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TNK-BP chief Robert Dudley may be forced out of RussiaRobert Dudley, TNK-BP’s embattled chief executive, faced the prospect of a humiliating retreat from Russia yesterday as battle intensified over the future of the joint-venture company half-owned by BP, the British oil group.Source: Latest Business News from Times Online | 22 Jul 2008 | 6:10 pm Nine CEOs Who Will Go By The End Of The Year (CROX)(YHOO)(JAVA)(SIRI)(CBS)(VIA)(GM)(LEH)(Q)Since 2006, 24/7 Wall St. has scrutinized public companies on a regular basis, focusing on those with poor management and has suggested which big company CEOs needed to be replaced. Hector Ruiz of AMD was on more than one of our lists. He stepped down last week. Charles Prince at Citigroup (NYSE:C) was on the 24/7 list of CEOs Who Have to Go list in 2006. So was Kevin Rollins of Dell (DELL). We have missed the boat on some of our calls. The chief at Kodak (EK) is still on the job. So is the head of Pfizer (PFE).Source: 24/7 Wall St. | 22 Jul 2008 | 1:03 pm Plosser: Fed needs to boost ratesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:53 pm Paulson to Congress: Pass rescue planTreasury Secretary Henry Paulson urged Congress Tuesday to approve the Bush administration's plan to back up mortgage financiers Fannie Mae and Freddie Mac.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:52 pm Tellabs earnings rise on tax gainTellabs Inc. says its second-quarter profit rose by almost one-third owing to a one-time tax benefit, but revenue fell 19% and the company does not expect sales to improve in the current quarter.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:48 pm Wachovia reports $9 billion lossWachovia Corp. posted a nearly $9 billion loss for its second quarter Tuesday on losses related to home mortgages and the bank's declining market value.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:46 pm Vodafone plunges on sales warningShares in the world's largest mobile phone operator by revenue fell sharply after it warned that slowing revenue growth would result in full-year income 'around the bottom' of its forecastsSource: FT.com - US homepage | 22 Jul 2008 | 12:44 pm Before the Bell: SanDisk, Texas Instruments in focusWeak outlooks from a raft of companies, including Apple Inc., American Express, Texas Instruments and Vodafone Group, sent stock futures lower Tuesday morning.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:43 pm CME advances in spite of slower trading growthCME Group, owner of the world's largest derivatives exchange, announced profits for the second quarter of the year that exceeded expectations, even as growth in trading volumes has slowed as the credit crisis prompts continued deleveragingSource: FT.com - US homepage | 22 Jul 2008 | 12:43 pm UPS profit slumps almost 21%Read full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:41 pm U.S. 'on right path' to end market disruptions: PaulsonThe federal government and the private sector are proceeding apace toward resolving turmoil in the nation’s financial and housing markets, Treasury Secretary Henry Paulson says.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:41 pm United Air parent posts quarterly loss on fuelCHICAGO (Reuters) - UAL Corp , parent of United Airlines, on Tuesday posted a quarterly loss, reversing a year-earlier profit, as fuel prices soared.Source: Reuters: Business News | 22 Jul 2008 | 12:40 pm US Airways: Smaller-than-expected lossUS Airways missed second quarter revenue projections, just barely, but reported a smaller earnings loss than expected.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:39 pm Caterpillar profit rises more-than-expected 34 percentCHICAGO (Reuters) - Construction and mining equipment company Caterpillar Inc said on Tuesday quarterly earnings rose a greater-than-expected 34 percent as strong growth in emerging economies offset weakness in North America, Western Europe and Japan.Source: Reuters: Business News | 22 Jul 2008 | 12:37 pm UPS net drops 21% on fuel costs, cuts outlookUPS reported a 21% decline in second-quarter earnings on Tuesday, citing higher fuel prices and a stagnant U.S. economy.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:35 pm Markets depend on housing recovery: PaulsonNEW YORK (Reuters) - Treasury Secretary Henry Paulson said on Tuesday financial markets will remain under stress until the U.S. housing market's slide ends and called the health of mortgage finance enterprises vital to the recovery of the U.S. economy.Source: Reuters: Business News | 22 Jul 2008 | 12:34 pm Halliburton net fell but operating profit in lineHOUSTON (Reuters) - Halliburton Co said on Tuesday quarterly net earnings fell sharply from a year earlier when it recorded a big gain from the separation of its KBR Inc unit, but the company's operating profit met Wall Street expectations.Source: Reuters: Business News | 22 Jul 2008 | 12:34 pm GE, Abu Dhabi firm in $8 billion venture (Reuters)Reuters - U.S. conglomerate General Electric Co said on Tuesday it has entered into an $8 billion joint venture with Abu Dhabi investment agency Mubadala Development Co with an initial focus on providing commercial finance in the Middle East and Africa.Source: Yahoo! News: Business | 22 Jul 2008 | 12:34 pm GE, Abu Dhabi firm in $8 billion ventureBOSTON (Reuters) - U.S. conglomerate General Electric Co said on Tuesday it has entered into an $8 billion joint venture with Abu Dhabi investment agency Mubadala Development Co with an initial focus on providing commercial finance in the Middle East and Africa.Source: Reuters: Business News | 22 Jul 2008 | 12:33 pm US Airways posts quarterly loss on high fuel billCHICAGO (Reuters) - US Airways Group posted a quarterly loss on Tuesday, reversing a year-earlier profit, on soaring fuel prices.Source: Reuters: Business News | 22 Jul 2008 | 12:33 pm Ericsson profits tumble 70 per cent as mobile demand fallsEricsson, one of the world’s largest telecoms companies, this morning posted a 70 per cent fall in second-quarter profits, hit by the cost of cutting jobs and lower demand for mobile handsets at its joint venture with Sony.Source: Latest Business News from Times Online | 22 Jul 2008 | 12:32 pm Stocks set to pull backU.S. stock futures tumbled Tuesday as investors digested disappointing reports from Apple, American Express and Wachovia, and listened to Treasury Secretary Henry Paulson urge Congressional action to boost Fannie Mae and Freddie Mac.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 12:31 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:31 pm Whoa, Wachovia!Robert Steel has gone from putting out fires as Treasury undersecretary to facing a three-alarm blaze on his own block.Steel was recently named chief executive of Wachovia, which has now reported a loss of nearly $9 billion for its second quarter and cut its dividend to nearly zero. Wachovia has been roiled by the collapse in the mortgage market. Nearly half of its mortgage lending has been in California and Florida, two states with some of the highest foreclosure rates in the nation. Its overexposure came as a result of the acquisition of Golden West, a California lender bought at the height of the housing boom. The architect of that deal, Ken Thompson, was ousted as C.E.O. last month, and Wachovia turned to Steel, who was vice chairman of Goldman Sachs before joining Henry Paulson at the Treasury Department. Wachovia's dismal results will add to the gloom over the financial sector, gloom that was briefly lifted by better-than-expected—or perhaps more accurately, not-as-bad-as expected—results from Citigroup and Bank of America. On Monday, American Expres reported an unexpected 38 percent decline in earnings. Wachovia lost $8.66 billion, or $4.20 per share, compared with a profit of $2.34 billion, or $1.22 per share. Revenue fell 14 percent, to $7.5 billion. The bank added $5.6 billion to its loan loss reserve to cover net charge-offs and increase the reserve by $4.2 billion. "These bottom-line results are disappointing and unacceptable," said Lanty L. Smith, Wachovia's chairman, who served as interim chief executive officer beginning June 1. "While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility." Wachovia is cutting its dividend a second time this year, to 5 cents, from 37.5 cents. The bank estimates the move will save $700 million of capital every quarter. It is also exiting its wholesale mortgage business and plans to fire more than 6,300 employees. This is a bank that is moving aggressively to slash and burn so that it might have a chance to start growing again. Steel, who has no commercial banking experience, will need to be a quick study if Wachovia is to remain independent. Related Links Good Morning on Wall Street Parsing Wachovia: Oh My God, They Killed Kenny Why Wachovia Needs That $7 Billion Source: Portfolio.com: Top 5 | 22 Jul 2008 | 12:30 pm BJ Services net falls less-than-forecast 16%, ups outlookBJ Services said Tuesday that its third-quarter profit fell 16%, but the oil services firm raised its outlook for the fourth quarter on price stabilization in the U.S.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:25 pm Riding the Life Cycle: An Interview With Jeff Coons (Today From Barron's)Google is just one of a handful of companies trading at just 50% to its fair value.Source: SmartMoney.com | 22 Jul 2008 | 12:24 pm Wachovia loses $8.86 billion, slashes jobs (Reuters)
