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The Fed: U.S. economy faces a 'difficult period:' BernankeFederal Reserve Board Chairman Ben Bernanke says the U.S. economay faces a "difficult period" that features too little growth and too much inflation.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:30 pm Gannett shares plunge 13% after earnings disappointGannett shares slide as much as 13% after the newspaper publisher and broadcaster reports second-quarter earnings and revenue that falls short of Wall Street's expectations.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:30 pm U.S. Bancorp Lowered to `Sell' From `Hold' at Deutsche BankSource: Bloomberg - All Podcasts | 16 Jul 2008 | 3:29 pm Abbot's strong international sales bolster earningsAbbott Laboratories beat Wall Street expectations with second-quarter earnings bolstered by strong sales of Humira, its rheumatoid-arthritis treatment, and other medical productsSource: FT.com - US homepage | 16 Jul 2008 | 3:28 pm Energy Stocks: Oil shares retreat on unexpected inventory riseEnergy stocks lose ground ahead of key weekly U.S. petroleum inventories data.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:26 pm U.S. crude stocks post surprise build: EIA (Reuters)Reuters - U.S. crude oil inventories rose unexpectedly last week amid an uptick in imports and continued soft fuel demand in the world's top consuming nation, according to a government report Wednesday.Source: Yahoo! News: Business | 16 Jul 2008 | 3:21 pm U.S. crude stocks post surprise build: EIANEW YORK (Reuters) - U.S. crude oil inventories rose unexpectedly last week amid an uptick in imports and continued soft fuel demand in the world's top consuming nation, according to a government report Wednesday.Source: Reuters: Business News | 16 Jul 2008 | 3:19 pm Market Snapshot: U.S. stocks advance on Wells Fargo's better-than-forecast resultsU.S. stocks rally as the price of crude slides more than $6 a barrel, with equities already bolstered by better-than-forecast results from Wells Fargo & Co. and Intel Corp., which help offset a big jump in consumer prices.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:19 pm St. Jude's profit jumps 49%St. Jude Medical Inc.’s net income for the second quarter climbs 49%, helped by strength in its implantable cardioverter defibrillators.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:18 pm US inflation in biggest jump since 1991US consumer prices rose by 5 per cent in June compared to a year earlier, the biggest yearly jump since 1991, as food and energy continued to raise the cost of living for many Americans, justifying deep concern about inflation among policymakersSource: FT.com - US homepage | 16 Jul 2008 | 3:17 pm Economic Report: Consumer prices jump 1.1% in JuneDouble-digit increases in gasoline prices help push the consumer price index higher by 1.1%, in June, marking the biggest increase in 26 years, Labor Department data show.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:11 pm Bernanke again tells Congress stability a priorityWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke told a House of Representatives panel on Wednesday his top priority is restoring U.S. financial calm even as weak growth and inflation threaten the economy, in prepared comments mirroring ones he made a day earlier to a Senate committee.Source: Reuters: Business News | 16 Jul 2008 | 3:08 pm American, Delta: Better than Wall Street expectedAmerican Airlines' parent AMR Corp. and Delta Air Lines reported hefty losses Wednesday, primarily from fuel-related costs, but still managed to beat the dire expectations of analysts.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 3:08 pm Cleveland-Cliffs to buy Alpha Natural for $8.4 blnNEW YORK (Reuters) - Iron ore and coal miner Cleveland-Cliffs Inc agreed to acquire Alpha Natural Resources Inc for about $8.42 billion, expanding its coal assets and positioning itself to capitalize on the boom in the global steel industry.Source: Reuters: Business News | 16 Jul 2008 | 3:06 pm Oil plunges on supply increaseOil prices plummeted Wednesday after the government's weekly inventory report suggested record high gasoline prices may have had on impact on the nation's consumption.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 3:05 pm Wells Fargo brings relief to Wall StreetWells Fargo, the fifth-largest US bank and the second largest mortgage lender, today reported a fall in income in the second quarter but the result was better than expected, giving a much-needed boost to the flagging US share market.Source: Latest Business News from Times Online | 16 Jul 2008 | 3:05 pm Consumer prices jump 1.1 percent in June (AP)
Source: Yahoo! News: Business | 16 Jul 2008 | 3:04 pm Inflation: Price jump worst since '91Record gas and higher food prices drove inflation to the biggest annual jump since 1991 and fanned fears about growing pressures on consumers.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 3:04 pm Movers & Shakers: Wednesday's biggest gaining and declining stocksActive stocks in Wednesday's trading session include Abbott Labs, ASML Holding, Asyst, Church & Dwight, CSX, R.R. Donnelley, eBay, Intel, Old Dominion Freight Line, Seagate and Time Warner.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:04 pm Wells Fargo results ease fears, shares surge (Reuters)Reuters - Wells Fargo & Co , the fifth-largest U.S. bank, reported unexpectedly strong quarterly results on Wednesday and raised its dividend despite a surge in bad loans, and its shares soared.Source: Yahoo! News: Business | 16 Jul 2008 | 3:02 pm Bouncing BackThe major indexes advanced after a rally in financials offset losses in energy and materials.Source: SmartMoney.com | 16 Jul 2008 | 3:01 pm Wells Fargo results ease fears, shares surgeNEW YORK (Reuters) - Wells Fargo & Co, the fifth-largest U.S. bank, reported unexpectedly strong quarterly results on Wednesday and raised its dividend despite a surge in bad loans, and its shares soared.Source: Reuters: Business News | 16 Jul 2008 | 3:01 pm Oil plunges after rise in U.S. crude stocks (Reuters)
Source: Yahoo! News: Business | 16 Jul 2008 | 3:00 pm Oil plunges after rise in U.S. crude stocksLONDON (Reuters) - Oil fell sharply on Wednesday after U.S. government data showed a rise in crude oil and gasoline stocks last week.Source: Reuters: Business News | 16 Jul 2008 | 3:00 pm US inflation climbs at highest rate in 26 yearsUS inflation climbed at the fastest rate since 1982 last month, as soaring food and fuel costs poured more misery on American households struggling amid the credit crunch.Source: Telegraph Business | 16 Jul 2008 | 3:00 pm Corrections: Abbott Laboratories resultsOn July 16 a MarketWatch story on Abbott Laboratories' latest financial results incorrectly reported the company's projected third-quarter earnings. They are 72 cents to 74 cents a share. See corrected story.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 3:00 pm Wall Streeters blast GoldmanSource: Business and financial news - CNNMoney.com | 16 Jul 2008 | 2:59 pm There is insurance beyond FDIC -- does your bank offer it?On Monday morning, traffic on Venture Boulevard was totally stalled as far as three blocks west of the Encino, Calif., IndyMac branch.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 2:58 pm In defense of short sellersThere is a lot of negativity on Wall Street right now. But I don't think cracking down on short sellers is the solution to the market's woes.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 2:56 pm Wells Fargo earnings boost US stocksWall Street stocks recovered strongly as some estimate-beating second-quarter results from Wells Fargo helped allay fears about the banking sector and offset poor inflation dataSource: FT.com - US homepage | 16 Jul 2008 | 2:56 pm Inflation surges on record energy pricesCorrects historical references in first bullet point, first and third paragraphs after Labor Department officially corrects that the monthly gain was the biggest since Sept. 2005, not June 1982.Source: Reuters: Business News | 16 Jul 2008 | 2:55 pm Stocks extend gains on oil price slide (Reuters)
