|
|
|
|
Shoppers in charge: How to save big nowIf there's any silver lining to this sluggish economy, it's this: You, the consumer, are back in charge. For most products and services, "you have a lot more power to name your price," says Nancy Koehn, a retail history professor at Harvard Business School.Source: Business and financial news - CNNMoney.com | 1 Aug 2008 | 4:00 am RadioShack (RSH): A Contarian View Of EarningsShares of RadioShack (RSH) soared nearly 14% on Thursday after the company reported revenue growth of 6% on a 6.9% increase in same store sales. Good initial sales of digital-to-analog TV converter boxes, video games, prepaid cellphones, and AT&T Wireless (T) drove results.Source: 24/7 Wall St. | 25 Jul 2008 | 2:37 pm New home sales drop 0.6% in JuneWASHINGTON -- Government data show sales of new homes fell in June for the seventh time in the past eight months in further evidence that the nation is still in the grips of the worst housing slump in decades.Source: L.A. Times - Business | 25 Jul 2008 | 2:34 pm New home sales fall but stronger than expectedWASHINGTON (Reuters) - Sales of newly constructed U.S. single-family homes were stronger than expected in June, and inventories shrank to three-and-a-half-year low, a government report showed on Friday, providing a glimmer of hope for the beaten-down housing market.Source: Reuters: Business News | 25 Jul 2008 | 2:33 pm US home foreclosures riseThe number of homes in some stage of being repossessed more than doubled in the three months to June, a report shows.Source: BBC News | Business | World Edition | 25 Jul 2008 | 2:32 pm Biotech Stocks: Drug stocks mixed, as Affymetrix, Cepheid implodeDrug stocks trade mixed, while shares of research toolmakers Cepheid and Affymetrix each lose around a quarter of their value one day after issuing disappointing earnings reports.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:27 pm Hindery, Klaff also make cut for Cubs bids: sourcesCHICAGO/NEW YORK (Reuters) - Real estate executive Hersch Klaff and media investor Leo Hindery are among the five groups Tribune Co approved to continue bidding on the Chicago Cubs baseball team, sources briefed on the matter said.Source: Reuters: Business News | 25 Jul 2008 | 2:26 pm Consumer confidence rebounds from 28-year lowNEW YORK (Reuters) - U.S. consumer sentiment recovered from early 1980s lows in July as Americans received tax rebate checks from the government but remained pressured by high gasoline prices and falling home values.Source: Reuters: Business News | 25 Jul 2008 | 2:24 pm Harbinger hopes to merge Inmarsat with SkyTerraInmarsat, the British satellite company, said it would consider any offer from Harbinger, the US hedge fund but remained "highly confident" of its prospects as an independent company.Source: Latest Business News from Times Online | 25 Jul 2008 | 2:24 pm Stocks gain ground at openU.S. stocks attempted a comeback Friday, opening higher as investors cheered a better-than-expected report on the manufacturing sector.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:23 pm Coventry earnings nearly halved, revenue jumpsCoventry Health Care Inc.’s second-quarter earnings were cut in half, the company reports, but revenue jumped by more than 21%, as the health insurer struggled to deal with rising medical costs.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:23 pm Economic Report: Consumer sentiment up in July: Univ. of MichiganU.S. consumer sentiment picked up in July, though it remains at a relatively low level, according to a media report Friday.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:23 pm MarketWatch First Take: Having conquered its own demons, J.P. Morgan sells its expertiseJ.P. Morgan Chase & Co., which has its own experience in cleaning up damage from the credit crisis, may now be peddling its expertise overseas.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:23 pm New home sales stronger than expectedNew home sales fell in June, the government said Friday, but the annual rate was stronger than economists expected.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:21 pm New home sales drop 0.6 percent in June (AP)
Source: Yahoo! News: Business | 25 Jul 2008 | 2:20 pm Oil price decline picks up paceOil prices resumed their downward slide Friday as investors remain concerned about falling demand.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:19 pm Airline Stocks: Delta gets upgraded to hold while oil prices dip below $125NEW YORK (MarketWatch) -- Airline shares were on the climb Friday as oil prices slipped below $125 a barrel and after Merrill Lynch upgraded its rating for Delta Air Lines to buy from neutral.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:19 pm Energy Stocks: Battered energy-sector benchmarks manage modest recoveryA commodities sell-off and bear-market conditions have combined to take a bite out of energy stocks this week, but indexes tracking natural-gas, petroleum and oil services manage a modest recovery early Friday.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:19 pm Netflix profit up 4%, beats analyst viewsSAN FRANCISCO -- Netflix Inc.'s second-quarter profit edged up 4 percent, beating analyst expectations as the online DVD rental leader signed up 168,000 new customers while spending less money to attract them to the service.Source: L.A. Times - Business | 25 Jul 2008 | 2:19 pm Foreclosure filings surge 120%Foreclosures continue to soar, with 220,000 homes lost to bank repossessions in the second quarter of this year, according to the latest statistics from RealtyTrac, an online marketer of foreclosed homes. That's nearly triple the number from the same period in 2007.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:17 pm Bond Report: Treasurys decline as durable goods orders surgeTreasury securities declined slightly early Friday, pushing yields up, after a report showed orders for U.S. durable goods unexpectedly increased 0.8% last month.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:17 pm Mortgage industry gets a grilling in WashingtonA key House committee was set to grill home lenders and housing advocates on Friday about mortgage industry efforts to work out affordable loans for troubled homeowners.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:13 pm Stocks up in early going after durable goods dataNEW YORK -- Stocks rose modestly today after the government reported that orders for big-ticket items rose at the fastest pace in four months, sharply higher than analysts expected.Source: L.A. Times - Business | 25 Jul 2008 | 2:13 pm Rentokil falls on profit warningShares in Rentokil Initial have tumbled 31.5%, after it cut its profits forecast for 2008 by £35m to £115mSource: BBC News | Business | World Edition | 25 Jul 2008 | 2:11 pm Stones ditch EMI for UniversalGuy Hands, who bought EMI for £4bn last year, was dealt a blow after The Rolling Stones ditched EMI in favour of a long-term contract with Vivendi's Universal labelSource: FT.com - US homepage | 25 Jul 2008 | 2:11 pm Europe Markets: Financials lead retreat in Europe stocksEuropean stocks drop in early action on Friday, with financials leading a retreat as the market continues to reel from data showing U.S. existing-home sales fell to a 10-year low while Citigroup warns the British economy is soon to enter a recession.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:10 pm Wall Street extends gains on sentiment, housing (Reuters)
Source: Yahoo! News: Business | 25 Jul 2008 | 2:09 pm Wall Street extends gains on sentiment, housingNEW YORK (Reuters) - Stocks added to gains on Friday following a stronger-than-expected reading in a gauge of consumer sentiment for July and a report that showed last month's sales of newly constructed homes were better than expected.Source: Reuters: Business News | 25 Jul 2008 | 2:09 pm Economic Report: New-home sales fall in June to lowest since MarchU.S. sales of new homes fell to the lowest level since March, but revisions put total sales for the spring well above previous estimates.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:09 pm Retail Stocks: Crocs, Abercrombie fall, but sector gainsRetail shares rise, but Crocs gets pummeled on a lowered profit outlook and Abercrombie & Fitch takes a hit following the resignation of Chief Financial Officer Michael Kramer.Source: MarketWatch.com - Top Stories | 25 Jul 2008 | 2:09 pm 26 skinniest countiesSource: Business and financial news - CNNMoney.com | 25 Jul 2008 | 2:06 pm New home sales fall but stronger than expected (Reuters)