Source: Yahoo! News: Business | 22 Jul 2008 | 12:24 pm Lockheed quarterly profit climbs 13%, ups 2008 outlookLockheed Martin Corp. said Tuesday its second-quarter profit rose 13% as lower sales in its aeronautics units was more than offset by higher sales in its electronic systems business.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:24 pm Wachovia loses $8.86 billion, slashes jobsNEW YORK (Reuters) - Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared.Source: Reuters: Business News | 22 Jul 2008 | 12:22 pm Baker Hughes net climbs 8% on U.S. strengthBaker Hughes on Tuesday said second-quarter net income rose 8% as the drill bit maker and oil services giant notched a 20% gain in its North American business.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:22 pm Wachovia swings to loss on writedown, cuts divWachovia Corp. says that it took $6.1 billion of write-downs for bad investments related to the mortgage and credit crises, and increased its write-off and loan loss provisions, swinging the company to a loss for the second quarter and prompting its second dividend cut this year.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:20 pm Indications: Apple, AmEx worries knock U.S. stock futuresWeak outlooks from a raft of companies, including Apple Inc., American Express, Texas Instruments and Vodafone Group, sent stock futures lower Tuesday morning.Source: MarketWatch.com - Top Stories | 22 Jul 2008 | 12:16 pm Stocks slide as outlooks spur economic fear (Reuters)
Source: Yahoo! News: Business | 22 Jul 2008 | 12:11 pm Stocks slide as outlooks spur economic fearNEW YORK (Reuters) - Stock futures slid on Tuesday as disappointing outlooks from bellwethers, including Apple Inc and Europe's Vodafone , increased concerns about weakening economic growth and more fallout from the U.S. housing slump.Source: Reuters: Business News | 22 Jul 2008 | 12:10 pm Turbulence aheadThe troubled saga of Argentina's national airlineSource: BBC News | Business | World Edition | 22 Jul 2008 | 12:09 pm Vodafone hit by downturn, sparks sector fearsLONDON/STOCKHOLM (Reuters) - Vodafone cut its revenue outlook on Tuesday, knocking confidence in the telecoms sector and dragging down shares in European rival Telefonica and supplier Ericsson .Source: Reuters: Business News | 22 Jul 2008 | 11:57 am Apple's outlook disappointsComputer and consumer electronics maker Apple reported fiscal third-quarter earnings Monday that beat forecasts on strong sales of Mac computers and iPhones. But shares fell after-hours on the company's outlook for the fourth quarter.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 11:55 am Accenture Is the King of Cost Cutting (Today From Barron's)Accenture could maintain double-digit growth as companies seek help in cutting costs.Source: SmartMoney.com | 22 Jul 2008 | 11:54 am Caterpillar (CAT) Sails To Distant ShoresCaterpillar (CAT) said second-quarter net income rose 34% to $1.1 billion, or $1.74 a share, from $823 million, or $1.24 a share in the year-ago period, on strength in its overseas business.Source: 24/7 Wall St. | 22 Jul 2008 | 11:52 am Apple's mysterious 'product transition'Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 11:51 am Wachovia (WB) Blows Itself UpAs it announced earnings, Wachovia (WB) told the market that it would have to nearly destroy itself to make a comeback.Source: 24/7 Wall St. | 22 Jul 2008 | 11:48 am Vodafone hit by downturn, sparks sector fears (Reuters)Reuters - Vodafone cut its revenue outlook on Tuesday, knocking confidence in the telecoms sector and dragging down shares in European rival Telefonica and supplier Ericsson (ERICb.ST).Source: Yahoo! News: Business | 22 Jul 2008 | 11:44 am IKB in new sub-prime write downsGermany's IKB bank, hit by the sub-prime crisis, expects to cut the value of its investments by another 500m euros.Source: BBC News | Business | World Edition | 22 Jul 2008 | 11:39 am Yahoo: the Fire This TimeSo there will be no bloody coup. The knives are back in their sheathes. But it would be unwise to bet that Carl Icahn—who on Monday backed down from a proxy fight with Yahoo—is done with the war.The next battle may even start today, after Yahoo reports its earning for the second quarter—possibly the most bruising three months in the company's 14-year history. Yahoo has yet to find a plan to unite its balkanized properties into a coherent whole and generate steady profit growth. At the same time it is still facing distractions from a frustratingly ambivalent suitor in Microsoft and Icahn himself. And talented employees have been elbowing each other to get out the door. In the face of all this, Yahoo is vulnerable to a slowdown in online ad spending. Investors were disappointed by Google's earnings last Thursday. And Google is better positioned than Yahoo: In tough times, advertisers favor search ads over display ads—they are more likely to reach an interested consumer—and Yahoo has long relied more on display ads. Wall Street isn't hopeful. Cowen & Co. cut its 2009 estimates for Yahoo's earnings per share by 2 cents to 70 cents. Analyst Jim Friedland cited "near-term softness in the display market" and the likelihood that Yahoo's share of the search market will keep shrinking. Youssef Squali at Jeffries, noting weak spending by financial and consumer advertisers, said the ambitious three-year plans for earnings growth Yahoo unveiled with such fanfare earlier this year could be "virtually unattainable." So if Yahoo was ever going to deliver blowout earnings, the time to do so is now. Icahn knows there's little chance for such a miracle. If he is half the legend he's made out to be, Icahn will be quietly, shrewdly biding his time, letting the rope spool out for chief executive Jerry Yang to hang himself with. If things go right, he's only a few moves away from a checkmate. Yahoo's stock will deflate if today's earnings show weakness. They may drift below the $19-a-share price that prompted Microsoft's takeover offer in February. That would give Icahn leverage to agitate for a new C.E.O.—say, Jonathan Miller, the former AOL chief who is getting one of the new board seats. At that point, Icahn would have much greater control over Yahoo. If he can't broker a deal with Microsoft, there are assets he can sell off: stakes in Asian entities like Yahoo Japan and Alibaba.com, valued at more than $10 billion, would just be a start. "The nomination by Icahn of Miller is significant in that he positions him as potentially the next Yahoo C.E.O. in case a deal with Microsoft is not reached and Yahoo fails to execute against its aggressive growth plans," Squali said. "This is an insurance policy for Icahn as Miller would get aggressive about extracting shareholder value through business dealings and assets spin-off." Such a plan isn't without risk. It skirts the question of how Yahoo can regain some of its former glory. So employees may continue to bolt for the doors, while potential business partners and major advertisers may grow jittery, preferring to work with a company with less uncertain prospects. A company like Google. But none of this matters to a corporate raider like Icahn. He may not get the complexities of Yahoo's business, but right now he doesn't need to. He just needs a way to sell off his shares at a profit. For Yahoo, Yang, and his defenders, a happy outcome seems much more remote. It rests on a strong earnings performance. Without that, Icahn may yet have his way without the bloody coup he once threatened. Related Links Still Looking for the Google Killer Dangerous Liaison Yahoo Takes the Offensive in Microsoft Battle Source: Portfolio.com: Top 5 | 22 Jul 2008 | 11:30 am The New Model of Celebrity AthletePerhaps this explains those late-night consultations with Madonna?New York Yankees slugger Alex Rodriguez has signed with the Hollywood talent agency William Morris, Matthew Futterman of the Wall Street Journal reports. The