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Laboring harder, slipping behindEvery day is Labor Day for Ruben Rangel.Source: L.A. Times - Business | 31 Aug 2008 | 7:00 am Finding a hot job in a cool economyIf you know how and where to look and have the proper training, well-paying positions abound in California. The state has resources to help you get them.Olga Vityak has a prescription for landing a recession-proof job: Go back to school and get trained in a fast-growing healthcare field. ¶ Two years ago, the Ukrainian immigrant and single mother quit her job as a production manager at an Oregon electronics plant and moved to Los Angeles. Vityak enrolled in a trade school and graduated 11 months later as a pharmacy technician. Last month, she started her new job preparing medications at Los Angeles County's largest hospital, Cedars-Sinai Medical Center. ¶ "I always wanted to work in the medical field," she said recently. "It's a more secure job, and the pay and benefits are good." ¶ With California's unemployment rate at its highest level in more than a decade, job seekers are poring over help-wanted ads and Internet job sites. Employment offices and job fairs are drawing crowds. And buzz words such as "headhunter," "skill set" and "networking" take on new urgency. Source: L.A. Times - Business | 31 Aug 2008 | 7:00 am UK faces 'profound economic crisis'Chancellor Alistair Darling says the UK is facing the worst economic crisis in 60 years and warns of a "profound" downturn.Source: BBC News | Business | World Edition | 30 Aug 2008 | 7:50 am India's cheap car plant remains shut, Tata mulls plant's futureProtests against a factory being built in eastern India to make the world's cheapest car forced a halt to work for a second day Saturday as vehicle giant Tata Motors mulled the plant's...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 7:40 am New Boeing transport plane could keep Long Beach plant openThe company has proposed a modified C-17, and there are signs of interest from the Pentagon.Southern California's last major airplane factory, slated to close in two years, could find new life under a bold plan being floated by Boeing Co. to build a new version of the massive C-17 military cargo plane. Source: L.A. Times - Business | 30 Aug 2008 | 7:00 am Decision time for the economy?With two-thirds of the year now over, nothing is resolved about the economy, the housing market, the credit markets or the stock market.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am Napster faces proxy fight with 3 investorsThe shareholders, seeking board seats, want the digital music service to turn around its stock slump or pursue a sale.Napster Inc. has struggled to catch the ear of enough customers. Now the company is out of tune with some of its big shareholders. Source: L.A. Times - Business | 30 Aug 2008 | 7:00 am International Rectifier rejects takeover bidInternational Rectifier Corp., whose semiconductors help machines use less power, rejected a $1.6 billion takeover offer from Vishay Intertechnology Inc., saying it's worth more and can do better on its...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am Stocks end lower on personal income dataThe Dow ends down 171 points on news that personal income plunged 0.7% in July. Stocks tumbled Friday after the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am Decision time for the economy?With two-thirds of the year now over, nothing is resolved about the economy, the housing market, the credit markets or the stock market.Source: L.A. Times - Business | 30 Aug 2008 | 7:00 am Napster faces proxy fight with 3 investorsThe shareholders, seeking board seats, want the digital music service to turn around its stock slump or pursue a sale. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am International Rectifier rejects takeover bid by Vishay IntertechnologyThe semiconductor maker, which hired or promoted top executives in the last year, says it is worth more than $1.6 billion and that it can do better on its own. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am New Boeing transport plane could keep Long Beach plant openThe company has proposed a modified C-17, and there are signs of interest from the Pentagon. Southern California's...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 7:00 am Olympics caterer relishes success of Chinese 'gold medal pork'The Games are over, but the owners of restaurant chain Meizhou Dongpo are preparing along with Beijing for next month's Paralympics. After that, they've got their sights on global expansion. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 4:58 am Olympics caterer relishes success of Chinese 'gold medal pork'The Games are over, but the owners of restaurant chain Meizhou Dongpo are preparing along with Beijing for next month's Paralympics. After that, they've got their sights on global expansion.The athletes have checked out of the Olympic village, but Wang Gang and his wife, Liang Di, are still running around here serving Dongpo pork and other famous Chinese dishes to hundreds of Olympic staff. The couple's work is only half done as Beijing prepares for the Paralympics next month, and they are relishing every moment. Source: L.A. Times - Business | 30 Aug 2008 | 4:58 am Former BoJ chief to join Matsushita advisory panel: reportFormer Bank of Japan governor Toshihiko Fukui, who stepped down in March, is set to become a member of Matsushita Electric Industrial's advisory panel, a newspaper reported on Saturday.Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 2:48 am Inmet and Petaquilla Copper Sign Definitive Support AgreementTORONTO, Aug. 29 /PRNewswire-FirstCall/ - Inmet Mining Corporation (IMN - TSX) and Petaquilla Copper Ltd. (PTC - TSX) announced today that they have entered into a definitive...