Source: Yahoo! News: Business | 25 Jul 2008 | 2:05 pm Modest BounceThe major indexes got a bump after the latest durable goods orders report topped estimates.Source: SmartMoney.com | 25 Jul 2008 | 2:01 pm Consumer confidence rebounds from 28-year low (Reuters)
Source: Yahoo! News: Business | 25 Jul 2008 | 1:58 pm UK warns of damage in TNK-BP rowThe British Embassy in Moscow accuses the Russian shareholders of TNK-BP of using the state in their dispute with BP.Source: BBC News | Business | World Edition | 25 Jul 2008 | 1:56 pm Durables orders, Freddie Mac provide firm viewNEW YORK (Reuters) - New orders for long-lasting U.S. manufactured goods rose unexpectedly in June on a surge in defense orders, while a gauge of business investment was also higher than forecast in signs of economic resilience, a government report showed on Friday.Source: Reuters: Business News | 25 Jul 2008 | 1:53 pm Durables orders, Freddie Mac provide firm view (Reuters)
Source: Yahoo! News: Business | 25 Jul 2008 | 1:49 pm Traders Slamming GT Solar IPO (SOLR)IPO traders and investors are probably wishing they never heard of GT Solar International Inc. (NASDAQ: SOLR). The company fell roughly 12% yesterday but that is just the start of it. Right after the open today we are seeing an unbelievable drop of more than 30%. We questioned the timing of this one yesterday, but apparently not enough.Source: 24/7 Wall St. | 25 Jul 2008 | 1:46 pm Rep Frank: Need to restrain financial risk takingWASHINGTON (Reuters) - The head of the U.S. House of Representatives Financial Services Committee on Friday said investment banks should not face the same capital rules as commercial banks, but that risk-taking restraints were needed.Source: Reuters: Business News | 25 Jul 2008 | 1:40 pm Legg Mason posts wider loss, T. Rowe steadyBOSTON (Reuters) - U.S. asset manager Legg Mason Inc posted a wider-than-expected quarterly loss while rival T. Rowe Price reported a profit that met expectations.Source: Reuters: Business News | 25 Jul 2008 | 1:31 pm Ex-Morgan Crucible chief faces US extraditionIan Norris, the former chief executive of Morgan Crucible, is facing extradition to the US on charges of obstruction of justice.Source: Latest Business News from Times Online | 25 Jul 2008 | 1:26 pm Honda Reports Record ProfitHonda reported record profit for a fiscal first quarter Friday as sales growth in new markets offset the damage from a stronger yen and soaring material costs.Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 1:22 pm IPO FILING: AutoGenomics Inc.Apparently the IPO filing hiatus isn't entirely a dead end story. A company called AutoGenomics, Inc. has filed a registration statement for a proposed initial public offering. It has applied for the ticker "AGMX" on NASDAQ. The share count and the pricing of this IPO are not yet determined, but it listed the "up to"amount as $86.3 million for filing purposes. All shares in the offering will be sold by the company rather than insiders.Source: 24/7 Wall St. | 25 Jul 2008 | 1:21 pm Wall Street set for moderate rebound on dataWall Street stocks were set for a modestly higher start bouncing back from the big losses in the last session as orders for durable goods rose unexpectedly and investors focused on the positive in another mixed bag of earnings reportsSource: FT.com - US homepage | 25 Jul 2008 | 1:21 pm Obama heads for Paris after wooing BerlinThe German government welcomed Barack Obama's call for greater transatlantic co-operation, in comments reflecting the largely positive reaction in Germany to the US Democratic presidential candidate's visitSource: FT.com - US homepage | 25 Jul 2008 | 1:18 pm Weak dollar lifts US durable goods ordersOrders for durable goods rose 0.8% in June against expectations of a 0.3% drop, underlining the boost to US manufacturing from the weak dollar, which helps drive exportsSource: FT.com - US homepage | 25 Jul 2008 | 1:16 pm Infineon to axe 10% of its staffGerman chipmaker Infineon Technologies announces plans to cut 3,000 jobs as it reports a third-quarter loss.Source: BBC News | Business | World Edition | 25 Jul 2008 | 1:09 pm Lazard's Strong Defense of Capstone Turbine (CPST)If you trade small-cap alternative energy (or less-brown energy stocks), then Capstone Turbine Corp. (NASDAQ: CPST) has likely come across your desk. Despite a recent pounding with a 35% pullback, shares are still up nearly 200% from last year's lows. We noticed a severe volume alert yesterday morning at Volume Spike which appears to be twofold with a market drop and lower energy prices and on what may have been an institution lightening up on its shares. Today we have Lazard Capital Markets' analyst Sanjay Shrestha coming to the defense of Capstone Turbine. Shrestha notes that yesterday's (and recent days)...Source: 24/7 Wall St. | 25 Jul 2008 | 1:05 pm Samsung Electronics Reports Surge in ProfitSouth Koreas Samsung Electronics said net profit grew 51 percent compared with the same quarter last year led by its liquid crystal display and mobile phone businesses.Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 1:02 pm Honda reports record profitRead full story for latest details.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 12:57 pm Fortune Brands profit tops lowered Wall St view (Reuters)
Source: Yahoo! News: Business | 25 Jul 2008 | 12:55 pm Fortune Brands profit tops lowered Wall St viewNEW YORK (Reuters) - Fortune Brands Inc reported operating profit that topped Wall Street's lowered expectations on Friday after the consumer products maker warned that weak consumer sentiment, the U.S. housing slump and higher taxes would depress earnings more than expected.Source: Reuters: Business News | 25 Jul 2008 | 12:54 pm Durable goods orders in surprise riseRead full story for latest details.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 12:50 pm Gas prices slip, nearing $4Gas prices declined for the 8th straight day, nearing a level not seen in seven weeks, according to a nationwide survey Friday of filling station credit card swipes. Other fuel prices also continued to fall.Source: Business and financial news - CNNMoney.com | 25 Jul 2008 | 12:42 pm Rolling Stones to leave EMI for UniversalSir Mick Jagger is expected to lead The Rolling Stones away from Guy Hands’ EMI later today, ending a long association with the British record company.Source: Latest Business News from Times Online | 25 Jul 2008 | 12:33 pm Japan gripped by soaring inflationInflation in Japan is rising at its fastest pace in 15 years, dimming the prospects of any serious “decoupling” from US and European woes and pushing the world’s second largest economy closer to the brink of stagnation.Source: Latest Business News from Times Online | 25 Jul 2008 | 12:25 pm A nose for moneyCould a taste for fine wine help your bank balance?Source: BBC News | Business | World Edition | 25 Jul 2008 | 12:22 pm High AnxietyIf the Dow crumbling almost 300 points yesterday wasn’t enough to make Wall Street seem a little hotter and stickier on a summer Friday, climbing home foreclosure results are setting up more pain for financial giants.Plummeting home prices and a generally weak economy sparked Americans foreclosure filings to more than double in the second quarter compared to last year, RealtyTrac Inc. said today in a statement. Those numbers, combined with home sales reports and surely more public concern about banks, is setting up continued anxiety about the health of banks and securities firms. That concern—which led the sector to its worst single day since 2000—spread internationally as Asian and European markets were down. The only bright spot was that oil prices continued to slip. Only CNBC’s Larry “Drill, drill, drill” Kudlow seemed to think things were turning around for the financials and that the wide-ranging problems they were facing were 80 percent complete. With rumors swirling that Lehman Brothers was considering off-loading its Neuberger Berman asset management unit to raise cash, might have comforted its shareholders but sent further scary signals to the rest of us. And despite the recent investments in the sector, the housing market showed few signs of turning around despite the promise of help from