|
|
|
|
Tucker adds meat to Tui takeThe product empire that has been built around the Tui beer brand could earn $2.5 million this year thanks to thelatest addition - the meat pie. DB Breweries' take on traditional Kiwi tucker follows Tui's initial foray into foods...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Super fund tipped to review Brook AssetThe $13.6 billion New Zealand Superannuation fund is expected to review its use of investment manager Brook Asset Management when its co-founders depart. The Macquarie-owned asset manager announced last week fund managers Simon...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Air NZ can't guarantee loss of 200 jobs is the final numberAir New Zealand says it can't rule out further job losses on top of up to 200 redundancies announced as demand for long-haul travel slumps. Around 100 international cabin crew positions and a similar number of backroom engineers...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Industry hurt by fuel, milk cost risesRising prices for fuel and milk were major factors in pushing up industries' input and output prices in the September quarter, with some relief from lower electricity prices. Producers' output prices rose 2.8 per cent, following...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Paulson defends changing bailout strategyWASHINGTON - Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defence yesterday of his handling of the US$700 billion ($1.27 trillion) programme and expressed...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Simon Hendery: Air NZ's frequent flyers have a new status symbolThe traditional badge of honour for the hardened Air New Zealand frequent business traveller is a gold plastic baggage label, typically found attached to a battered laptop bag. The label doesn't do much apart from provide a more...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Protein plant seeks cashIngredient Solutions wants to raise $27.5 million to build a new milk processing plant in South Taranaki targeting high-value protein products. Acting chief executive Neil Domigan said the plant would be the first of its kind in...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Bank's IT brain grows with clientsKiwibank has invested in "business intelligence" technology in a bid to better track and analyse the banking behaviour of its fast-growing customer base. The six-year-old NZ Post subsidiary has been on an aggressive marketing drive...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Brian Fallow: All bets off on emissions lawWhen it comes to New Zealand climate-change policy there are three things you can count on. Unfortunately they are all bad. One is relentless, untrammelled growth in the country's greenhouse gas emissions. Currently they are...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm Babcock to slash 850 jobsAustralian investment firm Babcock & Brown plans to cut more than half of its staff and separate its businesses to avoid defaulting on debts of A$3.1 billion ($3.6 billion). The Sydney-based company plans to reduce headcount from...Source: New Zealand Herald - Business | 19 Nov 2008 | 4:00 pm US consumer prices in record fallUS consumer prices dropped by a record 1% in October as fuel costs kept falling for a third month in a row.Source: BBC News | Business | World Edition | 19 Nov 2008 | 3:15 pm Citigroup falls below U.S. Bancorp in market value (Reuters)
Source: Yahoo! News: Business | 19 Nov 2008 | 3:11 pm Citigroup falls below U.S. Bancorp in market valueNEW YORK (Reuters) - Citigroup Inc , once the largest U.S. bank by market value, has fallen to fifth, dropping behind U.S. Bancorp -- which is one-eighth as large by assets.Source: Reuters: Business News | 19 Nov 2008 | 3:11 pm Should You Chase BJ's? (BJ, COST, WMT)
BJ's is the third largest of the big box and warehouse club operators behind Wal-Mart's (NYSE: WMT) Sam's Club and behind Costco (NASDAQ: COST), and it charges club fees annually just like the others. The difference here is that BJ's also raised its full-year earnings projections. It raised estimates to $2.20 to $2.30 EPS versus its prior range of $2.10 to $2.20 EPS. First Call estimates were $2.22 EPS. Shares are currently up over 3% at $34.74 and the 52-week trading range is $26.36 to $44.29. If a retailer is beating earnings and still managing to raise guidance, why are shares only up 3%? The answer is because of some simple valuations. If the company hits the mid-point of its guidance, this still trades at 15.4-times fiscal earnings. Costco is on a different calendar year and that does not end until next August, but it trades at 14.9-times forward earnings. Wal-Mart trades at 15.3-times its forward earnings estimates. While everyone might otherwise love BJ's, it seems that the good news may mostly be factored in on a relative value basis today.