Source: Yahoo! News: Business | 16 Jul 2008 | 2:50 pm Stocks extend gains on oil price slideNEW YORK (Reuters) - Stocks extended gains on Wednesday, sending major indexes up 1 percent or more, as oil prices slid further and Wells Fargo & Co's quarterly results eased concerns about the health of the banking sector.Source: Reuters: Business News | 16 Jul 2008 | 2:49 pm CORRECTED: Inflation surges on record energy prices (Reuters)Reuters - Corrects historical references in first bullet point, first and third paragraphs after Labor Department officially correctsSource: Yahoo! News: Business | 16 Jul 2008 | 2:49 pm Tech Stocks: Chip issues buoyed by Intel report; Seagate tumblesMost technology stocks advance after Intel Corp.’s bullish outlook, but Seagate Technology paced the losers following a glum quarterly report for the data-storage specialist.Source: MarketWatch.com - Top Stories | 16 Jul 2008 | 2:48 pm Stocks trade mixed after inflation readingNEW YORK -- Stocks fluctuated in volatile trading today after Wells Fargo's decision to boost its dividend offset some of the market's concerns about a jump in inflation last month.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 2:34 pm Stocks trade mixed after inflation readingNEW YORK -- Stocks fluctuated in volatile trading today after Wells Fargo's decision to boost its dividend offset some of the market's concerns about a jump in inflation last month.Source: L.A. Times - Business | 16 Jul 2008 | 2:34 pm Delta Air reports $1 billion loss after chargesNEW YORK (Reuters) - Delta Air Lines Inc on Wednesday reported a $1 billion quarterly loss, but was profitable before special charges, and its shares rose nearly 14 percent.Source: Reuters: Business News | 16 Jul 2008 | 2:27 pm Nationally Known Homeland Security Veteran Joins Wayne County Community College DistrictFormer FBI and CIA Operations Agent to "Demystify" Homeland Security to Improve College District, Community and Businesses WCCCD's MIPSE to Offer Monthly Coordinating Sessions WithSource: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:24 pm Delta slips to quarterly lossDelta Air Lines swung to a quarterly loss, as writedowns to reflect the decline in value of intangible assets offset what may be one of the American airline industry's few profitable operationsSource: FT.com - US homepage | 16 Jul 2008 | 2:23 pm Delta slips to quarterly lossDelta Air Lines swung to a quarterly loss, as writedowns to reflect the decline in value of intangible assets offset what may be one of the American airline industry's few profitable operations. Delta,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 2:23 pm Consumer prices jump 1.1% in JuneConsumer prices shot up in June at the fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 2:22 pm Sherwin-Williams Declares Dividend of $0.35 per Common ShareCLEVELAND, July 16 /PRNewswire-FirstCall/ -- The board of directors of The Sherwin-Williams Company (NYSE: SHW) today declared a regular quarterly dividend of $0.35 per...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:22 pm Consumer prices jump 1.1% in JuneConsumer prices shot up in June at the fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.Source: L.A. Times - Business | 16 Jul 2008 | 2:22 pm Wall Street rallies on positive earningsStocks bounced back Wednesday as investors welcomed several positive corporate results reports, even as inflation showed signs of strengthening.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 2:19 pm Ex-Samsung boss avoids prisonFormer Samsung Chairman Lee Kun-hee saw the suspension Wednesday of his prison sentence in a tax-evasion conviction, a move that confirmed South Koreans' view that tycoons are immune from...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:19 pm US inflation rate at 26-year highUS inflation rises at the fastest rate in 26 years in June, fuelled higher by rising energy prices, figures show.Source: BBC News | Business | World Edition | 16 Jul 2008 | 2:18 pm Schwab 2Q profit up 1 percent on fees, tradingCharles Schwab Corp., the nation's largest discount brokerage, said Wednesday stronger fees and trading levels helped drive second-quarter profit growth amid choppy market conditions. ...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:17 pm Stephen Boyd Joins Polen Capital Management as Research AnalystBOCA RATON, Fla., July 16 /PRNewswire/ -- Polen Capital Management, LLC, a leading large cap growth manager, today announced that Steve Boyd has joined the firm as a...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:15 pm AT&T's iPhone puts Verizon on the defensiveVerizon CEO Ivan Seidenberg used to bristle about how Apple was crowned a wireless success without earning the title. But with Apple announcing it sold 1 million iPhone 3Gs in just three days, the AT&T/Apple partnership is starting to look like a formidable contender.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 2:13 pm Stocks waver after Wells Fargo, inflation reportsStocks fluctuated in volatile trading Wednesday after Wells Fargo's decision to boost its dividend offset some of the market's concerns about a jump in inflation last month. The San...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:08 pm Bernanke again tells Congress stability a priorityWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke told a House of Representatives panel on Wednesday his top priority is restoring U.S. financial calm even as weak growth and...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:05 pm Eurostar sales up as travellers dump planes in favour of trainsEurostar has reported a near-25pc rise in ticket sales in the first six months of 2008, boosted by a big increase in travellers from UK regions, but warned that second-half growth rates were likely to slow.Source: Telegraph Business | 16 Jul 2008 | 2:04 pm Oneida Financial Corp. Announces Semiannual DividendONEIDA, N.Y., July 16 /PRNewswire-FirstCall/ -- Michael R. Kallet, President and Chief Executive Officer of Oneida Financial Corp. (Nasdaq: ONFC), today announced that...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:04 pm Eurostar sales up as travellers dump planes in favour of trainsEurostar has reported a near-25pc rise in ticket sales in the first six months of 2008, boosted by a big increase in travellers from UK regions, but warned that second-half growth rates were likely to...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 2:04 pm Levolor(R) Launches All-New Custom Drapery CollectionCollection Marks First Time Levolor Offers Custom Drapery HIGH POINT, N.C., July 16 /PRNewswire/ -- Levolor(R) Window Fashions, the most recognized brand in the...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:02 pm European stocks fight backEuropean stocks came off their lows on Wednesday as carmakers and utilities helped offset the beleaguered banking sector which continued to exert downward pressure.By mid afternoon, the FTSE Eurofirst...