AEO), closed up over 4% at the end of Monday's trading session. The catalyst? According to the corporate press release, management has decided to allocate an additional $250 million to its share buyback program.

This is very interesting news because the big question on every investor's mind has to do with the current holiday season. How well will retailers fare during Christmas? Or, more accurately, will Christmas be as bad as everyone thinks it will be?

In a speech at the Economics Club of Washington, Bernanke reiterated his position on ultra low interest rates.

His headline quote is that the economy is facing: "formidable headwinds." He then went on to restate his position in detail. For the overall economy, he sees a moderate recovery. Credit remains tight, especially for individuals and small businesses.

This post is quite short, yet very important. For the first time, the Fed is conducting "Reverse repos."

Why is this so significant? For the past year the Fed has been doing "repos." A repo is when the Fed steps in and buys Treasury securities. The effect is to create a credit on bank balance sheets and consequently give them more lending power.

The Institute of Supply Management reported that the service sector shrank in November. The reading of 48.7 was down from 50.6 in October and much lower than the median of 51.5 expected by analysts.

Why is this number so important? The reason is that the service sector accounts for 80% of US economic activity. A reading below 50 indicates shrinkage in 80% of our economic activity.That is not good news. Dan Cook of IG Markets said: "Seeing the number below 50 there, that to me is pretty harsh."

The Dubai crisis is not going away. Government owned Dubai World has scheduled a meeting with creditors to discuss the possible settlements.

What is most troubling is that the government of Dubai has refused to guarantee Dubai World's debt. That creates an international situation. While it has not been confirmed, it is believed that Standard Chartered Bank, HSBC, Lloyds, Royal Bank of Scotland and local lenders Emirates NBD, Abu Dhabi Commercial Bank are key creditors.

"The U.S. Mint has depleted its current inventory of 2009 American Eagle one ounce bullion coins due to the continued strong demand," the mint said in a statement issued on Wednesday. It added that selling will resume "once sufficient inventories ... can be acquired to meet market demand."

The stoppage helped push gold prices to an all time high of $1,194.90 a troy ounce. Philip Newman of GFMS said that physical gold demand in North America has picked up in the last two months.

Century-old CIT Group Inc filed for bankruptcy in the Southern District Court of New York on Sunday.

According to the terms of the bankruptcy, bondholders will hold new CIT Group Inc. (NYSE: CIT) debt worth about 70% of the face value of the old debt. Preferred creditors, including the U.S. government, will get money only after other creditors are paid back. Common shareholders will receive nothing.

In December 2008, the U.S. government invested $2.33 billion dollars in CIT under the Troubled Asset Relief Program (TARP).

Will shrimp's eyes help create a better DVD? The answer is yes. Researchers at the University of Bristol, England, who are studying the shrimp's eye have found a way to create a better DVD.

How is this possible? Scientists discovered that the Mantis shrimp, found off the coast of Australia, can see in 12 primary colors, four times that of humans. The shrimp's eye can detect different kinds of light polarization which is the direction of oscillation in light waves.

Shares of Accenture (NYSE: ACN) are trading in the red in after hours trading today following the company's fiscal fourth quarter earnings release and a weaker than expected first quarter forecast.

For the quarter, the company reported that it had earnings of 39 cents per share. Excluding a previously disclosed restructuring charge, earnings were in line with analyst estimates for 63 cents per share for the quarter.

All three of the major indexes finished Tuesday in the red, but there were several big names that moved up to new 52-week highs in Tuesday's trading.

Walgreen Co. (NYSE: WAG): The drugstore giant had a really good day on Wall Street after posting better than expected earnings in the morning before the market opened. The company posted earnings of 44 cents per share versus analyst estimates of 39 cents. The stock set a new 52-week high of $38.44 and closed the day up 9.2% at $37.35.

The Federal Reserve Open Market Committee (FOMC) issued its statement today making its best attempt to be a non-event. The language on interest rates and quantitative easing remained largely unchanged, and the decision was unanimous.

This decision was designed to avoid any potential landmines which could disrupt the financial markets. The FOMC wanted this statement to be a non-event and seems to have largely succeeded.

E*Trade Financial Corp. (NASDAQ: ETFC) reported Wednesday morning that its chairman and CEO, Donald Layton, will step down at the end of the year. He will retain all of his current responsibilities through the end of 2009, by which time E*Trade hopes to have named a successor.

In a warm and fuzzy press release, Layton summed up his tenure at E*Trade: "It was an exciting but very challenging time as E*TRADE dealt successfully with the severe financial distress of the last two years. Now that our major recapitalization is complete and the online brokerage business is growing again, I have accomplished what was needed for me to end my time as CEO on schedule. I wish to thank everyone involved -- it was a great team effort."

Delcath Systems Inc. (NASDAQ: DCTH), which in pre-market trading shot up 48%, closed the trading session up 18% to close at $3.60 after the FDA granted its chemotherapy agent doxorubicin, used primarily for live cancer an orphan drug status. The Orphan Drug Act was created to encourage and promote research for therapies of rare conditions and diseases that affect less than 200,000 a year in the United States.