Washington, D.C. According to a Bloomberg report on the numbers, one in every 171 U.S. homeowners lost their house to foreclosure, received a default notice or was warned of a pending auction, an increase of 121 percent from a year earlier and a 14 percent rise from the first quarter. Almost 740,000 properties were in some stage of the foreclosure process, the most since January 2005, when RealtyTrac began tracking the numbers. This latest set of stats is likely to send a bit of a shiver through a market already sweating the health of large financial companies. On Thursday, Citigroup, Washington Mutual, and Merrill Lynch led the way down. The pressure on Washington Mutual was such that the bank had to issue a public statement of financial health to quell rumors of deeper problems. The pros are worried, too. According to 24/7WallSt.com, Bill Gross, bond management genius and head man at Pimco, has recently written that the total write-offs for the mortgage disaster will total $1 trillion. At most, half of that has made it though the financial system. Related Links Subprime: The Class Action Suits Another Day, Another Rout Awaiting Citi's Big Number Source: Portfolio.com: Top 5 | 25 Jul 2008 | 12:00 pm Top 5 Cheap Ways to Make a Car More Fuel-Efficient (Consumer Action)These inexpensive measures will help improve your car's gas mileage and save you money.Source: SmartMoney.com | 25 Jul 2008 | 11:51 am Black & Decker profit fallsNEW YORK (Reuters) - Tool maker Black & Decker Corp said on Friday its quarterly profit fell, hurt by weak demand in the United States and slowing conditions in parts of Western...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:46 am European shares slide, insurers hit by Munich Re forecastEurope's main stock markets dropped on Friday, led by the insurance sector which tumbled after German re-insurance giant Munich Re warned that its 2008 net profit would miss targets.Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:41 am Brown Shoe Is a Good Fit at a Good Price (Today From Barron's)The footwear specialist's next growth spurt may be kicking into gear.Source: SmartMoney.com | 25 Jul 2008 | 11:40 am Italy prepares to charge Google executives: report(Reuters) - Italian prosecutors are preparing to file charges in a 2006 case against four Google Inc executives over a video on the Internet provider's Italian-language site, the Wall Street Journal said.Source: Reuters: Business News | 25 Jul 2008 | 11:37 am Lufthansa faces major strike, union saysLufthansa, the leading German airline, faces a major strike next week after members of the German trade union Verdi voted on Friday for a strike to press demands for higher wages.Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:36 am Top Pre-Market Analyst Upgrades (BSX, CCMP, DAL, ESV, HBI, JNPR, NE, RVBD, TER, VIA)These are some of the top analyst Upgrades and positive calls we are seeing early this Friday morning: Boston Scientific (BSX) Started as Outperform at Piper Jaffray. Cabot Micro (CCMP) Raised to Outperform at JPMorgan. Delta Airlines (DAL) Raised to Buy at Merrill Lynch. Ensco (ESV) Raised to Buy at Jefferies. Hanesbrands (HBI) started as Outperform at Morgan Keegan. Juniper Networks (JNPR) Raised to Outperform at FBR; Raised to Buy at Citigroup. Noble (NE) Raised to Buy at Jefferies. Riverbed Tech (RVBD) Raised to Outperform at Baird. Teradyne (TER) Raised to Overweight at Lehman. Viacom (VIA) Raised to Buy at...Source: 24/7 Wall St. | 25 Jul 2008 | 11:32 am Black & Decker Reports $1.58 Earnings Per Share for Second Quarter 2008; Declares Regular Quarterly Cash DividendTOWSON, Md., July 25 /PRNewswire-FirstCall/ -- The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the second quarter of 2008 were $96.7...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:32 am T. Rowe Price Group Reports Second Quarter 2008 ResultsBALTIMORE, July 25 /PRNewswire-FirstCall/ -- T. Rowe Price Group, Inc. (Nasdaq: TROW) today reported its second quarter 2008 results, including net revenues of nearly...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:31 am Italy prepares to charge Google executives: report(Reuters) - Italian prosecutors are preparing to file charges in a 2006 case against four Google Inc executives over a video on the Internet provider's Italian-language site, the...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:30 am Top Pre-Market Analyst Downgrades (ANF, AFFY, T, CPHD, DAI, RF, STJ, TASR, NCTY, TIF, WTSLA)These are some of the top analyst Downgrades and negative calls we are seeing early this Friday morning: Abercrombie & Fitch (ANF) Cut to Neutral at Banc of America. Affymax (AFFY) Cut to Hold at Deutsche Bank. AT&T (T) Cut to Neutral at JPMorgan. Cepheid (CPHD) Cut to Underperform at Jefferies. Daimler (DAI) Cut to Neutral at HSBC. Regions Financial (RF) Cut to Neutral at Banc of America. St. Jude Medical (STJ) Started as Neutral at Piper Jaffray. TASER (TASR) Cut to Neutral at Merriman Curhan Ford. The9 Ltd. (NCTY) Cut to Sell at Goldman Sachs. Tiffany (TIF) Cut to...Source: 24/7 Wall St. | 25 Jul 2008 | 11:30 am Caraustar Announces Sale of Membership Interest in Premier Boxboard LLC to Temple-InlandFirst Step in Plan to Refinance 7.375% Senior Notes ATLANTA, July 25 /PRNewswire-FirstCall/ -- Caraustar Industries, Inc. (Nasdaq: CSAR) today announced that it has...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:30 am Oil majors' profits to soar on record crudeLONDON (Reuters) - The world's five largest fully publicly traded oil companies are expected to, yet again, report record profits next week, thanks to high oil prices, even as investors...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:27 am Oil majors' profits to soar on record crudeLONDON (Reuters) - The world's five largest fully publicly traded oil companies are expected to, yet again, report record profits next week, thanks to high oil prices, even as investors fret over the recent pullback in crude.Source: Reuters: Business News | 25 Jul 2008 | 11:27 am More subscribers boost Netflix 2Q resultsNetflix says its second-quarter profit rose 4 percent, helped by a 25 percent increase in subscriptions and the introduction of a device that allows customers to stream video directly to...Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:26 am EDF customers face higher billsEDF Energy has announced it is putting up gas prices by 22% and electricity prices by 17% for domestic customers.Source: BBC News | Business | World Edition | 25 Jul 2008 | 11:24 am Oil traders face US civil actionThe US energy regulator takes civil action against a Dutch-based oil trading firm and its boss for manipulating crude oil prices.Source: BBC News | Business | World Edition | 25 Jul 2008 | 11:20 am Dollar lower before key economic dataThe dollar fell against the euro and yen on Friday as the market awaited publication of US housing figures and data on consumer sentiment in the world's biggest, but struggling, economy.Source: Infocious RSS raw feed - channel BNewsBusiness | 25 Jul 2008 | 11:19 am Samsung dives as consumer spending slowsShares in Samsung, Asia's biggest electronics maker, fell at their sharpest daily rate in four years today amid concerns that the economic slowdown will curtail consumer spending on televisions, mobile phones and computers.Source: Latest Business News from Times Online | 25 Jul 2008 | 11:15 am Recovery for oil helps support goldOil prices rose on Friday, extending their recovery for a second session, while gains for gold prices helped lend a firmer tone to other precious metals. Nymex September West Texas Intermediate pushed...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:42 am TNK-BP deputy 'outraged' at chief's sudden exitLord Robertson of Port Ellen, deputy chairman of TNK-BP, today added his voice to growing anger over the departure of chief executive, Robert Dudley, from Moscow following "a campaign of harassment" by Alfa Access and Renova (AAR), BP’s Russian joint-venture partners.Source: Latest Business News from Times Online | 25 Jul 2008 | 10:38 am Legal action speaks louder than words as Hasbro sues ScrabulousHasbro, the company that owns the North American rights to Scrabble, sues the founders of Scrabulous.Source: BBC News | Business | World Edition | 25 Jul 2008 | 10:31 am Japanese Stocks Drop on Overnight U.S. LossesJapanese stocks fell sharply as Wall Streets overnight plunge renewed lingering concerns about the U.S. economy.Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:26 am Rentokil plunges on fourth warningShares in Rentokil Initial lost more than a third of their value on Friday morning as it delivered its fourth profits warning since December and said problems that had previously been confined to its City...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:17 am Lehman (LEH) May Sell NeubergerFirst, Lehman (LEH) was being closed or sold. Then it was under attack from short sellers.Then it was being taken private. The latest rumor, floated by CNBC, is that LEH will sell off money management operation Neuberger Berman.Source: 24/7 Wall St. | 25 Jul 2008 | 10:16 am Financials drag European shares lowerEuropean shares extended their losses for a second consecutive day on Friday with troubled financial stocks leading the fall after a shock profit warning from Germany's Munich Re. In late morning trade,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:16 am FTSE joins global sell-offLondon equities fell further on Friday, with financial stocks once more leading the selling after new concern about mortgage-related losses in the US hit Wall Street hard overnight. The FTSE 100 lost 50...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:11 am Dollar rally runs out of steamThe dollar eased on Friday as weakness in US financial stocks and rising oil prices took the steam out of its recent rally.A fall back in oil prices and a recovery in US equities had boosted the dollar...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 10:09 am Foreclosure Rates Rocket Further Imperiling Banks (FRE)(FNM)A number of analysts believe that there can be no recovery in bank earnings and share prices as long as the housing market is troubled. If that opinion is right, new foreclosure data paints a gruesome picture.Source: 24/7 Wall St. | 25 Jul 2008 | 9:56 am Ships blocked after US oil spillCommercial shipping is severely disrupted following an oil spill on the Mississippi River in the United States.Source: BBC News | Business | World Edition | 25 Jul 2008 | 9:47 am EDF announces shock 22% rise in gas pricesEDF Energy has raised its prices by almost a fifth from today without warning, hitting customers with double-digit price increases in what is expected to be an industry-wide rush to put up gas and electricity bills.Source: Latest Business News from Times Online | 25 Jul 2008 | 9:43 am Japanese shares plunge on U.S. stock losses and the weak dollarThe Nikkei is down nearly 2%. Honda shares drop, but after trading the company reports record profit. TOKYO —...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 9:38 am Livedoor's Horie's appeal failsJapanese internet entrepreneur Takafumi Horie's appeal against his securities fraud conviction is struck down.Source: BBC News | Business | World Edition | 25 Jul 2008 | 9:26 am China Pushes Past The US In Internet Use: A Chance For Microsoft (MSFT) and Yahoo! (YHOO)China now has more people online than the US, 253 million to be exact. The China Internet Network Information Center says that the number of internet users was up 56% from June last year. The AP writes that "The United States had an estimated 223.1 million Internet users in June, according to Nielsen Online." Given the Chinese grow rate, the gulf is likely to get much larger over the next several years.Source: 24/7 Wall St. | 25 Jul 2008 | 9:22 am Munich Re warns on profitsFRANKFURT, July 25 - German reinsurer Munich Re issued a profit warning on Friday, saying turmoil in global markets would hurt its second-quarter earnings and result in a lower than forecast profit for...Source: Infocious RSS raw feed - channel BNPaperBusiness | 25 Jul 2008 | 9:16 am Munich Re warns on profitsGerman reinsurer Munich Re issued a profit warning, saying turmoil in global markets would hurt its second-quarter profit and result in a lower than forecast profit for the yearSource: FT.com - US homepage | 25 Jul 2008 | 9:16 am Market grim ahead of US durable goods dataA pretty grim day yesterday looks like fast forwarding into today. The damage appears to have been done by a sudden loss of confidence in the US. The schizophrenia over banking woes reared its ugly head once more after home sales experienced their biggest drop in eight years (one wonders what the number was back then).Source: Telegraph Business | 25 Jul 2008 | 9:10 am U.S. retailer Boscov's fights for survival: report (Reuters)Reuters - U.S. department store chain Boscov's is struggling to keep itself afloat as a drop in consumer spending across the mid-Atlantic region has hammered its sales and drained its cash, The New York Post said.Source: Yahoo! News: Business | 25 Jul 2008 | 9:07 am Wal-Mart (WMT) Learns China's Hard LessonWhen the Chinese government pushed its retail union into Wal-Mart (WMT) two years ago, the world's largest retailer should have figured that it was only the beginning of trouble. Now labor has forced an 8% wage increase on the company for both this year and next.Source: 24/7 Wall St. | 25 Jul 2008 | 8:46 am UK economic growth weakest for three yearsBritain’s economy slowed to a crawl in the second quarter, with growth dropping to the weakest for three years as housebuilding activity halted, official figures revealed this morning.Source: Latest Business News from Times Online | 25 Jul 2008 | 8:31 am John Lewis sees sales lift for second weekJohn Lewis, the department store group that is a key benchmark of high street performance, has seen a slight recovery in its sales for the second week running, after a poor performance in May and June.Source: Latest Business News from Times Online | 25 Jul 2008 | 8:07 am M&B benefits from 'value food' demandMitchells & Butlers (M&B), the Harvester and All Bar One operator, today became the latest company to benefit from a growing consumer penchant for value-for-money offers as it reported a 5.1 per cent jump in like-for-like food sales.Source: Latest Business News from Times Online | 25 Jul 2008 | 7:44 am Ford reports $8.7-billion shortfall, its largest quarterly loss everAs truck and SUV sales fall, CEO Alan Mulally says it will move toward producing smaller, more fuel-efficient cars.Three months ago, Ford Motor Co. reported an unexpected $100-million first-quarter profit, and quiet jubilation ensued on Wall Street. But on Thursday, Ford brought down the hammer of reality, reporting its largest quarterly loss ever. It blamed the $8.7-billion shortfall on soaring gasoline prices and the resulting crash in consumer demand for large vehicles. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am Reeling from losses, Downey Financial shakes up leadershipThe owner of Downey Savings & Loan replaces its chief executive. Downey co-founder Maurice McAlister quits as board chairman, possibly paving the way for a sale.Reeling from a growing pile of delinquent mortgages, Downey Financial Corp. on Thursday reshuffled its top management and signaled that it would seek to sell the company. But analysts said it would have trouble finding a buyer. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am Paulson is a reluctant dragonThe willingness of Treasury Secretary Henry Paulson to intervene in market crises has belied expectations.Henry Paulson was supposed to bring a fresh dose of Wall Street to Washington. As it turns out, he's doing the very opposite. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am Hollywood goes on location to work with Iraq's KurdsAway from the war zone, an ethnic minority seeks guidance on creating a film industry.Oliver Stone couldn't have staged a more surreal scene: Balancing wine glasses in their hands, a group of Hollywood executives boogied to the Beach Boys in the foothills of northern Iraq as bursts of fireworks lit up the night sky. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am Southwest Airlines will soon be No. 1 at four of five area airportsBy hedging its fuel purchases, the bargain carrier shows a profit increase as competitors dump flights.Southwest Airlines Co. this fall is on track to become the busiest carrier at Los Angeles International Airport and at three of the four regional airports in Southern California as high fuel prices force its main competitors to cut flights. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am 'Dark Knight' poised to rule another weekendThe latest Batman installment has a pair of box-office records within reach.Batman has only begun. Source: L.A. Times - Business | 25 Jul 2008 | 7:00 am Currency: Selling pressure on NZ dollarDownward pressure on the New Zealand dollar was today counter-acted by weakness in the US dollar due to fresh concern about the US economy and stocks. In contrast to yesterday's trading, business was subdued. The kiwi closed little...Source: New Zealand Herald - Business | 25 Jul 2008 | 5:19 am Westpac lowers 2 year mortgage rates - down to 8.95 pcWestpac Bank has matched yesterday's move by rival ASB Bank and lowered its key 2-year fixed mortgage rate. It dropped the rate by 25 basis points, or a quarter of one per cent, to 8.95 per cent, effective Monday. The move comes...Source: New Zealand Herald - Business | 25 Jul 2008 | 4:30 am Clock Ticks on Manny MomentsI once asked a prominent relief pitcher to describe the most idiotic thing he had witnessed in the big leagues. "That's easy," he said, and launched into the story of a former teammate—an All-Star outfielder—who refused to use toilet paper. A clubhouse attendant supplied the player with a daily ration of hand towels, which, when soiled, would be flushed.One afternoon the reliever came in from batting practice to find the locker room awash in frantic maintenance workers. When he asked a plumber what all the fuss was about, he was told that a washcloth-clogged toilet had overflowed and was threatening to submerge the bathroom stalls. "Of all the dumb stuff I've seen that particular outfielder do," the stopper told me, "that was the dumbest." That particular outfielder was, of course, Manny Ramirez. Of all the dumb stuff the Boston slugger has done since then—playing left field with a water bottle jammed in his back pocket (2003); diving to cut off the center fielder's relay throw; allowing a batter to score on an inside-the-park home run (2004); climbing into the Green Monster and chatting on a cell phone during a pitching change (2008)—he has never topped his hand towel hijinks. Until last week, that is, when the future Hall-of-Famer swung weakly at Boston management over his contract status. The Red Sox hold $20 million options on Ramirez for 2009 and 2010, and are under no obligation to act until November. Yet the outfielder wants the team to either renew the first option or offer him a new multiyear deal. "I want no more shit where they tell you one thing and behind your back they do another thing," Ramirez told the Boston Herald. "I think I've earned that respect, for a team to sit down with me and tell me this is what we want, this is what we want to do." Principal owner John Henry has called Ramirez's remarks "personally offensive," but has promised to sit down with the 36-year-old after the season. Privately, front-office officials say the 2009 option will not be exercised. If the club does fail to re-up, Ramirez—who says he wants to stay in Boston—will become a free agent. Ramirez, in the eighth and final guaranteed season of a $160 million pact he signed in 2000, is batting .301 with 19 homers and 62 R.B.I.'s. But while he ranks fourth in the American League in on-base percentage and 10th in slugging, his many Manny Moments have been about as endearing as a brimming commode. "The guy is totally passive-aggressive," fumes a member of the Red Sox hierarchy. Ramirez showed his aggression on June 5, when he was caught on camera backhanding and grabbing teammate Kevin Youkilis in the dugout. Three weeks later he pushed 64-year-old traveling secretary Jack McCormick to the ground in an argument over free game tickets. He later apologized to McCormick, and was fined some $15,000. Ultimately, passivity may make the franchise pass on Ramirez. During the ninth inning of a July 6 game at Yankee Stadium, he was called on to pinch hit against closer Mariano Rivera. With two out and the go-ahead runner on third base, he watched three called strikes to end the threat. "Doing nothing was Manny's way of slapping us in the face," says a team executive. The Yanks won the game in the 10th inning. "I was surprised he didn't take the bat off his shoulder," Rivera said. "I don't know what he was thinking." Andrew Zimbalist has a pretty good idea what the Sox are thinking. The Smith College sports economist notes that stats wonk Bill James, an adviser to the team on player personnel, says performance peaks at age 28. "The Red Sox have become very cautious about signing older players," says Zimbalist. "They spent $8 million on Curt Schilling last November, and got burned when it turned out his shoulder injury would cost him the entire 2008 season." On the debit side, Zimbalist calls Ramirez a "loose cannon" and an adequate, injury-prone left fielder whose sentimental value isn't in the same ballpark as, say, Big Papi's. "Manny's popularity with Boston fans is not what Derek Jeter's is to New York's," he says. "The Fenway faithful have become more and more willing to say goodbye to him." The Sox have tried to bid farewell to Ramirez on numerous occasions. They put him on waivers after the 2003 season, then tried to trade him for Alex Rodriguez. Today, Zimbalist says, Ramirez would fetch about $13 million a year on the free-agent market—as much as $15 million if the Yankees entered the bidding. Rivera notwithstanding, over the last three seasons Ramirez has hit .467 versus the Bronx Bombers. Only Jimmie Foxx and Ted Williams have more career home runs against them. Ramirez grew up in Washington Heights and would no doubt love to be a Yankee. But would the Yankees love to have him? With 37-year-old designated hitter Jason Giambi almost certain to be set free, Ramirez would make a solid replacement. Still, in 2009, the club will already have three brittle 35-or-older regulars whose best position is D.H.: Hideki Matsui, Johnny Damon, and Jorge Posada. If Ramirez were to rotate with Damon in left, an awful lot of salary would be left on the bench. On top of that, Ramirez's new agent is the dreaded Scott Boras. Last year Boras counseled Rodriguez to opt out of the final three years of a 10-year, $252 million contract with the Yanks. When no other team even made an offer, A-Rod hired a managing director of Goldman Sachs to negotiate a deal with New York. The team had refused to speak with Rodriguez if Boras were involved. "For years, the Red Sox have enabled Manny's most outlandish behavior," says a rival agent. This time around, the front office seems unwilling to take his crap. Related Links Yankees Payroll No Longer Number 1? ARod Opts Out as Red Sox Win World Series... Is It 2008 Yet? Boras-ARod to Meet Yankee Brass With Opt-Out Deadline Closer Source: Portfolio.com: Top 5 | 25 Jul 2008 | 4:00 am Same Old SongsCue the band…and the aerosol cans.Hairspray, John Waters’ 1988 cult movie cum 2002 Broadway musical cum 2007 Hollywood hit, has spawned a sequel. "It just leads one to believe that no genre is safe from the mighty pull of sequel dollars," says Jeff Bock, an analyst with Exhibitor Relations, a Los Angeles-based entertainment-research firm. "It takes a lot of money to invest in an unknown franchise, and that’s why sequels have been so prevalent in the last decade. You don’t have to spend as much marketing something fans already enjoy." And enjoy Hairspray, fans have. Since the most recent iteration of the film hit theaters last July, it’s made more than $200 million worldwide. And the massive success of this summer’s Mamma Mia, which broke records in overseas markets and has so far grossed over $108 million worldwide since opening a week ago—despite intense competition from comic book flick The Dark Knight—seems further proof that feature-film adaptations of popular musicals are hitting the right note with audiences. The only problem? Historically, movie musical sequels have garnered less than a standing ovation at the box office. In 1968, Funny Girl, a film based on the book and musical by Isobel Lennart and starring Barbra Streisand, premiered in theaters. Its total domestic gross was $52 million—large enough by the standards of the day to merit a sequel, Funny Lady, in 1975. Funny Lady fell flat, though, grossing just $39 million domestically. In 1984, the performer Prince starred in a musical of his own making, Purple Rain, which went on to make a respectable $68 million in the U.S. The followup, 1990’s Graffiti Bridge, made a