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 2:02 pm BeaconEquity.com Issues TraderNotes on Active Stocks: EPEX, LEVP, SANM, CHINA, TASR, TUES, BRCM, EXELDALLAS, July 16 /PRNewswire/ -- BeaconEquity.com announces the availability of TraderNotes on stocks making news today. Investors can view all of the daily...Source: Infocious RSS raw feed - channel BNewsBusiness | 16 Jul 2008 | 2:00 pm Banks fall again as FTSE sell-off continuesLondon equities fell further Wednesday after initial support for the troubled financial sector proved unsustainable. The FTSE 100 gave up modest early gains to stand 70 points lower at 5,101.0 in afternoon...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 1:59 pm Chinese demand for luxury drives RichemontRichemont, the Swiss luxury goods giant whose stable includes the Montblanc, Purdey and Cartier brands, saw sales rise by 13pc to 1.43bn in the three months to June.Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 1:58 pm Chinese demand for luxury drives RichemontRichemont, the Swiss luxury goods giant whose stable includes the Montblanc, Purdey and Cartier brands, saw sales rise by 13pc to €1.43bn in the three months to June.Source: Telegraph Business | 16 Jul 2008 | 1:58 pm Bountiful Barrels: Where to Find $140 Trillion (Today From Barron's)The wealth transfer to oil-exporting countries will change the world.Source: SmartMoney.com | 16 Jul 2008 | 1:56 pm Fox-Pitt says full short-sale curb will help Lehman shares(Reuters) - Lehman Brothers' shares will benefit if U.S. securities regulators fully restricted short selling, Fox-Pitt Kelton analysts said.Source: Reuters: Business News | 16 Jul 2008 | 1:53 pm Top 25 places for affordable homesResidents who buy real estate in these growing cities see their incomes go the furthest.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 1:51 pm Wells Fargo beats forecasts, raises dividendRead full story for latest details.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 1:43 pm US inflation rises at fastest rate in 26 yearsUS inflation soared at its fastest rate in 26 years during June, placing more pressure on American households already struggling with record food and fuel costs.Source: Latest Business News from Times Online | 16 Jul 2008 | 1:43 pm Gannett (GCI): USA's Largest Newspaper Company Takes A HitEven though the market expects poor results from newpaper companies, the actual results can come as a shock. Gannett (GCI) is off over 5% to a 52-week low of $15.93 on poor numbers. GCI preliminary 2008 second quarter earnings per diluted share from continuing operations were $1.02 compared with $1.24 per share in the second quarter of 2007. The preliminary results, however, do not include non-cash charges to be recorded in the quarter, which have not yet been finalized, for the impairment of goodwill, other intangible assets and certain other assets Total operating revenues for the company were $1.72 billion...Source: 24/7 Wall St. | 16 Jul 2008 | 1:42 pm AMR posts quarterly loss on soaring fuelCHICAGO (Reuters) - AMR Corp , parent of American Airlines, on Wednesday posted a quarterly net loss, reversing a year-ago profit, as its fuel bill jumped 47.4 percent.Source: Reuters: Business News | 16 Jul 2008 | 1:33 pm AMR Still Flying, With Caution (AMR)AMR Corporation (NYSE: AMR), American Airlines' parent, reported a Q2 net loss of $1.4 Billion or -$5.77 EPS. Results include special charges of $1.1 billion non-cash accounting charges to write down the value of certain aircraft and related long-lived assets and about $55 million of a total $70 million expected for severance-related costs. Excluding these special charges, AMR claims a net loss of $284 million, or -$1.13 EPS. This compares to a net profit of $317 million for Q2 of 2007. Jet fuel prices contributed significantly to the loss as AMR paid $3.19 per gallon for jet fuel in Q2...Source: 24/7 Wall St. | 16 Jul 2008 | 1:30 pm Indonesia's Adaro surges on debutShares in Indonesia's second biggest coal miner Adaro Energy surged 57 per cent on its Wednesday debut, as investors were eager to gain exposure to the country's fast-growing coal sector.Adaro raised $1...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 1:17 pm Zimbabwe inflation at 2,200,000%Zimbabwe's annual rate of inflation has increased to 2,200,000%, official figures show.Source: BBC News | Business | World Edition | 16 Jul 2008 | 1:15 pm Wells Fargo earnings boost US financial stocksWall Street stocks were set for a slim recovery on Wednesday after poor inflation data only partially undercut some estimate-beating second-quarter results from Wells Fargo that helped allay fears about...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 1:14 pm Taking The "Stag" Out of StagflationThe Labor Department said that the Consumer Price Index rose 1.1% last month. Energy alone was up 6.6%. Both figures were higher than what Wall St. expected. Inflation is here to stay. Energy and commodities prices, the sources of most of the pressure, are global issues. They cannot be changed by the Fed. The inflation in China moves to the US though imports. The increase in oil prices from Venezuela goes into every tank of gas across the globe. When they marched on Moscow, both the French in the 19th Century and the Germans in the 20th Century learned the...Source: 24/7 Wall St. | 16 Jul 2008 | 1:02 pm R-I-M Takes a Downgrade (RIMM)Research-In-Motion Ltd. (NASDAQ: RIMM) is seeing shares trade lower this morning in pre-market trading. The Blackberry Smartphone maker saw its shares downgraded this morning as shares were cut to "Underperform" from Hold at Needham. Shares were indicated down 1% before 8:00 AM but shares are now down about 2% at $103.75 and we have seen an increase in pre-market trading. With shares nearly down 1/3 from their 52-week highs, this might already be a little more buffered or insulated from a major reaction like we might have seen even a month ago. Jon C. Ogg July 16, 2008Source: 24/7 Wall St. | 16 Jul 2008 | 12:57 pm Intel: Challenges aheadConsumers' shift to laptops erodes Intel's profit margins but offers new markets to exploit.Source: Business and financial news - CNNMoney.com | 16 Jul 2008 | 12:55 pm Cleveland Cliffs in $10bn coal mining dealCleveland Cliffs, North America's largest producer of iron ore pellets, moved to take advantage of the boom in the global steel industry, paying $10bn to buy Alpha Natural Resources, a company that specialises...Source: Infocious RSS raw feed - channel BNPaperBusiness | 16 Jul 2008 | 12:52 pm Cleveland Cliffs in $10bn coal mining dealCleveland Cliffs, North America's largest producer of iron ore pellets, moved to take advantage of the boom in the global steel industry, paying $10bn to buy Alpha Natural Resources, a company that specialises in mining coal used in steel productionSource: FT.com - US homepage | 16 Jul 2008 | 12:52 pm RBS is biggest loser in torrid day for UK banksThe collapse in the value of Britain's high street banks is continuing today, with Royal Bank of Scotland now worth little more than half the £49bn paid for ABN Amro last year.Source: Telegraph Business | 16 Jul 2008 | 12:48 pm ERBITUX Gets Approved in Japan for Colorectal Cancer (IMCL, BMY)ImClone Systems Incorporated (NASDAQ: IMCL) has just announced that ERBITUX(R) has received marketing authorization in Japan for use in treating patients with advanced or metastatic colorectal cancer (mCRC). This approval will allow the use of ERBITUX to