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 2:30 am Recalls: Smoked salmon, children's cosmetics bags_Trans-Ocean Products Inc. of Bellingham, Wash., is recalling its 4-ounce Cracked Pepper Style Smoked Salmon (Lot No. 54933-2) because it may be contaminated with Listeria monocytogenes, anSource: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 2:19 am Lehman nears plan for real estate assets: report (Reuters)Reuters - Lehman Brothers Holdings Inc. has settled on a structure that will allow it to offload billions of dollars in real-estate loans from its books, according to the on-line edition of the Wall Street Journal.Source: Yahoo! News: Business | 30 Aug 2008 | 1:57 am Lehman nears plan for real estate assets: reportNEW YORK (Reuters) - Lehman Brothers Holdings Inc. has settled on a structure that will allow it to offload billions of dollars in real-estate loans from its books, according to the...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 1:57 am Lehman nears plan for real estate assets: reportNEW YORK (Reuters) - Lehman Brothers Holdings Inc. has settled on a structure that will allow it to offload billions of dollars in real-estate loans from its books, according to the on-line edition of the Wall Street Journal.Source: Reuters: Business News | 30 Aug 2008 | 1:57 am Trends & Innovations - FridayFood prices heat up freezer salesSource: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am In Brief - FridayLDK Solar (LDK), a Chinese solar product maker, said it will supply about 440 megawatts of solar wafers to South Korea's Hyundai Heavy Industries,...Source: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am Athena's Prescription: Software As A ServiceWhen Athenahealth went public last year, investors started having flashbacks to the tech boom. The company priced its IPO at 18 and watched it...Source: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am Business Briefs - FridayUnion leaders urge Boeing strike. The plane maker's largest labor union, the Int'l Assn. of Machinists, urged its members to reject what Boeing BA...Source: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am Software's Unclear DiagnosisIn this presidential election season, expect a lot of debate about the cost of health care and how to pay for it. But one thing almost everyone...Source: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am Summer Break May Soon End For Fast-Growing Adult UniversityWhen Grand Canyon Education filed to go public on May 13, school stocks were just coming out of a trough. The credit crisis had worked its way to...Source: Investor's Business Daily: BUSINESS | 30 Aug 2008 | 1:36 am Bankruptcy Filing Nudges Alitalia Toward a RescueThe struggling state-owned Italian airline Alitalia, which is trying to clear the way for a sale to private investors, said Friday that it had filed for bankruptcy protection.Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 1:06 am Most Voters and Catholics Would Oppose a President Who Doesn't Know When Life BeginsBreaking Poll Also Shows a Majority of Voters Reject Legal Recognition of Same-Sex Marriage WASHINGTON, Aug. 29 /PRNewswire/ -- A majority of likely voters and ...Source: Infocious RSS raw feed - channel BNewsBusiness | 30 Aug 2008 | 12:37 am Parents go online to see where the lunch money goesBlog: Lunch money, like your keys and your grandmother's bifocals, is one of those things that suddenly disappears, leaving you with no idea where it went. But at last, modern technology has solved the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 12:36 am Parents go online to see where the lunch money goesSource: L.A. Times - Business | 30 Aug 2008 | 12:36 am Ship shape and Bristol fashion: Peter Hargreaves battles the downturn with relishBattling the downturn is a labour of love for this chief executive, writes Peter TaylorSource: Telegraph Business | 30 Aug 2008 | 12:01 am General Motors calls on US government for help over green carsA leading General Motors executive has called for government loans of up to $50bn to help American car markers build more fuel-efficient cars.Source: Telegraph Business | 30 Aug 2008 | 12:01 am George Osborne slams Alistair Darling for British tax exodusOsborne accuses Chancellor of damaging British economy as yet another company flees UKSource: Infocious RSS raw feed - channel BNPaperBusiness | 30 Aug 2008 | 12:01 am Bradford & Bingley to cut new lending after unveiling £27m lossBradford & Bingley will dramatically shrink new mortgage lending as it struggles to cope with rising bad debts and high funding costs.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Britain in grip of worst economic crisis for 60 years, admits Alistair DarlingBritain is in the grip of its worst economic crisis for 60 years, Alistair Darling admits today.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Britain facing biggest pensions crisis in half a century as values drop 20pcBritain is facing the biggest pensions crisis in half a century as the value of workers' investments fall, experts warn.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Pensions Q&AShould I be worried about my pension?Source: Telegraph Business | 30 Aug 2008 | 12:01 am Brokers fear miserable time down the pubINVESTORS in Davis Service Group were hung out to dry after shares in the laundry and clothing services company tumbled 16pc in the wake of a profits warning.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Russia seeks to ease fears over oil suppliesRussia moved to allay fears that it could cut vital oil flows to Europe yesterday despite heightened tensions over the country's aggressive stance towards its former client states.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Grisly with a sore head or cute cub? You decideWhich of these two recent statements from leading Russian politicians are you most likely to believe? "We are not afraid of anything including the prospect of a Cold War." Dmitry Medvedev, Russian President on Tuesday.