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Wealthy overseas car lovers undeterred by global slowdown, says HR OwenWealthy overseas car lovers have not been deterred by the global economic crisis from ordering the latest luxury cars.Source: Telegraph Business | 29 Aug 2008 | 1:05 pm Super rich detached from property slump, says Knight FrankLondon's luxury homes worth more than £10m have become "completely detached" from the slowdown in the main market, according to estate agent Knight Frank.Source: Telegraph Business | 29 Aug 2008 | 12:12 pm A single mom's balancing actWhen you're the single parent of an only child, you want only the best possible life for your kid. That's how Jacqui Sentmanat feels. But it's an expensive proposition.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 11:56 am Oil rises as Gustav nearsOil prices turned higher Friday as Tropical Storm Gustav passed over Jamaica and threatened oil infrastructure in and around the Gulf of Mexico.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 11:55 am Microsoft to buy ciao.com price comparison firmLONDON (Reuters) - Microsoft has agreed to buy Greenfield Online, owner of European price comparison website ciao.com, for about $486 million to boost its Internet search and e-commerce business in Europe.Source: Reuters: Business News | 29 Aug 2008 | 11:54 am Futures lower on Dell profits and oil (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 11:51 am Futures lower on Dell profits and oilNEW YORK (Reuters) - Stock index futures fell on Friday after the previous session's sharp gains, as the price of oil rose and computer maker Dell posted a surprisingly steep drop in quarterly earnings.Source: Reuters: Business News | 29 Aug 2008 | 11:51 am PPR, Hermes report higher profit, show some resilienceFrench luxury-groups PPR and Hermes International on Friday show signs of resilience to the consumer downturn as they reported increases in first-half profit on the back of continued demand for their leather goods, perfumes and clothes.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:51 am Harry Potter magic rubs off on Bloomsbury profitsHarry Potter continued to work his magic at Bloomsbury Publishing, helping the company increase its cash pile and boost first-half investment income by more than 200pc.Source: Telegraph Business | 29 Aug 2008 | 11:50 am Google to go ahead with Yahoo deal: report(Reuters) - Google Inc., facing a U.S. Justice Department probe of its search-advertising partnership with Yahoo Inc., will proceed with the agreement by early October, Bloomberg said.Source: Reuters: Business News | 29 Aug 2008 | 11:47 am Corinthian Colleges to Present at Upcoming BMO Capital Markets ConferenceSANTA ANA, Calif., Aug. 29 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (Nasdaq: COCO) announced today that Jack Massimino, chief executive officer, and Ken Ord,...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:45 am Don't sabotage your job hunt: 6 tipsIt's a perfectly natural reaction: You lose your job and, in a panic, you immediately start calling and e-mailing your network and answering Internet job ads. The trouble is that, understandable as that course of action is, it's unlikely to get you where you want to go. Instead, take a deep breath, slow down, and chill. Then, make a plan.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 11:41 am Q&A: Zoom rightsWhat happens to customers now airline has failed?Source: BBC News | Business | World Edition | 29 Aug 2008 | 11:41 am US dollar, gold fall in European morning tradingThe U.S. dollar was lower against other major currencies in European trading Friday morning. Gold fell. The euro traded at $1.4736, up from $1.4702 late Thursday in New York. Other...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:41 am Japan - $18 billion stimulus planRead full story for latest details.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 11:37 am Wall Street heads for lower opening ahead of data (AP)
Source: Yahoo! News: Business | 29 Aug 2008 | 11:32 am Commodities Corner: Gasoline's usual factors don't quite applyThe summer driving season is about to come to an official end this Labor Day weekend, but gasoline prices have been falling for weeks -- along with supply and demand.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:31 am London Markets: HBOS, BG Group lead London modestly higherLondon shares advanced modestly on Friday, with gains for selected banks and oil-sector firms offsetting weakness for Vodafone and Enterprise Inns.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:31 am Oil rises on fears Gustav will hit GulfBy midday in Europe, light, sweet crude for October delivery was up $1.13 to $116.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.56 to...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:26 am Stocks signal weak openStocks were poised to open lower on Friday, dragged down by a poor financial report by Dell after the previous session's close and oil prices that continued to trade higher as Tropical Storm Gustav churned in the Caribbean.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 11:25 am Suitmakers hit hard as retailers want discounts (Reuters)Reuters - Competition and a move away from tailored dressing, only exacerbated by a weak economy, are hurting the men's suit business hard, and retailers are adding to manufacturers' pain by demanding more discounts.Source: Yahoo! News: Business | 29 Aug 2008 | 11:24 am Currencies: Dollar pulls back after big monthly gainsThe dollar traded lower Friday, pressured as volatile oil futures pushed again to the upside on storm fears, on top of what analysts called month-end profit-taking on the greenback’s huge August gains.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:24 am Suitmakers hit hard as retailers want discountsLAS VEGAS (Reuters) - Competition and a move away from tailored dressing, only exacerbated by a weak economy, are hurting the men's suit business hard, and retailers are adding to...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:23 am Suitmakers hit hard as retailers want discountsLAS VEGAS (Reuters) - Competition and a move away from tailored dressing, only exacerbated by a weak economy, are hurting the men's suit business hard, and retailers are adding to manufacturers' pain by demanding more discounts.Source: Reuters: Business News | 29 Aug 2008 | 11:23 am Europe Markets: Retailers Carrefour, PPR shine in higher Europe, inflation dipsEuropean shares move higher on Friday as investors welcome earnings news from retailers Carrefour and PPR, and as news of a steeper-than-expected drop in euro-zone inflation helps offset another rise in oil.