Jon C. Ogg Source: 24/7 Wall St. | 19 Nov 2008 | 3:11 pm Metals Stocks: Gold futures rise 3% as dollar weakensGold futures gain for the first session in three, rallying more than 3% as the U.S. dollar falls against its major rivals, increasing the metal’s appeal as an alternative investment.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 3:08 pm Stocks volatile in early goingStocks seesawed in early trading Wednesday as investors responded to dour economic reports and remained on edge about the fate of the nation's auto industry.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 3:07 pm Movers & Shakers: Wednesday's biggest gaining and declining stocksStocks expected to move significantly in trading on Wednesday include the solar-power-equipment companies LDK, SolarWorld and Trina as well as Albany Molecular, AstraZeneca, Barr Labs, BASF, BJ’s, Fonar, GlaxoSmithKline, Hanesbrands, Insituform, La-Z-Boy, Philips-Van Heusen, Sanofi-Aventis, and Teva.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 3:07 pm Automakers return to Capitol Hill to press for bailoutThe chief executives of General Motors, Ford and Chrysler return to Capitol Hill Wednesday in an attempt to convince lawmakers to throw their companies a lifeline and stave off the failure of one of the country’s biggest industries.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 3:06 pm Auto execs set for more grilling on aid planWASHINGTON (Reuters) - Auto executives headed to Capitol Hill for a second day to argue their case for a $25 billion aid package in the face of mounting political opposition to another huge government bailout.Source: Reuters: Business News | 19 Nov 2008 | 3:05 pm Auto execs set for more grilling on aid plan (Reuters)
Source: Yahoo! News: Business | 19 Nov 2008 | 3:05 pm GM (GM) Hits 52-Week Low: Ford (F) Heads Toward Penny Stock Land
GM (GM) made a new 52-week low at $2.60, down 13% for the day, compared to its period price of $43 in October 2007. Ford (F) is trading off to its 52-week low at $1.47, down 11%, compared to a high of over $9 last October. Odds are fairly reasonable that Ford will trade below $1 before the end of the year. At this point there is no chance that the current Congress will get this done before leaving DC. Douglas A. McIntyre Source: 24/7 Wall St. | 19 Nov 2008 | 3:02 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 3:01 pm Market Snapshot: U.S. stocks down in early action amid downbeat economic dataU.S. stocks open lower, playing off the biggest-ever drop in consumer prices as well as another gloomy housing report that offered little cheer to investors already fretting about the fate of the Big Three automakers.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 3:00 pm Falling demand hits BASF profitThe world's largest chemicals firm, BASF, reduces its profit forecast and says it will cut production because of a huge fall in demand.Source: BBC News | Business | World Edition | 19 Nov 2008 | 2:59 pm Mortgage application volume falls 6.2 pctMortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. The trade group's application indexSource: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:59 pm P&G, Google team up to swap jobs, trade knowledgeThe world's largest consumer products company and the online search leader are working together to learn more about each other and about targeting customers. Procter & Gamble Co. says itSource: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:59 pm Airline Stocks: Sector looks mixed ahead of US fuel dataNEW YORK (MarketWatch) -- Airline stocks looked weak early Wednesday as oil prices stayed flat ahead of the latest U.S. petroleum supplies data, due later in the session.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 2:55 pm Bond Report: Treasurys gain after inflation, housing dataTreasury prices trade higher, led by longer-term debt, as government reports show the biggest single-month drop in U.S. consumer prices as well a record low for housing starts.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 2:53 pm Stocks fluctuate after report on consumer pricesWall Street struggled to find a direction Wednesday, as investors, nervous about the fate of the nation's top automakers, scoured more economic data for a sign of relief. Though the...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:52 pm Futures Movers: Oil futures gain ahead of data on petroleum suppliesNEW YORK (MarketWatch) -- Oil futures gained early Wednesday, as traders awaited the latest data on U.S. petroleum supplies due later in the session.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 2:51 pm Colombian judge orders company heads capturedA Colombian judge has ordered the arrest of the main partners in an alleged pyramid scheme that has caused a nationwide panic over millions of dollars in lost investments. Among those atSource: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:50 pm BASF cutbacks will affect 20,000 staffBASF said it would temporarily reduce the working hours of one-fifth of its workforce, or 20,000 employees, after carmakers and other customers 'significantly' cut orders in past weeksSource: Financial Times - US homepage | 19 Nov 2008 | 2:47 pm Stocks dip after report on consumer pricesNEW YORK -- Stocks are moderately lower in early trading as investors, nervous about the fate of the nation's top automakers, scour more economic data.Source: L.A. Times - Business | 19 Nov 2008 | 2:47 pm Consumer prices in record declineConsumer prices fell by a record amount in October, in another worrisome sign about the contracting economy, the government reported Wednesday.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 2:44 pm Stocks flat as energy gains offset economic woeNEW YORK (Reuters) - Stocks were little changed after the open on Wednesday as gains in energy and commodity shares offset diminishing prospects for a U.S. auto industry government rescue in a slumping global economy.Source: Reuters: Business News | 19 Nov 2008 | 2:42 pm Stocks flat as energy gains offset economic woe (Reuters)
Source: Yahoo! News: Business | 19 Nov 2008 | 2:42 pm Stocks dip after report on consumer pricesStocks are moderately lower in early trading as investors, nervous about the fate of the nation's top automakers, scour more economic data. The Labor Department said Wednesaday that...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:41 pm Enterprise Products Gets More Credit (EPD)
The term loan came from Japan's Mizuho Corporate Bank, Ltd, carries an interest rate of approximately 4.93%, including the cost of foreign exchange currency swaps, and matures on March 30, 2009. The $375 million revolver matures in November 2009, and the company did not specify an interest rate. The company president pointed to the "general contraction" in available credit and stated that Enterprise thought it "prudent" to secure "additional financial flexibility" for 2009. Enterprise's debt-to-cap ratio is already 0.9:1, and the new credit facilities raise the potential ratio to 1:1. The share price dropped marginally yesterday, yet shares are trading down almost 2% at $21.30 right after the open. Its 52-week trading range is $16.00 to $32.64.
