|
|
|
|
HBOS shares climb on BBVA takeover talkHBOS, which owns Halifax and Bank of Scotland, has seen its shares jump on the back of takeover rumours and hopes of a broad recovery across the financial sector.Source: Telegraph Business | 23 Jul 2008 | 1:40 pm WaMu shares slip after bank reports quarterly lossBOSTON (MarketWatch) -- Shares of troubled bank Washington Mutual Inc. fell ahead of Wednesday's opening bell after the company reported a quarterly loss and continued to face questions about its capital position.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 1:11 pm Wall Street set for gains as oil drops sharplyUS stocks were set for a second session of gains as oil prices again dropped sharply helping to offset a mixed bag of second-quarter results from the likes of Pepsi and BoeingSource: FT.com - US homepage | 23 Jul 2008 | 1:06 pm McDonald's swings to 2nd-quarter profit, helped by overseas salesMcDonald's Corp. swung to a stronger-than-expected second-quarter profit from a year-earlier loss, with the improvement driven by strong international sales and solid domestic results, even in a tough consumer economy.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 1:05 pm Yahoo shares edge higher as investors digest latest numbersNEW YORK (MarketWatch) -- Shares of Yahoo rose slightly in premarket Wednesday trading in the wake of its latest quarterly results, which showed lower second-quarter profit and lackluster sales growth.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 1:04 pm Oil prices, weak dollar caused food price rally: studyCHICAGO (Reuters) - Rising oil prices and weakness in the dollar have combined to push food prices sharply higher this year, according to a study by agricultural economists released on Wednesday.Source: Reuters: Business News | 23 Jul 2008 | 1:03 pm Metals Stocks: Gold falls on falling oil, higher U.S. dollarNEW YORK (MarketWatch) -- Gold futures fell 1% Wednesday, extending their decline from the previous session, as falling crude oil prices and a firmer U.S. dollar weighed on demand for the precious metal.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 1:02 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 | 23 Jul 2008 | 1:01 pm Northwest reports second-quarter loss on fuel bill (Reuters)Reuters - Northwest Airlines Corp reported a quarterly net loss on Wednesday, reversing a year-earlier profit, on skyrocketing fuel prices.Source: Yahoo! News: Business | 23 Jul 2008 | 1:00 pm Northwest reports second-quarter loss on fuel billCHICAGO (Reuters) - Northwest Airlines Corp reported a quarterly net loss on Wednesday, reversing a year-earlier profit, on skyrocketing fuel prices.Source: Reuters: Business News | 23 Jul 2008 | 1:00 pm NewsWatch: U.S. stock futures rise as crude drop extends; Costco warnsU.S. stock futures pointed to a stronger start on Wednesday, as a continued drop in oil prices and increased optimism in the hard-hit financial sector offset a profit warning from Costco Wholesale on another busy session for earnings reports.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 1:00 pm Higher open seen on oil drop, McDonald's profit (Reuters)
Source: Yahoo! News: Business | 23 Jul 2008 | 1:00 pm Higher open seen on oil drop, McDonald's profitNEW YORK (Reuters) - Stocks headed for a higher open on Wednesday as investors bet that a drop in oil prices would help sustain consumer and business spending, improving the outlook for economic growth and profits.Source: Reuters: Business News | 23 Jul 2008 | 12:59 pm Boeing profit falls on military plane chargeNEW YORK (Reuters) - Boeing Co said on Wednesday quarterly profit fell due to a previously announced charge on a delayed military plane contract, but it held to its financial forecasts for this year and next, citing strong global demand for its commercial planes and military equipment.Source: Reuters: Business News | 23 Jul 2008 | 12:58 pm Pfizer profit doubles, but anti-smoking drug lags (Reuters)Reuters - Pfizer Inc on Wednesday said quarterly earnings more than doubled on higher sales of its prescription drugs and lower expenses, but its Chantix quit-smoking drug lost more than a third of its U.S. sales amid safety concerns.Source: Yahoo! News: Business | 23 Jul 2008 | 12:57 pm Pfizer profit doubles, but anti-smoking drug lagsNEW YORK (Reuters) - Pfizer Inc on Wednesday said quarterly earnings more than doubled on higher sales of its prescription drugs and lower expenses, but its Chantix quit-smoking drug lost more than a third of its U.S. sales amid safety concerns.Source: Reuters: Business News | 23 Jul 2008 | 12:57 pm Subprime Today: Fannie, Freddie shares rise on bailout planShares of Fannie Mae and Freddie Mac rose in premarket dealings Wednesday morning on reports that U.S. lawmakers have reached a deal on a plan to help the mortgage giants and the ailing housing market. Congressional leaders have put together a deal on a housing package that would allow the government to assist Fannie Mae and Freddie Mac in an emergency, The Wall Street Journal reported Wednesday. See full storySource: MarketWatch.com - Top Stories | 23 Jul 2008 | 12:57 pm Futures Movers: Oil futures add to losses ahead of supply data; Dolly downplayedCrude-oil futures continue to decline, as concerns fade that Hurricane Dolly would pose much of a threat to energy infrastructure in the Gulf of Mexico.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 12:57 pm McDonald's gets lift from overseas businessUS consumers may be feeling the pinch but the rest of the world continues to devour McDonald's hamburgers and fries, helping lift the company's second-quarter earnings in continuing operations to $1.19bn, or $1.04 a share, compared with a loss of $7.117m, or 60 cents a share last yearSource: FT.com - US homepage | 23 Jul 2008 | 12:56 pm Pfizer boosted by prescription drug salesPfizer reported earnings in the second quarter more than doubled on higher sales of its prescription drugs and lower expensesSource: FT.com - US homepage | 23 Jul 2008 | 12:53 pm AT&T earnings climb 30%AT&T Inc. says second-quarter profit jumped 30% as the phone giant gained a net 1.3 million wireless customers and reduced expenses.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 12:51 pm PepsiCo's 2nd-quarter profit rose 9% on overseas strengthNEW YORK (MarketWatch) -- PepsiCo reported on Wednesday that overseas-volume growth and higher pricing helped overcome rising commodity costs and softness in North America and pushed second-quarter profit up 9%.Source: MarketWatch.com - Top Stories | 23 Jul 2008 | 12:51 pm 'Life on the Net, 2108': Beware of cyber-terrorSource: Business and financial news - CNNMoney.com | 23 Jul 2008 | 12:50 pm Northwest reports loss, fingers fuel pricesNorthwest Airlines on Wednesday reported a net loss for the second quarter and like other airlines blamed the rising price of jet fuel for sending it into the red.Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 12:45 pm New Northern Rock boss appointedNorthern Rock appoints Barclays vice chairman Gary Hoffman as its new chief executive as the final member of the original board leaves.Source: BBC News | Business | World Edition | 23 Jul 2008 | 12:41 pm DJIA Components Post Strong Morning Earnings (T, BA, MCD, PFE, WMT)This morning we had four different DJIA compomnents report earnings and so far all shares of these are indicated higher. AT&T (NYSE: T) posted $0.76 non-GAAP EPS vs. $0.76 estimates and generated $8.5 Billion cash from operations and $3.2 Billion in free cash flows. The uVerse broadband TV added 170,000 subscribers to 549,000 with target on track for 1 million subscribers by year-end. Shares are indicated up 1% and could be up more considering the sell-off it has seen. Boeing Co. (NYSE: BA) posted $1.16 EPS vs. $1.23 estimate; reaffirmed 2008 at $5.70 to $5.85 EPS ($5.86 est.) and put...Source: 24/7 Wall St. | 23 Jul 2008 | 12:39 pm Coal miner Peabody's profit jumps, beats forecastsNEW YORK (Reuters) - Coal producer Peabody Energy Corp said on Wednesday its second-quarter profit more than doubled, easily beating Wall Street forecasts, as soaring global demand drove prices higher.Source: Reuters: Business News | 23 Jul 2008 | 12:36 pm Costco: Energy costs damage bottom lineSource: Business and financial news - CNNMoney.com | 23 Jul 2008 | 12:31 pm AT&T profit surges 30%Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 12:30 pm Strong rise in UK banking sharesUK bank shares enjoy strong rises amid takeover talk and on hopes of a recovery in the sector.Source: BBC News | Business | World Edition | 23 Jul 2008 | 12:25 pm HSBC may extend deadline to secure Korean dealHSBC is poised to extend the deadline on its £3 billion bid for Korea Exchange Bank (KEB) before the deal falters and fails to plug a gap in its Asian business portfolio.Source: Latest Business News from Times Online | 23 Jul 2008 | 12:25 pm AT&T profit rises on wireless growthNEW YORK (Reuters) - Top U.S. phone company AT&T Inc said on Wednesday its quarterly profit rose, as growth in wireless subscribers helped to compensate for its shrinking traditional landline business.Source: Reuters: Business News | 23 Jul 2008 | 12:23 pm Boeing profit falls on military plane charge (Reuters)
Source: Yahoo! News: Business | 23 Jul 2008 | 12:21 pm Glaxo to invest in diversity, cautious on outlookLONDON (Reuters) - GlaxoSmithKline's new chief executive set out plans to make the world's second largest drugmaker a broader business with lower costs, but kept a cautious view on short-term prospects that knocked its shares.Source: Reuters: Business News | 23 Jul 2008 | 12:19 pm McDonald's posts higher second-quarter profitNEW YORK (Reuters) - McDonald's Corp , the world's largest restaurant chain, posted a higher second-quarter profit on Wednesday, boosted by strong overseas sales.Source: Reuters: Business News | 23 Jul 2008 | 12:16 pm DJIA Components Post Strong Morning Earnings (T, BA, MCD, PFE, WMT)This morning we had four different DJIA components report earnings and so far all shares of these are indicated higher. AT&T (NYSE: T) posted $0.76 non-GAAP EPS vs. $0.76 estimates and generated $8.5 Billion cash from operations and $3.2 Billion in free cash flows. The uVerse broadband TV added 170,000 subscribers to 549,000 with target on track for 1 million subscribers by year-end. Shares are indicated up 1% and could be up more considering the sell-off it has seen. Boeing (NYSE: BA) posted $1.16 EPS vs. $1.23 estimate; reaffirmed 2008 at $5.70 to $5.85 EPS ($5.86 est.) and put 2009...Source: 24/7 Wall St. | 23 Jul 2008 | 12:14 pm McDonald's (MCD): Alms For The PoorIf the result from McDonald's (MCD) say anything it is that the low end of the consumer market in the US has not died off. For the second quarter, MCD revenue moved up 4% to $6.1 billion.Earnings per share from continuing operations of $1.04, up 44%. Shares rallied on the news.Source: 24/7 Wall St. | 23 Jul 2008 | 12:10 pm Ethan Allen quarterly profit drops 46 percent (Reuters)Reuters - Furniture retailer Ethan Allen Interiors reported a 46 percent drop in quarterly profit on Wednesday, hurt by declining sales and charges to restructure and close some of its design centers.Source: Yahoo! News: Business | 23 Jul 2008 | 12:07 pm US mortgage rates increase againThe cost of taking out a mortgage in the US rises again following fears over two key lenders, consumer figures indicate.Source: BBC News | Business | World Edition | 23 Jul 2008 | 12:02 pm House vote due on housing billRead full story for latest details.Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 11:59 am Stocks poised for early gainU.S. stocks were set to open higher Wednesday amid a backdrop of declining oil prices and the expectation of Congressional relief for the housing crisis.Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 11:58 am The price of Olympic gloryTwo athletes are striving for immortality in the same sport. But the cost has been high, in both money and family sacrificeSource: Business and financial news - CNNMoney.com | 23 Jul 2008 | 11:55 am 8 Stocks With Fast Earnings, Sales Growth (Stock Screen)Rapidly rising profits and sales favor the stocks of these eight companies.Source: SmartMoney.com | 23 Jul 2008 | 11:44 am Top Pre-Market Analyst Upgrades (AKS, BHI, IPI, NAT, PSYS, SGLP, SNN, SYNA, ULTA)AKS, BHI, IPI, NAT, PSYS, SGLP, SNN, SYNA, ULTA These are some of the top upgrades or positive analyst calls we are seeing this Wednesday morning in early pre-market hours: AK Steel (AKS) Raised to Overweight at JPMorgan. Baker Hughes (BHI) raised to Buy at UBS. Intrepid Potash (IPI) Started as Outperform at BMO Capital. Nordic American Tanker (NAT) Raised to Overweight at JPMorgan. Psychiatric Solutions (PSYS) Started as Buy at Stanford Group. Semgroup Energy (SGLP) Raised to Market Perform at Wachovia. Smith & Nephew (SNN) Raised to Buy at Piper Jaffray. Synaptics (SYNA) Raised to Outperform at Oppenheimer. Ulta...Source: 24/7 Wall St. | 23 Jul 2008 | 11:33 am GlaxoSmithKline teams up with Aspen to drive generic drugsGlaxoSmithKline teams up with Aspen to drive generic drugsSource: Telegraph Business | 23 Jul 2008 | 11:30 am Rich From the Fall, Richer From the RiseWill the man who perhaps made the most money from the credit crisis make even more on its rebound?He's certainly going to try. The hedge fund manager John Paulson is planning to raise a new fund to provide capital to financial firms that have been hurt by bad investments, according to unnamed sources speaking to Bloomberg. Paulson put his name on the map by betting heavily against subprime debt last year. His Credit Opportunities Fund returned 590 percent for 2007, helping him earn a $3.7 billion paycheck for the year. Now, Paulson & Co. reportedly wants to cash in on the way up. Bloomberg has few details on the fund, except that Paulson plans to raise it by the end of this year. Plenty of private equity funds and hedge funds have recently raised piles of money to invest in distressed assets in order to take advantage of opportunities in this weak economy. But it appears that Paulson is taking a different tact, by raising a fund that looks more like a sovereign wealth fund than a distressed debt fund. Sovereign funds from China and the Middle East pumped billions of new capital into many big financial firms early in the crisis. But in recent months, they've been conspicuously absent from the capital raises from firms like Merrill Lynch and Lehman Brothers. The funds have either become reluctant because of the losses on those previous investments or they've remained on the sidelines due to political backlash against them. It's certainly likely that big banks will continue to need new capital long after the end of this year as the losses from the credit crisis