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Encountering more turbulenceDirty tricks, dirty tricks. Readers may have thought that British Airways and Virgin Atlantic had long since buried the hatchet, after all both companies have discovered how sharp it can be.Source: Telegraph Business | 30 Aug 2008 | 12:01 am Big jump in gold sale spurs manipulation debateRecent heat from Congress and regulators, along with public speculation, over whether commodity prices are being manipulated has also reached gold pits, where the debate was stirred by a surge in bets last month that gold prices would fall.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:54 pm CORRECT: Journey to Napa as restaurateur builds top wine listBobby Arifi is holding court at the small zinc bar at Bouchon Bistro here, in the heart of Napa Valley.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:39 pm Jonathan Burton's Life Savings: The Four Horsemen of the Market and why you should heed themAs investors, they fly solo. As market observers, they don’t lead or follow as much as go their own way. It’s tempting to dismiss their Cassandra-like warnings as overly pessimistic and hopelessly out of step, but their track records show that can be a costly mistake.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:38 pm Lucky Country Inc. Recalls All Natural Black Licorice ProductsLINCOLNTON, N.C., Aug. 29 /PRNewswire/ -- Lucky Country Inc. of Lincolnton, NC is recalling all of its natural black licorice products from California, Colorado,...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 11:36 pm Lenders mulling new offer in Alabama debt standoffBIRMINGHAM, Alabama (Reuters) - Alabama's Jefferson County and lenders pulled back from the brink of a threatened bankruptcy filing on Friday after the county proposed restructuring $3.2 billion of soured sewer debt.Source: Reuters: Business News | 29 Aug 2008 | 11:31 pm Boeing machinists union says members should strikeCHICAGO (Reuters) - Boeing Co's largest labor union said on Friday it advised its members to reject the company's final contract proposal and go forward with a strike next week that could cost the plane maker $3 billion a month.Source: Reuters: Business News | 29 Aug 2008 | 11:26 pm In grim deja vu, New Orleans awaits Gustav on Katrina anniversaryNew Orleans residents observe the third anniversary of Hurricane Katrina’s devastation on Friday with solemn ceremonies and community events. And then they go to board up their homes and businesses and possibly prepare to evacuate as they await the onslaught of Hurricane Gustav.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:12 pm Spore fans spawn more than 3 million creatureSource: L.A. Times - Business | 29 Aug 2008 | 11:01 pm Stronger dollar could add funding obstacle to cross-border M&AThe dollar's plunge helped make U.S. companies cheaper and more appealing to foreign investors, but its recovery from recent lows could eventually present another obstacle to funding some cross-border mergers and acquisitions.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:01 pm Marks & Spencer workers claim victory on redundancyMarks & Spencer staff claimed victory on Friday after it emerged that the high street retailer had agreed to water down controversial changes to its redundancy terms.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Banks double-charging costs homeowners £30mHomeowners who remortgage are unknowingly handing over an estimated £30 million a year in excess interest to lenders because of an “unfair” double-charging practice, The Times has learnt.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm New Star Asset Management's profits fall as customers pull out £1.1bnJohn Duffield, the chairman of New Star Asset Management, said that there was no end in sight to the torrid conditions on the stock market as falls in share prices contributed to sending the group's assets under management below £20 billion in the first half.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Square Enix makes surprise bid for TecmoSquare Enix, the Tokyo video games group behind the long-running Final Fantasy series, has made an 11 billion yen (£56 million) bid for control of Tecmo in a deal that is expected to trigger a wave of consolidation in the Japanese games industry.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Chancellor Alistair Darling warns slump could be the worst for 60 yearsBritain could be heading for its worst economic downturn for 60 years and voters are fed up with Labour because ministers have failed to explain its central mission, Alistair Darling has said.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Beleaguered Lehman Brothers ready to shed 1,200 more workersLehman Brothers is poised to cut a further 1,200 jobs as the struggling Wall Street brokerage tries to bolster its balance sheet by reducing costs and selling assets.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm ScottishPower and npower add to energy miseryThe last of Britain's big six energy suppliers increased their prices on Friday. Npower, the UK's fourth-biggest provider, raised gas charges by 26 per cent and electricity by 14 per cent, meaning that its 6.6 million customers will pay an average £162 more each year for gas and an extra £60 for electricity.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm You get what you pay for and that includes serviceSometimes, when writing is hard work, when every analogy feels hackneyed, every so-called insight banal, each joke staler than a gag in a Bobby Davro routine, I find it useful to read something awful. Beautiful prose is demoralising when you're suffering from a block — it makes you feel even more talentless, whereas something atrocious — a bit of Edwina Currie usually does the trick — can provide practical hints on what not to do, and be strangely encouraging.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Pound hits 12-year low on rate cut speculationThe pound hit a 12-year low against its basket of currencies yesterday 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 | 11:00 pm Alitalia in administration with €1bn debtAlitalia was placed into bankrupty protection yesterday in a move that marks the beginning of the break-up of Italy's national airline.Source: Latest Business News from Times Online | 29 Aug 2008 | 11:00 pm Top Ten: MarketWatch's top stories of the week, Aug. 25-29A weekly roundup of MarketWatch's top news reports and analysis, commentary pieces and personal-finance stories.