deal, the terms of which were not disclosed, underscores how sports stars have become celebrities as big as—if not bigger than—Hollywood and TV stars. And athletes are doing more than product endorsements. Of course, that has been obvious for several decades, ever since Michael Jordan revolutionized the idea of an athlete as a brand and made 23 a nearly sacred number. A-Rod clearly has room to do better on the nonbaseball-income front. He has a 10-year contract with the Yankees worth $2.75 million. But Sports Illustrated estimates that he will receive just $6 million in endorsements this year. "A-Rod needs a steady hand to manage all aspects of how he is positioned within and beyond baseball," David Carter, executive director of the Sports Business Institute at the University of Southern California, told Bloomberg News. "William Morris delivers that steadiness, as well as a deep set of relationships with corporate America." Scott Boras, whom Rodriguez did an end run on when the agent announced during the World Series last fall that his client would opt out of his Yankees contract, will continue to handle A-Rod's baseball matters. The star potential of the Yankees' third baseman is huge. Destined for the Hall of Fame, he is well on his way toward eventually overtaking Barry Bonds as baseball's all-time slugger. He is a handsome man who is always pleasant in public. But there are also negative factors for any marketer. His wife is divorcing him amid tabloid stories about a relationship with Madonna. And perversely, despite all his attributes and his extraordinary record, A-Rod is not universally loved by baseball fans. Even many Yankee fans see A-Rod as a cold, aloof star compared with the clutch team captain Derek Jeter. How do you translate that into marketing prowess? That is the challenge for William Morris, which has an expanding sports roster that includes Michelle Wie, Serena Williams, and Kevin Garnett of the Boston Celtics. Related Links Claim: A-Rod's Dollars Make Sense for Yankees Boras-ARod to Meet Yankee Brass With Opt-Out Deadline Closer Alex Rodriguez Issues Statement, Wants to Meet Yankees Without Agent Boras Source: Portfolio.com: Top 5 | 22 Jul 2008 | 11:30 am Biogen second-quarter profit risesNEW YORK (Reuters) - Biogen Idec Inc , which this month fended off activist investor Carl Icahn's attempt to place three hand-picked candidates on the board, reported higher second-quarter...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:24 am Jacobs Engineering earnings rise 31 percentNEW YORK (Reuters) - Construction services company Jacobs Engineering Group Inc said a record-high order backlog drove quarterly earnings up 31 percent, beating analysts' estimates.Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:22 am Enterprise Inns plunges on beer sales concernShares in Enterprise Inns fell to a four-year low today after the pub group gave warning that beer sales in its pubs continue to be subdued, with industry sources suggesting that volumes may be off by 10 per cent or more year-on-year.Source: Latest Business News from Times Online | 22 Jul 2008 | 11:22 am Top 10 Early Bird Analyst Calls (ARTC, AGO, FDRY, IFF, PETS, PDS, CRM, SNDK, TEF, TXN)These are ten of the early bird analyst calls we are seeing this Tuesday morning with over 2 hours to the open: ArthroCare Corp. (NASDAQ: ARTC) Cut to Market Perform at William Blair. Assured Guaranty (NYSE: AGO) Cut to Neutral at JPMorgan. Foundry Networks (NASDAQ: FDRY) Cut to Neutral at Piper Jaffray. International Flavors & Fragrances (NYSE: IFF) Started as Underweight at Lehman. PetMed Express (NASDAQ: PETS) Raised to Neutral from Sell at Piper Jaffray. Precision Drilling (NYSE: PDS) Raised to Outperform at CIBC. salesforce.com (NYSE: CRM) Cut to Hold at Citigroup. SanDisk (NASDAQ: SNDK) Cut to Sell at Citigroup....Source: 24/7 Wall St. | 22 Jul 2008 | 11:19 am Wachovia has $8.9B loss, exits wholesale mortgageWachovia says it lost $8.86 billion in the second quarter, hurt by a big goodwill charge and an increase in reserves for bad loans as mortgage defaults soar. The nation's fourth-largest...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:18 am Karadzic arrest brings Serbia closer to EUEuropean Union leaders celebrated the Serbian authorities' arrest of Radovan Karadzic, the former Bosnian Serb president, as a milestone on the road to granting eventual EU membership to SerbiaSource: FT.com - US homepage | 22 Jul 2008 | 11:18 am Oil steady near $131 a barrelRoyal Dutch Shell, Europe's biggest oil company, said Monday it was evacuating workers from oil rigs in the western part of the Gulf but didn't expect its production to be affected by theSource: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:13 am Ford focusLuxury and fuel efficiency will boost sales, firm saysSource: BBC News | Business | World Edition | 22 Jul 2008 | 11:06 am Stocks look to fall after disappointing earningsWall Street looked to open sharply lower Tuesday after disappointing results from blue chips American Express Co., Apple Inc. and Texas Instruments Inc. AmEx, one of the world's largest...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am Halliburton 2Q profit in line with forecastOilfield services provider Halliburton says its second-quarter profit fell nearly 67 percent from a year ago, when the company recorded a nearly $1 billion gain from the separation of...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am US dollar falls in EuropeThe U.S. dollar fell Tuesday against most other major currencies in European trading. Gold prices rose. The euro traded at $1.5916, up from $1.5893 late Monday in New York. Other...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am Sterling Bancshares Reports Second Quarter 2008 EarningsNet Income of $10.3 Million or $0.14 per share HOUSTON, July 22 /PRNewswire-FirstCall/ -- Sterling Bancshares, Inc. (Nasdaq: SBIB) today reported net income of $10.3...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am FTSE hit by consumer spending fearsLondon equities slipped back on Tuesday, as investors weighed further evidence of slower consumer spending in trading updates from two blue-chip companies.The FTSE 100 lost 1.8 per cent to 5,308.7 in midday...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 11:00 am U.S. Concrete Updates Second Quarter 2008 Earnings Guidance and Announces Earnings Release and Conference Call ScheduleHOUSTON, July 22 /PRNewswire-FirstCall/ -- U.S. Concrete, Inc. (Nasdaq: RMIX) today announced that its second quarter 2008 earnings from continuing operations are...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am Mueller Industries, Inc. Reports Second Quarter 2008 EarningsMEMPHIS, Tenn., July 22 /PRNewswire-FirstCall/ -- Harvey L. Karp, Chairman of Mueller Industries, Inc. (NYSE: MLI), announced today that Mueller's net income in the...Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Jul 2008 | 11:00 am Wachovia to exit wholesale mortgage businessRead full story for latest details.Source: Business and financial news - CNNMoney.com | 22 Jul 2008 | 10:56 am Do Fannie Mae (FNM) And Freddie Mac (FRE) Know What They Have On Their Books?One of the most odd piece of financial news so far this year is that the federal government is sending in some of its accounting experts to see what the books of Fannie Mae (FNM) and Freddie Mac (FRE) look like.Source: 24/7 Wall St. | 22 Jul 2008 | 10:52 am Asia markets weakly higher on resourcesAsia Pacific shares were weakly higher on Tuesday as resource companies benefitted from a rebound in the price of oil and metals that offset a fall in technology stocks after a gloomy outlook from Apple...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 10:50 am Dollar hit by corporate gloomThe dollar remained mired close to recent lows after warning from US corporates re-ignited fears that earnings gloom was not limited to the financial sector.Consumer-facing groups such as Apple, the computer...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 10:40 am Vodafone faces tough time as European markets crackIt's not the valediction Arun Sarin would have wanted. Having won plaudits for expanding Vodafone's empire beyond its European heartland, that core market has come back to bite him just as he prepares...