treat Japanese patients with epidermal growth factor receptor (EGFR)-positive, curatively unresectable (inoperable), advanced or recurrent CRC, and it will allow the use of ERBITUX plus irinotecan in second and further lines of mCRC. With this approval, ERBITUX is the first ever EGFR-targeted monoclonal antibody to be submitted for and receive marketing authorization in Japan. Bristol-Myers Squibb (NYSE: BMY) has been Imclone's commercialization partner....Source: 24/7 Wall St. | 16 Jul 2008 | 12:42 pm UK slowdown prompts UK to turn to chocolateUK slowdown prompts Britons to turn to chocolateSource: Telegraph Business | 16 Jul 2008 | 12:37 pm UK jobless level increases againUnemployment in the UK rises by 12,000 to 1.62 million from March to May, the Office for National Statistics says.Source: BBC News | Business | World Edition | 16 Jul 2008 | 12:18 pm Delta Cautious But Not Suicidal (DAL, NWA)Delta Air Lines (NYSE: DAL) is in an odd spot this morning. The company beat earnings and claims a gain before extraordinary items, yet it still had a wide loss on a net income basis. The carrier posted Q2 earnings of $0.35 EPS excluding non-recurring items, $0.25 better than the First Call's $0.10 estimate; revenues were $5.5 Billion versus the $5.39 Billion consensus. Delta sees Q3 operating margin of -1.3% ex-items and sees Fiscal 2008 operating margin of 0% to -2%. Delta also expects to cover approximately $3 Billion of the estimated $4 Billion raw impact of higher fuel input...Source: 24/7 Wall St. | 16 Jul 2008 | 12:13 pm Eurostar traveller numbers jump 18% in first halfEurostar has seen an 18.3 per cent increase in passengers in the first half of the year, but is warning that its growth may slow as a consumer downturn starts to bite.Source: Latest Business News from Times Online | 16 Jul 2008 | 11:57 am Top Pre-Market Analyst Downgrades (ADCT, ADTN, CBI, CIEN, CSCO, PAC, OESX, SAI, TWTC, USB, VRAZ)These aren't all of the downgrades or negative analyst calls we have seen this Wednesday, but these are some of the impact analyst calls we are seeing: ADC Telecommunications (NASDAQ: ADCT) Cut to Neutral from Outperform at Credit Suisse. Adtran (NASDAQ: ADTN) Cut to Underperform from Neutral at Credit Suisse. Chicago Bridge & Iron (NYSE: CBI) Cut to Neutral at JPMorgan. Ciena (NASDAQ: CIEN) Cut to Underperform from Outperform at Credit Suisse. Cisco Systems (NASDAQ: CSCO) Cut to Neutral from Outperform at Credit Suisse. Grupo Aeroportuario (NYSE: PAC) Cut to Sell from Neutral at Goldman Sachs. Orion Energy Systems (NASDAQ:...Source: 24/7 Wall St. | 16 Jul 2008 | 11:44 am Top Analyst Upgrades (BWA, CLWR, CLF, CSX, NTLS, PFCB, VPHM)These aren't all of the upgrades or positive analyst calls we have seen this Wednesday, but these are some of the impact analyst calls we are seeing: BorgWarner (NYSE: BWA) Raised to Outperform from Neutral at Baird. Clearwire (NASDAQ: CLWR) Started at Outperform at RBC Capital. Cleveland-Cliffs (NYSE: CLF) Started as Buy at KeyBanc. CSX (NYSE: CSX) Raised to Buy from Neutral at Merrill Lynch. Ntelos Holdings (NASDAQ: NTLS) Started as Outperform at RBC Capital. P.F. Chang's (NASDAQ: PFCB) Raised to Buy from Hold at Jefferies. ViroPharma Inc. (NASDAQ: VPHM) Raised to Overweight at Thomas Weisel. Jon C. Ogg July...Source: 24/7 Wall St. | 16 Jul 2008 | 11:35 am Weak debut for Macau casino firmShares in the casino operator owned by Macau tycoon Stanley Ho fall on their debut in Hong Kong.Source: BBC News | Business | World Edition | 16 Jul 2008 | 11:07 am Why So Many Business Types Are Backing Obama (SmartMoney Magazine)Why are so many business types backing Barack Obama?Source: SmartMoney.com | 16 Jul 2008 | 11:05 am Monthly UK unemployment figures worst since 1992The credit crisis is causing a growing number of jobs losses in the UK, with official unemployment figures for last month the worst in 16 years.Source: Telegraph Business | 16 Jul 2008 | 10:56 am Sony (SNE) Makes Certain Video Download Business Has Become A Commodity (AAPL)(AMZN)Sony (SNE) will add the ability to download and play movies as the latest service for its PS3 video console product. Several companies like Amazon (AMZN) and Apple (AAPL) began offering similar services some time ago. According to The Wall Street Journal, "Sony said its service will let users rent or buy movies and rent television shows produced by major studios and production companies." Once every large competitor in a field offers that same feature, it is almost certainly no longer an advantage to any of them. It becomes a commodity. Video downloads aren't special any more. Douglas A. McIntyreSource: 24/7 Wall St. | 16 Jul 2008 | 10:46 am Eurozone inflation at record 4%Inflation in the euro area rose to 4% in June as food and fuel costs continue to accelerate, official figures show.Source: BBC News | Business | World Edition | 16 Jul 2008 | 10:40 am Toyota (TM) Cries "Uncle"Toyota (TM) has finally succumbed to the same reality that the rest of the car industry has. It will cut its global sales forecasts by nearly 4% for 2008. Most of that is certainly due to an imploding US car market. Although the news is rough, unlike GM (GM), at least Toyota will still be around and strong in two or three years. According to Reuters,"The world's biggest automaker had said it would announce revised sales figures for the tough U.S. market some time this month." It is new so obvious, it is hardly worth writing. Douglas A. McIntyreSource: 24/7 Wall St. | 16 Jul 2008 | 10:39 am US shifts policy to send envoy to Iran talksIn a dramatic shift in policy, the US will send an envoy to talks this weekend between Iran and major powers over Tehran's nuclear program, a senior US official saidSource: FT.com - US homepage | 16 Jul 2008 | 10:31 am Fuel prices: Alistair Darling postpones 2p petrol duty riseCo-op snaps up Somerfield for £1.57bnSource: Telegraph Business | 16 Jul 2008 | 10:26 am Co-operative Group to buy rival SomerfieldCo-op snaps up Somerfield for £1.57bnSource: Telegraph Business | 16 Jul 2008 | 10:26 am Co-op in £1.57bn Somerfield dealManchester-based Co-op, the UK's fifth largest supermarket chain, agrees to buy smaller rival Somerfield for £1.57bn.Source: BBC News | Business | World Edition | 16 Jul 2008 | 10:25 am Co-op seals £1.57bn Somerfield dealThe Co-operative Group today hailed a “transformational deal” as it bought Somerfield for £1.57 billion and cemented its position as Britain’s fifth biggest supermarket chain.Source: Latest Business News from Times Online | 16 Jul 2008 | 9:49 am Nightclub operator Luminar confident of weathering economic downturnUK's biggest nightclub operator confident of weathering downturnSource: Telegraph Business | 16 Jul 2008 | 9:40 am Dawnay Day Treveria explores new optionsDawnay Day Treveria, whose property assets are managed by the eponymous financial conglomerate, admitted today it is exploring "alternative arrangements" as concerns heightened about Dawnay Day Group’s financial stability.Source: Latest Business News from Times Online | 16 Jul 2008 | 9:07 am Unemployment claim rate hits 15-year highThe number of people claiming unemployment benefit rose by 15,500 in June, the fastest rise in over 15 years.Source: Latest Business News from Times Online | 16 Jul 2008 | 9:06 am 'Rent now buy later' housing planHousing minister Caroline Flint announces measures aimed at helping people in England get on the housing ladder.Source: BBC News | Business | World Edition | 16 Jul 2008 | 8:53 am 'Aldi effect' boosts JD WetherspoonJD Wetherspoon, the