Netflix to air 'Magic School Bus' re-boot

The video streaming service will air an updated version of the popular 1990s children's show in 2016.

NEW YORK (CNNMoney)

Netflix (NFLX, Tech30) is launching a new version of the Emmy-winning 1990s animated children's series that's remained wildly popular despite ending its original run more than 15 years ago.

The new show will be called "The Magic School Bus 360°," and feature 26 CGI-animated episodes. It's slated to premiere in 2016 for subscribers' binge-watching pleasure.

The original show debuted on PBS in 1994. It taught kids science through the adventures of whacky teacher Ms. Frizzle, her inquisitive class and the enchanted bus that took kids everywhere from outer space to inside the human body.

It was big with the coveted millennial demographic in the 90's, and kids still love the show, which was in syndication until 2012. Chief content officer Ted Sarandos said it's been a "huge" hit for Netflix, which streams the original shows.

Like the original, "360°" is being produced by Scholastic Media, which published the book series on which the shows are based.

In addition to its new digital look, the re-boot promises to feature "the latest tech innovations such as robotics, wearables and camera technology to captivate children's imaginations and motivate their interest in the sciences," according to Netflix.

Related story: Netflix's TV guru: "Don't make me wait!"

Forte, who is Scholastic Media's president, said she's excited to bring back a show that fans have told her changed their lives..

"To do an animated show that has actually encouraged young people to pursue careers in the sciences or teaching makes us very, very happy."

Netflix has already had huge hits with original shows like House of Cards and Orange Is the New Black. Netflix has revived other shows, producing the fourth season of cult favorite Arrested Development.

Scholastic has not yet begun casting for The Magic School Bus 360° so there's no word on whether comedian Lily Tomlin will revive her award-winning role as Ms. Frizzle.

First Published: June 11, 2014: 4:17 PM ET

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Meet the guy who just broke TweetDeck

TweetDeck was hacked on Wednesday by a worm that hijacked people's accounts. But it's all because an Austrian boy was playing with hearts. ♥

NEW YORK (CNNMoney)

On Wednesday, something like an Internet worm quickly spread across the Twitter (TWTR, Tech30) social media network. It came from a tweet of a "♥" symbol that was loaded with a string of code -- one that hijacked people's TweetDeck software.

Like a typical worm, this code told affected TweetDeck accounts to share the message, thus disseminating it everywhere.

Related story: Hackers will target talking "connected" cars

An Austrian teenager named Florian (he prefers to go by Firo) says he started it all. Firo, who declined to share his last name, citing privacy concerns, said he figured out Wednesday morning that "&hearts" makes a "♥" symbol in the coding language HTML.

Chatting to CNN on Twitter, he said he was just experimenting when he discovered that using a "♥" created an opening in Tweetdeck's software, allowing for someone to inject computer program commands via a tweet. Without even meaning to, Firo stumbled on a software bug.

"It wasn't a hack. It was some sort of accident," he said.

Related: CNNMoney's cybersecurity Flipboard magazine

Firo tried it a few times, adding a heart to every message until he got it to create a pop-up on his own TweetDeck dashboard.

He then announced triumphantly: "Vulnerability discovered in TweetDeck. \ o /"

Firo let Twitter know about the vulnerability as soon as he found it. But it was too late.

Others in the hacker community noticed, and shortly thereafter, a mass TweetDeck hijacking ensued.

The message from Twitter user @derGeruhn was shared more than 37,000 times. Many undid the retweet action trying to peel back the annoyance. People around the world were affected (as were a few of us at CNN, including me, my editor, David Goldman, and CNN's Crossfire account).

But no actual damage was reported. It was a harmless, brief Twitter disruption, little more than an annoyance.

Shortly after the incident, Twitter announced it fixed the problem. The company instructed users to simply log out of TweetDeck, then log back in.

As for Firo, a computer science student at an Austrian technical institute, he said he feels terrible about the whole thing.

"It's horror that TweetDeck made that mistake," he said. "It's horror that [hackers] are using this issue. I don't know. I'm sad in a way."

First Published: June 11, 2014: 3:00 PM ET

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Millennials 'overwhelmed' by debt

Four in 10 millennials say they are "overwhelmed" by debt.

NEW YORK (CNNMoney)

Four in 10 millennials say they are "overwhelmed" by their debt -- nearly double the number of baby boomers who feel that way, according to a Wells Fargo survey of more than 1,600 millennials between 22 and 33 years old, and 1,500 baby boomers between 49 and 59 years old.