reach as much as $1.3 trillion, as Paulson predicts. But can he get so lucky twice in a row? It's certainly happened before. And Paulson is already bucking the trend for this year. While many hedge fund managers are struggling to produce returns in this dismal market, Paulson is reportedly already up 20 percent for the year. Related Links Hedge Fund Managers Not Earning Their Keep The Million Dollar Active vs Passive Wager Hedge Funds: The Legal Risks Source: Portfolio.com: Top 5 | 23 Jul 2008 | 11:30 am GlaxoSmithKline teams up with Aspen to drive generic drugsGlaxoSmithKline teams up with Aspen to drive generic drugsSource: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:30 am Top Pre-Market Analyst Downgrades (ADCT, ALV, CAT, FORM, GMR, GIII, MIR, SNIC, TGT, TOPS, WM, ZMH)These are some of the top downgrades or negative analyst calls we are seeing this Wednesday morning in early pre-market hours: ADC Telecom (ADCT) Cut to Neutral at Baird; Cut to Market Perform at FBR. Autoliv (ALV) Cut to Hold at Deutsche Bank. Caterpillar (CAT) Cut to Neutral at JPMorgan. FormFactor (FORM) Cut to Perform at Oppenheimer. General Maritime (GMR) Cut to Neutral at JPMorgan. G-III Apparel Group (GIII) Cut to Market Weight at Thomas Weisel. Mirant (MIR) Cut to Equal Weight at Lehman. Sonic Solutions (SNIC) Cut to Neutral at JPMorgan. Target Corp. (TGT) Cut to Neutral at Credit...Source: 24/7 Wall St. | 23 Jul 2008 | 11:29 am Hershey 2Q profit, sales up after price increaseHershey, the nation's largest candy maker, is reporting higher second-quarter sales and profit as it benefits from a price increase and streamlined production. The Hershey Co. said...Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:27 am Halfords keeps pedaling against the slowdownCar accessories and bike retailer Halfords said that first-quarter profit is ahead of expectations, even though like-for-like sales grew by only 0.2pc over the 13 weeks to June 27.Source: Telegraph Business | 23 Jul 2008 | 11:27 am Halfords keeps pedaling against the slowdownCar accessories and bike retailer Halfords said that first-quarter profit is ahead of expectations, even though like-for-like sales grew by only 0.2pc over the 13 weeks to June 27.Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:27 am Dover second-quarter profit tops forecastsNEW YORK (Reuters) - Diversified manufacturer Dover Corp reported better-than-expected results on Wednesday, helped by double-digit sales and profit gains in its fluid management segment,...Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:26 am Hershey second-quarter profit up on lower chargesCHICAGO (Reuters) - Hershey Co on Wednesday posted higher quarterly profit, helped by lower charges to overhaul its supply chain, while sales rose 5.1 percent.Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:24 am RBC Canadian Open sets five-year, $5-million fundraising goal for children's health and wellnessTORONTO, July 23 /PRNewswire-FirstCall/ - RBC and the Royal Canadian Golf Association (RCGA) today announced that the RBC Canadian Open is committed to a goal of raising...Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:23 am Pricing, weaker dollar help Philip Morris 2QPhilip Morris International says net income rose 23 percent in the second quarter, boosted by higher prices and the weaker dollar. The cigarette maker says quarterly profit rose to $1.82Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:21 am PepsiCo second-quarter profit risesNEW YORK (Reuters) - PepsiCo Inc reported higher quarterly profit on Wednesday, as the food and beverage maker benefited from strong international demand and the weak U.S. dollar.Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:21 am DATABASICS Announces Travel Expense BudgetingRESTON, Va., July 23 /PRNewswire/ -- DATABASICS, the leader in integrated travel expense reporting, announces the general availability of DATABASICS' Travel Expense...Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:17 am Whirlpool posts profit, backs year forecastATLANTA (Reuters) - Whirlpool Corp , the world's biggest appliance maker, reported higher-than-expected quarterly profit on Wednesday helped by stronger Latin America and Asia results.Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:16 am Oil extends decline after big drop a day earlierOil prices fell further Wednesday after tumbling more than $3 a barrel in the previous day's session as a hurricane looked likely to spare key oil installations in the U.S. Gulf of Mexico.Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:16 am Pfizer profit doubles on drug sales, lower costsNEW YORK (Reuters) - Pfizer Inc on Wednesday said second-quarter earnings more than doubled on higher sales of its prescription drugs, lower expenses and overseas sales that were boosted...Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jul 2008 | 11:14 am Oil extends retreats ahead of US inventories dataOil prices extended their retreat on Wednesday and fell by more than $2 a barrel as fears that Hurricane Dolly would disrupt production in the Gulf of Mexico eased. Nymex September West Texas Intermediate...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:09 am KPN cost cuts start to pay offKPN, the Dutch incumbent telecoms operator, said on Wednesday its cost-cutting efforts were beginning to bear fruit as it forecast flat earnings, rather than further attrition, in its main Netherlands...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:03 am Telecoms rally helps Europe higherEuropean equity markets were higher on Wednesday after a strong session in the US and Asia, prompted by lower oil prices and a rally for under-fire banking stocks.By midday the FTSE Eurofirst 300 was up...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:00 am Banks help cheer FTSELondon equities rose on Wednesday, supported by lower oil prices, news of a big share buyback and an improved showing in the financial sector. The FTSE 100 was 1.4 per cent higher at 5,442.2 an advance...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 11:00 am All The Important Places The New Apple (AAPL) iPhone Won’t WorkA lot of people waited for months to get a new Apple (AAPL) 3G iPhone. Some even passed up the first version, which ran on AT&T’s (T) slower 2.5G network. A number of customers wanted to match the huge number of iPhone features with the ultra-fast AT&T wireless broadband network. 24/7 Wall St. learned by calling local AT&T Wireless stores and reviewing local AT&T 3G coverage maps across the country that there are a number of important places that the new iPhone can’t access the broadband network.Source: 24/7 Wall St. | 23 Jul 2008 | 10:51 am Top US lender suffers $3bn lossLeading US mortgage lender Washington Mutual sees a $3.3bn quarterly loss following a rise in loan defaults.Source: BBC News | Business | World Edition | 23 Jul 2008 | 10:51 am Gas prices fall for 6th straight dayGasoline prices fell for the 6th straight day Wednesday, according to a nationwide survey.Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 10:50 am New Northern Rock chief lands £2m pay dealNorthern Rock, the nationalised bank, will pay its new chief executive, Gary Hoffman, nearly £2 million over two years to run the troubled lender.Source: Latest Business News from Times Online | 23 Jul 2008 | 10:41 am A Case Against Speculation As Cause Of High Oil PricesThere has been a lot of speculation that speculators have been causing high oil prices. Perhaps demand in India and China do not do much to the rising cost of crude. Flat supplies from OPEC and political trouble in places like Nigeria were not an important trigger which helped shoot the cost of a barrel close to $150.Source: 24/7 Wall St. | 23 Jul 2008 | 10:38 am Indian stocks up after key voteIndian stocks rise more than 5% after the government wins a vote of confidence that could enable key reforms.Source: BBC News | Business | World Edition | 23 Jul 2008 | 10:32 am Dealing with a bad 401(k) planQuestion: Both my husband and I have 401(k)s that are annuities backed by mutual funds. The returns, compared to our rollover IRAs in Fidelity funds, are unimpressive. What is the best strategy for dealing with a lousy 401(k)?Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 10:23 am Halfords shifts up a gear as sales growHalfords, the car parts and bicycle seller, today bucked the trend in the gloomy high street by revealing first-quarter profits ahead of expectations.Source: Latest Business News from Times Online | 23 Jul 2008 | 10:17 am Resilient VW sticks to full-year forecastVolkswagen on Wednesday showed resilience in a weakening European car market, reporting larger than expected second-quarter profits and saying its forecast for 2008 remained unchanged. The group, Europe's...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 10:16 am The Mayhem In Bank Earnings Is Not Over (WM)(WB)(JPM)(AXP)(V)(MA)Wall St. cheered what seemed to be withering results from Washington Mutual (WM) and Wachovia (WB). WaMu lost $3.3 billion and reserved $3.7 billion to handle loan losses. Wachovia lost $9 billion and its shares moved up over 20%. The euphoria apparently came from the fact that things were not worse. Bank analysts seemed especially optimistic. "We think Wachovia's poor second quarter 2008 should mark a bottom," Deutsche Bank analyst Mike Mayo wrote in a research report after the report, according to MarketWatch.Source: 24/7 Wall St. | 23 Jul 2008 | 10:14 am Centrica pays £490m for Belgium's SPECentrica today furthered its European ambitions by doubling its stake in SPE, Belgium's second largest power generator, giving it control of the energy supplier in a £490 million deal.Source: Latest Business News from Times Online | 23 Jul 2008 | 10:12 am Yahoo misses estimatesInternet search engine Yahoo Inc. reported second-quarter results Tuesday that fell short of Wall Street's expectations as the company struggles with dwindling market share and softening economic conditions.Source: Business and financial news - CNNMoney.com | 23 Jul 2008 | 10:08 am Hawkish Bank minutes boost sterlingSterling advanced on Wednesday after the minutes of the Bank of England's monetary policy committee meeting revealed a three-way split on interest rates.The minutes from the central bank's July meeting...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 10:07 am Bank of England reveals three-way split on interest ratesThe Bank of England's Monetary Policy Committee was split three ways when it voted on interest rates this month, with seven members voting for a hold, one for a cut, and one for a rise.Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 10:00 am Bank of England reveals three-way split on interest ratesThe Bank of England's Monetary Policy Committee was split three ways when it voted on interest rates this month, with seven members voting for a hold, one for a cut, and one for a rise.Source: Telegraph Business | 23 Jul 2008 | 10:00 am Ex-Samsung boss contests rulingThe ex-chairman of South Korean firm Samsung appeals against his conviction for tax evasion.Source: BBC News | Business | World Edition | 23 Jul 2008 | 9:57 am In Blow To Global Software Industry, VMWare (VMW) StumblesVMWare (VMW) was the hot IPO of 2007. Its shares rose from $50 to $125 almost overnight. The run-up improved the fortunes of the stockholders of its majority shareholder EMC (EMC) and enriched those who got into the stock early. But, if they did not get out fairly quickly, they got murdered.Source: 24/7 Wall St. | 23 Jul 2008 | 9:44 am Three-way split on rate decisionThe majority of Bank of England policymakers voted to keep rates at 5% this month, but one voted for a cut and another for a rise.Source: BBC News | Business | World Edition | 23 Jul 2008 | 9:43 am Asian markets rally as oil price dropsAsia-Pacific equities rallied on Wednesday, egged on by a sharp decline in oil prices overnight and Wall Street's rally. The Nikkei also got a boost from the weaker yen, sending exporters higher. India...Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jul 2008 | 9:29 am De Beers warning as diamond demand slowsDiamond sales are set to lose their sparkle, De Beers has warned, as demand for smaller diamonds slows in America.Source: Telegraph Business | 23 Jul 2008 | 9:29 am Toyota (TM) Surrenders, A LittleToyota (TM) made a cut in its forecast for car sales during its fiscal year. It was an extremely modest cut, given the troubles in the global car market, especially the US. According to MarketWatch, "The automaker forecast sales for the full year in the lower 9.5 million unit range, down from the previously targeted goal of 9.85 million cars and trucks."Source: 24/7 Wall St. | 23 Jul 2008 | 9:23 am Mortgage approvals plunge to record lowMortgage approvals for house purchases dropped to a new low in June, falling 66.4 per cent compared with the same month last year, according to figures from the British Bankers' Association (BBA).Source: Latest Business News from Times Online | 23 Jul 2008 | 9:09 am Vote looms in Congress on housing rescue planWASHINGTON (Reuters) - A major rescue package for the U.S. housing market is scheduled to come to a vote in the House of Representatives on Wednesday, with lawmakers agreeing final language late on Tuesday and congressional analysts putting a $25-billion potential price tag on a new provision.Source: Reuters: Business News | 23 Jul 2008 | 8:40 am Oil prices continue on downwardsThe price of oil keeps on sliding as US demand wanes and a hurricane in the Gulf of Mexico takes a favourable course.Source: BBC News | Business | World Edition | 23 Jul 2008 | 8:37 am Divided Bank of England hints at August rate riseThe Bank of England's Monetary Policy Committee (MPC) was divided over its decision to keep the interest rate on hold at 5 per cent in July but hinted that borrowing costs could rise next month.Source: Latest Business News from Times Online | 23 Jul 2008 | 8:36 am Vodafone in surprise share moveVodafone will buy £1bn of its own shares after a disappointing trading update saw its stock fall 14% on Tuesday.Source: BBC News | Business | World Edition | 23 Jul 2008 | 8:25 am Zero gameWhy Zimbabweans are not keen on being zillionairesSource: BBC News | Business | World Edition | 23 Jul 2008 | 8:20 am easyGroup threatens curry house with copyright actioneasyGroup has threaten an Indian restaurant with high court action for using the name easyCurry.Source: Telegraph Business | 23 Jul 2008 | 8:14 am Vodafone announces buyback plan a day after share price tumbleArun Sarin is bowing out as Vodafone chief executive amid fresh questions over the company's future, with the European economic slowdown forcing him to cut revenue forecasts.Source: Telegraph Business | 23 Jul 2008 | 7:30 am Tokio Marine buys US rival for $4.7bnJapan accounts for more than 80 per cent of Tokio Marine's profits, but the insurer is trying to expand abroad to escape slow growth in its home marketSource: FT.com - US homepage | 23 Jul 2008 | 7:30 am Broadcom reports fourfold profit increase in second quarterBroadcom Corp. said Tuesday that profit jumped almost fourfold on higher sales of wireless chips.Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Fake-check scams can be stamped outAt first, Los Angeles resident Wanita Holmes thought it was her lucky day.Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Night shift catches on with ports' shippers'Offpeak' cargo operations, adopted in 2005 to ease traffic jams, already account for 40% of freight movements.An effort to ease daytime traffic at Southern California's major ports is working better than anyone imagined, shifting 40% of freight movements away from peak business hours, the program's manager will announce today. Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Record home losses in CaliforniaAs foreclosures in the state soar, federal lawmakers may vote Wednesday on a bill seeking to address the mortgage crisis.The price tag for the nation's housing crisis escalated again with reports Tuesday that a record number of Californians lost their homes to foreclosure in the last three months and that a potential bailout of mortgage giants Fannie Mae and Freddie Mac could reach $25 billion. Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Buying power in nine L.A. neighborhoods is underestimated, study saysA nonprofit group's findings on incomes and population are at odds with census data.Sydney Bradford doesn't own a car, so when she needs to shop, she jumps on a bus. Then she gets on another one, and another. Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Grocers stop selling jalapeno peppers after salmonella discoveryMarkets act after Salmonella Saintpaul is found in a pepper at a Texas facility.Southern California grocery stores reversed themselves Tuesday and started pulling jalapeno peppers from their shelves. Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Medpedia Project aims to create an online encyclopedia of health informationInternet entrepreneurs are teaming with medical professionals to build the comprehensive clearinghouse.Internet entrepreneurs are teaming with doctors, researchers and other medical professionals to create what they hope will be the Web's largest body of health information. Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am United, JetBlue to reduce flights from Southern California airportsSouthern California airports faced substantial reductions in flight traffic and revenue after two major carriers Tuesday announced they would cut service at Los Angeles International and Ontario airports this fall.Source: L.A. Times - Business | 23 Jul 2008 | 7:00 am Vodafone £1bn buyback forces FTSE riseVodafone today startled the London market with a decision to buy back £1 billion of its shares in response to the near-£11 billion wiped off its market capitalisation on Tuesday after a downbeat revenue statement.Source: Latest Business News from Times Online | 23 Jul 2008 | 6:45 am Oil drops below US$128 a barrel in AsiaSINGAPORE - Oil prices slipped further Wednesday after tumbling more than US$3 ($4) a barrel in the previous session as a hurricane looked likely to spare key oil installations in the US Gulf of Mexico. Traders in Asia awaited...Source: New Zealand Herald - Business | 23 Jul 2008 | 5:11 am Vote looms in Congress on housing rescue plan (Reuters)
Source: Yahoo! News: Business | 23 Jul 2008 | 4:22 am Hanover Finance freezes $554 millionNew Zealand's third largest financial services group with assets of over $1 billion, Hanover Finance Ltd, today suspended repayment of its deposits. "Against a backdrop of global credit uncertainties, falling property prices...Source: New Zealand Herald - Business | 23 Jul 2008 | 3:16 am World oil prices keep tumblingNEW YORK - Oil prices tumbled more than $US3 a barrel overnight as tropical storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check. The...Source: New Zealand Herald - Business | 23 Jul 2008 | 2:00 am Market volatility encouraging KiwiSavers, says INGMarket volatility is encouraging affluent investors to join up to KiwiSaver schemes, a new survey from KiwiSaver provider ING (NZ) shows. Asked what their reasons were for joining KiwiSaver, 17 per cent cited market volatility...Source: New Zealand Herald - Business | 23 Jul 2008 | 1:00 am Business Briefs - TuesdayMS drugs lift Biogen, outlook up. The biotech said Q2 EPS rose 30% to 91 cents ex items, beating views by 6 cents. Revenue gained 28% to $993.4...Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 12:37 am Trends & Innovations - TuesdayProstate cancer advance hailedSource: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 12:37 am After The Close - TuesdayAXSYS TECH (AXYS), a maker of surveillance systems, said its Q2 EPS rose 54% to 54 cents, beating views by 6 cents. Sales jumped 40% to $60 mil....Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 12:37 am In Brief - TuesdayPentair (PNR), a maker of systems used to treat and store water, said Q2 EPS increased 10% to 68 cents ex items, 2 cents above views. Revenue...Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 12:37 am Struggling Economy Is Good News For The Pawnshop BusinessIt doesn't get much better than this for pawnshop operator EZCorp.Source: Investor's Business Daily: BUSINESS | 23 Jul 2008 | 12:37 am Yaho-humIt's come to this: We expect so little from Yahoo that when the news is bad but not terrible, it's a feel-good moment.Yahoo's second-quarter profit of 10 cents a share was 2 cents below what Wall Street was expecting. It's the company's smallest profit in five quarters, and yet the stock was up 2.5 percent in after-hours trading Tuesday. This was neither the blowout quarter that Yahoo needed nor the train wreck some had feared. Yahoo also didn't alter its already conservative estimates for full-year earnings. "Normally, this would be a poor performance," said Jeffrey Lindsay, an analyst at Sanford Bernstein. "The market is saying mediocre is good enough. It's as if a patient had been flatlining, and the doctors get the heart going again. He's certainly not healthy, but it could be worse." Yahoo posted gross revenue of $1.8 billion in the quarter through June 30, up 6 percent from the same quarter a year earlier. Net revenue, excluding marketing commissions and fees, grew 8 percent year on year to $1.35 billion but was the lowest figure in three quarters. It was also slightly below the consensus estimate of $1.37 billion in net revenue. Any way you slice it, that's dramatically slower revenue growth than archrival Google is seeing. Last week, Google said revenue grew 39 percent in the quarter. And so Yahoo exits the second quarter short of financial ammunition to fight off shareholder agitation from Icahn and the new board members who are likely to side with him. Any further weakness in its stock during the coming months could also reignite a flame in its spurned suitor, Microsoft. "The distractions aren't going away," said Martin Pyykkonen, an analyst at Global Crown Capital. "If people think Microsoft is gone for good, that Icahn is going to be quiet, and that it's going to be business as usual, they might think