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Oculus VR®(RANCHO PALOS VERDES, Calif.) -- The price of virtual reality won't be cheap.

When Oculus Rift releases its consumer headset and computer next year, CEO Brandon Iribe said the system will likely cost around $1,500 -- making the virtual reality dream for the masses expensive.

"We are looking at an all-in price, if you have to go out and actually need to buy a new computer and you’re going to buy the Rift ... at most you should be in that $1,500 range," Iribe said at Re/code's Code Conference in Rancho Palos Verdes, California.

Iribe said over time he hopes the cost will be lowered to around $1,000.

The virtual reality start-up, which was acquired by Facebook last year for $2 billion, is set to have a big year. Earlier this week, Oculus announced in a blog post it had acquired Surreal Vision, a company focused on constructing real-world scenes in a virtual space.

"Great scene reconstruction will enable a new level of presence and telepresence, allowing you to move around the real world and interact with real-world objects from within VR," the Oculus blog post said.

It was announced earlier this month that pre-orders for the consumer version of the virtual reality goggles will begin later this year, with the first customers being able to strap on the eyewear in the comfort of their own homes beginning in the first quarter of 2016.

Oculus has yet to give specific dates for the release, but teased a headset that will have updated ergonomics to give it a more natural fit.

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iStock/Thinkstock(WASHINGTON) -- Jobless claims continued to climb last week, increasing by 7,000, according to the latest figures released Thursday by the Labor Department.

For the week ending May 23, the number of people filing for benefits shot up to 282,000. Claims for the previous week were revised up by 1,000 to 275,000.

The Labor Department said there were no "special factors" impacting last week's figures.

The four-week moving average, meanwhile, also went up, increasing by 5,000 to 271,500.

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SkyMall(NEW YORK) -- SkyMall was the quirky catalog most commonly found on airplanes before the company declared bankruptcy in January. This week, its new owner since April is declaring "SkyMall is back."

C&A Marketing, based in New Jersey, purchased SkyMall at auction for $1.9 million. While SkyMall folded its paper catalog, pointing to the proliferation of online devices on planes, its website lived on.

But this week, amid a series of declarations via Twitter that the brand is "back," the company told ABC News the SkyMall catalog should be back in airplanes later this year.

An article in The Atlantic published Tuesday declared, "The Medium Is the Massage Chair: SkyMall Is Making a Comeback," and that its death "was greatly exaggerated."

Chaim Pikarski, executive vice president of C&A Marketing, told ABC News that when his company bought SkyMall, it planned to keep core staff at its offices in Phoenix, and re-evaluate the company's strategy that may be most beloved to air travelers.

"We’re going to re-engage with the airlines to see if it makes sense," Pikarski said.

This week, SkyMall said it is working to increase its inventory.

C&A Marketing started selling photography equipment online and for distribution, eventually morphing into a business that sold consumer electronics on Amazon and eBay. The company then moved into manufacturing and signed a license with Polaroid six years ago, developing the popular Polaroid Cube. Since the Cube launched over the holiday, it sold out of its close to 200,000 pieces. The company's experience in retail extends to its chain of 16 Ritz camera stores and the website RitzPix.

Pikarski had said SkyMall's selection and availability on its e-commerce website were "very busy" with a lot products, so he has been "working on weeding out products that are stale -- gimmicky products -- sprinkled with a little bit of products that are so off the chart that people laugh."

"The Bigfoot -- they sell a few pieces a year, but it's something I would keep. We would try to stay true to the brand. We would keep some ridiculously cute products that are expected to be there even though people just don’t buy it," he said. "It’s more a content and editorial play."

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Daniel Aguilar/Getty Images(NEW YORK) -- Walmart has agreed to settle a civil lawsuit brought by comedian Tracy Morgan, ABC News has learned.

The terms of the proposed settlement were not disclosed, and will need to be approved by a federal judge in New Jersey, where the case was filed.