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 11:00 pm Economist Bandholz Sees `Stabilization' in U.S. HousingSource: Bloomberg - All Podcasts | 29 Aug 2008 | 10:57 pm More volatility seen with hurricane, payrolls (Reuters)Reuters - Wall Street is set for another volatile week after the Labor Day holiday, as investors track the price of oil, key economic data and continued fallout from the credit crisis.Source: Yahoo! News: Business | 29 Aug 2008 | 10:55 pm More volatility seen with hurricane, payrollsNEW YORK (Reuters) - Wall Street is set for another volatile week after the Labor Day holiday, as investors track the price of oil, key economic data and continued fallout from the credit...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 10:55 pm More volatility seen with hurricane, payrollsNEW YORK (Reuters) - Wall Street is set for another volatile week after the Labor Day holiday, as investors track the price of oil, key economic data and continued fallout from the credit crisis.Source: Reuters: Business News | 29 Aug 2008 | 10:55 pm Weekend Edition: Stronger dollar may take wind out of high-tech revenue growthThe recent strengthening of the U.S. dollar could signal a danger in the third quarter for many technology companies that have been enjoying a strong boost from currency exchange rates so far this year.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:55 pm Magoon of Claymore Discusses Shipping Industry ETFSource: Bloomberg - All Podcasts | 29 Aug 2008 | 10:52 pm 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 | 10:52 pm Consumer spending flags, but confidence risesWASHINGTON (Reuters) - Personal income tumbled unexpectedly in July and inflation-adjusted spending shrank as government economic stimulus waned, but consumer spirits rose this month, a hint the economy may muddle through its woes.Source: Reuters: Business News | 29 Aug 2008 | 10:49 pm Personal Income Off 0.7% As Spending Lags Inflation (Investor's Business Daily)Investor's Business Daily - Consumers put the brakes on spending while personal income plunged in July, the Commerce Department said Friday, as the effect of rebate checks faded and inflation sapped buying power.Source: Yahoo! News: Business | 29 Aug 2008 | 10:49 pm Stocks to Watch: Stocks in focus for TuesdaySAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Donaldson Co., Google Inc., and Boeing Co.Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:49 pm The First American Corporation to Present at Keefe, Bruyette & Woods 2008 Insurance Conference-Overview of Financial Services and Information Solutions Businesses to be Webcast- SANTA ANA, Calif., Aug. 29 /PRNewswire-FirstCall/ -- The First American ...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 10:49 pm Palin to shake up election fight in USJohn McCain shook up the US presidential race with the surprising announcement that he had picked little-known Sarah Palin, the 44-year-old governor of Alaska, as his vice-presidential running mateSource: FT.com - US homepage | 29 Aug 2008 | 10:45 pm VIX Index of U.S. Stock Option Prices Advances 6.2 % to 20.65Source: Bloomberg - All Podcasts | 29 Aug 2008 | 10:35 pm On the Ball: Joe Theismann, U.S. Open, Yankees PostseasonSource: Bloomberg - All Podcasts | 29 Aug 2008 | 10:33 pm Machinists union leaders call for Boeing strikeThe Chicago-based company hoped the proposal, which provides added pay and incentives to workers over three years, would help it avert a labor standoff. The talks come as Boeing tries to...Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Aug 2008 | 10:24 pm Darrell Delamaide's Political Capital: McCain's energy boost -- Palin will reinforce GOP messageWhen John McCain introduced his surprise choice for running mate, Alaska Gov. Sarah Palin, he told the audience in Dayton, Ohio that his goal is to "make government stand on your side, not in your way."Source: MarketWatch.com - Top Stories | 29 Aug 2008 | 10:18 pm Economic Diary on U.S. Jobs Report, Auto Sales, ISMSource: Bloomberg - All Podcasts | 29 Aug 2008 | 10:13 pm FDIC announces 10th bank failure of 2008State regulators shuttered a Georgia bank late Friday, marking the tenth bank failure this year.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 10:02 pm August Employment Report, Toyota's Forecast Cut, Woods's CourseSource: Bloomberg - All Podcasts | 29 Aug 2008 | 9:53 pm Friday flameout on Wall StreetStocks slumped Friday at the end of an upbeat August as Dell's earnings miss, a big drop in personal income and worries about the threat of Hurricane Gustav rattled investors ahead of a long weekend.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 9:30 pm Economic data weigh on Wall St stocksUS stocks fell, ending the week mixed, as investors continued to worry about the embattled financial sector and the health of the wider economy, in spite of some encouraging earnings newsSource: FT.com - US homepage | 29 Aug 2008 | 9:04 pm Koreatown's Hanmi Bank halts dividend to conserve cashSource: L.A. Times - Business | 29 Aug 2008 | 8:48 pm New Orleans businesses batten the hatchesThree years after Hurricane Katrina exploded through floodwalls and inundated New Orleans, local businesses again find themselves threatened as a storm named Gustav heads their way.