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:23 am Anger of Zoom passengers stranded by collapse of transatlantic budget airlineProfile: John Boyle, co-founder of Zoom airlinesSource: Latest Business News from Times Online | 29 Aug 2008 | 11:22 am Google to go ahead with Yahoo deal: report (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 11:22 am Delphi liquidation looms large: report(Reuters) - Bankrupt U.S. auto parts maker Delphi Corp may end up being liquidated, with some U.S. plants being taken over by its former parent General Motors Corp, the Wall Street Journal said, citing people involved in the bankruptcy process.Source: Reuters: Business News | 29 Aug 2008 | 11:20 am 1 killed, 1 injured in W.Va. chemical plant blastOne worker was killed and a second injured in an explosion at a Bayer CropScience plant that shook an area west of Charleston. The explosion, which sent a fireball hundreds of feet into...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:12 am India's 2Q economic growth slows to 7.9 percentIndia's economic growth slowed to 7.9 percent in the April-June quarter, down from 9.2 percent in the same period last year, amid a slump in manufacturing, the government said Friday. ...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:08 am Japan announces $18 billion in additional spending this yearJapan unveils an economic stimulus package Friday worth 11.7 trillion yen ($107.4 billion), as part of efforts to prevent the economy from stalling, and to offset the impact of high energy prices.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:08 am Euro area inflation fallsEuro area inflation fell in August from a record high, offering some relief as economic confidence plunged to the lowest level in five years, the European Commission said Friday. ...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:07 am Japan's inflation rises as leaders unveil packageJapan unveiled a stimulus package with 2 trillion yen ($18 billion) in fresh spending to shore up its flagging economy on Friday as figures showed that inflation has spiked to its highest...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:05 am Wall Street heads for lower opening ahead of dataStocks headed toward a lower opening Friday as investors awaited reports on consumer spending and income and charted the path of Tropical Storm Gustav. The Commerce Department is...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:00 am Lufthansa joins race for Alitalia stake: reportsGerman airline Lufthansa joined in the running among foreign firms for a stake in Alitalia, the man in charge of a rescue plan for the near-bankrupt Italian carrier said in comments...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:00 am EU to investigate BA-AA allianceThe European Union has opened an antitrust investigation into a revenue-sharing deal between BA, American Airlines and Iberia.Source: BBC News | Business | World Edition | 29 Aug 2008 | 11:00 am Microsoft to buy price comparison websiteThe US software giant has agreed to buy Ciao, a price comparison website, to boost its presence in the European marketSource: FT.com - US homepage | 29 Aug 2008 | 11:00 am Japan unveils economic boost planJapan unveils a stimulus package worth 11.7 trillion yen to boost the country's flagging economy.Source: BBC News | Business | World Edition | 29 Aug 2008 | 10:53 am Funds float investment plan to push Huntsman deal throughA team of hedge funds and the Huntsman family signal their willingness to invest at least $500 million to get Apollo Management unit Hexion to complete a $6.5 billion buyout of rival chemicals manufacturer Huntsman Corp.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:51 am Successful Camco auction a boost for carbon tradingCarbon trading boost - ex-GribbenSource: Telegraph Business | 29 Aug 2008 | 10:51 am Asia Markets: Tokyo, Mumbai surge to lead regional rallyAsian markets rally Friday, boosted by a drop in crude-oil prices and a strong finish on Wall Street, with financials such as Mitsubishi UFJ Financial Group and HSBC Holdings leading a broad-based advance.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:49 am Zoom passengers seek new flightsHundreds of travellers are stranded and tens of thousands lose bookings after the budget airline Zoom collapses.Source: BBC News | Business | World Edition | 29 Aug 2008 | 10:48 am Oil rises to $117 on storm threat to U.S. outputLONDON (Reuters) - Oil rose by more than $1 above $117 a barrel on Friday, as Tropical Storm Gustav was poised to enter the Gulf of Mexico, raising concerns about its impact on U.S. offshore oil and gas output.Source: Reuters: Business News | 29 Aug 2008 | 10:42 am House prices fall 2% as UK gloom spreadsHouse prices in England and Wales have fallen 2 per cent over the past year after a further 0.6 per cent drop in July, according to Land Registry figures released today.Source: Latest Business News from Times Online | 29 Aug 2008 | 10:41 am Japan offers economic stimulus packageThe Japanese government on Friday unveiled a Y11,500bn economic stimulus package which includes an income tax cut, fuel subsidies and government loans to small and medium-sized companiesSource: FT.com - US homepage | 29 Aug 2008 | 10:37 am As euro-zone inflation dipped, August sentiment fell, data showEuro-zone consumer price inflation for August slips to an annual rate of 3.8%, while economic sentiment stays on the cautious side, according to fresh data.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:34 am Euro inflation easesRead full story for latest details.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 10:28 am Bradford & Bingley reveals loss as mortgage arrears surgeTroubled U.K. mortgage lender Bradford & Bingley says Friday it swung to a loss in the first half of the year after further asset write-downs and a sharp rise in bad-debt losses.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:28 am GM says automakers deserve $50 billion in federal loans: report(Reuters) - Automakers deserve as much as $50 billion in government-backed loans so that they can build more fuel-efficient cars, according to a top General Motors executive, the New York Times reported.Source: Reuters: Business News | 29 Aug 2008 | 10:23 am Nintendo: Only So Many Video Game Sales To Go Around