"Walmart did right by me and my family, and for my associates and their families. I am grateful that the case was resolved amicably," Morgan said in a statement Wednesday.

Morgan's attorney, Benedict Morelli, said: "Walmart and I worked diligently to reach this settlement for the plaintiffs and their families. Walmart took full responsibility for the accident, which we greatly appreciate."

Greg Foran, Walmart U.S. president and CEO, said in a statement: "Our thoughts continue to go out to everyone that was involved in the accident."

"While we know there is nothing that can change what happened, Walmart has been committed to doing what's right to help ensure the well-being of all of those who were impacted by the accident. We worked closely with Mr. Morelli, and we are pleased to have reached an amicable settlement that ends this litigation. We are deeply sorry that one of our trucks was involved," Foran added.

Last June, Morgan, 46, was involved in a serious accident on the New Jersey Turnpike after a Walmart truck slammed into the limo van in which he was traveling. The comedian sustained a brain injury, as well as a broken leg, nose and ribs. Three others were injured as well, and his friend, comedian James McNair, died.

"He's still fighting and trying to live his life at the same time and trying to get better, and he's just not better," Morelli said last November. "We're hoping and praying to get him back to where he was. But the jury's out."

In January, McNair's family reached a settlement in a wrongful death claim with Walmart. The amount was subject to a confidentiality agreement between Walmart and McNair's two adult children.

"Nothing can take the place of their father,” their lawyer, Daryl Zaslow, told ABC News at the time. "But to the extent that their father would have continued to work to support them, their father would be very happy with what his legacy has left them.”

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Thomas Northcut/Digital Vision/Thinkstock(NEW YORK) -- Office Depot has agreed to pay out 3.4 million dollars for defective office chairs that allegedly hurt dozens of desk-hunched workers’ backs. The Consumer Product Safety Commission (CPSC) says Office Depot received nearly 200 reports about the chairs from customers, over 30 of which resulted in injuries.

Companies are required to report product defects to the CPSC within 24 hours. The alleged problem-chairs are two rolling office models: one, a luxury-model “Quantum” $350 chair, the other, a $40 bargain “Gibson” seat. The civil penalty charges both chairs’ seatbacks failed. CPSC claims Office Depot never reported the more expensive chair’s hazard, and only logged reports of the cheaper defective model after a request from staff.

Office Depot neither admits nor denies the charges, but has agreed to pay the settlement.

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pcruciatti/iStock Editorial/Thinkstock(NEW YORK) -- A bug in Apple's iMessage app is wreaking havoc on some iPhones, causing them to reboot after receiving a specific string of characters via text.

Apple said the company is "aware of an iMessage issue caused by a specific series of unicode characters and we will make a fix available in a software update," an Apple spokesperson told ABC News today.

The problem occurs when the text is truncated on the lock screen. Reddit users first pinpointed the bug and reported it would crash and restart iPhones running the latest iOS version (8.3) along with earlier versions of the operating system.

Getting the text can be a nuisance but there's one quick fix if you fall victim. Ask the person who sent you the text to send another, effectively nudging the malicious one out of its most recent spot.

9to5Mac reports sending yourself a text via Siri will also do the trick.

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tarabird/iStock/Thinkstock(NEW YORK) -- Rebounding from a poor day on Tuesday, Wall Street posted major gains following a mixed report on state unemployment levels from the Labor Department.

The Dow Jones Industrial Average finished the session at 18162.99, a gain of 121.45 from its open.

The Nasdaq closed up 73.84 to an all-time high of 5106.59, and the S&P 500 rose 19.28 to 2123.48.

A Labor Department report put out on Wednesday showed that 23 states and the District of Columbia saw lower unemployment rates in April. Eleven other states actually saw unemployment climb.

The lowest unemployment rate -- 2.5 percent -- was reported in Nebraska, while the District of Columbia reported a staggering 7.5 percent unemployment.

McDonald's said Wednesday it will stop reporting monthly sales as part of its efforts to fix its brand. Many fast food companies don't report monthly figures, even though McDonald's has notably boasted "billions served" for years.