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 8:43 pm Subscribing to steaks and chopsThis weekend San Francisco hosts "Slow Food Nation" -- a celebration of locally grown food and sustainability. A handful of participating farms are experimenting with a new way to boost profits -- meat subscriptions. Lauren Sommer reports.Source: Marketplace | 29 Aug 2008 | 8:32 pm Hot Jobs: Baseball announcerThere's about a month left in Major League Baseball's regular season. But the minors have a long, hard season, too. To see what that world was all about, we went to Portland, Ore. to get the play-by-play. Last in a series.Source: Marketplace | 29 Aug 2008 | 8:32 pm Ending 19 years of Week on Wall StreetIn his final appearance on our regular Friday segment, stockbroker and business analyst David Johnson reflects with host Kai Ryssdal on his 19 years of watching the markets.Source: Marketplace | 29 Aug 2008 | 8:32 pm GOP picks 'exceptionally average' stateRepublicans have chosen a backdrop for their convention -- Minnesota -- that reflects some of the same economic problems the country, and the new president, are going to have to deal with. Annie Baxter reports.Source: Marketplace | 29 Aug 2008 | 8:32 pm New Orleans port readies for stormNew Orleans is right in the middle of the area where Hurricane Gustav is projected to make landfall. Kai Ryssdal talks with Tom LaGrange of the Port of New Orleans about the preparations being made.Source: Marketplace | 29 Aug 2008 | 8:32 pm Wall Street takes county to woodshedIn the mid-90's Alabama's Jefferson County issued $3 billion in bonds to pay for a new sewer system. But now the loan might end up dragging the county, which includes Birmingham, into the gutter. And Wall Street's not happy. Andrew Yeager reports.Source: Marketplace | 29 Aug 2008 | 8:32 pm Tech Investors Batten Down Hatches (Daily ETF Wrap-Up)Techs rolled downhill after midweek gains as data and Dell disappointed.Source: SmartMoney.com | 29 Aug 2008 | 8:31 pm Comcast to cap customers' Internet useThe nation's biggest cable company is setting a limit on how much data its customers can transfer to and from their computers in a month. But the cap isn't really about the Internet. It's about TV. Dan Grech reports.Source: Marketplace | 29 Aug 2008 | 8:30 pm Stocks tumble as Dell warns on tech spending (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 8:23 pm Stocks tumble as Dell warns on tech spendingNEW YORK (Reuters) - U.S. stocks tumbled on Friday, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending.Source: Reuters: Business News | 29 Aug 2008 | 8:23 pm Dell, Data End RallyA weak outlook from Dell and a drop in personal income put downward pressure on the market.Source: SmartMoney.com | 29 Aug 2008 | 8:21 pm Palin, drilling advocate, spars with oil companiesNEW YORK (Reuters) - Alaska Gov. Sarah Palin is seen as a strong advocate for opening new areas to oil drilling, including the Arctic National Wildlife Refuge, but has taken a hard line in negotiations with oil companies and raised taxes on the state's energy producers.Source: Reuters: Business News | 29 Aug 2008 | 8:14 pm The Five Stocks To Buy After Labor Day (VZ)(F)(LEH)(BA)(GE)
When the inflation numbers and personal income figures came out today, they virtually assured that the period from Labor Day to New Year's is going to be a hard road. Nothing in the latest data from housing to earnings shows a scintilla of a sign that the economy is improving. If the market is likely to drop and earnings are likely to continue in a flat spin, investors probably do not have many places to go, especially for investing in individual stocks. There are a few that should out-perform the markets by a reasonable margin. GE (GE) The bear case on GE is that its stock is low, and that earnings have been slightly disappointing. There bull case is much stronger. GE has made a persuasive case that it is in the process of selling off dogs like its appliance business and building its huge infrastructure operation. Management says that growth in Asia will be nearly spectacular. The company's medical supply business may have had only modest earnings recently, but health-care will continue to be a growth industry. Wall St. does not like GE's ownership of NBCU, but the Olympics demonstrated that the division has a future in digital broadband programming. Of all the advertising media, internet-based content is likely to do the best over the next decade. GE is at $28.50. A decent third quarter and Q4 forecast should push it to $35.
Lehman (LEH) A lot of investors think this is one of the most poison stocks on Wall St. That may turn out to be almost completely untrue. Lehman is a takeover target. It has an extremely valuable asset management company in Neuberger Berman. A large US or foreign bank with the balance sheet to absorb some of Lehman's losses would pick up the firm's real estate holdings, asset operation, M&A, and underwriting operations. Lehman trades for under $16. In June it was at $28. Watch for a bigger financial operation to pick it up, probably for better than $20. Ford (F) The car company may well be too big to fail, at least in the eyes of Congress. Several Representatives are pushing for the "Big Three" to get $50 billion in loan guarantees to update their plants so they can make more fuel-efficient cars. The idea of Ford and GM (GM) falling into Chapter 11 or being sold to foreign car companies may be too hard a picture for the federal government to imagine. In addition, the auto industry still employees over 200,000 people, which does not include employment at their suppliers. Ford trades at a 52-week low, just below $4.40. Its period high is $9.24. Government assistance is worth a $2 improvement in the share price. Douglas A. McIntyre . Source: 24/7 Wall St. | 29 Aug 2008 | 8:13 pm Palin, drilling advocate, spars with oil companies (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 8:13 pm UBS's Stenvoll Says Gustav Could Affect Energy PricesSource: Bloomberg - All Podcasts | 29 Aug 2008 | 8:12 pm Facebook the movie based on Facebook the book?Source: L.A. Times - Business | 29 Aug 2008 | 8:11 pm Gulf Coast gas prices spikeGas prices jumped overnight - and are expected to keep rising - in states along the Gulf of Mexico as offshore oil rigs prepare to abandon ship ahead of Tropical Storm Gustav on Friday.