pub operator that has made a speciality of serving cheap food and drink, is benefiting from the 'Aldi effect' as hard-pressed consumers trade down to cheaper alternatives.Source: Latest Business News from Times Online | 16 Jul 2008 | 7:54 am Wolseley hit by housing slowdownPlumbing giant Wolseley sees trading profits for the past 11 months fall 28% and says market conditions may get worse.Source: BBC News | Business | World Edition | 16 Jul 2008 | 7:54 am US regulator curbs short-sellingThe US regulator passes an order to prevent some forms of "short-selling", which some blame for the share slump.Source: BBC News | Business | World Edition | 16 Jul 2008 | 7:33 am Schools closed as thousands strike over payThe biggest bout of industrial unrest for years has seen tens of thousands of council workers and civil servants go on strike in bitter disputes over pay.Source: Latest Business News from Times Online | 16 Jul 2008 | 7:20 am Office of Fair Trading threatens banks over current account chargesThe Office of Fair Trading (OFT) today threatened to report banks to the Competition Commission after finding that the current account market did not offer good value for customers.Source: Latest Business News from Times Online | 16 Jul 2008 | 7:09 am Filling up but going nowhereIt's people like Simi Valley resident Geoff Jameson who keep Fed chief Ben Bernanke up at night. DiscussIt's people like Simi Valley resident Geoff Jameson who keep Fed chief Ben Bernanke up at night. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am SEC moves to curb stock manipulationThe agency says it will take action against illegal short selling in 19 big financial firms.The Securities and Exchange Commission on Tuesday stepped up its war against what it believes is manipulation of stocks by "short sellers" -- traders who bet on falling share prices. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am Oil falls sharply as economic gloom spreadsCrude falls more than $10 a barrel before recovering, as concerns about weakening demand roil the market. GraphicThe darkening gloom that hangs over the U.S. economy spread to the oil markets today, sending the cost of crude down for a time more than $10 a barrel from highs reached in early trading. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am Economic indicators point to more distressA presidential pep talk is at odds with higher prices, lower sales and gloomy words from the Federal Reserve chief.President Bush sought to calm the contagion of fear in financial markets Tuesday, but his upbeat tone was out of sync with a sobering new assessment from Federal Reserve Chairman Ben S. Bernanke, a jump in the prices manufacturers pay for raw materials and other unsettling economic portents. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am Demand Media wags a long tail of niche websitesUnder Richard Rosenblatt, the company has collected thousands of sites, enhancing their appeal as social networks. It expects a healthy profit this year.Outside Santa Monica's dot-com circuit, the name Richard Rosenblatt doesn't mean much. He's one of those guys who buys and sells empty websites. Some industry insiders also know him as the accused spyware baron who sold MySpace to News Corp. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am GM to sell assets, borrow money and cut jobs to raise up to $15 billionThe cash-strapped automaker, facing bankruptcy rumors, says it will also suspend its dividend to increase liquidity. It expects to post a large loss in the 2nd quarter.Short on cash and facing bankruptcy rumors, General Motors Corp. said Tuesday that it would suspend its dividend, sell assets worth as much as $4 billion, borrow an additional $2 billion to $3 billion and lay off salaried workers, among other steps. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am Confusion at IndyMac fuels customers' angerSome depositors wait for hours in line, then complain of difficulty getting their money. Police are called at branches in Encino and Northridge.Depositors of failed IndyMac Bank endured long waits in the summer heat for a second day Tuesday, with crowds becoming irate at several branches and customers with large accounts complaining of serious problems in getting their money. Source: L.A. Times - Business | 16 Jul 2008 | 7:00 am US investment in Indian airlineUS-based private equity investor WL Ross agrees to invest $80m into Indian low cost airline SpiceJet.Source: BBC News | Business | World Edition | 16 Jul 2008 | 6:57 am Wolseley warns on jobs as profits slump 35%Wolseley, the building supplies firm, has given warning that its markets in the US and Europe will continue to deteriorate, as it revealed a 35 per cent slump in profits for the 11 months to the end of June.Source: Latest Business News from Times Online | 16 Jul 2008 | 6:39 am Game of HeartsThis wasn't supposed to happen.In a Silicon Valley conference room I'm being told by a team of cutting-edge computer profilers that I have a 28 percent chance of having a heart attack by 2017, with my chances getting worse each year between now and then. By 2027, my risk jumps to 70 percent. This compares with my internist's prognosis that my heart attack risk is a mere 4 percent in 10 years, a number he got during a routine checkup by matching up my cholesterol levels, age, and other factors to a scale considered state-of-the-art by most physicians.
They didn't, which suggests that the traditional assessment missed critical factors caught by the Entelos model—a still-experimental test that the company is developing to sell as a consumer product as early as next year for patients who might be at risk for heart attack. To create my profile, Entelos ran a series of detailed blood tests assessing everything from lipids and triglycerides to the particle size of my good and bad cholesterol (large, medium, small). I had a CT scan taken of my heart, and an ultrasound of my carotid artery in my neck, which can show a plaque buildup similar to what might be accumulating in a person's heart. In addition, the modelers plugged in previous results from DNA tests that in some cases reveal a higher-than-normal genetic risk factor for heart attack. (See column: "I'm Doomed. Or Not.") In the conference room, Entelos' chief innovation officer, Thomas Paterson, is looking a bit sheepish having to deliver my results. Paterson is a computer scientist who co-founded Entelos after working for defense contractors to design, among other things, nuclear-attack scenarios for President Ronald Reagan's aborted Star Wars defense system. My data shows up as a bright yellow line on a black chart plotting my heart's potential demise. For the next five years, I'm okay, reports the chart, with a nearly zero percent risk, then bam! The line swings up—and up. There is good news too. The yellow line assumes that I will have a normal weight gain of one pound a year for a man over 40. If I keep a stable weight, my risk factor will be closer to my internist's score, at about 4 percent, a predictive line on the chart that is colored green. If I really want to reduce my risk, the chart also shows me that taking cholesterol-lowering statins would push my risk score to zero. The message here: If I gain weight, I have a higher-than-average risk of one day clutching my chest and writhing on the floor, and possibly dying. The Entelos model draws its predictive power by comparing my results with a population of thousands of simulated patients based on real patients from previous heart studies. This