again." Yahoo C.F.O. Blake Jorgensen said operating profit was hurt by $22 million in fees for outside advisers in its takeover battle with Microsoft, proxy fight with Carl Icahn, and shareholder lawsuits that have been filed. As a result, Yahoo only made $101 million in the quarter at the operating level, down 45 percent year on year and even well below the guidance of between $135 million and $155 million. That gave it an operating margin of 7.5 percent, half of what it was a year ago. Factoring out the $22 million in fees, however, the operating margin is still a historically low 9.2 percent. Meanwhile, Yahoo needs to grapple with a slowing market for online ads. Executives said in a conference call that it's seeing weakness among advertisers in the finance and travel sectors, although spending from technology and entertainment industries remains strong. "We are seeing some pricing pressure similar to what other companies have described," notably in premium display ads, said Yahoo president Sue Decker. Abroad, Yahoo is seeing stronger growth: Net revenues outside the U.S. grew 14 percent in the quarter, versus 6 percent growth at home. Still, overseas revenue makes up a little more than a quarter of Yahoo's revenue, while it's more than half of Google's. Yahoo is maintaining its forecast for the full year. The midpoint of its estimated range of gross revenue is $7.6 billion, unchanged from its previous guidance. That would mean a 9 percent growth rate for all of 2008. Pyykkonen pointed out a dilemma Yahoo investors are facing. As an independent company, Yahoo should be valued around $17 a share, he said. But expectations that Microsoft may still come back and pay up to $30 a share is keeping the stock hovering in the low $20s. It's as if there are two stocks sharing the same YHOO ticker. One of them is an underperforming stand-alone. The other is a future Microsoft subsidiary. Only one of them is real. But these days, neither one is looking particularly promising. Related Links Parsing Microsoft: Easy Dude, I Was Only Reaching for My Zune Rescue Memo: You "Win." Now What? Search Mission Source: Portfolio.com: Top 5 | 23 Jul 2008 | 12:30 am Bush says Wall Street 'got drunk'President George W. Bush said Wall Street had "got drunk" and was experiencing a hangover at a recent closed-door fundraiser in Houston in which he also made light of the US housing crisisSource: FT.com - US homepage | 23 Jul 2008 | 12:19 am Yahoo! profits fall 18pc as costs biteBesieged web search operator Yahoo! saw profits fall by 18pc in the second quarter of the year as it struggled with higher costs and a weaker online advertising market.Source: Telegraph Business | 23 Jul 2008 | 12:01 am Severn Trent wary of water bill arrearsSevern Trent, one of Britain's largest water companies, is closely monitoring the number of customers failing to pay their water bill as the economic slowdown in the UK deepens.Source: Telegraph Business | 23 Jul 2008 | 12:01 am Myhome sees shares fallFamilies cutting back on household spending are creating difficult market conditions for domestic cleaning company Myhome.Source: Telegraph Business | 23 Jul 2008 | 12:01 am Spiers Finance sold to Allied Farmers for $5.6mPalmerston North-based Speirs Group is selling its finance arm to Allied Farmers for $5.6 million. Payment will include $3.1m cash and new shares in Allied Farmers to the value of $2.5m, leaving Speirs Group with about 8.85 per...Source: New Zealand Herald - Business | 23 Jul 2008 | 12:00 am Moderate and lower earners under more pressure (Reuters)Reuters - The trouble that began last summer in the financial markets raised the likelihood of a U.S. recession, but for America's middle class, the downturn has been under way for many years, experts plan to tell a congressional panel on Wednesday.Source: Yahoo! News: Business | 22 Jul 2008 | 11:56 pm US housing rescue 'could cost $25bn'The US Treasury's rescue plan for Fannie Mae and Freddie Mac could cost taxpayers $25bn, congressional researchers said as evidence mounted that turmoil at the two companies is helping push up interest rates for homebuyersSource: FT.com - US homepage | 22 Jul 2008 | 11:32 pm Water groups seek more power over non-payersWater companies are pressing the Government to give them more powers to tackle unpaid water bills amid fears that bad debt will rise as the economic situation worsens.Source: Latest Business News from Times Online | 22 Jul 2008 | 11:00 pm Now Arun Sarin sends out alarm signalsThis is the point in the cycle when businesses that claimed they would sail serenely through an economic downturn suddenly find themselves on the rocks taking in water.Source: Latest Business News from Times Online | 22 Jul 2008 | 11:00 pm BP withdraws last of seconded staff from RussiaBP has conceded a fresh defeat in its struggle for control of TNK-BP, its Russian joint venture, saying that it would withdraw the last of its seconded staff from Moscow.Source: Latest Business News from Times Online | 22 Jul 2008 | 11:00 pm NZ Shares: Confident start follows US equitiesThe New Zealand sharemarket started the trading day confidently, following rises in US equities overnight and a continuing fall in the price of oil. Among stocks to gain early was Air New Zealand, up 6c to 121, as it clambers up...Source: New Zealand Herald - Business | 22 Jul 2008 | 10:53 pm Yahoo results reassure after stormy bid battleYahoo said it had achieved solid second-quarter results in a difficult economic environmentSource: FT.com - US homepage | 22 Jul 2008 | 10:28 pm Investor's Quiz: Was Pullback To 10-Week Line Proper? (Investor's Business Daily)Investor's Business Daily - The company at this time was heavily traded and owned by dozens of mutual funds.Source: Yahoo! News: Business | 22 Jul 2008 | 10:06 pm Citigroup tips tough times for big banksCitigroup has advised clients to sell shares in ANZ and National Australia Bank - which hold about 50 per cent of the New Zealand market - as it predicts tougher times for Australia's big banks. The brokerage this week published...Source: New Zealand Herald - Business | 22 Jul 2008 | 10:00 pm VIX Index of U.S. Stock Option Prices Retreats 8.1% to 21.18Source: Bloomberg - All Podcasts | 22 Jul 2008 | 9:02 pm US offers farm subsidy cuts at WTO talksGENEVA - The United States took the first bold step in a week of crunch trade talks Tuesday, slicing US$1.4 billion from any previous offer to limit contentious, trade-distorting subsidies to American farmers. US Trade Representative...Source: New Zealand Herald - Business | 22 Jul 2008 | 9:00 pm Drug MoneyTrevor Foltz was six months old last fall, fresh off a visit to Disney World in Orlando, when the spasms first began.Healthy until that point in his life, he began thrusting backward in his car seat, repeatedly and forcefully, as he rode with his parents north toward home in Rhode Island. "I thought it was temper tantrums," says his mother, Danielle. The next day, at home, Trevor was hit with a series of 40 convulsions and rushed to the hospital, where he was diagnosed with infantile spasms, a rare form of epilepsy. Treatment would cost $1,600 per vial of steroid drug H.P. Acthar Gel, and Trevor would need three of them. As if the idea of a $4,800 tab wasn't bad enough, when the Foltzes submitted their claim, they found out the company that made the drug, Questcor Pharmaceuticals, had just recently