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 10:40 am Vodafone faces tough time as European markets crackIt's not the valediction Arun Sarin would have wanted. Having won plaudits for expanding Vodafone's empire beyond its European heartland, that core market has come back to bite him just as he prepares to step down.Source: Telegraph Business | 22 Jul 2008 | 10:40 am Regulators check Fannie, Freddie books: report(Reuters) - Bank examiners from the U.S. Federal Reserve and the Comptroller of the Currency are inspecting the books of mortgage finance companies, Fannie Mae and Freddie Mac, The New York Times reported on Tuesday.Source: Reuters: Business News | 22 Jul 2008 | 10:39 am Slowing economy hits chipmaker TISemiconductor firm Texas Instruments (TI) posts weaker-than-expected earnings for its April to June period.Source: BBC News | Business | World Edition | 22 Jul 2008 | 10:38 am Europe Rescues McDonald's (MCD)Europeans must want to eat a lot of fatty food and get heavy like many Americans are. McDonald's (MCD) will probably pick up a big chunk of its Q2 earnings out of the EU. So much for the citizens on the continent loving good cuisine.Source: 24/7 Wall St. | 22 Jul 2008 | 10:37 am Vodafone sounds sales warningSource: Business and financial news - CNNMoney.com | 22 Jul 2008 | 10:37 am Oil consolidates while gold risesOil prices traded in a narrow range on Tuesday, consolidating after last week's sharp correction, while gold rose and base metals put on a mixed performance. However, price action was muted in the absence...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 10:32 am S Korea faces another 1997, warns ministerSouth Korea's top economic policy maker has delivered the gravest official prognosis yet about the country's economic challenges, saying it is now experiencing the same problems that accompanied the 1997 financial crisisSource: FT.com - US homepage | 22 Jul 2008 | 10:29 am Severn Trent warns customers may struggle with water billsSevern Trent, the UK's second largest water company, today admitted it is concerned that cash-strapped customers may soon struggle to pay their water bills.Source: Latest Business News from Times Online | 22 Jul 2008 | 10:24 am Sales rise at luxury group HermesFrench luxury goods firm Hermes reports a 12.8% rise in first-half sales, as it bucks the economic downturn.Source: BBC News | Business | World Edition | 22 Jul 2008 | 10:23 am Ericsson shares hit as profits fall 70%Ericsson, the world's largest telecommunications equipment company, on Tuesday reported improved cash flow in the second quarter but net profits fell 70 per cent year on year to SKr1.9bn (202m) on sales...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 10:16 am Regulators check Fannie, Freddie books: report (Reuters)
Source: Yahoo! News: Business | 22 Jul 2008 | 10:11 am American Express (AXP) Earnings, Most Important Numbers Of The QuarterWhile Wall St. was fixated on Apple's (AAPL) numbers and the health outlook for Steve Jobs, American Express (AXP) slipped through the side door with some frightening numbers. Apple's earnings said something about the current economy. AXP's said almost everything.Source: 24/7 Wall St. | 22 Jul 2008 | 10:11 am As Lenovo Falters, HP (HPQ) And Dell (DELL) SweatShare of large China-based PC company Lenovo were downgraded overnight. According to Reuters, "JP Morgan downgraded Lenovo to neutral from overweight due to a near-term slowdown in revenue growth from weak China demand and a slower ramp-up of the U.S. consumer business." That is the same China the US PC companies Dell (DELL) and HP (HPQ) have been counting on for much of their growth over the next several years.Source: 24/7 Wall St. | 22 Jul 2008 | 9:49 am Mervyn King calls on banks to pre-fund savers' guaranteeMervyn King, Governor of the Bank of England, said today that banks should put billions of pounds into a fund over the next 10 years to compensate customers in case a bank collapses.Source: Latest Business News from Times Online | 22 Jul 2008 | 9:41 am Felix Dennis plans to launch The Week in OzAs media groups batten down the hatches to weather what may prove the worst advertising season since the 9/11 terrorist attacks, multi-millionaire publisher Felix Dennis telephones from the Caribbean island...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 9:40 am Felix Dennis plans to launch The Week in OzAs media groups batten down the hatches to weather what may prove the worst advertising season since the 9/11 terrorist attacks, multi-millionaire publisher Felix Dennis telephones from the Caribbean island of Mustique and says we should not get "too hung up" on the howling headlines.Source: Telegraph Business | 22 Jul 2008 | 9:40 am GM (GM) And Ford (F) Late In The Game, Rush To Save ThemselvesFord (F) and GM (GM) are each announcing new plans to save themselves from the earnings garbage bin and give their shareholders some needed hope. It is awfully late to get started.Source: 24/7 Wall St. | 22 Jul 2008 | 9:32 am Orica rules out sale of consumer divisionOrica, the Australian group that is the world's biggest maker of explosives, has ruled out a trade sale of its consumer products division, valued by analysts at close to A$1.5bn ($1.46bn), after unveiling...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 9:19 am Postman Pat and his cat to make China debutQuite what they will make of him remains to be seen, but more than 200 million Chinese children are getting the chance to meet Postman Pat — and his black and white cat.Source: Latest Business News from Times Online | 22 Jul 2008 | 9:16 am Wachovia ends wholesale mortgagesWachovia, the fourth-largest US bank, says it will stop offering mortgages via brokers from 25 July.Source: BBC News | Business | World Edition | 22 Jul 2008 | 9:10 am Telecoms lead Europe lowerEuropean equity markets fell on Tuesday, breaking an advance that ran for four days after mobile phone groups were spooked by a trading update from Vodafone.The UK heavyweight warned of economic weakness...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 8:54 am Revenue fears hit Vodafone sharesShares in mobile phone giant Vodafone fall 11% after it warns revenue will be hit by the global economic slowdown.Source: BBC News | Business | World Edition | 22 Jul 2008 | 8:01 am Vodafone plunges on sales warningVodafone, the world's largest mobile phone operator by revenue, on Tuesday warned of slowing revenue growth as it said that trading in the first quarter suggested that full-year income would be at the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Jul 2008 | 7:46 am Supermarket price cuts spark petrol pump warThree of the country's biggest supermarkets have said they will pass on lower oil prices to customers, sparking a potential price war at the petrol pumps.Source: Latest Business News from Times Online | 22 Jul 2008 | 7:45 am Media Digest 7/22/2008 Reuters, WSJ, NYTimes, FT, BloombergAccording to Reuters, Apple (AAPL) missed Wall St. expectations, sending the stock down by 10%. Reuters reports that American Express (AXP) profits fell on credit losses.Source: 24/7 Wall St. | 22 Jul 2008 | 7:45 am 'Take cash and leave' says lenderA former sub-prime mortgage lender offers an 8% discount to borrowers if they redeem their home loans.Source: BBC News | Business | World Edition | 22 Jul 2008 | 7:43 am Plum quarter for Apple as Macintosh computer sales hit recordRecord sales of Macintosh-branded computers have helped consumer technology giant Apple to its best third quarter on record.Source: Telegraph Business | 22 Jul 2008 | 7:37 am Paragon rallies on confirming takeover talksShares in Paragon, the buy-to-let mortgage lender, today soared by 16 per cent after it confirmed that it is in takeover talks.Source: Latest Business News from Times Online | 22 Jul 2008 | 7:21 am Yahoo, Yang agree on cease-fire with IcahnA tense proxy battle over, the Internet firm can concentrate on its turnaround strategy.Yahoo Inc. reached a cease-fire with billionaire activist Carl Icahn on Monday by giving him and his allies three board seats, ending a bruising proxy fight and buying the Internet company more time to figure out its turnaround strategy. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Developer returns luster to L.A. landmarksWayne Ratkovich's restoration projects have helped change the attitude of the local real estate industryDeveloper Wayne Ratkovich had little idea 30 years ago when he and his partners bought an unwanted office building in downtown Los Angeles that a forgotten gem lay waiting. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Court tosses FCC 'wardrobe malfunction' fineThe ruling releases CBS from paying a $550,000 penalty levied for Janet Jackson's breast-baring incident during the 2004 Super Bowl halftime show. It's also a blow to the FCC's indecency policy.WASHINGTON -- Federal judges today tossed out the $550,000 fine levied against CBS Corp. after Janet Jackson's breast was briefly bared during the 2004 Super Bowl halftime show, ruling that the Federal Communications Commission "acted arbitrarily and capriciously" in penalizing the network for a "fleeting image of nudity." Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am 'Girls Gone Wild' mogul denies guilt in federal tax caseJoe Francis is accused of concealing millions in income. He claims he's being targeted because of how he makes a living."Girls Gone Wild" video mogul Joe Francis denied felony tax evasion charges Monday in Los Angeles, claiming that he was a victim of abuses in an Internal Revenue Service whistle-blower program. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am FDA finds salmonella strain in jalapeno pepperThe strain blamed for an outbreak that has sickened thousands shows up in a Mexican-grown pepper in Texas. Officials warn against eating fresh jalapenos.Fresh jalapeno peppers joined tomatoes as possible culprits in the nationwide Salmonella Saintpaul outbreak that has sickened thousands of people and killed two since April, the federal government confirmed Monday. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Los Angeles condo sells for $2,848 (per square foot)Candy Spelling's penthouse in Century City will have a $47-million view.The top two floors of a Century City residential tower still under construction have been sold for a record $47 million to Candy Spelling, the widow of TV mogul Aaron Spelling. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Why the oil crunch may grow worseThe fear is that all the easy-to-reach crude has been found. These may be 'the good old days,' one expert says.With gasoline and oil costing once-unthinkable barrels of cash, the notion that things in our petroleum-addicted world soon will get worse -- maybe much, much worse -- is spreading fast. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Roche offers $43.7 billion for Genentech's outstanding sharesIn a sign that a fresh round of consolidation in the pharmaceutical and biotechnology industry is underway, Swiss pharmaceutical maker Roche Holding on Monday offered $43.7 billion for the remaining shares of U.S. biotech giant Genentech Inc.Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Mervyns may file for bankruptcy, sources saySome vendors have stopped shipping goods to the chain.Since selling Mervyns in 1978, founder Mervin Morris has watched as the mid-priced department store chain has changed owners and faced increasingly stiff competition from other retailers. Source: L.A. Times - Business | 22 Jul 2008 | 7:00 am Vodafone sales to reach lower end of forecastsVodafone, the UK mobile phone giant, today warned that the deteriorating economic environment will leave full-year revenues at the bottom end of forecasts, despite posting a 19 per cent sales rise in the three months to June.Source: Latest Business News from Times Online | 22 Jul 2008 | 6:59 am Carmaker GM unveils 2010 CamaroUS carmaker General Motors announces it will produce a fuel-efficient Camaro from 2009.Source: BBC News | Business | World Edition | 22 Jul 2008 | 6:50 am Paragon in takeover talks with BlackstoneParagon, the struggling buy-to-let mortgage lender, is in talks with Blackstone about a potential takeover, which shows the US private equity group may be ready to call the bottom of the credit crisisSource: FT.com - US homepage | 22 Jul 2008 | 6:49 am Inflation 'to hit Asian growth'Inflation and volatility in financial markets will slow growth in Asia during 2008, says the Asian Development Bank.Source: BBC News | Business | World Edition | 22 Jul 2008 | 6:13 am Currency: Dollar little changed ahead of rates decisionTrading in the New Zealand dollar was moribund ahead of the Reserve Bank's crucial interest rate decision on Thursday. The kiwi closed little changed on US76.13c from its close yesterday with traders unwilling to take positions. It...Source: New Zealand Herald - Business | 22 Jul 2008 | 5:31 am Plant closure may bring meat mega-merger closerThe loss of 250 meat working jobs at a plant near Christchurch could mean the much-dicussed "mega-meat merger" will be back on the table. Silver Fern Farms (formerly PPCS) today said it plans to close its sheep and lamb slaughter...Source: New Zealand Herald - Business | 22 Jul 2008 | 3:00 am Property trust freezes repayments - investors owed $250 millionThe country's second largest property trust, forced to freeze over a quarter of a billion dollars of investors' funds, today said it expects investors to eventually be paid out. Canterbury Mortgage Trust (CMT) said that apart from...Source: New Zealand Herald - Business | 22 Jul 2008 | 2:17 am Fed seems focused on inflation over growthAs the dust settles on the latest bout of financial turmoil, the Federal Reserve appears to be focused on inflation rather than economic growth, in spite of the continuing troubles at Fannie Mae and Freddie Mac, extreme volatility in bank stocks and the recent dip in the price of oilSource: FT.com - US homepage | 22 Jul 2008 | 2:03 am Dangerous Christmas lights trader convictedA wholesale company which attempted to sell unsafe and banned Christmas lights has been convicted for breaching electricity regulations. Sunny International Limited was found to be selling the prohibited lights despite being told...Source: New Zealand Herald - Business | 22 Jul 2008 | 2:00 am New laws coming to fix up messy aquaculture rulesLegislation is to be introduced shortly to fix up messy aquaculture laws that have resulted in no new areas being opened up for marine farming. The industry has complained about the shambolic state of the industry since the Government...Source: New Zealand Herald - Business | 22 Jul 2008 | 1:00 am Obama to widen focus beyond EuropeBarack Obama is ready to revive the transatlantic relationship, but he expects Europe to pull its weight on Afghanistan and he would deepen Washington's engagement with other regionsSource: FT.com - US homepage | 22 Jul 2008 | 12:43 am Trends & Innovations - MondaySingapore may OK kidney tradingSource: Investor's Business Daily: BUSINESS | 22 Jul 2008 | 12:39 am After The Close - MondayFORWARD AIR (FWRD), a freight firm, said Q2 EPS rose 11% to 42 cents, a penny better than views. Sales grew 31% to $122 mil, above views. It edged up.Source: Investor's Business Daily: BUSINESS | 22 Jul 2008 | 12:39 am Business Briefs - MondayHasbro profit meets, sales beat. The toy maker said its Q2 EPS fell 8.3% to 22 cents, meeting views. Sales jumped 13% to $784.3 mil, topping...Source: Investor's Business Daily: BUSINESS | 22 Jul 2008 | 12:39 am Capital Goods Maker For Solar Energy Steps Into SunlightIt's a tough time for a company wanting to float some shares. But GT Solar International might just find the sweet spot. The company makes capital...Source: Investor's Business Daily: BUSINESS | 22 Jul 2008 | 12:39 am In Brief - MondayCharlotte Russe (CHIC), a women's apparel retailer, said its Q3 EPS fell 22.5% to 31 cents, missing views by a penny. Sales rose 7% to $193.2 mil,...Source: Investor's Business Daily: BUSINESS | 22 Jul 2008 | 12:39 am Apple's BiteThe good news: Apple has big plans to maintain its impressive growth. The bad news: Those plans are going to weigh on margins for at least a quarter.Even worse news for investors is that Apple won't release any specifics about those plans, leaving investors with little but uncertainty at a time when that’s all they’ve been seeing in the market. As a result, Apple's stock tumbled a few hours after it announced its earnings for the quarter ended June 30--even though the company handily beat its own and Wall Street's forecasts for revenue and profit. Apple's earnings for the quarter came in at $1.19 a share, above the company's own guidance of $1 a share and the Wall Street consensus of $1.08 a share. Revenue came in at $7.46 billion, compared with the Street's number of $7.37 billion. So much for the good news. Looking ahead, Apple gave guidance that was conservative by even its own standards: It's once again expecting $1.00 a share in profit. It sees revenue at $7.8 billion. Analysts were thinking more like $1.24 a share in profit and $8.3 billion in revenue. Then there's the matter of falling margins. Gross profit this quarter was 34.8 percent of revenue—again, higher than most expectations but much lower than the 36.9 percent a year earlier. Apple C.F.O. Peter Oppenheimer said they would fall to 31.5 percent in the current quarter and hold around the 30 percent level for next year. Some of the pressure on margins, Apple executives told analysts, is a "future product transition" that Apple executives refused to give details on despite repeated attempts by analysts to pry loose a hint. This mysterious new initiative could cost Apple profit through increased spending to develop a new