To try to get out from underneath it, 47% said they spend at least half of their monthly paychecks on paying off their debts.

Related: Half of college grads still relying on parents

On average, respondents put the biggest chunk of their income toward paying credit card bills, followed by mortgage debt, student loan debt, auto debt and medical debt.

But even as they struggle financially -- with more than half living paycheck to paycheck -- many are making sure to at least tuck a little money away for savings.

More than half of respondents said they are currently saving for retirement. Of that group, 46% are saving between 1% and 5% of their income. Another 31% are saving between 6% and 10%, while 18% are saving more than 10%.

"The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with 'surviving' tough times," said Karen Wimbish, director of Retail Retirement at Wells Fargo.

Related: Millennials squeezed out of buying a home

And their optimism about the future hasn't faded.

The majority, or 72%, of millennials said they "are confident they will be able to save enough to create the lifestyle they want in the future," the survey found. And 68% said they expect their standard of living will be better than that of their parents.

First Published: June 11, 2014: 6:38 PM ET

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AIG announces new CEO to replace Benmosche

NEW YORK (CNNMoney)

The bailed-out insurer tapped Hancock, its property casualty chief, to take over as CEO for the outspoken Benmosche, who is also resigning from the company's board.

"Under Bob's incomparable leadership and vision, AIG has achieved remarkable, and at times, unthinkable, milestones and successes," AIG Chairman Robert Miller said in a statement on Tuesday .

Benmosche, 70, had previously indicated he would step down early next year. But AIG now says he will assume an advisory role on September 1 that calls for him to consult with Hancock, coach managers and develop rising talent.

Related: Dow crawls to new record highs

AIG lured Benmosche out of retirement in 2009 when the insurer was still reeling from the financial crisis. During his tenure, the company managed to repay its gigantic $182 billion government rescue, plus a profit of nearly $23 billion.

Benmosche also led an effort to repair AIG's tattered image and sell off a string of non-core assets. AIG's shares have climbed about 60% over the past five years.

AIG stock is up about 60% since Robert Benmosche returned to lead the company.

He will be replaced by Hancock, 55, who joined the company from KeyCorp (KEY) in 2010 and became CEO of AIG Property Casualty in March 2011. He also worked at JPMorgan Chase (JPM) for two decades, establishing the bank's global derivatives group and running its global fixed income business.

"Peter is a person in whom investors, clients, distribution partners, employees, and regulators can place great trust," Miller said.

Related: Google buys satellite start-up Skybox Imaging

Hancock said he is "deeply honored" to take over for Benmosche, who he credited with transforming AIG's culture and "reinvigorating" its employees.

"Today, a far stronger AIG has the opportunity to extend our industry-leading positions as we continue to set new standards of quality for our customers and distribution partners worldwide," Hancock said.

First Published: June 10, 2014: 5:00 PM ET

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Google buys satellite start-up Skybox Imaging

Skybox announced the acquisition on its homepage Tuesday.

NEW YORK (CNNMoney)

The search giant announced Tuesday that it's paying $500 million for Skybox Imaging, a start-up that provides real-time, high-resolution satellite imagery.

Google (GOOGL, Tech30) says it plans to use Skybox satellites to "keep Google Maps accurate with up-to-date imagery." Google also said in a blog post that Skybox could help it bring Internet access to remote areas and help with disaster relief.

Google has been experimenting with the delivery of Internet signals from high-altitude vehicles, including balloons and drones. In April, it announced the purchase of solar-powered drone maker Titan Aerospace, a company that had also reportedly drawn interest from Facebook (FB, Tech30).

Skybox, founded in 2009, said Google will "support us in accelerating our ambitious vision."

"We both believe in making information (especially accurate geospatial information) accessible and useful," Skybox said in a blog post.

First Published: June 10, 2014: 3:22 PM ET

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Keurig coffee coming to Subway

Subway will begin serving Keurig Green Moutain coffee.

NEW YORK (CNNMoney)

The fast-food chain and Keurig Green Mountain said Tuesday that they struck a deal that puts a Keurig brewer in each of the nearly 30,000 sub shops in the U.S. and Canada.

The Keurig coffeemaker brews one cup at a time, making it easier for the sub shops to serve fresh coffee at any time of the day, the companies said in a prepared release.