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Ryhor Bruyeu/iStock Editorial/Thinkstock(NEW YORK) -- The internet may soon be less about typing and more clicking and watching. In other words, the web is becoming a giant TV screen: video is expected to become at least 80 percent of consumer traffic on the web by 2019.

Those figures come from a new forecast by Cisco.

Clicks on YouTube and Netflix together already makes up over half of internet traffic, according to Washington Post estimates. But that number is projected to skyrocket over the next four years.

And it’s not just Americans who’ll be watching more — by 2019, internet traffic around the world is expected to more than double. Increasingly, that connection will be held in the palm of a hand or even balancing in laps, as more corners of the world connect through mobile devices, especially cell phones. By 2019, those phones and other wifi and mobile devices will overtake wires to represent the majority of online traffic. Internet traffic will spike the most in the Middle East and Africa.

Thankfully, broadband speeds are also expected to double over the same time period. Those faster speeds will help shuttle more of this information around the globe. So, it’s ok, you can keep clicking play.

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iStock/Thinkstock(NEW YORK) -- A small wind and solar powered pod home called the Ecocapsule could be the home of the future if its creators have their way.

While the egg-shaped homes look more like something from a Hunger Games movie, Nice Architects, a company based in Slovakia, said each Ecocapsule has an "efficient spatial layout [that] allows you to enjoy convenience of household facilities in off-grid conditions," according to the company's website.

Residents of an Ecocapsule won't be roughing it, either. The company said each pod is equipped with running water and hot showers, thanks to a wind turbine, solar-powered battery and a water filtration system.

Each pod is only 120 square feet -- enough to "comfortably house" two adults and store equipment, according to the website.

Living in such close quarters may seem less than ideal for some people, but Nice Architects said it envisions the Ecocapsule as a home that could be moved anywhere, allowing owners to live nearly anywhere on the planet.

The price of an Ecocapsule hasn't been revealed, however Nice Architects said the pods will offer owners plenty of mobility.

"It can be shipped, airlifted, towed or even pulled by a pack animal," it says on the company's website.

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iStock/Thinkstock(WASHINGTON) -- Gas prices continue to go up as summer nears.

The Energy Department says the average price of regular unleaded gas went up about three more cents in the past week and now stands at $2.77 a gallon.

In California, the average is about a buck higher. And in the southern part of the state, it's even worse.

Many gas stations around Los Angeles are selling regular unleaded gas for around $4 a gallon. But for the first time in weeks, California's gas prices have dropped about 5 cents.

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Microsoft(NEW YORK) -- Microsoft's sassy virtual personal assistant Cortana will soon be staking out a spot on competing platforms.

Joe Belfiore, head of Microsoft's operating systems group, announced in a blog post on Tuesday that Cortana will be available as an option on Android and iOS devices later this year as a companion to Windows 10.

A phone companion app will be built into Windows 10, which will allow users to sync their mobile device, allowing users to seamlessly move between completing tasks on their PC or mobile device, Belfiore said.

Windows phone users will be ready to go after setting up the app, while Android and iPhone devotees will have to go through a few extra steps to get the necessary apps integrated onto their devices.

"You can have Cortana remind you to pick up milk the next time you're at the grocery store, and then your phone will wake up and buzz with the reminder," Belfiore wrote. "The Cortana companion app will help you complete tasks you begin on your PC wherever you are, on your phone."

Windows 10 is expected to be released later this summer along with a free update for select Windows users.

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alexandradabija/iStock/Thinkstock(KING OF PRUSSIA, Pa.) -- Lilly Pulitzer is again stirring up controversy along with its colorful cocktail-and-dress culture, but it has nothing to do with its Black-Friday-style team-up with Target last month.

The brand's King of Prussia, Pennsylvania, headquarters was the subject of an online story and slideshow Tuesday on New York Magazine's The Cut. Among the photos of pink-and-green clad and perfectly coiffed employees there's one photo that stands out.