product or by offering a price that is competitive to rival products. "One of the investments we make is in new products that initially cost more because they deliver an entirely new value to the customer," Oppenheimer said on a call discussing the earnings. "We have some types of investments like that in front of us that I can't discuss today." Already, the mystery product is leading to online speculation of what it could be. Oppenheimer also addressed another matter of speculation, that over the health of C.E.O. Steve Jobs, that was reignited by a story in the New York Post citing some investor concerns. One analyst broached the question, prefacing it with multiple apologies. "Steve loves Apple. He serves as CEO at the pleasure of Apple's board and has no plans to leave," Oppenheimer said. "Steve's health is a private matter." The cloudy outlook surrounding Apple may not only dent Apple's stock, but other tech shares, as earnings for tech companies so far have been mixed. IBM and Intel proved surprisingly strong, while Microsoft and Google underwhelmed with soft guidance. The market had been looking for Apple to set a more decisive direction. Instead, Apple, as shy as ever about tipping its hand to competitors, is essentially asking investors to maintain faith in its ability to deliver blockbuster consumer devices. Apple hasn't done anything to make us doubt it. It's just that the stock market is running a little short on faith these days. Related Links Last Bytes: Yahoo/Icahn, Apple, XM, Twitter Yay, Apple Apple's Usual Tricks Source: Portfolio.com: Top 5 | 22 Jul 2008 | 12:30 am A tough job making money from SThree as the downturn threatens recruitmentWith all the doom and gloom surrounding the credit crisis, barely a day passes when the dreaded "redundancy" word fails to pop up. With the axe falling at such a fast and furious rate, previous estimates of 40,000 jobs being lost in the City could prove to be conservative.Source: Telegraph Business | 22 Jul 2008 | 12:01 am Doha talks: Brazil snubs EU's tariff cut planEurope's offer to cut tariffs on agricultural imports by 60pc has been rejected by Brazil on the first day of the World Trade Organisation's deadlocked talks.Source: Telegraph Business | 22 Jul 2008 | 12:01 am DP World bucks global trendsDP World, the Dubai-based container terminals operator, betrayed no signs of a slowing global economy with a 21pc rise in first-half volumes.Source: Telegraph Business | 22 Jul 2008 | 12:01 am My life is better, not worse, without a carFinally, I'm ahead of a trend and it's even saving me money, says Tracy Corrigan.Source: Telegraph Business | 22 Jul 2008 | 12:01 am Alistair Darling and his Treasury U-turns on multinationals' taxThe Chancellor's latest change of mind on reforming company taxation leaves the Treasury facing a dilemma, writes Edmund Conway.Source: Telegraph Business | 22 Jul 2008 | 12:01 am British International Motor Show: Green gloss masks red shift for car industryIn the week of the British Motor Show, car makers are being hit by the double whammy of soaring costs and falling sales, reports Russell Hotten.Source: Telegraph Business | 22 Jul 2008 | 12:01 am TNK-BP chief in contract pledgeTNK-BP chief executive Robert Dudley, just days away from being ejected from Russia, has written to the country's immigration department saying that he will soon provide proof of his employment contract.Source: Telegraph Business | 22 Jul 2008 | 12:01 am Goff optimistic after day one of WTO talksThe first day of a last-ditch attempt to try to breathe life into world trade liberalisation talks has left Trade Minister Phil Goff mildly optimistic. Speaking after the opening session of the World Trade Organisation (WTO) talks...Source: New Zealand Herald - Business | 22 Jul 2008 | 12:00 am Drugmakers dented by study findingsShares of drugmakers Schering-Plough and Merck fell sharply following release of a study that showed that Vytorin, a jointly marketed cholesterol drug, failed to improve a rare heart conditionSource: FT.com - US homepage | 21 Jul 2008 | 11:24 pm British blockbusters take on the worldThe Bourne Ultimatum may have been the film of an American bestselling book about a renegade CIA agent, starring a Hollywood pin-up, filmed in cities around the globe and funded by a big US studio. But according to the annual report of the UK Film Council, it is a very British film.Source: Latest Business News from Times Online | 21 Jul 2008 | 11:01 pm Oil prices back upNEW YORK - Oil prices rose overnight on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico. Light, sweet crude for August delivery added US$2.16 to settle at US$131.04 a barrel on...Source: New Zealand Herald - Business | 21 Jul 2008 | 11:00 pm Economy - Monday (Investor's Business Daily)Investor's Business Daily - The Conference Board's Index of Leading Economic Indicators fell 0.1% in June amid the financial crisis, the prolonged housing slump and high gasoline and food prices. "(It) wouldn't take much to push the economy so that it's even weaker in the second half of 2008," said Ken Goldstein, the group's labor economist. The May figure was revised down to a decline of 0.2% after an initially reported 0.1% rise.Source: Yahoo! News: Business | 21 Jul 2008 | 10:45 pm NZ Shares: Market retreats to bear modeThe sharemarket retreated back into bear mode this morning, after a few days respite. The benchmark NZSX-50 index was down 15 points to 3133 at 10.20am. On Wall Street, United States stocks slipped as oil turned higher after...Source: New Zealand Herald - Business | 21 Jul 2008 | 10:30 pm Apple hit by concern over marginsStrong Macintosh sales continued to drive profits at Apple as the computer maker reported its third-quarter results, but a tepid forecast sent shares in the computer maker lowerSource: FT.com - US homepage | 21 Jul 2008 | 10:29 pm Merck Keeps Dropping Late After Pulling OutlookSource: SmartMoney.com | 21 Jul 2008 | 10:03 pm Tradesmen out of pocket after Merlot liquidationA tradesman says he is owed $100,000 by troubled property investment group Merlot. On Friday, Merlot Homes Ltd, the development arm of Merlot Property Investments, was placed in liquidation by its creditors. Merlot has about...Source: New Zealand Herald - Business | 21 Jul 2008 | 10:00 pm Oh, waiter! Charge it to my PACLawmakers are still dining out and jetting off on trips they don't pay for themselves --and taking friends and lobbyists with them. They get the money by setting up something called a "leadership political action committee." Steve Henn reports.Source: Marketplace | 21 Jul 2008 | 9:45 pm New jingles may be coins in your pocketAbout $21 billion was spent on online advertising last year. Almost half went to search engines, with Google getting the lion's share. But commentator and economist Ian Ayres says you, too, may be able to get in on the action.Source: Marketplace | 21 Jul 2008 | 9:45 pm Knit 1, pearl 2, point and clickNot too long ago yarn shops were popping up in fashionable neighborhoods. But the fad has passed. Those still minding their knitting are buying most of their wares online, and that has some stores spinning a sad tale. Carolyn Adolph reports.Source: Marketplace | 21 Jul 2008 | 9:45 pm What's to debate over Fannie, Freddie?Leaders on Capitol Hill are set to debate and vote later this week on the Bush administration's bailout plan for Fannie Mae and Freddie Mac. Marketplace's John Dimsdale's discusses with Kai Ryssdal how the politics may play out.Source: Marketplace | 21 Jul 2008 | 9:45 pm Gas-tax hike is no holiday for CongressWith Americans reeling from skyrocketing gas prices, the last thing Congress wants to do is raise the gas tax. But as Jeremy Hobson reports, lawmakers are facing that very unpopular decision.Source: Marketplace | 21 Jul 2008 | 9:45 pm Food companies to feed us higher costsSara Lee, Tyson, Kraft and other name-brand food companies are hiking prices on everyday products from cheese to cold cuts. Jeff Tyler reports on how this will hit Americans in the gut.Source: Marketplace | 21 Jul 2008 | 9:45 pm Does Roche have Genentech's Rx?Swiss pharmaceutical giant Roche says it wants to buy California-based Genentech, maker of three of the best-selling cancer drugs in America. But Genentech's not going to come as cheap as Roche is hoping -- if the deal goes down at all. Janet Babin reports.Source: Marketplace | 21 Jul 2008 | 9:45 pm Apple defies gravity: Quarterly profit rises 31%Source: L.A. Times - Business | 21 Jul 2008 | 9:33 pm Bravo's Familiar WringIt was déja vû all over again for Bravo fans this weekend, as the cable channel announced several shows in development as part of NBC Universal's summer press tour.Although