According to Reuters, "Nintendo said it now expects an operating profit of 650 billion yen ($6 billion) in the year to March, up from its previous forecast of 530 billion yen." The news is spectacular for Nintendo, but it begs the question of how many video consoles the market can absorb. The most optimistic portrait that Nintendo competitors Microsoft (MSFT) and Sony (SNE) can paint is that the demand for their Xbox and PS3 products is nearly limitless. Hundreds of millions of people want to play video games. Hundreds of millions of people may not be able to afford them. With all of the evidence of consumer spending taking on water in the US and Europe and anecdotal information about slowing economies in Asia and India, it may be the market for video games is not as large as it appeared just a year ago. A market which is not growing is often a market driven more by price than by features. Ninetendo has proved that buyers like its products. The fact that they cost only about half of what the Microsoft and Sony products do becomes more important as time passes. One company's loss is not always another company's gain. But, in the game console market it is starting to look that way. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 10:22 am Recession fears send sterling to new lowSterling dropped to its weakest level in 12 years on a trade-weighted basis and flirted with its record low against the euro on Friday as the growing prospect of a recession in the UK continued to hurt the currency.Source: FT.com - US homepage | 29 Aug 2008 | 10:21 am C&C sales lose fizz on cider slumpC&C Group, the Irish drinks maker behind Magners Cider, today warned investors that falling pub sales and exceptionally wet summers in Britain and Ireland would cut revenues and stall profit growth.Source: Latest Business News from Times Online | 29 Aug 2008 | 10:19 am Nintendo lifts profit, shares soar (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 10:13 am Nintendo lifts profit, shares soarTOKYO (Reuters) - Nintendo Co boosted its annual profit outlook by 23 percent on white-hot demand for its Wii video game console and DS portable player, beating market expectations and sending its shares more than 8 percent higher.Source: Reuters: Business News | 29 Aug 2008 | 10:13 am Bloomsbury reports a wizard life after HarryBloomsbury, the publishing group, reported a 40 per cent jump in pre-tax profits in the first half of the year after strong performance of its adult and specialist divisions, and strong sales of bestsellers such as The Kite Runner.Source: Latest Business News from Times Online | 29 Aug 2008 | 10:09 am Gas prices rise - first time since JulyGasoline prices rose for the first time in more than a month, according to a nationwide survey of gas station credit card swipes Friday.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 10:07 am Homebuyers squeeze desperate sellersA rock-bottom price just isn't enough for buyers these days - it's a starting point. If the furnace is out of date, they'll demand a new one. Cracked driveways have to be repaved, and dirty carpeting torn out and replaced. All at the seller's expense.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 9:55 am Obama vs. McCain: Taxes, spending ...Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 9:52 am Linens 'n Things may file restructuring on Friday: report(Reuters) - Bankrupt home furnishings retailer Linens 'n Things will file a plan as soon as Friday to reorganize its business, the New York Post reported citing sources.Source: Reuters: Business News | 29 Aug 2008 | 9:47 am Microsoft (MSFT): An Internet Fishing Expedition
So far, the largest and most sensible M&A transaction from Redmond was its buy-out of Aquantive, a large display advertising operation. Not much has happened since that transaction closed. Now Microsoft has spend over $500 million to buy Greenfield Online which owns internet price comparison operation ciao.com. According to Reuters, the world's largest software company said the "acquisition should benefit its Live Search platform." The trouble with Microsoft trying to buy itself out of its current online trouble a section at a time is that, if its spends the $40 billion it had earmarked for Yahoo!, it could end up purchasing a dozen or more companies to make a quilt. While the new handiwork may be large, it is hard to see how the pieces will work together. Integration of new holdings is not the easiest part of business. Mashing together a large handful of operations could be close to impossible. Microsoft might gamble that picking up a big prize like AOL would make sense, but so far it is avoiding that option. That leaves the firm with the opportunity to build its internet strategy piecemeal or simply let the competition like Google (GOOG) own the field and stick to its core software business. Microsoft is not going to give up, so it will have to create its new online world brick by brick. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 9:43 am Linens 'n Things may file restructuring on Friday: report (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 9:35 am Microsoft steps up web war with Greenfield dealMicrosoft, the US software giant, today stepped up its campaign to steal internet market share from Google by agreeing a $486 million ($£265.6 million) takeover of Greenfield Online, the Nasdaq-listed web research company.Source: Latest Business News from Times Online | 29 Aug 2008 | 9:27 am Japan Economic Package As A Template For US
The pillars of the new program are tax cuts and programs to improve energy conservation. The US government has not come even close to the solution proposed by Japan. The recent tax-rebate fiasco gave the economy a lift for about six weeks and then that disappeared. The lesson was that something that lasts a month only has benefits for a month. The plan in Japan is likely to work because it is more comprehensive. Tax cuts which last a year are likely to help capital spending and employment. The ripples from that could last several quarters. The trouble that the US government has if it wants to extend its efforts to aid businesses and consumers is that the Treasury is already up to its neck in debt. Every week China and other large nations with strong GDP growth buy US bonds. At some point soon they will want a lien on The White House. There has been substantial evidence in the last two decades that strong GDP growth can cause a government surplus. The federal authorities are going to have to gamble that this can happen again. A broad action to prime the economy is the only way out of a tight corner. And, time is not on the economy's side. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 9:26 am GM says automakers deserve $50 billion in federal loans: report (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 9:16 am New Star cuts dividend as investors exitShares in New Star Asset Management today fell 16 per cent after it slashed its dividend and a rush of departing retail investors pushed assets under management below £20 billion for the first half.Source: Latest Business News from Times Online | 29 Aug 2008 | 9:15 am Delphi: Car Company Canary In A Coal Mine