In what appear to be hand-drawn illustrations, an overweight woman is captioned with the saying, "Just another day of fat, white and hideous. You should probably just kill yourself." Another depicts a similarly shaped woman in a bikini with the saying, "Put it down carb face."

In a slide prior to the one causing controversy, an employee is quoted as saying Lilly herself was "ultrainclusive." But social media has labeled the image as fat shaming.

The image in the slideshow was originally run with no information in the caption. The site later added: "(This image shows the personal illustrations of an employee not pictured in this story.)"

“These illustrations were the work of one individual and were posted in her personal work area," Jane Schoenborn, vice president of creative communications at Lilly Pulitzer, told ABC News in an emailed statement. "While we are an employer that does encourage people to decorate their own space, we are a female-dominated company and these images do not reflect our values. We apologize for any harm this may have caused.”

New York Media would not comment except to say the photo was taken in a Lilly Pulitzer employee's office. The photographer did not respond to multiple requests for comment regarding the circumstances surrounding the photo.

The Target-Lilly Pulitzer collaboration was an overall hit with consumers, but some potential customers were upset when Target announced in January they would only sell up to size 18 in the stores. Larger sizes would be available online only.

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JaysonPhotography/iStock/Thinkstock(NEW YORK) -- The Dow suffered its worst day in a month on Tuesday as all of the sectors of the S&P 500 continued to drop after the holiday weekend.

The Dow Jones Industrial Average closed at 18,041.54 on Tuesday, down 190.48 from its open.

The Nasdaq was down by 56.61 to close at 5,032.75. The S&P 500 was also down by 21.86, to finish the session at a close of 2,104.20.

Energy stocks were hit the hardest on Tuesday as the price of oil fell to about $58 a barrel.  

The cable business is getting smaller, as Charter Communications has reportedly agreed to buy the much larger Time Warner for almost $57 billion. The purchase will form one of the largest cable companies in the country, but still smaller than Comcast.

The IRS said on Tuesday that thieves used an online service provided by the agency to gain access to information from more than 100,000 taxpayers, including tax returns and other information on file with the agency.

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Apple(NEW YORK) -- Jony Ive was already the most prominent design visionary at Apple and now the London-born designer, who has the honor of having a sir before his name, is stepping into the newly created position of chief design officer.

The move will allow Ive to focus his energy on current design projects and future initiatives, according to a profile in The Telegraph.

Ive has made his mark at Apple as a design genius, who has created and executed the clean, sleek look and feel of Apple's products since he took on his design role in 1996.

"If you think about what distinguishes Apple it is design. Without argument, Jony Ive has made a big impression on Apple," Patrick Moorhead, an analyst at Moor Insights & Strategy told ABC News. "I think this move is to lets have Jony stay at Apple for the longer term [because] he could go on his own and create a billion dollar design company if he wanted to."

Two of Ive's deputies will step in beginning July 1 to take over some of his daily responsibilities. Richard Howarth will serve as vice president of industrial design while Alan Dye will take on the role of vice president of user interface design.

"Not only is Apple locking him in but giving people underneath him, who work for him, an opportunity to grow and take on more responsibility," Moorhead said. "That's a good thing."

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iStock/Thinsktock(NEW YORK) -- New home sales were up in April nearly 7 percent from March with 517,000 single-family homes sold, according to the latest figures released by the Commerce Department.

March sales were also revised up a few thousand units signaling a good sign in the housing market's recovery. But David Crowe, chief economist for the National Association of Home Builders, says the numbers are still not where they need to be.

"Both of those increases have a lot to do with the previous period being unusually low," he said. "So while this is a good number, some of the increase is simply due to the recovery from unusually low levels."

The increase was fueled mainly by the Midwest, where sales surged a staggering 36.8 percent, but in the Northeast and West sales actually went down.

"A normal level of new home purchases is somewhere in the 800,000 to 900,000 range. So at 517,000, we still have a significant trip to make back to normal," Crowe said.

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