More than half of the Subway locations in the U.S. and Canada currently use a Keurig to make coffee for customers.

"We've heard overwhelmingly positive feedback," said David Zambory, the beverage manager for the Subway chain.

Shares of Keurig Green Mountain are up more than 52% this year, and gained momentum after the company announced a partnership with Coca-Cola (KO) in February.

The two will collaborate to produce Coca-Cola products in single-serving plastic pods, also known as K-Cups, for use with Green Mountain's forthcoming Keurig Cold at-home beverage system. The Keurig Cold system will be likely be released in late 2014 or 2015. It will dispense cold beverages like carbonated drinks, juice and teas.

Shares of Keurig Green Mountain (GMCR) rose by more than 1% on the news.

First Published: June 10, 2014: 4:43 PM ET

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PayPal chief leaving for Facebook

Outgoing PayPal chief David Marcus, seen here in what would make for a nice Facebook pic.

NEW YORK (CNNMoney)

PayPal parent eBay (EBAY, Tech30) said Monday that Marcus, who was named president of the unit in April 2012, "has made a career decision to focus on what he loves most -- leading smaller teams to create great product experiences."

In his new role, Facebook said Marcus will "lead our efforts in mobile messaging."

"Messaging is a core part of Facebook's service and key to achieving our mission of making the world more open and connected," the company said. "We're excited by the potential to continue developing great new messaging experiences."

EBay shares slipped 2.6% in after-hours trading Monday following the announcement. Facebook (FB, Tech30) shares ticked up 0.5%.

Related: Amazon continues assault on PayPal

The move comes at a time when many analysts believe Facebook is poised to expand into the mobile payments business. The company is hoping to obtain regulatory approval for a mobile payments system in the United Kingdom, The Financial Times reported in April.

Facebook has also been active on the messaging front. It purchased mobile messaging app WhatsApp for a stunning $19 billion in February, and in April, it broke out its own messaging service into a standalone app.

Marcus' move to Facebook also comes on the same day that Amazon (AMZN, Tech30) launched a new service allowing customers to automatically pay recurring charges, such as monthly subscription fees or phone bills, using their Amazon log-in details. The new Amazon Payments feature will go head-to-head with PayPal.

First Published: June 9, 2014: 5:03 PM ET

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Few benefit from Obama's student loan program

WASHINGTON (CNNMoney)

However, the number of students that will benefit is like a drop in the bucket.

"We're probably not going to have many new borrowers saying: I'm going to qualify for this," said Mark Kantrowitz, publisher of Edvisors Network, an educational resource for students.

What the President announced wasn't a new program; it's an expansion of cheaper terms of an existing loan repayment program. And it won't become available until December 2015.

People who took out loans before Oct. 2007 will qualify for the program. It lowers the amount that graduates pay, capping repayments at 10% of income. Currently, their payments are capped at 15% of income.

Nearly 5 million borrowers would qualify under this expansion.

Many graduates who took out loans after Oct. 2007 already qualify for the 10% cap.

Struggling to pay off student debt?

However, it has never been that popular -- Only 1.8 million borrowers nationwide have enrolled in similar repayment programs. That compares to 40 million with student loan debt nationwide, according to federal data.

Why? Because few people know about these programs, even though this is the second time in three years that President Obama has used his bully pulpit to promote them.

Also, the programs target a narrow base. They are designed to only help the poorest borrowers living on the edge. "No more than 10% of student loan borrowers qualify for the programs," Kantrowitz said.

Could Elizabeth Warren have made it today?

Still, borrowers catch another break -- monthly payments are based on income that is at least 150% above the poverty line.

The 2014 poverty threshold for a single person is $11,670. So, a graduate living alone would make payments capped at 10% of any dollars made above $17,505.

The programs can't help borrowers with private loans, which comprise about 15% of all student loans, according to the Consumer Financial Protection Bureau. They also can't help borrowers who have already defaulted on student loans.

New borrowers of student loans can also enroll in the repayment plan called Pay as You Earn, which also forgives loans after 20 years, rather than the earlier limit of 25 years.

One big question is how will the administration pay for the expansion. In past budgets, the administration has suggested it would cost several billion dollars to expand the program.

U.S. Secretary of Education Arne Duncan said on Monday "we actually don't know the cost yet."

First Published: June 9, 2014: 3:40 PM ET

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GoDaddy files for $100 million IPO

GoDaddy is going public -- again. But its finances don't look pretty.