virtual-patient pool also includes data from actual human subjects being tested in clinical trials run by pharmaceutical companies testing new heart drugs. The modelers look for a cluster of patients in their database that have profiles most closely resembling mine. They then create a "Virtual David" as they call it—a prediction of my heart attack future based on the outcomes of this cluster of real and imagined patients from their model. One explanation for my unanticipated outcome is a specific gene marker that increases my odds for a heart attack. Another is a mechanism discovered by the model suggesting that my cholesterol level has an unusual linkage with my weight. Too many cheeseburgers and chips will drive my cholesterol up higher and faster than average, putting me on the dangerous "yellow line" future rather than the safer "green line." Founded in 1996, Entelos is developing its personal heart attack augur (and others for diabetes, Rheumatoid Arthritis, and additional maladies) as an outgrowth of its major business to date: working with pharma companies to simulate how drug candidates might work in humans. Called "in silico" (in computer) testing, these profiles from Entelos and other companies are becoming sophisticated enough that clients, including Pfizer, Johnson & Johnson, and Merck paid $21.8 million to Entelos last year to model new drugs. One day modeling could reduce patient exposure to possible side effects, and save money and time on a process that takes up to 15 years and costs over $1 billion per successful drug. The biotech investment and analysis firm Burrill & Co. has predicted that the majority of drug discovery will be done in silico by 2020. Co-founder and chief technology officer Alex Bangs says that Entelos spent about $50,000 developing my "virtual heart attack" model—the first of its kind. I didn't pay anything; it offered to run the tests on me as a demonstration of its effort. Once the program is finalized and scaled up, Entelos hopes to price its product between a few hundred dollars for minimal tests to perhaps $2,000 for a deluxe version. This may seem expensive for a still largely untested augur of one's future cardiac health, although it may not be too long before these predictive models become a more integral part of medicine and individual health. Much more about the Entelos test and a follow-up modeling will be available in Experimental Man: What One Man's Body Reveals About His Future, Your Health, and Our Toxic World, by David Ewing Duncan, due out in March 2009.Related Links Merck Perks Up Merck's Latest Headache You 2.0: I'm Doomed. Or Not. Source: Portfolio.com: Top 5 | 16 Jul 2008 | 4:00 am Dark Knight, High HopesWhen it opens in theaters this weekend, The Dark Knight is expected to become a very bright spot in the summer of Warner Bros. executives.For one thing, the buzz generated by the death of star Heath Ledger, who plays the Joker character, will draw legions of Ledger fans that might otherwise have been inclined to ignore the many comic-strip-inspired flicks that litter the summer season. But The Dark Knight is also the latest in a string of flicks to try to play its PG-13 rating both ways, simultaneously luring family audiences with a low rating but pushing the envelope, in terms of acceptable levels of carnage, to keep older teens and young adults interested. "This is probably the darkest Batman film ever made, with almost nonstop violence," says Jeff Bock, who analyzes box-office sales for Exhibitor Relations, a Los Angeles-based entertainment-research firm. Bock cites last year's Die Hard movie, as well as this summer's Iron Man and Hellboy II: The Golden Army, as films that demonstrate the increasing violence that's slipping into movies rated as safe for preteens. Like those films, "Five or six years ago, The Dark Knight would have been rated R," says Bock. Critics seem to agree: Advance reviews have made much of the film's "sadism," "perversity," and "hyperviolence." That isn't likely to stop The Dark Knight, the second film in director Christopher Nolan's revitalized Batman franchise, from reaping up to $100 million from devout Batman fans in its opening weekend, Bock predicts—and the box-office take for the movie could climb even higher if parents do prove willing to bring their tweens along. The big question in the minds of studio executives, of course, is whether this movie—certainly the most anticipated of the year and one which has benefited from almost constant media attention since Ledger's death in January—can top Spider-Man 3. Spidey opened in May of 2007 to the tune of $151 million, according to the industry website BoxOfficeMojo.com, making it the single largest movie opening of all time. Bock said he thinks The Dark Knight is unlikely to match that. Spider-Man 3 opened against a relatively weak slate of springtime movies, none of which presented much competition at the box office. The Dark Knight, on the other hand, is opening midsummer when lots of films are still making money. Universal's The Mummy, another predicted summer hit which opens August 1, could eat into repeat viewings. In worse news, The Dark Knight is opening against Mamma Mia, which has broken opening records in overseas markets. And despite the family-friendly PG-13 rating, repeat viewings by Mom, Dad, and Junior seem doomed. "I like a comic-book movie with a few laughs," says Bock. Despite the hype, "The Dark Knight is not offering that up." Related Links Bombs Away? Avenging a Past Great Sex Source: Portfolio.com: Top 5 | 16 Jul 2008 | 4:00 am ProvencoCadmus shares in trading haltShares in eftpos company ProvencoCadmus have been put in a trading halt on the New Zealand Stock Exchange, pending a possible material announcement by the company. Late last month, the company said restructuring costs related to...Source: New Zealand Herald - Business | 16 Jul 2008 | 3:16 am NZ cartel charges filed against airlines - Cathay, Singapore, AerolineasThe Commerce Commission is taking three international airlines to court alleging poor disclosure as it probes claims of a price-fixing cartel in the $400 million air cargo market. The commission said it has filed criminal charges...Source: New Zealand Herald - Business | 16 Jul 2008 | 2:52 am ANZ Indian outsourcing plan finalisedThe union for ANZ National Bank staff says plans to outsource 237 jobs to India are now final. The proposal was made in April, but the company has now informed staff of the job losses from its lending services centre in Auckland...Source: New Zealand Herald - Business | 16 Jul 2008 | 2:36 am Australian economy expected to slow downThe Australian economy is expected to record below-trend growth for the rest of the year and into 2009, a survey shows. The Westpac-Melbourne Institute leading index found Australia's annualised growth rate was 2.1 per cent in...Source: New Zealand Herald - Business | 16 Jul 2008 | 2:30 am Bankruptcy proceedings start against PetricevicBridgecorp receiver PricewaterhouseCoopers has begun bankruptcy proceedings against Bridgecorp founder Rod Petricevic. It did so after receiving no advice that Mr Petricevic paid nearly $600,000 to stave off bankruptcy proceedings...Source: New Zealand Herald - Business | 16 Jul 2008 | 2:00 am Venezuela squandered oil opportunitiesTaking another look at the oil industry's affect on price hikes, host Kai Ryssdal discusses the problems President Hugo Chavez has caused for Venezuela's once impressive oil companies.Source: Marketplace | 16 Jul 2008 | 1:53 am