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 8:07 pm Gustav: What's at stakeThe Gulf of Mexico is home to 4,000 drilling platforms and 33,000 miles of pipeline, which send 1.3 million barrels a day to the Gulf Coast's 56 refineries. But a hurricane threatens to deal a powerful blow to the oil-rich region.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 8:05 pm Income and poverty: Rank your stateIt's a title Michigan likely doesn't want.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 8:05 pm UK home sales boosted by desperate vendorsThe London property market, once one of the most buoyant in the world, is now so stagnant that desperate vendors are spending hundreds of thousands of pounds buying houses they don't want in order to sell their homesSource: FT.com - US homepage | 29 Aug 2008 | 7:39 pm Dresdner deal poses further risk of job cutsInvestment bankers reeling from the impact of the credit crisis face fresh job cuts as part of Allianz's imminent deal to sell Germany's Dresdner KleinwortSource: FT.com - US homepage | 29 Aug 2008 | 7:33 pm Payday for biotechOverall, dealmaking may be in a slump, but Big Pharma has been buying up biotech firms at a record pace - it's now the fastest-growing M&A sector, with deal value up 87% this year.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 7:32 pm Salvus reports $2.7m lossUnrealised losses in Salvus Strategic Investments' portfolio caused the company to report a loss of $2.7 million in the year to June 30. The loss compared with a profit of $7.7 million in the same period last year. The audited...Source: New Zealand Herald - Business | 29 Aug 2008 | 7:30 pm 5 obscenely expensive vacationsSource: Business and financial news - CNNMoney.com | 29 Aug 2008 | 7:29 pm Fannie and Freddie doubts growShares in Fannie Mae and Freddie Mac fell amid concerns foreign investors were reassessing their exposure to the troubled US mortgage financiers' bonds and guaranteed securitiesSource: FT.com - US homepage | 29 Aug 2008 | 7:10 pm Consumer spending flags, but confidence rises (Reuters)
Source: Yahoo! News: Business | 29 Aug 2008 | 7:00 pm Tbilisi and Moscow break off tiesDiplomats were recalled as a row deepened over reports of Russian plans to absorb the breakaway Georgian enclave of South Ossetia, which the Kremlin has recognised as independentSource: FT.com - US homepage | 29 Aug 2008 | 6:47 pm GM recalls almost 1M vehicles for fire hazardGeneral Motors is recalling 944,000 vehicles, 850,000 of them in the United States, because of the potential for a fire in the vehicles' heated windshield washer fluid system.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 6:38 pm 6 Ways to Save on Beer, Wine and Liquor (Deal of the Day)Whether your favorite nightcap is beer, wine or liquor, we’ll tell you how to save.Source: SmartMoney.com | 29 Aug 2008 | 6:32 pm Tech company optimisticWellington Drive Technologies yesterday reported a $4.4 million loss in the six months to June 30. The loss was achieved on revenue of $6.5 million and compared with a loss of $3.9 million in the same period last year. The...Source: New Zealand Herald - Business | 29 Aug 2008 | 6:30 pm The Cheapest Way to Buy Booze (Deal of the Day)We've got the inside scoop on a little-known way to save 30%.Source: SmartMoney.com | 29 Aug 2008 | 6:08 pm Oil pressured by strong dollar after storm supportNEW YORK (Reuters) - Oil prices were nearly unchanged by midday Friday as a stronger dollar balanced concerns that Tropical Storm Gustav will impact U.S. offshore oil and gas production.Source: Reuters: Business News | 29 Aug 2008 | 5:57 pm Economic headwinds hit poundThe pound continued its recent slide this week as evidence mounted that the UK economy was headed for recessionSource: FT.com - US homepage | 29 Aug 2008 | 5:42 pm NZ Wine Co profit up 41pcThe New Zealand Wine Company reported a $1.35 million profit before asset adjustments in the year to June 30, up 41 per cent on the same period last year. The net profit, including unrealised asset adjustments of $2.04 million,...Source: New Zealand Herald - Business | 29 Aug 2008 | 5:30 pm Alitalia seeks bankruptcy measureTroubled airline Alitalia seeks bankruptcy protection as it tries to agree a deal to ensure its survival.Source: BBC News | Business | World Edition | 29 Aug 2008 | 5:26 pm Why a woman should workBeing a stay-at-home mom could be a precarious move, according to Leslie Bennetts, author of "The Feminine Mistake." She talks with host Tess Vigeland about the consequences passing on the workplace could have down the road.Source: Marketplace Money | 29 Aug 2008 | 5:09 pm Couples learn to work togetherMarriage takes a lot of work. Running a business isn't cake either. So what happens when your life partner is also your business partner? Ashley Milne-Tyte reports.Source: Marketplace Money | 29 Aug 2008 | 5:09 pm Work Life: A little bit of everythingCan't decide what to do with your work life? Who says you have to? We meet Sean Aiken, who is trying 52 jobs in 52 weeks. This week: stock picker.Source: Marketplace Money | 29 Aug 2008 | 5:09 pm Getting PersonalIn this edition of Getting Personal, Chris and Tess talk about saving for a child's education, getting a mortgage in retirement, American Depositary Receipts and providing health care for a family member.Source: Marketplace Money | 29 Aug 2008 | 5:09 pm Americans in DubaiNearly 80 percent of the people who live in Dubai are ex-pats, including 20,000 American citizens. Sean Cole brings us a few of their stories.Source: Marketplace Money | 29 Aug 2008 | 5:08 pm New job-seeking tool? It's the networkThe business of online networking is growing, partly because people are using their networks to recruit and job-seek. As Jeremy Hobson reports, just like offline, it's not what you know, it's who you know.Source: Marketplace Money | 29 Aug 2008 | 5:08 pm Straight Story: Waiting for a cureA new study says uninsured Americans will spend upwards of $30 billion on health care this year. Economics editor Chris Farrell sets the story straight on the prospects for real reform.Source: Marketplace Money | 29 Aug 2008 | 5:08 pm You only get what you ask forSometimes it's hard to ask