the shows are being heralded as "new," they hew uncomfortably close to other entries in Bravo's time-tested "creative competition" programming category. There's Fashion House, a competition featuring teams of designers (wait…), living together (that sounds…), who create collections of clothing on deadline (very, very…), and present them to a panel of industry judges (familiar!). A Bravo press release touts the show's derivation from a British series of the same name, and emphasizes that the designers focus on an entire collection rather than an individual look, working in teams, as opposed to individually. Our opinion? This Fashion House concept is just a poor man's Project Runway, Bravo's erstwhile groundbreaker that decamps to Lifetime for its next season. Then there's American Artist, another creative competition, this one with a pan-artistic focus: Contestants, aspiring artists in unspecified media, will tackle sculpture, painting, photography and industrial-design projects from episode to episode. A panel of artists, gallery owners, and museum curators will judge the finished works, and the winners' creations will be featured in a national museum tour. Sarah Jessica Parker is among the executive producers for American Artist, which would offer the show a breath of fresh air, if she weren't collaborating with Magical Elves, the very production team that created Project Runway in the first place. And then there's Top Chef: Masters, which brings together established contemporary chefs for a string of cooking challenges. At least Bravo has the decency to admit that this show is a Top Chef "spin-off," although the only difference between this one and the original Top Chef seems to be the higher-wattage contestants. You can't blame Bravo for sticking to the script of, well, unscripted TV. But while the format made Project Runway a breakout hit, and has replicated itself well for Top Chef, it may end up being the channel's own worst enemy. Executives there, it seems, are unable to conceptualize programming that doesn't revolve around a panel of judges launching into passive-aggressive attacks against eccentric, hyper-emotional contestants. The lone sign that the creative competition formula may be showing its age (even for Bravo)—the network hasn't said whether it will renew Step It Up & Dance, the Elizabeth Berkeley-hosted dance competition dud that debuted this year. A Bravo spokesperson had no comment about the future of the show. Proving that there's life in the monster yet? Make Me a Supermodel was picked up for a second season. It premieres in 2009. Right alongside Bravo's next show, about dancing designers who create edible outfits, modeled on the catwalk by real housewives. Related Links NBC Shuffle Hangs Question Mark Over 'Today' Heavy Medal Idle Chatter: 'Today' vs. 'GMA,' Anderson vs. Greta Source: Portfolio.com: Top 5 | 21 Jul 2008 | 9:30 pm Wachovia mortgage unit halting loans via brokers (Reuters)Reuters - Wachovia Corp , the fourth-largest U.S. bank, on Monday said its main mortgage unit will stop offering home loans through brokers this week, joining a growing number of lenders to curb wholesale lending.Source: Yahoo! News: Business | 21 Jul 2008 | 9:15 pm Mutual-Fund Alternatives to Active ETFs (The Irritable Investor)Active ETFs are finally here, but proven mutual funds may be better -- and cheaper.Source: SmartMoney.com | 21 Jul 2008 | 9:14 pm VIX Index of U.S. Stock Option Prices Retreats 4.2% to 23.05Source: Bloomberg - All Podcasts | 21 Jul 2008 | 9:07 pm Yahoo buys time with Icahn ceasefireYahoo bought some breathing space in its long struggle to remain independent, agreeing a ceasefire with Carl Icahn in return for giving up three board seats to the activist investorSource: FT.com - US homepage | 21 Jul 2008 | 9:01 pm Bridgecorp's Petricevic wants his Porsche backBridgecorp founder Rod Petricevic wants his seized $120,000 Porsche 911 handed back. Meanwhile, in what's fast becoming a game of cat-and-mouse, Bridgecorp's receivers are searching in vain for the failed finance company's former...Source: New Zealand Herald - Business | 21 Jul 2008 | 9:00 pm Caron of Stifel Says Gold ETFs Are Best InvestmentSource: Bloomberg - All Podcasts | 21 Jul 2008 | 8:58 pm M&A Deal Boosts Biotech Fund (Daily ETF Wrap-Up)Biotech fund increases on news of $44 billion bid for Genentech.Source: SmartMoney.com | 21 Jul 2008 | 8:42 pm Stocks End LowerThe Dow's hot streak came to an end on a disappointing drug study and higher oil prices.Source: SmartMoney.com | 21 Jul 2008 | 8:13 pm BofA Beats Street, Extends Bank Rally (One-Day Wonder)Street-beating profits and record revenues extend the rally in financials.Source: SmartMoney.com | 21 Jul 2008 | 8:11 pm Forecast for Solar Stocks? Partly Sunny (Today From Barron's)Those who place the right bets on solar energy could make a fortune — but use caution.Source: SmartMoney.com | 21 Jul 2008 | 7:23 pm 4 Gas-Saving Deals That Rarely Pay Off (Deal of the Day)Don't fall for these gas-savings deals until you read the fine print first.Source: SmartMoney.com | 21 Jul 2008 | 7:21 pm Boehner Discusses U.S. Economy, Freddie Mac, Fannie MaeSource: Bloomberg - All Podcasts | 21 Jul 2008 | 7:15 pm Shuaa's Mitri Sees `Strong' Foreign Investment DemandSource: Bloomberg - All Podcasts | 21 Jul 2008 | 7:08 pm Dental Supplier Trades at Tempting Discount (Stock Screen)A midsize distributor of dental supplies is trading at a tempting discount.Source: SmartMoney.com | 21 Jul 2008 | 6:23 pm Author Grudens Says Big Bands Still Touring U.S.Source: Bloomberg - All Podcasts | 21 Jul 2008 | 5:16 pm HBO's New Blood, True BloodHBO likes the spotlight. And to introduce its vampire-themed fall drama, True Blood, to viewers, the subscription cable channel has been hamming it up something good.In a comprehensive marketing attack—done by the show's creator Alan Ball and ad agency Campfire of Blair Witch Project fame—HBO has plotted 13 separate listed events, announcements, or product mailings between May 21, when teaser mailings went out to influential bloggers, and September 7, when the series premieres on HBO. An article in the New York Times described the campaign as perhaps "the most extensive that HBO has ever undertaken." It's not that HBO hasn't promoted its other shows with panache. For the launch of Big Love in 2006, it ran fake wedding announcements for the main characters in major papers like the Times. Before the original miniseries John Adams this spring, it partnered with the U.S. Postal Service in a campaign capitalizing on Adams' prolific letter writing. This time though, the stakes—pardon the pun—are higher. HBO has gone years without a show that generated the fans of either Sex and the City, which went off the air in 2004, or The Sopranos, which had its series finale last summer. In Treatment and Tell Me You Love Me, two of the channel's newest shows, have been picked up for second seasons despite relatively small audiences and mixed critical reviews. In the meantime, a crop of cable competitors, from Showtime to FX to AMC, have been encroaching on HBO's territory with offbeat, edgy original shows and characters, and plotlines that pushed the limit of what could be considered small-screen fodder. Mary-Louise Parker's pot-dealing mom character from Showtime's Weeds has become a counterculture heartthrob and garnered the actress an Emmy nomination. Mad Men, a show on which HBO passed and which ended up on AMC, received six nominations. HBO received a total of 85 Emmy nominations this year, one fewer than last year, but still impressive, especially considering that The Sopranos wasn't up for consideration for the first time in years. "I'm curious, like everybody else," about True Blood, says David Poland, who writes about HBO in his entertainment-industry blog. "The question of whether HBO is relevant in this regard is real." That question might explain the many bells and whistles of True Blood’s marketing campaign, which includes the launches of at least seven promotional "micro sites," dispersed throughout the blogosphere and chockablock with videos portraying White House press conferences and civilian protests in the fictional world where vampires have just come out to live among mortals; mail-delivered samples of Tru Blood, the beverage at the heart of the show; and staged live petition-signing events, with actors posing as vampire supporters and detractors, in cities across the U.S. But HBO bristles at the idea that the True Blood marketing campaign is unusually elaborate—or expensive. "Comparatively, the budget is absolutely in the ballpark of all of our other series launches," says Zach Enterlin, vice president of advertising and