Carter's oil crisis warning went unheardTwenty-nine years ago today, President Jimmy Carter told Americans that the energy crisis was "a clear and present danger to our nation" and drew out a plan to address it. Sustainability reporter Sam Eaton asks what happened.Source: Marketplace | 16 Jul 2008 | 1:32 am Qantas reviews flight operations - reportQantas Airways is reviewing its flight operations, which could lead to more job cuts, capacity cuts and higher ticket prices, an Australian newspaper reported today. Citing a memo to Qantas staff, The Age newspaper said details...Source: New Zealand Herald - Business | 16 Jul 2008 | 1:30 am Intel profits excel in second quarterWorld's biggest chip-maker reports revenues of $9.5bn, well ahead of Wall Street expectations, and gives an optimistic view of the second half of the yearSource: FT.com - US homepage | 16 Jul 2008 | 1:18 am Woolworths' NZ sales up 11 per cent as food prices riseHigh food prices may be helping supermarket operators. Australia's Woolworths, the second largest supermarket operator in New Zealand, today reported sales here increased by 10.6 per cent in the June quarter, although only 2.2...Source: New Zealand Herald - Business | 16 Jul 2008 | 1:00 am Oil plunges - biggest drop in 17 yearsNEW YORK - Oil prices fell harder than they have in 17 years today, as fears that record fuel prices are spreading broad economic pain exacerbated the third big sell-off in just over a week. Light, sweet crude plunged $6.44, or...Source: New Zealand Herald - Business | 16 Jul 2008 | 1:00 am Are scalpers a dying breed?Selling tickets at the last minute for an inflated price has been moving from the stadium parking lot to Internet sites like StubHub. Nancy Farghalli talks to scalpers outside Dodger Stadium in Los Angeles.Source: Marketplace | 16 Jul 2008 | 12:42 am Business Briefs - TuesdayGoogle to conceal YouTube data. The tech giant's video-sharing service will be allowed to mask the identities of individual users when it provides...Source: Investor's Business Daily: BUSINESS | 16 Jul 2008 | 12:27 am Trends & Innovations - TuesdayFirm touts solar tower for powerSource: Investor's Business Daily: BUSINESS | 16 Jul 2008 | 12:27 am After The Close - TuesdayCHICAGO BRIDGE & IRON (CBI), the engineering and construction firm, said it will record a Q2 pretax charge of $317 mil because of cost...Source: Investor's Business Daily: BUSINESS | 16 Jul 2008 | 12:27 am In Brief - TuesdayNewell Rubbermaid (NWL), the maker of storage and office products, said rising cost of plastic ingredients will force it to scrap products, raise...Source: Investor's Business Daily: BUSINESS | 16 Jul 2008 | 12:27 am Drug Maker Grows With Diverse Portfolio Of 'Orphan' ProductsBlockbuster drugs can be wonderful things, but what happens when they fizzle?Source: Investor's Business Daily: BUSINESS | 16 Jul 2008 | 12:27 am Africa benefits from commodity costsFor most of the world, the soaring costs of raw materials, such as copper, steel and timber, are an economic burden. For Africa, they can be a blessing. Commentator Edward Miguel tells us why.Source: Marketplace | 16 Jul 2008 | 12:05 am Securities and Exchange Commission moves to curb Fannie and Freddie short-sellersAmerica's leading financial regulator is to put in place emergency measures to stop short-sellers from using "naked shorting".Source: Telegraph Business | 16 Jul 2008 | 12:03 am Interest rate relief 'quite a way off yet'Interest rate relief for New Zealand borrowers is unlikely in the medium term, says a leading banker. Local mortgage and deposit rates were unlikely to fall in the next couple of months given current tensions on global money markets,...Source: New Zealand Herald - Business | 16 Jul 2008 | 12:00 am Is stock market anxiety peaking?Blog: Was today just manic enough on Wall Street to mark a short-term bottom in the stock market?Source: L.A. Times - Business | 15 Jul 2008 | 11:47 pm Millions believed stolen from ZimbabaweWhile looting continues in already plundered Zimbabawe, a search is on for the millions of dollars believed to have been funneled out of the country. Stephen Beard reports.Source: Marketplace | 15 Jul 2008 | 11:41 pm Rubbermaid shrinking its product lineRubbermaid, the company that makes those see-through food containers you can never find the lids for, is going to phase out some products and raise prices on others. Ashley Milne-Tyte reports on the cost-saving measures.Source: Marketplace | 15 Jul 2008 | 11:04 pm Snapshot of consumer economy makes grim readingThe overall picture of the economy contains little good news for those hoping predictions of a coming recession are exaggerated, say credit experts Veda Advantage. Loan defaults are up sharply and new loan applications are down,...Source: New Zealand Herald - Business | 15 Jul 2008 | 11:00 pm SK Telecom in talks with Sprint NextelSK Telecom is in talks with Sprint Nextel, the struggling US mobile network operator, over potential deals that could range from SK taking an equity stake in the company to an all-out, private equity-backed acquisitionSource: FT.com - US homepage | 15 Jul 2008 | 10:44 pm GM to cancel dividends, cut more jobsThe struggling automaker is cutting costs by $10 billion, laying off white-collar workers and getting rid of health-care benefits for salaried retirees. Alisa Roth reports on what GM's CEO calls a "focus on liquidity."Source: Marketplace | 15 Jul 2008 | 10:23 pm Bernanke, Paulson defend rescue planThe Treasury Secretary and Fed Chairman faced heated questioning at a Congressional hearing today, as they laid out the government's plan to shore up Fannie Mae and Freddie Mac. John Dimsdale reports.Source: Marketplace | 15 Jul 2008 | 10:14 pm VIX Index of U.S. Stock Option Prices Advances 0.21% to 28.54Source: Bloomberg - All Podcasts | 15 Jul 2008 | 10:04 pm Dow Takes Late DropThe blue-chip index fell in the last hour of trading to finish below 11000 for the first time since 2006.Source: SmartMoney.com | 15 Jul 2008 | 9:25 pm Lux Research's Hebert Discusses Nanotechnology ETFSource: Bloomberg - All Podcasts | 15 Jul 2008 | 9:23 pm Wall Street dominated by volatile tradingThe Dow Jones Industrial Average closed below 11,000 for the first time since February 2006 as fears about the financial sector, a dramatic fall in oil prices and news that the SEC planned to limit short-selling played against one anotherSource: FT.com - US homepage | 15 Jul 2008 | 8:49 pm Health-Care ETFs Gain Amid Financials' Woes (Daily ETF Wrap-Up)As market frets over Fannie and Freddie, health-care ETFs post decent day.Source: SmartMoney.com | 15 Jul 2008 | 8:42 pm Filmmaker Gibney Calls Hunter S. Thompson `Larger Than Life'Source: Bloomberg - All Podcasts | 15 Jul 2008 | 8:42 pm Bernanke highlights risks facing US economyBen Bernanke highlighted the 'numerous difficulties' facing the US economy in sobering testimony that sent the markets on a rollercoaster ride as he signalled serious risks to growth and of higher than expected inflationSource: FT.com - US homepage | 15 Jul 2008 | 8:38 pm Casesa Says Automakers' `Equity Cushion Depleted'Source: Bloomberg - All Podcasts | 15 Jul 2008 | 8:20 pm Inflation Crimps Kimberly-Clark Profits (One-Day Wonder)An inflation-induced profit warning leaves Kimberly-Clark shareholders in tears.Source: SmartMoney.com | 15 Jul 2008 | 8:11 pm Bloomberg's Torres, Westbrook On Fed's New Regulatory PowerSource: Bloomberg - All Podcasts | 15 Jul 2008 | 8:02 pm Off the McCain TrailJim Courter, one of Senator John McCain's top fundraisers, has