Lutz probably has a point which is why he is heading off to Congress to ask for $50 billion in loan guarantees. He has also looked across town to see big auto parts company Delphi head down the road to liquidation, an ignominious end, especially since in is already in Chapter 11. According to The Wall Street Journal, "Delphi's bankruptcy financing expires at year end, and there are indications that its current lenders may balk at renewing it." A number of analysts think that the cash runs out at GM (GM) and Ford (F) sometime toward the end of next year. Domestic car sales could be as low as 14 million units this year. That number could drop again in 2009. The US auto companies cannot cut costs fast enough to stay with that declining sales pace and have any hope of retaining the capacity to ramp up production in a recovery. Their balance sheets do not stand up to those of the large auto firms in Europe and Japan. It is popular to say that the US firms will go out of business. That is not going to happen. Their assets are too valuable to overseas operations like VW and Honda (HMC). Ford and GM are not ever going to be liquidated. They are just going to have new owners. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 9:09 am India's economic growth slowingIndia's economy grew by 7.9% in the quarter to June, figures show, its slowest rate for more than three years.Source: BBC News | Business | World Edition | 29 Aug 2008 | 8:56 am B&B slumps to a loss as arrears surgeBradford & Bingley on Friday reported a pre-tax loss of 26.7m in first-half profits, compared with 180.4m a year earlier, following a sharp jump in arrears and losses on its structured credit portfolio...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 8:21 am Pound hits 12-year low on rate cut speculationThe pound hit a 12-year low against its basket of currencies today as investors continued to dump sterling amid a raft of bad economic news and continued speculation that the Bank of England's Monetary Police Committee may cut rates next week.Source: Latest Business News from Times Online | 29 Aug 2008 | 8:14 am Solar Powerhouses? (ENER, FSLR, SPWR, PCG, GM)
For the full fiscal year, Energy Conversion increased revenues by 125%, from $113.6 million in 2007 to $255.9 million in 2008. And full-year EPS was reported at $0.10, up from a loss of -$0.64 in 2007. Even better news came from the company's guidance for the first quarter and fiscal year 2009. Energy Conversion expects revenues for the first quarter to reach $95-$98 million and between $455-$485 million for 2009. These projections also handily beat analysts estimates for the company. Energy Conversion also expects to maintain gross margins of 31% for the first quarter and between 33% and 35% for the full year. Gross margins for the 2008 fourth quarter were 33.5% and for the full 2008 fiscal year, gross margins were 27%. The company generates more than 95% of its revenues from its thin-film, flexible solar panels. Its sales pipeline jumped 50% in the fourth quarter, to $1.8 billion from $1.2 billion in the third quarter. Energy Conversion does not yet have a huge project in its pipeline like competitor SunPower's (NASDAQ:SPWR) 250 MW photovoltaic solar farm for PG&E (NYSE:PCG). The company is building a 12 MW rooftop array for General Motors (NYSE:GM) in Spain, and has announced to expand its capacity to 300 MW by the end of 2010. What remains to be seen is the effect on all the solar companies of the expiration of the renewable energy investment tax credit, if the US Congress doesn't do something quick. Given the current strength of the solar industry, even that loss might not curtail its growth. Paul Ausick Source: 24/7 Wall St. | 29 Aug 2008 | 7:54 am Regus latest to leave UK for tax reasonsRegus, the serviced offices group, became the third FTSE 250 company in as many days to announce it was shifting its headquarters out of the UK.The company, which on Friday reported a 39 per cent rise...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:54 am Media Digest 8/29/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters reports that Dell (DELL) said its Asia business was fine but offered a cautious forecast. Reuters reports that Starbucks (SBUX) will offer more promotions and discounts. Reuters writes that auto parts company Delphi may be liquidated. The Wall Street Journal reports that Microsoft (MSFT) will by Greenfield Online, a research firm. The Wall Street Journal writes that Boeing (BA) presented its machinists union with a final offer. The Wall Street Journal reports that an upward revision in GDP may be a signal of growth. The Wall Street Journal writes that Qualcomm (QCOM) was cited for breaking a ban on using wireless technology created by Broadcom (BRCM) The Wall Street Journal writes that Samsung issued a gloomy forecast for the rest of the year. The Wall Street Journal reports that many big companies are being left out of the auction-rate settlement. The New York Times reports that AT&T (T) rivals are attacking the company over bugs in the Apple (AAPL) iPhone. The New York Tiimes writes that a top GM (GM) official says that car makers need money for new plants and probably cannot raise it on their own. The FT reports that Japan's inflation hit a 10-year high in July. The FT reports that the Bank of China has cut holdings in Fannie Mae (FNM) and Freddie Mac (FRE) Bloomberg writes that oil is rising again as a storm moves into the Gulf of Mexico. Bloomberg reports that India's economic growth slowed to 7.9%. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 7:50 am CNNPolitics - Obama says 'I'm ready'Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 7:41 am Asia Markets 8/29/2008 (LFC)(CHU)