for what you want, but as author Linda Babcock tells host Tess Vigeland, getting over your fear of negotiation could literally mean millions of dollars over the span of your career.Source: Marketplace Money | 29 Aug 2008 | 5:08 pm Restarting the Social Security clockDid you know that if you borrow from your Social Security early and pay it back later, the government will call things even? Bob Moon reports on an option that almost sounds too good to be true.Source: Marketplace Money | 29 Aug 2008 | 5:08 pm GM offers early retirement to U.S. salaried staffDETROIT (Reuters) - General Motors Corp is offering early retirement incentives to about 28 percent of its U.S. salaried work force as part of its effort to reduce payroll expenses and conserve cash.Source: Reuters: Business News | 29 Aug 2008 | 5:04 pm Pundits See Signs of More Trouble Ahead (Pundit Watch)Our pundits didn't have much nice to say about the economy, or stocks.Source: SmartMoney.com | 29 Aug 2008 | 5:03 pm Electric fault spurs big GM recallDETROIT (Reuters) - General Motors Corp is recalling 857,735 vehicles equipped with a heated windshield wiper fluid system for a potential short-circuit problem, according to federal safety regulators.Source: Reuters: Business News | 29 Aug 2008 | 5:02 pm World's Best and Worst Emerging Markets (Ticked Off)Emerging markets trail the U.S., and some of the biggest have fared worse than most.Source: SmartMoney.com | 29 Aug 2008 | 4:58 pm Airline collapse hits thousandsHundreds 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 | 4:51 pm Mary Holm book winnersHere are the names of the 20 winners of Mary Holm's new book KiwiSaver Max: How to get the best out of it. Mary Melva Archer, St Heliers; Margaret Carter, Te Atatu; T.N. Carter, Papamoa Beach; Sue Dinsdale, Tauranga; Gordon Evans,...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:30 pm Will Gustav Raise or Lower Crude Prices? (XOM, RIG, RDS, COP, CVX)
Exxon Mobil (NYSE:XOM) has not yet begun to evacuate workers from its offshore platforms, but has begun planning a staged evacuation as Gustav gets closer. Transocean (NYSE:RIG) has already brought about 400 workers ashore and plans to move its remaining eight semi-submersibles, with 1,500 more employees on board, out of harm's way. Royal Dutch Shell (NYSE:RDS.A/RDS.B) has already evacuated 750 workers from Gulf platforms and plans to withdraw the rest today. ConocoPhillips (NYSE:COP) has already shut-in its only Gulf platform, and Chevron (NYSE:CVX) has begun evacuating workers for some of its platforms. Plans are also being made to close down the 57 onshore refineries along the Gulf coasts of Texas and Louisiana. According to a survey by Bloomberg News, 11 of 29 analysts believe that crude prices will rise through September 5th, while 9 believe prices will fall, and another 9 don't think there will be any change. The International Energy Agency (IEA) said yesterday that it would open its strategic reserves if Gustav causes the same sort of disruption that Katrina and Rita did. The US Department of Energy, which has been very reluctant even to refer to the US Strategic Petroleum Reserve of more than 700 million barrels, has indicated that it "stands ready to use every available tool to ensure continuous and reliable supplies of energy in the event of a disruption." One assumes this statement includes tapping the SPR. Crude oil is up about $2.50/b on the NYMEX this morning, and gasoline is up about $0.045. A firmer statement on the government's determination to use the SPR would go a long way to curbing big jumps in crude prices as Gustav moves closer to the Gulf. Paul Ausick Source: 24/7 Wall St. | 29 Aug 2008 | 4:19 pm OFT says bank charges are unfairThe main UK banks have been told by the Office of Fair Trading that their overdraft charges are probably unfair.Source: BBC News | Business | World Edition | 29 Aug 2008 | 4:14 pm Consumers: Hanging on by a threadSurprise! It appears that the death of the American consumer, just like Steve Jobs, has been greatly exaggerated.Source: Business and financial news - CNNMoney.com | 29 Aug 2008 | 4:13 pm Inland Revenue under pressure as workload mountsShirely McNaught is beside herself with worry. The Auckland accounts receivable clerk gets statements each month from the Inland Revenue Department saying her husband's small decorating business owes more and more penalty tax. Roger...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Liam Dann : Workload taxes resourcesThe IRD is an easy target. Nobody enjoys filling out a tax return and nearly everyone has a horror story about the bureaucratic nightmare the taxation process can become. The department does a difficult job and there will always be...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Ready to rouse the sleeping giantTelstraClear chief executive Allan Freeth was pilloried when he railed against complacency in a pre-Christmas memo to staff leaked to media. Freeth's 2006 missive painted a dour picture for staff of a troubled firm he said was...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Brian Gaynor : Shareholders' revolt brews at Guinness PeatA major shareholder revolt is gathering steam at Guinness Peat Group as investors become increasingly concerned over the group's below-average share price performance, substandard communications, archaic capital management and antiquated...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Editor's battle not so groovyMusic magazine editor Duncan Greive now has a black mark on his credit record, as a result of Inland Revenue's phone system. Greive does only a few thousand dollars worth of moonlighting each year, so knew it was a mistake when...