paltry $4.5 million. Most famously, 1978’s Grease, starring Olivia Newton John and John Travolta as Sandy and Danny, doo-wopped its way to a lifetime U.S. gross of $188 million, $394.5 million worldwide, making it the most successful musical ever. Four years later, Michelle Pfeiffer and the unknown Maxwell Caulfield starred in Grease 2, a critical and commercial flop making just $15 million domestically. The Sound of Music, one of the best-loved movie musicals of all time, never had a sequel. Perhaps the Von Trapps were on to something. Of course, the time is right for musical programming of every kind in the U.S. and abroad. Shows featuring singing and dancing, like Fox’s juggernaut American Idol (based on the British series Pop Idol) and the network’s successful So You Think You Can Dance, ABC’s Dancing With The Stars, and NBC’s America’s Got Talent, not to mention Bravo’s now-defunct Step It Up and Dance, have been shimmying into living rooms nationwide. Disney’s wildly successful High School Musical, which premiered in 2006 to an audience of 7.7 million, begat a sequel, last year’s High School Musical 2, which drew 17.2 million viewers, making it the most viewed cable telecast ever. This fall, the series’ first feature film, High School Musical 3: Senior Year, will hit theaters. And musical movies from the past several years like Chicago, Dreamgirls, Moulin Rouge, and Sweeney Todd have all built enthusiasm for the genre. "People go to films for escapism," says Bock. Unlike the failing economy, the Iraq war, or even a more downbeat movie, "the movie musical leaves you with a good feeling." Still, none of that guarantees the success of a Hairspray sequel, especially since, according to reports, none of the original cast has so far committed to returning. Neither Craig Zadan nor Neil Meron, the producers of last summer’s film who have signed on for the sequel, was available to comment. But they’re no doubt banking on one thing: Audiences still want the same old song and dance. Related Links Bombs Away? The Musical Men Not Boffo Enough Source: Portfolio.com: Top 5 | 25 Jul 2008 | 4:00 am Air NZ to raise prices for fifth time this yearAir New Zealand, which has had to hike prices four times this year due to rising fuel prices, may need to hike them again, chief executive Rob Fyfe said. To cover the cost of fuel, fares should rise 20 per cent, but he said that...Source: New Zealand Herald - Business | 25 Jul 2008 | 1:33 am Unskilled pay rates going backwards fast - surveyA new survey of pay rates shows a dramatic deterioration for those at the bottom of the heap, while rates for skilled workers are outpacing rampant inflation. An analysis of 73,000 jobs listed on website Trade Me showed the labour...Source: New Zealand Herald - Business | 25 Jul 2008 | 12:45 am Here Comes The Neighborhood: Finding Best Now Easy OnlineFor sale: 2 bedroom, 2 bath home in Santa Monica, Calif.Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am In Brief - ThursdayABB (ABB), the Swiss electrical engineering giant, said Q2 net income rose 34% to $975 mil, beating views. Revenue grew 27% to $9 bil, above...Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am After The Close - ThursdayBUCYCRUS (BUCY), a maker of mining gear, reported tentative Q2 EPS of 83 cents on sales of $621 mil. It included costs tied to an acquisition and...Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am Earnings A Shot In The Arm For Company That Keeps Hearts BeatingAlmost everyone has watched that dramatic scene on television, where the doctor, paddles in hand, yells out "Clear!" and shocks the...Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am Business Briefs - ThursdayGenerics, mail orders lift Medco. The pharmacy benefits manager said Q2 EPS rose 30% to 56 cents ex items, beating views by 2 cents. Revenue...Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am Trends & Innovations - ThursdayForeign-born TB increasing in U.S.Source: Investor's Business Daily: BUSINESS | 25 Jul 2008 | 12:34 am Will Maasai warriors come to the rescue of the UK economy?Maasai warriors have made an unusual visit to London share their leadership skills with Britain's business community as the economy heads into a downturn.Source: Telegraph Business | 25 Jul 2008 | 12:01 am Thomson Reuters to venture into televisionNewly merged media conglomerate Thomson Reuters is preparing to launch a business television news channel to rival that of Bloomberg and CNBC.Source: Telegraph Business | 25 Jul 2008 | 12:01 am CurrenciesCurrenciesSource: Telegraph Business | 25 Jul 2008 | 12:01 am Labour has only itself to blame if the unions hold it, and us, hostageThe party has lived a dissolute lifestyle, spending far more than the country can afford, says Jeff RandallSource: Telegraph Business | 25 Jul 2008 | 12:01 am TNK-BP: Robert Dudley and Lord Robertson's personal statements in fullPersonal Statement from Robert Dudley, the General Director (CEO), Group CEO and Chairman of the Management Board of OJSC TNK-BP ManagementSource: Telegraph Business | 25 Jul 2008 | 12:01 am Could the future become a little rosier for HBOS investors?Northern Rock went into government ownership, Alliance & Leicester went into Spanish ownership, is HBOS about to be broken up into multiple ownership? Given the distressed state of some of Britain's banks, witnessed by HBOS's own £4bn rights issue earlier this week, such a break-up is clearly on the cards.Source: Telegraph Business | 25 Jul 2008 | 12:01 am US markets hit by $8.7bn Ford lossesProperty companies take brunt of share sell-off as Dow heads back towards bear market territory, reports James QuinnSource: Telegraph Business | 25 Jul 2008 | 12:01 am RBS on course for £1bn boost with sale of stake in TescoRoyal Bank of Scotland is close to selling its stake in Tesco Personal Finance to the supermarket giant.Source: Telegraph Business | 25 Jul 2008 | 12:01 am British economy faces 'anaemic' growthBritain is consigned to three years of "anaemic" economic growth, one of the country's leading forecasters has warned after retail sales plunged at the fastest rate on record.Source: Telegraph Business | 25 Jul 2008 | 12:01 am UBS prosecuted for selling securities it knew were in troubleNEW YORK - New York Attorney General Andrew Cuomo sued UBS AG on Thursday, accusing the Swiss banking giant of fraudulently promoting tens of billions of dollars of auction-rate securities as safe when it knew a crisis was brewing. The...Source: New Zealand Herald - Business | 25 Jul 2008 | 12:00 am Dutch fund charged over oil price abuseLaying out their case with e-mails and telephone recordings, US regulators filed charges against Optiver Holding for allegedly manipulating energy futures pricesSource: FT.com - US homepage | 24 Jul 2008 | 11:58 pm US financial stocks in worst fall since 2000US financial stocks suffered their worst one-day decline since 2000, as investors' recent optimism was dented by renewed fears over the health of Washington Mutual and weak US housing dataSource: FT.com - US homepage | 24 Jul 2008 | 11:39 pm Fuel prices drop another 4cOil companies have further reduced petrol prices. Both diesel and petrol are down 4c a litre. Shell led the charge, followed by BP and Mobil. It takes 91 grade petrol to $2.06.9 and diesel to $1.83.9 per litre. The oil...Source: New Zealand Herald - Business | 24 Jul 2008 | 11:26 pm Export sector expected to be the big winnerThe monetary policy easing which is now officially under way is expected to work mainly through the exchange rate and the export sector. Even though Reserve Bank governor Alan Bollard's decision yesterday to lower the official...Source: New Zealand Herald - Business | 24 Jul 2008 | 11:00 pm Microsoft agrees alliance with FacebookMicrosoft predicted continued heavy costs from its attempt to go head-to-head with Google and announced an online search alliance with FacebookSource: FT.com - US homepage | 24 Jul 2008 | 10:48 pm Wal-Mart in pay deals with Chinese unionsWal-Mart, the US retail giant known for fending off organised labour in its home market, has completed collective bargaining agreements with unions in two Chinese citiesSource: FT.com - US homepage | 24 Jul 2008 | 10:42 pm Economy - Thursday (Investor's Business Daily)Investor's Business Daily - Home loan rates rose sharply over the past week amid inflation fears, a rebound in stocks and Treasury