The Nikkei rose 2.4% to 13,073. Canon fell 5.2% to 5040. ANA fell .3% to 394. The Hang Seng moved up 1.7% to 21,331, China Life (LFC) rose 2% to 27.55. China Unicom (CHU) rose 2.5% to 26.80. The Shanhai Composite rose 2% to 2,307. Data from Reuters. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 7:25 am Indian protesters bring Nano factory to a haltWork on Tata's flagship Nano – the world's cheapest car – ground to complete halt today for the first time amid increasingly fierce demonstrations over the allegedly illegal purchase of the land on which the factory to produce the £1,250 automobile is being built.Source: Latest Business News from Times Online | 29 Aug 2008 | 7:22 am Bradford & Bingley announces lossBuy-to-let specialist Bradford & Bingley reports a half-year loss of £26.7m after being hit by the credit crunch.Source: BBC News | Business | World Edition | 29 Aug 2008 | 7:06 am Concerns remain as salmonella outbreak comes to an endThe produce industry says the search for the source by the FDA, which shifted suspicion from tomatoes to jalapeno and serrano peppers, shattered consumer confidence and cost it millions.Four months after an outbreak of salmonella hospitalized hundreds, forced groceries to toss out tomatoes and peppers by the thousands, infuriated fruit and vegetable growers and puzzled consumers, health authorities said Thursday that the epidemic was about over. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am Toyota Motor Corp., seeing tougher road ahead, cuts 2009 sales forecastAlthough the U.S. economy is mainly to blame for the 7% drop, 300,000 of the revision comes from international markets, including a 150,000 cut in Asia.For several years, carmakers have been reaping the benefits of explosive growth in emerging global markets, even as U.S. sales have tanked. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am Dell's stock plunges on lower profitComputer maker Dell Inc. said Thursday that its fiscal second-quarter profit fell 17%, hurt in part by lower prices and restructuring charges. The earnings were short of Wall Street estimates, and Dell shares plunged.Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am GDP growth beats expectationsGDP grows at a 3.3% pace in second quarter, helped by exports and consumer spending. Some economists warn that the improvement is precarious, but the news cheers Wall Street. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Summer movie season ending in disasterTwo new releases will vie with 'Tropic Thunder' for No. 1 at the box office. Hollywood's 18-week summer season...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Concerns remain as salmonella outbreak comes to an endThe produce industry says the FDA search for the source, which shifted suspicion from tomatoes to jalapeo and serrano peppers, shattered consumer confidence and cost it millions. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Brand DNA and the prototypical PorscheDespite evolution, the 001 is recognizably a Porsche in the transcendent gestalt of the thing. At every news conference...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Two films will vie with 'Tropic Thunder' for No. 1 at box officeHollywood's 18-week summer season ends this weekend with two new flicks in the fight for No. 1 at the box office: "Disaster Movie" and a movie that critics -- and even the director -- call a disaster of a movie, the sci-fi thriller "Babylon A.D."Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am Blogger Kevin Cogill charged with felony in leak of Guns N' Roses songsThe Culver City man had posted nine songs from the yet-to-be released album 'Chinese Democracy.' He faces up to three years in prison and fines under a law cracking down on individual bootleggers. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am GDP growth beats expectationsGDP grows at a 3.3% pace in second quarter, helped by exports and consumer spending. Some economists warn that the improvement is precarious, but the news cheers Wall Street.Tax rebate checks and robust exports helped the U.S. economy grow at a faster-than-expected rate in the second quarter, the government reported Thursday. But some economists warned that those two pillars couldn't prop growth up for long. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am 99 Cents Only retail chain may face price hikeInflation and soaring food prices have the retailer -- known for never selling anything for more than 99 cents -- reevaluating its pricing strategy.Ninety-nine cents just doesn't go as far as it used to, and that's a problem for the 99 Cents Only Stores chain. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am LAX workers go on strike, threatening Labor Day weekend travelUnion officials for baggage handlers, security personnel and janitors say the walkout will continue through the holiday weekend. Airline officials report no disruptions from the strike. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am LAX workers go on strike, threatening Labor Day weekend travelUnion officials for baggage handlers, security personnel and janitors say the walkout will continue through the holiday weekend. Airline officials report no disruptions from the strike.Threatening to inconvenience air travelers throughout the Labor Day weekend, several hundred airline service workers -- including baggage handlers, security personnel and janitors -- walked off the job Thursday at Los Angeles International Airport after months of inconclusive contract talks with their employers. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am Two films will vie with 'Tropic Thunder' for No. 1 at box officeHollywood's 18-week summer season ends this weekend with two new flicks in the fight for No. 1 at the box office: "Disaster Movie" and a movie that critics -- and even the director -- call a disaster of...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Stocks jump on better-than-expected GDP dataThe Dow Jones industrial average rises more than 200 points. Stocks barreled higher Thursday after a better-than-expected...Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Aug 2008 | 7:00 am Blogger Kevin Cogill charged with felony in leak of Guns N' Roses songsThe Culver City man had posted nine songs from the yet-to-be released album 'Chinese Democracy.' He faces up to three years in prison and fines under a law cracking down on individual bootleggers.When five FBI agents arrested Kevin Cogill at his Culver City apartment, it marked the newest weapon in the entertainment industry's war on piracy: felony charges against small-time bootleggers. Source: L.A. Times - Business | 29 Aug 2008 | 7:00 am Spanish saleSlashed prices are a common sight as a slowdown hitsSource: BBC News | Business | World Edition | 29 Aug 2008 | 6:50 am Bradford & Bingley hit by £18m fraud chargeBradford & Bingley has taken an £18 million impairment charge after being targeted by organised mortgage fraudsters, it emerged today, as the embattled mortgage bank declared a statutory loss for the first half.Source: Latest Business News from Times Online | 29 Aug 2008 | 6:39 am Russia may cut off oil flow to the WestFears are mounting that Russia may restrict oil deliveries to Western Europe over coming days, in response to the threat of EU sanctions and Nato naval actions in the Black Sea.Source: Telegraph Business | 29 Aug 2008 | 6:20 am Dell sees Asia business sound but voices cautionBEIJING (Reuters) - Dell Inc, the world's No. 2 personal computer maker, said on Friday