jacked up the price—to $23,000 per vial, or $69,000 for a three-vial treatment—and the insurance company wasn't going to pay. And all the while, unbeknownst to anyone at that time, an alternative, for $15, existed. On Thursday, the Joint Economic Committee will open hearings in Congress on dramatic price hikes for drugs used to treat children, with a focus on companies such as Questcor and Ovation Pharmaceuticals, which in 2006 bought rights to a drug that treats heart problems in premature infants, and increased the price 1,800 percent to $1,875 per three-vial treatment. "We need answers to why a company would increase the price of a drug 18-fold when costs related to marketing, physician education, and research appear stable," says hearing chair Amy Klobuchar, a Democratic senator from Minnesota. Politicians say they are not opposed to drug companies earning strong returns on the costs of researching innovative drugs, and understand the high prices of many medications. But they are investigating whether some companies are price-gouging, concerned more about executive stock options than about running innovative companies. Some of those drugs, like Questcor's, are decades-old drugs that were bought on the cheap and redesignated under the federal government's Orphan Drug Act, which marks its 25th anniversary this year. Not infrequently, the drugs' new owners pass on big price hikes to consumers. At Questcor, the increase is explained as the cost of doing business with an orphan drug. "The company was heading toward bankruptcy," says Steve Cartt, executive vice president for business development at Questcor, which is based in Union City, California, an industrial enclave on the San Francisco Bay. "The whole rationale for the price increase was to ensure availability of the product," says Cartt. "We talked to physicians. They wanted the drug to be available. The choice was risk of availability or a price increase." Originally approved for multiple sclerosis in 1952, Acthar Gel had been owned by pharma giant Aventis, which was losing money on it, when the 11-year-old Questcor acquired it in 2001. Questcor too failed to gain traction with M.S. patients, so it sought a new track. Now the gears at Questcor began to turn more quickly. It won orphan designation for Acthar Gel in 2003, and proceeded to the next step: getting F.D.A. approval to market the drug explicitly for infantile spasms, which under the orphan act would also include a seven-year monopoly for Questcor. The company prepared for a marketing blitz and doubled its sales force early last year. But when the F.D.A. rejected Questcor's application in May 2007, the company quickly slashed its staff and jacked up the price. Cartt says the price was set "within the range of other orphan drugs," noting that many others go from $50,000 to $500,000 a year or higher. For instance, BioMarin, an orphan-drug specialty company, charges $70,000 a year for Kuvan, a drug to treat phenylketonuria, a genetic enzyme disorder that can cause mental retardation and brain seizures. But unlike BioMarin, which spends 64 percent of sales on research and development, Questcor spends very little; in 2007, Questcor's research and development accounted for 9.5% of sales revenue. What other considerations played into the price Cartt would not say. Sales for 2007, when the price hike took effect, were $49.7 million, and net income was $37.5 million—a net profit margin of 75 percent. It was significant not only for its size, but also because it was the first profit since the company was formed, as Cypros Pharmaceuticals, in 1990. Investors were pleased, driving up Questcor's share price from 40 cents to over $6 after the August 2007 price hike. But executives at the company started selling their shares in December, seven months after the former C.E.O., James Fares, stepped down and around the time Questcor executive Don Bailey took his place. Since December, Cartt himself has sold shares based on grants and options totaling $1.68 million; many of those options were granted at 46 cents a share. He holds nearly a million more options on Questcor stock. Doctors were unhappy with the price hikes. "Most of us in the child-neurology community were outraged at the extent of the price hike, unusual even for orphan drugs," says Eric Kossoff, a pediatric neurologist and infantile spasms expert at Johns Hopkins Children's Center. "Most of us had no choice, unfortunately. At the time it was felt to be the best drug out there, and they're the only company that makes it. This is an incredibly serious form of epilepsy with devastating implications if not treated." Curiously, though, he found that the price hike "was one of the best things that could have happened." Why? "Because we found something better and cheaper." Far cheaper, it turns out. "We spent a few days going through all the medical literature, looking for what works, what doesn't." The team turned up a study from the United Kingdom that gave infants high doses of prednisolone, a well-known, generic steroid. Prednisolone had been dismissed as relatively ineffective for infantile spasms-based research that used low doses. The high doses made all the difference: The U.K. study found efficacy rates reached 70 percent and more. Johns Hopkins began using high-dose prednisolone and found it worked in about 70 percent of cases, on par with the hospital's experience with Acthar Gel. And the price was $15 per injection—essentially free—compared with the three-injection $69,000 treatment from Questcor. "It was like in times of war, you get focused, and amazing things come out," Kossoff says. "We don't use [Acthar Gel] at Hopkins anymore for infantile spasms because the oral steroids [high-dose prednisolone] work just as well." It's unclear, though, how many other doctors and hospitals in the U.S. will switch from the $69,000 drug to the $15 drug. "I don't understand what's behind the price increase," says Finbar O'Callaghan, a pediatric neurologist at the Bristol Royal Hospital for Children and coauthor of the United Kingdom Infantile Spasms Study, or UKISS. The study showed that high-dose prednisolone and a synthetic form of ACTH, the active hormone in Acthar Gel, were equally effective. He cautioned that the purpose of the study was not to compare the two, but to compare steroid treatment with another drug called vigabatrin. "Having said that, you couldn't get a piece of paper between the results of the prednisolone and the results of the ACTH." Costs aside, Hopkins is achieving the same results against Acthar Gel. "There is no reason to favor one over the other, unless there is a financial reason for doing so. That's been a big issue in the U.S.," says O'Callaghan. Comparing $15 against $69,000 "puts a different perspective on it," he says. "Historically, and unfortunately," he adds, "doctors in general are very traditional and tend to use what's worked before." Asked about the $15 price on prednisolone, Cartt said studies from the 1990s show low efficacy rates for the drug. When informed that those studies looked at low doses, not high doses, Cartt said no one knows the long-term implications of high-dose prednisolone, and said the company's higher profits will help it find out. "We can afford to study the long-term effects" of Acthar Gel and the alternatives, he said. What the Congressional hearing may find is that