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Mary Holm : Read the poem before getting loanYou may derive some amusement (I doubt instruction!) from the following, found while I was trawling papers past in pursuit of another project. It would make a change from the complexities of KiwiSaver. Unfortunately the author...Source: New Zealand Herald - Business | 29 Aug 2008 | 4:00 pm Stop Taking Risks Bottom-Fishing in Financials (Ahead of the Curve)Financial stocks may be a speculator's dream, but, for investors, they're a nightmare.Source: SmartMoney.com | 29 Aug 2008 | 3:56 pm Neil Diamond's Profit Motive Sounds Sweet (Tradecraft)Naked self-interest does a lot more good than politicians' calls for sacrifice.Source: SmartMoney.com | 29 Aug 2008 | 3:36 pm The Worst Recession Since the Depression? No Way. (Ahead of the Curve)Nouriel Roubini predicts the worst recession since the Depression. How wrong he is.Source: SmartMoney.com | 29 Aug 2008 | 3:25 pm Politicians, Bureaucrats Threaten Free Markets (Tradecraft)Meddlesome politicians and bureaucrats are jeopardizing free markets.Source: SmartMoney.com | 29 Aug 2008 | 3:11 pm More firms increase energy billsTwo more energy firms, Scottish Power and Npower, say they will raise prices, blaming more expensive wholesale costs.Source: BBC News | Business | World Edition | 29 Aug 2008 | 3:06 pm Q&A: Zoom rightsWhat happens to customers now airline has failed?Source: BBC News | Business | World Edition | 29 Aug 2008 | 2:58 pm Slowdown in US consumer spendingUS consumer spending rose by just 0.2% in July as the effects of a government stimulus package wore off.Source: BBC News | Business | World Edition | 29 Aug 2008 | 2:32 pm Life, Death and New DrugsAmylin's recent woes with its new diabetes drug, Byetta—six people have died, possibly as a result of taking the drug—raises a crucial question that has long vexed companies and patients about the medications we take for what ails us. Amylin and its partner, Eli Lilly, insist that there is no direct proof the patients died because of Byetta. Diabetics have a three-times-greater risk of pancreatitis than nondiabetics. HPV Vaccine Inspires Yellow Health Journalism Mounting Troubles for Big Pharma Diabetes Deal for Medco Source: Portfolio.com: Top 5 | 29 Aug 2008 | 2:30 pm Elan's Tysabri Prompts Morgan Stanley `Overweight' RatingSource: Bloomberg - All Podcasts | 29 Aug 2008 | 2:00 pm Official Word: Economy Is A Mess
Personal income fell 0.7 percent in the month, the sharpest decline since a 2.3 percent plunge in August 2005. Inflation, as measured by the year-over-year rise in the personal consumption expenditures index, rose 4.5 percent, the steepest since February 1991, the government said. According to Reuters, "Consumer spending, which accounts for about two-thirds of national economic activity, rose 0.2 percent, as expected, the slimmest gain since February." All of that is to say that the upward revision of Q2 GDP to 3.3% means nothing in the real work. The beatings will continue until morale improves. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 1:03 pm Bank insider urges UK rate cutsTwo million people will be out of work by Christmas if interest rates are not cut, a Bank of England policymaker warns.Source: BBC News | Business | World Edition | 29 Aug 2008 | 1:00 pm EU regulators probe BA's Iberia/AA plansEuropean Union regulators are investigating a plan by British Airways, Iberia and American Airlines to co-operate more closely on transatlantic routes to see if it violates the EU's antitrust laws, EU officials saidSource: FT.com - US homepage | 29 Aug 2008 | 12:58 pm 24/7 Wall St. Most Overpaid CEO Of The Day: Dell (DELL) CEO Michael Dell
His shareholders have not done so well. Dell announced a drop in earnings of 17%. Profit margins were bad. That means that companies like Apple (AAPL) and HP (HPQ) are lunching on Dell's customers. Dell's shares should be down about 10% today, trading at $22.50, well below their 52-week high of $30.77. Maybe Dell should not have sacked former CEO Kevin Rollins in early February of 2007. The stock was doing better back then. Douglas A. McIntyre Source: 24/7 Wall St. | 29 Aug 2008 | 12:44 pm White-Collar CringeThe Justice Department has announced the death of the Thompson memo, the guidelines of tactics used by prosecutors to combat white-collar crime since 2003. Not long afterward, the Justice Department held a news conference—fittingly, at the New York Stock Exchange, which is why federal prosecutors in Manhattan get the lion's share of corporate-crime cases—announcing changes to its methods. At the Justice Deparment's news conference, Deputy Attorney General Mark R. Filip said the new rules, which will be placed into the United States Attorneys' manual, rather than just a memo, have the force of "binding law" and "binding fact." Tax-Shelter Case Torn Down Tearing Down a Tax Shelter The "It's Your Fault I Was Wrong" Defense Source: Portfolio.com: Top 5 | 29 Aug 2008 | 12:30 pm Land Rover will cut output shiftsCarmaker Land Rover will cut production by one day a week as it reacts to slower economic growth.Source: BBC News | Business | World Edition | 29 Aug 2008 | 12:21 pm Dumping FannieShares of Fannie Mae and Freddie Mac have been riding a wave of optimism in the last week. Several analysts have estimated that the mortgage giants have sufficient capital for the year, and a management shakeup at Fannie has helped bolster investors' confidence. Related Links Fannie's Fatalities Cue the Optimists When Bill Met Freddie Source: Portfolio.com: Top 5 | 29 Aug 2008 | 12:00 pm 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 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 websiteMicrosoft is buying the parent company of Ciao.com, an online price comparison and product reviews site, as it seeks to improve its European search offering to compete with GoogleSource: FT.com - US homepage | 29 Aug 2008 | 11:00 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 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 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 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 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 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
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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.