its Asia Pacific business was holding up even as corporations turned cautious about spending on technology because of slowing global growth.Source: Reuters: Business News | 29 Aug 2008 | 6:12 am Brand DNA and the prototypical PorscheDespite evolution, the 001 is recognizably a Porsche in the transcendent gestalt of the thing.At every news conference for every new car or truck introduction since the days of, say, Watson and Crick, an eager and sweaty brand manager has stood up and said something to the effect of: "The Durango 95 Mark III is a reflection of who we are as a company, our brand DNA." Source: L.A. Times - Business | 29 Aug 2008 | 5:59 am GM eyes return to profit in 2010General Motors hopes the car company will start making money again in 2010, a top executive at the firm says.Source: BBC News | Business | World Edition | 29 Aug 2008 | 5:54 am Currency: Dollar trades slightly higherThe New Zealand dollar traded slightly higher today with building consents data providing a focus during the session. By 5pm the New Zealand dollar was US70.52c, up from US70.16c at 8am and little changed from US70.56c at 5pm yesterday. The...Source: New Zealand Herald - Business | 29 Aug 2008 | 5:26 am Profits, dividend up at CavalierCavalier Corp has reported a $17.9 million net profit after tax in the year to June 30, up 14 per cent from the same period last year. The carpet maker said the downturn in the housing sector was affecting its business as consumers...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:40 am Obama takes the fight to McCainBarack Obama accepted the Democratic nomination for president with a hard-hitting address at a 75,000-seat stadium that blended flashes of the Illinois Senator's soaring rhetoric with a litany of policy proposals intended to ease the lives of a struggling middle classSource: FT.com - US homepage | 29 Aug 2008 | 3:58 am Outsourcer Of Clinical Trials Looks To Foreign Markets For GrowthThree years ago, Kendle International was passed over on mega trials.Source: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am Business Briefs - ThursdayCaterpillar sees big gains in China. The largest manufacturer of construction and agricultural equipment expects sales in China to top $2 bil this...Source: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am Land Investors Need Foresight, Farsightedness To Make MoneyBecoming a land baron was once considered the domain of billionaires. They, along with pension funds and institutional investors, were the big buyers.Source: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am In Brief - ThursdayDel Monte Foods (DLM), a ketchup maker, said it swung to a Q1 loss of 5 cents, missing by a penny. Revenue rose 16% to $726.2 mil, above views....Source: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am Trends & Innovations - ThursdayUnmanned craft aloft for 84 hoursSource: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am After The Close - ThursdayMICROS SYSTEMS (MCRS), a seller of point-of-sale systems, lifted Q4 EPS 8% to 41 cents ex items, beating views by 3 cents. Sales grew 16% to $257...Source: Investor's Business Daily: BUSINESS | 29 Aug 2008 | 12:43 am Tui oil sparks profit surge at NZOG - $97.2m for the yearNew Zealand Oil & Gas has posted a surge in full year net profit to $97.2 million on the back of production from the Tui oilfields off the Taranaki coast. "This outstanding result was built on a combination of high oil prices and...Source: New Zealand Herald - Business | 29 Aug 2008 | 12:30 am David Blanchflower may call on Bank of England for half point interest rate cutDavid Blanchflower, a member of the Bank of England's Monetary Policy Committee, has hinted that he may push for a half percentage point cut in interest rates at the next meeting of the MPC.Source: Telegraph Business | 29 Aug 2008 | 12:01 am Kazakhmys looks for dialogue with ENRCKazakhmys, the Kazakh copper miner, said it is seeking ways of co-operating with its domestic rival Eurasian Natural Resources, as it bucked the boom in commodity prices to post a fall in first-half profits.Source: Telegraph Business | 29 Aug 2008 | 12:01 am CurrenciesCurrenciesSource: Telegraph Business | 29 Aug 2008 | 12:01 am Pendgragon is forced to slash dividendPendragon, the listed car dealership, slashed its interim dividend following a sharp downturn in first-half profits reflecting weak demand and rising vehicle ownership costs.Source: Telegraph Business | 29 Aug 2008 | 12:01 am UK Coal posts loss after fall in land valueBritain's largest remaining coal miner has been hit by the slump in the housing market as it tumbled into the red during the half year.Source: Telegraph Business | 29 Aug 2008 | 12:01 am Building consents remain in a funk despite small July riseResidential construction remained in a funk last month with the number of consents issued for new houses just crawling up from June's more than seven-year low. Figures published by Statistics New Zealand (SNZ) today show 1410 new...Source: New Zealand Herald - Business | 29 Aug 2008 | 12:00 am NZ Shares: Firm start to day's tradingThe New Zealand sharemarket started the day firmly, with Fletcher Building gaining 10c early as it continues to climb away from last month's lows. Shortly after the market opened, Fletcher was at 740, after having briefly dropped...Source: New Zealand Herald - Business | 28 Aug 2008 | 11:24 pm Ground forceAustralia's minerals at the heart of a corporate battleSource: BBC News | Business | World Edition | 28 Aug 2008 | 11:02 pm Aldi throws down a gauntlet to TescoA David and Goliath confrontation broke out in the supermarket sector yesterday as Aldi, the chain with about 2 per cent of the market, picked a fight with Tesco, Britain's biggest retailer.Source: Latest Business News from Times Online | 28 Aug 2008 | 11:00 pm English and Cullen poles apart on economic state of nationFinance Minister Michael Cullen yesterday gave a bleak reminder of New Zealand's national debt challenge while opposition finance spokesman Bill English painted a rosier picture of a country coping well with tougher times. The...Source: New Zealand Herald - Business | 28 Aug 2008 | 11:00 pm Creadon Says Film Is Wake-Up Call for U.S. ConsumerSource: Bloomberg - All Podcasts | 28 Aug 2008 | 10:57 pm Randy Newman Discusses New Album `Harps and Angels'Source: Bloomberg - All Podcasts | 28 Aug 2008 | 10:39 pm U.S. reins in prosecutors on white-collar crime casesSource: L.A. Times - Business | 28 Aug 2008 | 10:36 pm Bank of China flees Fannie-FreddieBank of China has cut its portfolio of securities issued or guaranteed by troubled US mortgage financiers Fannie Mae and Freddie Mac by a quarter since the