Top of the News: Has Amazon finally lost its race against the recession? News that it will close three distribution warehouses -- which in priceless biz jargon it calls "order fulfillment centers" -- raises the question. This is a company that built its reputation on being lean and efficient, so all this distribution space wasn't built with the same "expand to the moon" mindset of another Seattle company I could mention. Amazon is going forward with a big distribution center in metro Phoenix...still...

At the least, it's a defensive move. This downturn has tested everybody's business plan with the devil's pop quiz. Now it's Amazon's turn. But investors pulled back on Amazon shares and Kaufman Brothers started coverage of its shares with a "hold" rating. Some relief comes from news that consumer spending has begun a tentative rebound. Emphasis on the word "tentative." As long as job losses each month keep hitting 500,000 and more states see unemployment rates above 10 percent, people aren't going to be willing to spend, even for Amazon.