yields, and tighter credit standards. The 30-year fixed-rate mortgage rose to 6.63% for the week ended July 24 from 6.26% a week ago, said Freddie Mac. It's the 8th straight week over 6%. The 15-year fixed-rate mortgage rose 40 basis points to 6.18%. The 5-year Treasury-indexed adjustable-rate mortgage jumped to 6.18%, while the 1-year ARM was up to 5.49%.Source: Yahoo! News: Business | 24 Jul 2008 | 10:38 pm Stocks dive as the housing recovery again gets postponedSource: L.A. Times - Business | 24 Jul 2008 | 10:31 pm Supreme court rejects NZX Access Brokerage appealThe Supreme Court has rejected stock exchange operator New Zealand Exchange's (NZX's) appeal to overturn a Court of Appeal ruling in favour of the Bank of New Zealand and Access Brokerage. In September 2006, the High Court struck...Source: New Zealand Herald - Business | 24 Jul 2008 | 10:30 pm NZ Shares: Profit takers send market downProfit takers and a negative steer from Wall Street sent the sharemarket lower in early trading today after its biggest rise of the year yesterday, spurred by the Reserve Bank interest rate cut. US stocks tumbled more than 2 per...Source: New Zealand Herald - Business | 24 Jul 2008 | 10:30 pm TNK-BP chief is 'forced out' of RussiaThe battle for BP's Russian oil joint venture escalated as its beleaguered chief Robert Dudley abruptly left Russia, citing visa doubts and 'sustained harassment'Source: FT.com - US homepage | 24 Jul 2008 | 10:18 pm Selling pressure maintained on NZ dollarSelling pressure was maintained on the New Zealand dollar which overnight came within spitting distance of its year low. However, it picked up in late New York trading and by 8.30am was little changed from yesterday's closing level...Source: New Zealand Herald - Business | 24 Jul 2008 | 10:00 pm So... what exactly do you do again?Anyone ever tell you your job is a joke? Professor and commentator Dan Drezner hears it all the time, especially from his little brother, Jay.Source: Marketplace | 24 Jul 2008 | 9:17 pm Cheaper gas, but not cheap enoughMoney for gas accounts for a painfully high proportion of some people's paychecks, especially in the rural South, like Wilcox County, Alabama. Tanya Ott reports on how some folks there are barely getting by.Source: Marketplace | 24 Jul 2008 | 9:17 pm Oil spill halts Mississippi River trafficAn oil spill has brought commercial traffic in the Mississippi River to a halt. Host Kai Ryssdal talks with the Coast Guard's Brendan Brewer about the cleanup effort.Source: Marketplace | 24 Jul 2008 | 9:17 pm Companies quiet about DSL sans phoneWant a high-speed DSL connection without the landline phone service? It's available, but don't expect the phone company to advertise it. Katie Macpherson reports.Source: Marketplace | 24 Jul 2008 | 9:17 pm How will the world see China?China is continuing to prepare itself for the global spotlight. Host Kai Ryssdal asks Joshua Ramo, author of "Brand China," how the Olympics may change the way the world's impression of the country.Source: Marketplace | 24 Jul 2008 | 9:17 pm Southwest's hedging luck might be upSouthwest Airlines' secret to success has been hedging fuel when prices were lower. But how much longer can the airline keep up its winning streak? Dan Grech reports.Source: Marketplace | 24 Jul 2008 | 9:17 pm Ford shifting to smaller carsAfter posting a record second-quarter loss of $8.7 billion, Ford has announced plans to create more small car models. John Dimsdale reports.Source: Marketplace | 24 Jul 2008 | 9:17 pm Home sales drop more than expectedThe housing industry continued its tumble in June with a worse-than-expected 2.5 percent drop in existing home sales. Amy Scott reports.Source: Marketplace | 24 Jul 2008 | 9:16 pm Dow Drops 283 PointsA heavy selloff struck every major sector, and the Dow, Nasdaq and S&P 500 gave up roughly 2%.Source: SmartMoney.com | 24 Jul 2008 | 9:13 pm Slideshow: 5 Least Expensive Cars to Own (Consumer Action)These compact cars save you money both at the dealer's lot and at the gas station.Source: SmartMoney.com | 24 Jul 2008 | 9:07 pm VIX Index of U.S. Stock Option Prices Advances 10% to 23.44Source: Bloomberg - All Podcasts | 24 Jul 2008 | 9:02 pm Home-Builder ETFs Fall on Poor Data (Daily ETF Wrap-Up)Home-builder ETFs fall on dismal sales data, falling prices.Source: SmartMoney.com | 24 Jul 2008 | 8:31 pm Sites Allow Frequent Fliers to Swap Miles for Cash, Awards (Deal of the Day)Want to unload your frequent-flier miles? Try swapping them for cash and other awards.Source: SmartMoney.com | 24 Jul 2008 | 8:04 pm U.S. Fails to Overturn Specialist-Conviction ReversalSource: Bloomberg - All Podcasts | 24 Jul 2008 | 7:35 pm Stopped at U.S. Border and Banished for BetrothalSource: Bloomberg - All Podcasts | 24 Jul 2008 | 7:34 pm Mattel May Claim Bratz Doll Damages of $600 Million, MGA SaysSource: Bloomberg - All Podcasts | 24 Jul 2008 | 7:33 pm 8 Stocks With Attractive Price/Sales Ratios (Stock Screen)Low P/S ratios tend to predict excellent stock performance. Consider these eight.Source: SmartMoney.com | 24 Jul 2008 | 7:19 pm 8 Stocks for Finicky Value Investors (Stock Screen)Our strictest search for value stocks yielded eight including a cheap power provider.Source: SmartMoney.com | 24 Jul 2008 | 7:05 pm Don't Take Bait of Brokerage Phishing Scams (The Irritable Investor)An email phishing scheme is targeting brokerage investors. Don't take the bait.Source: SmartMoney.com | 24 Jul 2008 | 6:40 pm S.E.C. Reasserts Its RelevancyWith Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke hogging the spotlight during most of the year-long credit crunch, it was easy to forget that the Securities and Exchange Commission was still a regulating body.But over the last week, S.E.C. Chairman Christopher Cox has elbowed his way back into relevance, first by increasing restrictions on naked short selling, and today laying out a strong case for why the S.E.C.—and not the Federal Reserve—needed more regulatory powers over investment banks. In doing so, he questioned the need for these banks to have long-term access to the Federal Reserve's new lending facilities created after the demise of Bear Stearns. In testimony delivered to the House Financial Services Committee, Cox also warned against extending existing commercial bank regulation to investment banks as there is no easy "apples to apples" comparison between the two businesses. Although in recent years the lines that differentiated investment banks from commercial banks have faded, their fundamental roles are still different. "The core business of investment banking is facilitating capital raising—whether through trading, underwriting, or ancillary services—while the core business of commercial banks is taking deposits and making loans," Cox said. Overly restrictive regulation of investment banks that would "intentionally discourage risk taking, reduce leverage, and restrict lines of business" would "fundamentally alter the role that investment banks play in the capital formation that has fueled economic growth and innovation domestically and abroad," Cox added. For that reason, the more fundamental question is whether investment banks should have access to a government liquidity backstop. "And if Congress were to answer that question in the affirmative, it is difficult to imagine that our markets would not produce new entities, perhaps hedge funds or other nonregulated firms, to take over the higher-risk capital markets functions of the formerly robust investment banks," Cox said. "That, in turn, would simply raise today's questions anew." Also testifying was New York Federal Reserve Bank President Timothy Geithner who made a competing case for why the Fed needed stronger oversight over investment banks. Geithner said that even though investment banks had reduced their borrowings from the Fed in recent weeks, the lending facilities were providing a confidence backstop to markets. And if the banks were to continue to have the safety net, then the Fed should have a stronger regulatory function. "It's very important that we have a role in consolidated supervision of these institutions because you will not have good judgments made by this central bank, this Federal Reserve, in the future unless we have the direct knowledge that comes with supervision," Geithner warned. Geithner also disagreed with President Bush and Paulson's stated plan of keeping the