end of JuneSource: FT.com - US homepage | 28 Aug 2008 | 10:33 pm Merrill losses wipe away longtime profitsMerrill Lynch's losses in the past 18 months amount to about a quarter of the profits it has made in its 36 years as a listed company, according to Financial Times research that highlights the extent of the global banking crisisSource: FT.com - US homepage | 28 Aug 2008 | 10:32 pm Aaron Brown Says U.S. Miscalculated Iraq War RamificationsSource: Bloomberg - All Podcasts | 28 Aug 2008 | 10:31 pm Dell disappoints with 17% decline in incomeWorld's second-biggest personal computer maker warns that the US slowdown in IT spending has begun to spread to Europe and parts of AsiaSource: FT.com - US homepage | 28 Aug 2008 | 10:15 pm Pacific Heights' Cuggino Investing in Financials and ETFsSource: Bloomberg - All Podcasts | 28 Aug 2008 | 10:05 pm Pike River loses $1.14m - first coal due next monthPike River Coal has reported a $1.14 million loss for the year to the end of June, which the company said reflected the development phase of its new mining operation and related one-off costs. First production of premium hard coking...Source: New Zealand Herald - Business | 28 Aug 2008 | 10:00 pm Goldman Sees Europe's Russian Oil Need Undermining NATOSource: Bloomberg - All Podcasts | 28 Aug 2008 | 9:56 pm 8 Stocks Poised for Rapid Growth (Stock Screen)Our scan for the market's fastest growers found an old friend doing very well.Source: SmartMoney.com | 28 Aug 2008 | 9:26 pm Dell pricing policy hits profitsDell says that a "strategic" effort to cut the prices of its computers, had dented its earnings.Source: BBC News | Business | World Edition | 28 Aug 2008 | 9:25 pm VIX Index of U.S. Stock Option Prices Retreats 1.6 % to 19.43Source: Bloomberg - All Podcasts | 28 Aug 2008 | 9:23 pm S. Africa debates control of elephantsInside South Africa's nature reserves, herds of elephants are growing. So the government's come up with a new plan -- with an eye toward the bottom line. Gretchen Wilson reports.Source: Marketplace | 28 Aug 2008 | 9:20 pm 5 Best Cars to Buy College Students (Deal of the Day)These cars make the grade for value, safety -– and, of course, the coolness factor.Source: SmartMoney.com | 28 Aug 2008 | 9:19 pm Financials Forge Gains, Oil Foiled (Daily ETF Wrap-Up)Another deposit of stronger economic data spurred interest in banking ETFs.Source: SmartMoney.com | 28 Aug 2008 | 9:19 pm Apple (AAPL): The iPhone Is Broken, Again
According to MSNBC, "A security flaw in Apple Inc.'s iPhone allows unauthorized users to gain easy access to private contacts and e-mails even when the device is locked." Getting in is apparently easy even for a child. Wall St. is starting to get worried about Apple. While Mac sale seems to be slowing slightly, the company is counting on the iPhone being a big deal as it is released in a number of large countries including China, India, and Russia. But, people hate to buy things that they hear don't work. The market is already being unkind to Apple. Its shares are down about 12% this year, roughly the same as the Dow. Since Apple is supposed to be the King and Queen of tech wrapped up in one entity, how could investors be so cruel? They must think Apple's best days are behind it. Douglas A. McIntyre Source: 24/7 Wall St. | 28 Aug 2008 | 9:11 pm 8 Stocks With Dividends and Growth Potential (Stock Screen)We found eight stocks with appealing dividends and appreciation potential.Source: SmartMoney.com | 28 Aug 2008 | 9:10 pm Wall St soars on US GDP growthNEW YORK - Wall Street barrelled higher Thursday after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up. The Dow Jones industrial...Source: New Zealand Herald - Business | 28 Aug 2008 | 9:00 pm MBA schools take new tack in studiesThe Graduate Management Admission Council says MBA applicatons are up this year. Joel Podolny, dean of the Yale School of Management, discusses with Kai Ryssdal how students are now using the tools of the Internet to study business cases.Source: Marketplace | 28 Aug 2008 | 8:56 pm Feds adjust rules on corporate probesAfter Enron, the federal government cracked down on corporate misbehavior like tax fraud. But after much complaining by businesses -- and some unintended consequences -- the government is changing its ways. Janet Babin reports.Source: Marketplace | 28 Aug 2008 | 8:56 pm China tries straddling fence with RussiaAt a six-way security meeting in Central Asia with Russian and Chinese participants today, Russia's invasion of Georgia got tepid support from four of its Asian allies -- leaving China stuck in the middle. Scott Tong reports.Source: Marketplace | 28 Aug 2008 | 8:56 pm After speeches, money does the talkingPolitical party conventions are as much about money as platforms and funny hats. Politico's Jeanne Cummings is in Denver for the Democratic convention. She talks with Kai Ryssdal about the event's bottom line.Source: Marketplace | 28 Aug 2008 | 8:56 pm New Orleans girds for Gustav's arrivalThe approach of Tropical Storm Gustav is only adding to the stress level in the Gulf states. Reporter John Pope of the New Orleans Times-Picayune talks with Kai Ryssdal about the preparations underway.Source: Marketplace | 28 Aug 2008 | 8:56 pm Bankruptcies are on the riseNearly 1 million people and businesses went into bankruptcy in the first half of this year, according to the U.S. Bankruptcy Court. Ashley Milne-Tyte reports.Source: Marketplace | 28 Aug 2008 | 8:56 pm Hey! Big economic growth! ... Oh, wait.If you go strictly by the numbers, the economy's 3.3% growth in the second quarter looks great. It beats the historical record by just a bit. But before you get excited, listen to John Dimsdale's report on why the momentum might not last.Source: Marketplace | 28 Aug 2008 | 8:55 pm Dell (DELL): The PC (And Tech) World Fall Apart, A Share Buy-Back Fails
None of that worked out. Net income at Dell dropped 17% to $616 million in the quarter on a revenue increase of 11% to $16.4 billion. And, the company bought back more shares. The really bad news was in the details. Revenue in the Americas was only up 5%. Europe was only 11%. In Dell's growing consumer business, the company said it only broke even. In several of Dell's most critical businesses, margins fell apart. Notebook units grew 44 percent with revenue growth of 26 percent. In other words, some one got a discount. In the firm's small business unit, shipment growth was 8 percent on a revenue increase of 5 percent. Dell left investors hungry for guidance. It said it would control costs and hope for the best. Dell has now spent $1.4 billion to repurchase 60 million shares of stock. Year-over-year, shares outstanding are down 11%. It is a testament to just how badly run Dell is. Including its after-hours loss of 10%, Dell's shares have underperformed the Dow during the last year. And, the company has wasted a lot of cash. Douglas A. McIntyre Source: 24/7 Wall St. | 28 Aug 2008 | 8:46 pm Dow Surges 213 PointsTraders cheered a surprising upward revision to the second-quarter GDP and extended a rally.Source: SmartMoney.com | 28 Aug 2008 | 8:41 pm The 52-Week Low Club 8/28/2008 (GENR)(NRGN)