NEW YORK (CNNMoney)

But don't cue the celebratory racy Danica Patrick video just yet: In a filing with the Security and Exchange Commission on Monday, the website registration company offered an inside look at the company's hurting finances, and GoDaddy hasn't made a profit since 2009.

The company lost $279 million in 2012. It bled another $200 million last year. This year doesn't look much better, with another $51 million lost in the first quarter.

What's going on? The company's still recovering from a bad stretch. It was mired in debt back in 2011, when three private equity firms came to the rescue: KKR & Co. (KKR), Silver Lake Partners and Technology Crossover Ventures.

They reportedly paid $2.25 billion or so to buy a major stake in the company, according to The New York Times and Wall Street Journal.

Also, as part of the announcement, GoDaddy founder Bob Parsons said he is stepping down from his current position as executive chairman, though he'll remain on the board. He stepped down as CEO in 2011.

Related story: The story behind GoDaddy's 'I quit' ad

GoDaddy's SEC filing shows Parsons -- a controversial figure who's taken heat for shooting elephants and the company's sexually-themed commercials -- still owns 28% of the company directly. KKR and Silver Lake each own 28%. Technology Crossover Ventures has the smallest slice, with 12%.

On the bright side, the company is showing steady growth. Its customer base has been expanding at about 13% a year and reached at 11.6 million customers in 2013. Its total number of registered websites has also grown, reaching 1.4 million bookings that same year.

The company also sees business potential in selling the hundreds of new top-level domains (like .nyc and .bike) that will soon be available with the approval of the Internet Corporation for Assigned Names and Numbers.

This is the second time GoDaddy has tried to go public. It went this route back in 2006, but then backed out when it didn't get the pricing it wanted.

This time around, the company plans to offer a yet-undetermined number of shares of common stock. And there's no word yet what the company ticker will be.

First Published: June 9, 2014: 5:39 PM ET

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Where's the fear in the stock market?

NEW YORK (CNNMoney)

The CBOE volatility index, or VIX (VIX), measures investors' expectations for market volatility in the near term.

Often referred to as Wall Street's "fear gauge," the VIX fell last week to its lowest level since before the financial crisis struck.

On Friday, it dipped below 11 for the first time since February 2007. Consider that at this point last year, the index was oscillating between 15 to 17. In June 2009, the VIX was hovering around 30.

What does this mean?

The apparent lack of fear in the market could be a red flag. Stocks have been in a bull market for more than five years, and some worry that investors have become complacent.

In another sign of the bullish tone, CNNMoney's Fear & Greed index, which is based on the VIX and several other measures, is back above the level that indicates "extreme greed" in the market.

Related: The bull market at 5: Not old yet

But others argue that the mood is not as cavalier as it seems.

Dan Greenhaus, chief market strategist at BTIG, said the idea that investors are complacent is "utter and total nonsense." He says there's "no shortage of worries" among the clients of his brokerage firm.

Greenhaus said investors are concerned about Federal Reserve policy, sluggish economic growth and lackluster corporate earnings, to name a few.

In fact, traders are worried enough to be looking for ways to hedge the expected rise in volatility.

Joe Bell, senior equity analyst at Schaeffer's Investment Research, said investors have been stocking up on call options for the VIX, which are derivative contracts designed to pay off when the index rises.

"Yes, volatility is low," he said. "But it's not like no one is talking about how volatility is low -- and they're buying hedges."

Last week, the Dow Jones Industrial Average and the S&P 500 both hit fresh record highs after solid economic news on the jobs front and further stimulus measures from the European Central Bank.

The Dow is a mere 75 points from breaking the 17,000 level. It crossed the 16,000 marker late last year.

Related: Finally! Job market returns to 2008 peak

JJ Kinahan, chief derivatives strategist at TD Ameritrade, said it's not surprising to see the VIX at its current level given the stock market's recent performance.

"We are at all-time highs, so you would expect the VIX to be at the lower end of it's range," he said.

The steady move higher this year has encouraged more investors to put money to work in the stock market, which helps keep a lid on volatility.

In any case, the lull in the VIX may not last much longer.

This week brings the expiration of a slew of derivatives contract, a quarterly phenomenon known as quadruple witching, said Kinahan

"That's when you could see some pressure on the VIX," he said.

First Published: June 8, 2014: 2:57 PM ET

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