recently saved Fannie Mae and Freddie Mac functioning in their present form. "I believe that there is going to have to be some very fundamental rethinking of the future of these institutions going forward," Geithner said. "The current balance is probably untenable over the longer term." Related Links The Man Who Saved (or Got Suckered by) Wall Street The Great Depression Debate How Bear Died Source: Portfolio.com: Top 5 | 24 Jul 2008 | 6:30 pm Bosses' Bargain BinIf you want recession-themed schadenfreude to match those sandals, look no further.Women's Wear Daily devotes this week's WWDList feature to executive pay, reporting that in 2007 the retail industry's 10 highest-paid executives made $143.98 million collectively, down a whopping 27.4 percent from 2006. Sure, 2007 was a bumpy ride for almost every industry, and retail was certainly no exception. The numbers have been declining since April 2007, when a surprising 0.2 percent drop in same-store sales led off what has become an increasingly sluggish retail environment. But W.W.D.'s figures suggest retail executives are being punished more harshly for their companies' performance than their counterparts in other industries. While the top retail execs saw more than a quarter of their compensation evaporate in 2007, according to Forbes, the C.E.O.'s of America's 500 biggest companies took home 15 percent less on average in 2007 than in 2006. The Associated Press' review of compensation, which looks at the companies in Standard & Poor's 500, found that C.E.O.'s grabbed an average 3.5 percent pay increase. According to the A.P., although the financial sector has been hit even harder than retailers in 2007, median C.E.O. pay dropped only 4.25 percent last year—only one sixth of what top retail execs were docked for a weak year. The top spot on W.W.D.'s list went to H. Lee Scott, president and C.E.O. of Wal-Mart, which has been one of the few retailers able to weather the economic storm. His $31.6 million in total compensation was nearly double any other executive on the list. To put that number in perspective, the median pay for workers rose 3.4 percent to $31,509 in 2007, according to the U.S. Bureau of Labor Statistics. But in C.E.O. terms, Scott's $31.6 million pales in comparison to Oracle's Larry Ellison, whose $192.92 million payday nabbed the top place on Forbes' list. In the financial sector, Countrywide boss Angelo Mozilo scored the highest pay, $102.84 million. Given Wal-Mart's size and comparative success, it seems fitting that the company's executives take up three places on W.W.D.'s top-10 list: Chief administrative officer John Menzer is in the third spot, and international vice chair Michael Duke came in fifth. But the list does have some surprises. The biggest decliner from last year was Target's Robert Ulrich, who saw his total pay package drop by $24 million to $12.2 million, while the company performed well relative to others in the sector. Stores such as Wal-Mart, Costco, and Target have benefited from deep discounts and sales of nondiscretionary things like food and household products. And though executives at Guess, American Eagle, Abercrombie & Fitch, Aéropostale, and Sears all made the retail top 10, it's mall-based retailers that have been hit the hardest as consumers cut back on discretionary spending in the face of high gas prices and tightening credit. Related Links Retailers Lay an Egg Consumers Balk; Retailers Slump Stores Show Modest Gains Source: Portfolio.com: Top 5 | 24 Jul 2008 | 5:00 pm JPMorgan's Feroli Says Inflation Signs Are `Worrying'Source: Bloomberg - All Podcasts | 24 Jul 2008 | 4:53 pm Puryear Sees No Sign of U.S. Housing Inventory DeclineSource: Bloomberg - All Podcasts | 24 Jul 2008 | 3:51 pm Dear Mr. Quattrone, You're WrongFrank Quattrone thinks the dearth of startup I.P.O.'s in today's market is due in large part to the Wall Street research reforms made after the tech bubble burst.He's wrong. At a technology conference at Stanford University yesterday, Quattrone said the industry should petition to remove the regulations that prevent sell-side research analysts from being compensated for their efforts in getting startups through the I.P.O. process. "It hurts the competitiveness of our country to deny companies access to research analysts," he said. The reforms were made after then New York Attorney General Eliot Spitzer went after research analysts including Henry Blodget and Jack Grubman for publicly recommending stocks they privately disparaged. Quattrone, who was arguably Silicon Valley's top investment banker during the dotcom boom, spent years fighting federal charges relating to an investigation into his allocation of I.P.O. shares. He eventually prevailed, and he now runs a technology boutique bank called Qatalyst Group. To understand why Quattrone is wrong, it's helpful to remember how Wall Street research worked before the reforms. I witnessed it firsthand as a research associate at Hambrecht & Quist in the mid-1990s, when startup software companies were practically lining up at the door for their chance at the public markets. Research analysts back then were more like startup consultants, doing everything from working with bankers to pitch new business to I.P.O. candidates to hosting roadshow presentations with institutional clients ahead of the offering. There was no "Chinese Wall" between banking and research. I once had a banker ask me for the models for two companies we covered, because they were weighing a merger. In fact, bankers and research analysts worked so closely that it was difficult to determine where one department stopped and the other started. Both groups received bonuses based on the business they won and the performance of the stocks after their debut. That's all well and fine for the bankers, who moved on to other deals after celebrating at the closing dinner. But 25 days after the I.P.O., the research analyst was supposed to initiate coverage using his objective analysis. Invariably, this recommendation would be a "buy" or a "strong buy." At H&Q, only once did I see an analyst initiate coverage of a hot I.P.O. the bank had underwritten with a "hold" recommendation. The stock, i2 Technologies, had simply climbed too high in the first few weeks of trading to justify an investment recommendation. The morning his report was issued, the analyst faced a stream of irate institutional sales staff and perturbed bankers. They flooded his office, screaming at him behind closed doors, reminding him how much i2 had just paid the bank. Under the new rules, this scenario would seem preposterous. Bankers and research analysts are physically separated, and they must clear legal hurdles even to speak. Research analysts rightfully play no role in pitching the startups or in selling the stock to institutional investors. And they also don't receive additional compensation for business the bank gets from companies they cover. Quattrone argues that this is all wrong, and that startups can't attract investor interest without the expertise of the research analysts. He thinks that's partly to blame for the fact that we're not seeing many I.P.O.'s in Silicon Valley these days. He argues that small companies can't get coverage because the few research analysts left on Wall Street only focus on large cap stocks. The fact is, startups shouldn't have to rely on their bank's analysts to sell their story for them. If their business model is sound and their valuation reasonable, their stocks will get noticed by institutions. And why should any bank's institutional clients be subjected to a sales pitch from an analyst who is fundamentally incapable of providing an objective opinion? Individual investors aside, it's the banks biggest clients who should be thankful they no longer have to hear a used-car sales pitch from their brokers every morning. The I.P.O. market isn't thriving for many reasons. But bringing back the old sell-side research scheme to revive it isn't the answer. Related Links Handicapping a Citadel I.P.O. China IPO Datapoint of the Day Sarbanes-Oxley: It's Delicious, and (Mostly) Good for You Source: Portfolio.com: Top 5 | 24 Jul 2008 | 3:00 pm SEC, Fed push for tougher bank regulation (Reuters)
Source: Yahoo! News: Business | 24 Jul 2008 | 2:52 pm AT&T Cut to `Neutral' From `Overweight' at JPMorganSource: Bloomberg - All Podcasts | 24 Jul 2008 | 2:47 pm
|