Williams-Sonoma (WSM) Profit drops. Down to $16.26 from 52-week high of $34.81. Nexmed (NEXM) Drug trial failure still pulling shares down. Dips to $.19 from 52-week high of $1.75. Genaera (GENR) Several clinical trials suspended. Falls to $.82 from 52-week high of $3.09. Neurogen (NRGN) Gets notice on Nasdaq delisting. Sells down to $.25 from 52-week high of $5.24. Douglas A. McIntyre Source: 24/7 Wall St. | 28 Aug 2008 | 8:26 pm Fridson Says Corporate Defaults on Debt Will `Proliferate'Source: Bloomberg - All Podcasts | 28 Aug 2008 | 8:13 pm Stock takes : Air New Zealand salaries in tailspinIt's getting tougher at the top at Air New Zealand where profits plunged in the second half of the past financial year. The airline's chief executive Rob Fyfe said the 13-member executive had seen their pay fall by around 18 per...Source: New Zealand Herald - Business | 28 Aug 2008 | 8:00 pm 3 Stocks to Watch: MBI, TIF, WSM (Market Movers)A short squeeze sparked MBIA. Tiffany outsold Williams-Sonoma.Source: SmartMoney.com | 28 Aug 2008 | 7:26 pm More bad news as St Laurence loses $30m in three monthsInvestors owed more than $400 million by two ailing finance companies received bad news yesterday as it emerged St Laurence, 25 per cent owned by Dorchester Pacific, had lost almost $30 million in just three months. Dorchester,...Source: New Zealand Herald - Business | 28 Aug 2008 | 7:00 pm New Breed of 529 Plans Invests in ETFs (Ticked Off)New ETF-based college savings plans are worth a look, though costs could still be lower.Source: SmartMoney.com | 28 Aug 2008 | 3:33 pm Muni Bonds Paying for Others' Mistakes (Ticked Off)At current prices, muni bonds deserve a look for taxable accounts.Source: SmartMoney.com | 28 Aug 2008 | 1:48 pm Raymond James Wins Top Spot in Broker Picks (Today From Barron's)Raymond James wins Barron's latest ranking of brokers' stock recommendations.Source: SmartMoney.com | 28 Aug 2008 | 1:32 pm 4 Stocks Ready for an Economic Rebound (SmartMoney Magazine)The government's efforts to stimulate the economy will benefit these companies.Source: SmartMoney.com | 28 Aug 2008 | 1:29 pm Tiffany Net WorksThe rich are different than you and me. For one, many of them are in Asia.And that's a good thing for Tiffany & Co. The luxury jeweler has reported quarterly earnings and sales that sharply exceeded forecasts. The gain came on the back of strong sales growth overseas—in Europe but especially in Asia. Net sales in that part of the world jumped 17 percent to $214.2 million in the quarter, even amid weakness. Even sales growth in the United States reflected foreign demand in part. Its flagship Manhattan store, which accounts for 10 percent of its total sales had sales growth of 5 percent in the quarter "reflecting increased spending by non-U.S. visitors," the company said. Total revenue grew 11 percent in the quarter, to $732.4 million. The company increased its profit forecast for the year based on expectations for continued strong growth from Asia (outside of Japan) and Europe. "While we acknowledge that challenging economic and consumer conditions exist in the U.S., as they have for several quarters, our first-half results and the most recent worldwide trends keep us on track to meet our full-year sales and earnings growth expectations," said Michael Kowalski, Tiffany's chief executive. Yet there are signs that the slowdown in the United States is finally having more of an impact on other economies, as Peter S. Goodman of the New York Times detailed on Saturday. Even the red-hot economies of China and India are cooling a bit. A greater impact for Tiffany may be felt if the dollar continues its recent rally, keeping tourists away from the Manhattan store and eroding the company's margins on overseas sales. Even the wealthy have their price points. Related Links Bright Big Blue Russian Guessing Summer's Swoon Is Back Source: Portfolio.com: Top 5 | 28 Aug 2008 | 12:30 pm MBIA jumps after deal to reinsure FGIC bonds (Reuters)
Source: Yahoo! News: Business | 28 Aug 2008 | 12:29 pm Toyota Taps on the BrakesIt's not just Detroit.For years, Toyota Motor has been gaining at the expense of the Big Three automakers, but the economic downturn in the United States and Europe is now taking its toll. Toyota has announced that it is cutting its 2009 sales forecast by nearly 7 percent, to 9.7 million vehicles. On the road to overtaking General Motors as the world's biggest auto manufacturer, Toyota had earlier this year forecast a nearly 6 percent gain in sales, to 10.4 million. More important, today's announcement confirms that the global automotive industry is making a significant transition toward smaller, more fuel-efficient cars. G.M. and Ford have announced similar shifts, but coming from the industry leader, it is clear it not just a knee-jerk reaction to $4 gasoline. "We are looking at the current shift towards fuel-efficient cars (in the United States) as a structural change in demand," the president of Toyota, Katsuaki Watanabe, told a news conference, the BBC reported. Toyota says it will seek to accelerate production of gasoline-electric hybrid vehicles. The lowered sales forecast means that Toyota has "put its dreams of becoming the world's first automaker to sell more than 10 million vehicles per year on hold," the Wall Street Journal notes. And Douglas McIntyre on 24/7 Wall St. suggests that it will be a long time before Toyota can reach that goal. The global auto industry may start to recover next year or in 2010, helped by sales in China, India, and Latin America. But that demand, he says, "is unlikely to offset the trend of fewer and fewer sales in Europe, North America, and Japan." Related Links Big Green Machines "No More Excuses" Gas Prices Don't Deter Car Buyers Source: Portfolio.com: Top 5 | 28 Aug 2008 | 12:00 pm
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Energy Conversion Devices (NASDAQ:ENER) reported its fourth quarter and full year results this morning, and the stock is up more than 2% in early trading. It's no wonder. EPS of $0.24 beat estimates of $0.16, and revenues of $82.4 million crushed estimates of $77.47 million. Compared with the fourth quarter of 2007, revenues were up 129%, and EPS surged from a net loss of -$0.33/share.