resigned from the McCain campaign just days after Portfolio.com reported that Courter's company had been fined by regulators. The Federal Communications Commission last week levied a fine of $1.3 million against IDT, a New Jersey telecommunications company headed by Courter, for failing to disclose its 2003-2004 long-distance phone agreements with Haiti. Still, the deal raises a number of questions. If a foreign government agency is corrupt and it gives a U.S. company a sweetheart deal, like the below-market rate plan IDT sought to keep secret from the F.C.C. and competitors, a payment to the bank of that government agency's choice might be considered a kickback and a violation of the Foreign Corrupt Practices Act. And suspicions would certainly be aroused if the bank was in a tax haven and not in the government's own country. Mount Salem's registration papers do not indicate it was a subsidiary of Haiti Telco. Its only legal connection was to a Turks & Caicos law firm. Portfolio.com's earlier report on the cloudy deal in Haiti can be found here. McCain 'Trailblazer' Burned Obama's Economic Tour Which Candidate Do Oil Companies Like Most? Source: Portfolio.com: Top 5 | 15 Jul 2008 | 8:00 pm Restaurant Owner/Chef Besh Uses Less Meat to Cut CostsSource: Bloomberg - All Podcasts | 15 Jul 2008 | 7:40 pm 5 Ways to Save on Online Shipping Fees (Deal of the Day)Shopping online? Here's how to keep shipping fees from bloating your bill.Source: SmartMoney.com | 15 Jul 2008 | 6:39 pm Lieberman Is Optimistic on Treatment of Mental DisordersSource: Bloomberg - All Podcasts | 15 Jul 2008 | 6:22 pm Long ShotI came seeking healing and got only whey protein.I'm not a Starbucks hater. I did the better part of my studying during college parked in a Starbucks, and I'm always comforted to see that smiling siren at some highway rest stop otherwise monopolized by fast-food joints. So when I went to my local Starbucks this morning to sample the Vivanno—the new smoothie drink launching today—I was hoping that I would find a first step towards healing the now somewhat battered brand. The drink itself is tasty; not what I'd call delicious, but good enough. It comes in one size (16 ounces for $3.95) and two flavors—Orange Mango Banana and Chocolate Banana. Both flavors are light, silky, and mild-tasting, much less aggressively sweet and heavy than a Frappuccino. The Vivanno is Starbucks' foray into the health-food segment, so it's packed with whey protein, low in fat, free of additives, and 250 to 270 calories a pop. But for Howard Schultz, the Vivanno may be more part of the illness than part of the cure. The Starbucks staff this morning seemed more overwhelmed than usual, botching orders, spilling coffee, and letting the line grow, all while trying to get a handle on the latest trick to slide out of Schultz's sleeve. The new drinks require fruit to be peeled and whey protein to be scooped in addition to the laborious pouring, blending, and cleanup already required by Frappuccinos. I was in Starbucks for 15 minutes this morning (I clocked it) to retrieve two Vivannos and an iced coffee. If it continues, Starbucks' time-crunched customers won't stick around for long. In fact, no matter how tasty the Vivanno is, it's still a significant operational distraction from Schultz's stated goal of turning the company's focus back to coffee, and to restoring the "Starbucks experience." In his bid to revive Starbucks, Schultz has announced a bevy of high-profile changes since January: A new house-blend coffee (Pike Place Roast) and a new Doubleshot energy drink are already in stores, and in the works are a revamped food menu and a yet-to-be-named Italian product that Starbucks hopes will be "the next Frappuccino." Yet Starbucks stock refuses to respond, now down 65 percent from its high in May of 2006. Schultz is in a catch-22. What he needs to drive the revenue in the short term is aggressive product launches, but what it will take to repair the "Starbucks experience" for the long run is cutting down on distractions and returning the focus (both at headquarters and in stores) to exceptional execution. To most, that means keeping stores clean and making top-notch coffee, all while maintaining an environment that's less Grand Central Station and more sleepy Italian coffee shop. Related Links Shrinking Starbucks Eat Sheet: Coffee Coffee, Tea, and ... Smoothies? Source: Portfolio.com: Top 5 | 15 Jul 2008 | 5:30 pm 6 Stocks for Impatient Value Investors (Stock Screen)Six stocks share unlikely combination of modest valuations and recent price gains.Source: SmartMoney.com | 15 Jul 2008 | 5:22 pm US retail sales slow amid economic angst (AFP)
Source: Yahoo! News: Business | 15 Jul 2008 | 4:53 pm Limited Analyst Coverage Can Have Benefits (Stock Screen)Limited coverage by Wall Street analysts can be a boon for some stocks.Source: SmartMoney.com | 15 Jul 2008 | 4:39 pm Oppenheimer's Whitney Cuts Wachovia on `Bleak' ProspectsSource: Bloomberg - All Podcasts | 15 Jul 2008 | 4:00 pm Sell Fannie, Freddie Shares While You Can (Common Sense)A white knight won't rescue the mortgage lenders. Sell while you still can.Source: SmartMoney.com | 15 Jul 2008 | 3:32 pm Ben Sings the BluesWith storm clouds hovering over the nation's banks and mortgage buyers, meaningful words of economic optimism at this time would be most welcome.Nothing doing. Ben Bernanke, the chairman of the Federal Reserve, delivered a bleak outlook for the economy, saying that risks to both growth and inflation have increased. The central banker stated that the focus for the Fed would be inflation, saying that "upside risks to the inflation outlook have intensified lately." "In light of the increase in upside-inflation risk, we must be particularly alert to any indications, such as an erosion of longer-term inflation expectations, that the inflationary impulses from commodity prices are becoming embedded in the domestic wage- and price-setting process." Those comments underscored that the Fed's next move on interest rates will be an increase. Stocks, already weak amid growing worries about the health of banks and other financial institutions, fell further after Bernanke's comments, discouraged both by his emphasis on inflation and by his downbeat outlook. But a rate increase is almost certainly not in the cards until next year, as the Fed focuses on steadying the financial system in the wake of the rescues of Bear Stearns and Fannie Mae and Freddie Mac. "As events in recent weeks have demonstrated, many financial markets and institutions remain under considerable stress, in part because the outlook for the economy, and thus for credit quality, remains uncertain," Bernanke said in his semiannual economic report to Congress. He added that "helping the financial markets to return to more normal functioning will continue to be a top priority of the Federal Reserve." Bernanke indicated that weak growth will persist for some time. "Growth is projected to pick up gradually over the next two years as residential construction bottoms out and begins a slow recovery and as credit conditions gradually improve. However, [Federal Open Market Committee] participants indicated that considerable uncertainty surrounded their outlook for economic growth and viewed the risks to their forecasts as skewed to the downside." Related Links The Fed Turns Up the Tap Inflation Expectations: Main St. Versus Wall St. Not a Bad Job Source: Portfolio.com: Top 5 | 15 Jul 2008 | 2:30 pm
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