promotions at HBO. "This series' marketing campaign is commensurate with other programs." Enterlin adds that Alan Ball, who penned the Oscar-winning screenplay for American Beauty and created HBO’s dark and popular Six Feet Under, drove much of the creative energy behind the promotional plans. In terms of the popular appeal of vampires, HBO's timing could be perfect. Vampires are having a cultural moment: The upcoming movie Twilight, a vampire love story based on the bestselling series by author Stephenie Meyer, is getting plenty of attention, and just snagged the cover of Entertainment Weekly, despite its December release date. Enthusiasm for Buffy the Vampire Slayer has proved to be "undead" since the show went off the air five years ago, with a recent resurgence of comic books and compilations. And there's the power of the popular vampire series Charlaine Harris wrote on which True Blood itself is based, not to mention Alan Ball's following of devoted fans. But in an increasingly competitive landscape for original cable programming, those factors might not be enough to guarantee true success for True Blood. HBO is hoping that its night-stalking marketing campaign will be. Related Links Emmy Nominations Announced: Good Day for HBO Premium Cable and Prurient Measures HBO's John From Cincinnati: "Strangest Show Ever Produced for American Television" Source: Portfolio.com: Top 5 | 21 Jul 2008 | 5:00 pm World Bank's Ravallion Sees Growth Constraints in AfricaSource: Bloomberg - All Podcasts | 21 Jul 2008 | 4:24 pm London shares close higher (AFP)
Source: Yahoo! News: Business | 21 Jul 2008 | 4:17 pm Furman, Holtz-Eakin Discuss Fannie Mae and Freddie MacSource: Bloomberg - All Podcasts | 21 Jul 2008 | 3:13 pm Gossip Girl Meets Wall StreetWith the departure of Michael Klein, Citigroup has lost one of its key executives, and its chief executive Vikram Pandit now no longer has to work with the man many believe might have one day been his successor.Cue the chatter: Did he jump or was he pushed? Klein, a 23-year veteran at Citigroup and a favorite of former C.E.O. Sandy Weill's, announced plans to leave his position as head of institutional clients in order to pursue other unnamed opportunities. With close ties to clients in the Middle East and Europe, Klein played a key role in recent Citigroup deals, including its $7.5 billion investment from Abu Dhabi and its role advising Dow Chemical in its $19 billion takeover of Rohm and Haas. But the tension has been palpable in the executive suite at Citigroup ever since Pandit took over the helm late last year, making Klein a disgruntled outsider among a new guard of leaders. In March, the Wall Street Journal reported that Klein, then co-head of investment banking, threatened to quit last fall if former C.E.O. Charles Prince named Pandit head of the group. Pandit, who came to Citigroup when the bank acquired his hedge fund Old Lane Partners, was a former Morgan Stanley executive. Prince ended up appeasing Klein with the position as chairman of the newly created institutional client group, above Pandit. But just a short time later, Prince was ousted from his job and the board named Pandit as Citigroup's new chief executive. However, the board of directors made it known they valued Klein's work in January, when they gave him a $13.8 million retention award, more than twice that of any other senior executive. So is Klein leaving the $14 million on the table of his own accord, or did Pandit give him the boot? It was more likely something in between. Everyone in corporate America knows it's possible to make life so miserable for a subordinate that they have little choice but to run. Pandit today named John Havens, his longtime lieutenant from Morgan Stanley and Old Lane Partners, as Klein's replacement. Havens was one of the sources of ire from Klein during the shakeup under Prince last fall, the Journal reported. In fact, the Journal made it sound like life as an outsider in the executive suite at Citigroup is no less catty than seventh-grade homeroom: "Mr. Havens spent nearly two decades with Mr. Pandit at Morgan Stanley and is one of his closest confidantes. At Citigroup, they often sit next to each other at meetings, passing handwritten notes back and forth. Citigroup insiders refer to the men, along with Don Callahan, the chief administrative officer, as 'the threesome.'" Moreover, despite Klein's extensive contributions at Citigroup, he also oversaw businesses that have played major roles in the recent turmoil at the bank. Citigroup's balance sheet is saddled with illiquid assets, including the $5.5 billion of debt used to finance Terra Firma's controversial acquisition of EMI last year, when Klein oversaw investment banking. Since last year, Citigroup has had to write down some $53 billion in assets, far more than any other U.S. bank. Will we ever learn the delicious details around the pettiness among Citi's top ranks? More importantly, don't they have better things to do with their time? Related Links Citi's New Chief Boom Times for Analyst Bonuses? Mark-to-Model on Wall Street: The Numbers Source: Portfolio.com: Top 5 | 21 Jul 2008 | 3:00 pm Biogen Raised to `Buy' From `Underperform' at Merrill LynchSource: Bloomberg - All Podcasts | 21 Jul 2008 | 1:55 pm Buying the Pharma TeamThe glittering debuts of blockbuster drugs have been few and far between in recent years. And big pharmaceutical companies have increasingly decided to buy new drugs or entire biotech companies instead of pouring additional billions to get something out of their research pipeline.The most recent example is an offer today by Roche, the Swiss drug giant, to buy out the rest of Genentech, the California biotech company (ticker symbol DNA—how cool is that?), for $43.7 billion. The offer is a sharp shift in strategy by Roche, which has previously kept an arm's length distance from its investments. Roche owns 56 percent of Genentech. Franz Humer, the chairman of Roche, said the two companies had collaborated for more than 20 years, but that it was time to put the partnership "on a new level." "We are absolutely convinced that it is in the interest of both parties that we acquire the 100 percent and then structure it in a way that strengthens both sides of the operation." Roche is offering $89 a share, which represents a premium of just 9 percent over Genentech's closing stock price on Friday. Analysts at Cazenove said that Roche will have to increase its offers. "We would expect Roche will have to make a significantly higher offer if it is to acquire Genentech," they wrote in a research note. Indeed, the average premium for recent pharmaceutical deals is 63 percent, notes Reuters, citing Credit Suisse research. Related Links Welcome to the Future Big Shot Pfizer Finds a New Way to Sell to Doctors Source: Portfolio.com: Top 5 | 21 Jul 2008 | 12:00 pm In the Eye of the Credit StormWhen a rescue plan for Fannie Mae and Freddie Mac was hastily cobbled together over a weekend, the point man on the latest threat to the world economy was a 45-year-old Treasury official with little government experience.The official, Anthony Ryan, was thrust into the front lines of the credit crisis after Treasury Secretary Hank Paulson's top assistant, Robert Steel, unexpectedly left to become chief executive of Wachovia. Steel had been a main architect of the Bush administration's response to the mortgage crisis. So when the shares of the two mortgage giants plunged on Friday, July 11, provoking fears of a meltdown, the job fell to Ryan, who led a team of a dozen people that came up with the bailout plan. So far, he has received acceptable marks for putting the plan together. But the surprising wave of fierce resistance the plan initially drew from Congressional Republicans highlights the difficulties Ryan and the other top Treasury officials, all from the financial industry, face. They have little or no experience, working the levers of Congress.
Ryan had previously spent his entire career in the investment industry, most recently as a partner at Grantham Mayo Van Otterloo & Co., the Boston-based asset management firm co-founded by famed value investor Jeremy Grantham. "Firms that benefited because they had better practices are sharing those with other firms. I do believe the leaders in the industry can drive the industry to improve their practices." Treasury spokeswoman Jennifer Zuccarelli said "we're keeping Congress fully occupied right now" dealing with the bailout plan. The Myth of the Walk Aways Angelo's Fannie Pack Private Cries: The Case for Cutting Fannie Loose Source: Portfolio.com: Top 5 | 21 Jul 2008 | 12:00 pm
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