Questcor had a business problem: While its drug had a potential market of 300,000 multiple sclerosis patients, not enough of them were buying. But among a smaller market, just 2,000 babies per year, Acthar Gel was extremely effective in fighting infantile spasms. Questcor's astronomical rates may simply be a matter of hard business realities in a small potential market. For the Foltzes, Questcor's high prices proved irrelevant, after much struggle. When at first his insurance company, WorldWide Insurance, rejected the claim, Trevor's doctor faxed in a letter stating that there was a good chance Trevor would end up mentally retarded for life without treatment; the insurer relented. But on Thursday, his mother, Danielle, will join those who testify against companies like Questcor. She says, "I feel they're going to soak every penny if they can get it." Related Links HPV Vaccine Inspires Yellow Health Journalism Boob Tube Bad for Babies Ed Rollins Source: Portfolio.com: Top 5 | 22 Jul 2008 | 9:00 pm Fiduciary's Mullaney Sees Opportunities for ETFs OverseasSource: Bloomberg - All Podcasts | 22 Jul 2008 | 8:52 pm Energy ETFs Drop as Gulf Storm Passes (Daily ETF Wrap-Up)As Tropical Storm Dolly turns south, so do natural resources funds.Source: SmartMoney.com | 22 Jul 2008 | 8:40 pm Investors Sour on Apple After Tepid Forecast (One-Day Wonder)Investors soured on Apple after the iPhone maker offered a tepid profit forecast.Source: SmartMoney.com | 22 Jul 2008 | 8:29 pm Late Surge Lifts StocksThe major indexes finished higher on earnings from Caterpillar and Wachovia's plan to cut costs.Source: SmartMoney.com | 22 Jul 2008 | 8:17 pm UK and US saw through Karadzic disguiseUS and British intelligence helped to trap Radovan Karadzic, the wartime leader of the Bosnian Serbs, in spite of his adoption of an elaborate disguise involving a huge beard, heavy glasses and a job as an alternative medicine practitionerSource: FT.com - US homepage | 22 Jul 2008 | 8:15 pm Abu Dhabi aims to join GE shareholdersMubadala, Abu Dhabi's increasingly powerful state investment vehicle, said it planned to become one of General Electric's biggest institutional investors as it announced a series of deals with the US group, including a $8bn joint venture to set up a commercial finance businessSource: FT.com - US homepage | 22 Jul 2008 | 8:11 pm 5 Ways to Save on a Honeymoon (Deal of the Day)With airfares climbing and the dollar sinking, a honeymoon can be an expensive proposition.Source: SmartMoney.com | 22 Jul 2008 | 8:07 pm Designer Buckminster Fuller Celebrated at Whitney MuseumSource: Bloomberg - All Podcasts | 22 Jul 2008 | 7:27 pm PACs put the fun in fundraisingThink all political contributions go toward campaigns? Maybe if those campaigns include golf trips and nights at the burlesque house. In the last installment of his PAC Men series, Steve Henn reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm Too many owners lead to gridlockPrivate ownership can create wealth, but too much of it can bog down the economy. Host Kai Ryssdal asks Columbia law professor Michael Heller about the problems with the current property rights system.Source: Marketplace | 22 Jul 2008 | 7:13 pm Clothes lines: Energy saver or eyesore?Outdoor clothes drying racks save energy and money, but try convincing homeowners' associations in the U.S. that they're not just an eyesore. One Australian company is accepting the challenge. Joel Rose reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm Women hurt equally by tough economyA new report shows that a weak economy has women leaving the work force in droves, but not for the reasons many have long assumed. Renita Jablonski reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm GE sees opportunity in Middle EastGeneral Electric and an Abu Dhabi investment firm announced a deal for clean energy research and an expansion of GE's aircraft engine production in the Middle East. Sam Eaton reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm GM building electric car infrastructureGeneral Motors is asking more than 30 utility firms to help deploy a network of recharging stations before the launch of its plug-in electric car in 2010. Janet Babin reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm Wachovia reports loss, cuts 10,000 jobsShares in the country's fourth-largest bank fell as it was forced to slash dividends after a $9 billion second-quarter loss. John Dimsdale reports.Source: Marketplace | 22 Jul 2008 | 7:13 pm It's a Good Time to Buy AAPL, GOOG (Common Sense)Shares have been smacked down recently, giving investors a nice buying opportunity.Source: SmartMoney.com | 22 Jul 2008 | 6:21 pm Frankel Says Euro May Replace Dollar as Reserve CurrencySource: Bloomberg - All Podcasts | 22 Jul 2008 | 6:08 pm Composer Wuorinen Says Music Is Fundamentally `Fractural'Source: Bloomberg - All Podcasts | 22 Jul 2008 | 6:04 pm Reading, 'Riting, and RetailingRetailers are struggling through summer sales doldrums, but the back-to-school shopping season is expected to provide relief, according to one survey. Shop Til the Deals Drop Holiday Cheer or Jeer on Black Friday? Dubious Statistics Watch: Thanksgiving Retail Sales Source: Portfolio.com: Top 5 | 22 Jul 2008 | 6:00 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 | 22 Jul 2008 | 5:12 pm Apartment plan seriously derailedInvestors in Auckland's Railway Campus apartment complex face two years' loss of rental income and a bill of $6.1 million in repairs. But the University of Auckland, which leases the building from investors, is refusing to consider...Source: New Zealand Herald - Business | 22 Jul 2008 | 5:00 pm Silver Fern pushes on with mergerMeat processor Silver Fern Farms has completed a restructuring programme and is pushing to restart merger talks with rival Alliance Group. The Dunedin-based co-operative said yesterday that it planned to shut down sheep and lamb...Source: New Zealand Herald - Business | 22 Jul 2008 | 5:00 pm Goldman's O'Neill Calls Oil Price `Key' to Equity MarketSource: Bloomberg - All Podcasts | 22 Jul 2008 | 4:41 pm Get Better Yields Without ARPS-Like Risk (The Irritable Investor)It's tempting to stash cash in your Sealy Posturepedic. We found a better place.Source: SmartMoney.com | 22 Jul 2008 | 3:59 pm 8 Stocks for Fans of Takeover Targets (Stock Screen)We found eight stocks that passed the muster of merger-and-acquisition math.Source: SmartMoney.com | 22 Jul 2008 | 3:03 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 | 22 Jul 2008 | 2:07 pm Merck Cut to `Neutral' From `Buy' at Merrill LynchSource: Bloomberg - All Podcasts | 22 Jul 2008 | 2:01 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 Hank 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 Express 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 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 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 $275 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 Yahoo Falls ShortYahoo has disappointed with its second-quarter earnings, results that will only further fuel the debate over the internet company's future. But few others are as confident. 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. Shares of Yahoo fell in after-hours trading. If they continue to fall this week to 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. 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
|