Paul Ausick Source: 24/7 Wall St. | 19 Nov 2008 | 2:38 pm Collins Stewart wields axe as revenue fallsMark Brown, the new chief executive of Collins Stewart, has axed almost half the staff in the investment bank's capital markets division as it braces itself against the economic slowdown.Source: Latest Business News from Times Online | 19 Nov 2008 | 2:38 pm MarketWatch First Take: Imax's big-screen format and Disney's reach will dazzle viewersImax Corp. and its big-screen format just got a big boost from a famous friend at a crucial time, writes Jon Friedman.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 2:38 pm UPDATE 1-UK government secures 3.9 pct cut in drug prices* Finalises pricing scheme to cut costs by initial 3.9 pctSource: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:36 pm Another Rough Day For Citigroup (C): It Buys Out Its SIVs
That value is estimated to be approximately $17.4 billion, net of cash, as compared to $21.5 billion at September 30, 2008. The decline primarily reflects asset sales and maturities of $3.0 billion and a decline in market value of $1.1 billion since the end of the third quarter 2008. The SIVs have been selling assets as part of an asset-reduction plan to fund maturing debt obligations, and have reduced long-term assets from $87 billion at the end of July 2007 to $17 billion currently. With its shares down to $8.08, Wall St. seems unhappy. Douglas A. McIntyre Source: 24/7 Wall St. | 19 Nov 2008 | 2:35 pm Collapsing Auto Sales Hit Mining (SWC)
The company announced yesterday that it would lay off all 526 employees at one of its mining operations in south central Montana. Permanent cuts will total about 320 full-time staff and 50 contractors, about 21% of Stillwater's 1,770 Montana employees. A drop of 60% in the prices of platinum and palladium are getting the blame for the layoffs. According to the Billings Gazette [http://billingsgazette.net/articles/2008/11/18/news/state/18-minelayoffs.txt], Sweet Grass County, where the mine is located, will lose about 40% of its property tax revenue if the mine is shut down completely. Neighboring Stillwater County would lose a third of its tax revenues if a second mine in that county is shuttered. Stillwater Mining is majority-owned by a subsidiary of Norilsk Nickel, a huge Russian mining company that controls about 50% of the world's supply of palladium. The company reports third quarter earnings later today, but don't expect any good news. Shares closed at $2.25 yesterday, down about 90% from 52-week highs. The news out of Montana demonstrates just how pervasive the auto industry is to the overall US economy. If the auto makers fail, there will be more than just a ripple effect. It will be more like a tsunami.
Paul Ausick Source: 24/7 Wall St. | 19 Nov 2008 | 2:34 pm Sun Shines on LDK Solar (LDK, WFR, ENER)
LDK also reached an annualized wafer production high of 1.2 GW. The company had set that milestone as a goal for the end of the fourth quarter. That achievement led the company to up its production guidance to 1.4 GW of annualized wafer production capacity by the end of 2008. LDK also raised guidance. The company expects revenues of $555-$565 million in the fourth quarter and full-year revenues of $2.9-$3.1 billion for the 2009 fiscal year on shipments of 1.8-1.85 GW of wafer production. The company also expects to improve gross margins in 2009 from the fourth quarter 2008 estimate of 18%-21% to 26%-31%. LDK's new polysilicon manufacturing plant is expected to produce 5,000-7,000 metric tons of polysilicon next year. During the quarter LDK completed a follow-on offering of 4.8 million ADSs, raising $192.4 million to fund its new polysilicon plant and to expand its wafer production facilities. If LDK can manage to produce its planned quantities of polysilicon in 2009, that's where the higher gross margins will come from. Market prices for silicon are dropping, but LDK has an opportunity to make a big difference to its bottom line with the new plant. All the good news from LDK weighs against the bad news that came out Monday from MEMC Electronic Materials (NYSE:WFR). MEMC cut its fourth quarter revenue guidance from $540-$600 million to $475-$525 million with a reduction in gross margins from over 50% to around 48%. The company also cut its operating expenses by $14 million due to the forfeiture of option grants by its former CEO. Energy Conversion Devices (NASDAQ:ENER), another Chinese solar panel maker, has seen its share price fall nearly 20% in just 5 trading days. A week ago [http://www.247wallst.com/2008/11/one-solar-stock.html], Energy Conversion's share price was 30% higher than it was a year ago; this morning it's barely 1% higher. LDK's share price has fallen by 80% from its 52-week highs. Today's announcement, especially the higher guidance, should give the shares a boost.
Paul Ausick Source: 24/7 Wall St. | 19 Nov 2008 | 2:30 pm U.S. prices drop at record pace, China wary of unrestLONDON (Reuters) - China has told police to ensure social stability as its economy slows, U.S. inflation tumbled at a record pace and markets fretted on Wednesday about whether America's stricken car industry would be rescued.Source: Reuters: Business News | 19 Nov 2008 | 2:28 pm Lloyds TSB approves HBOS takeoverLloyds TSB shareholders vote in favour of taking over HBOS as well as taking bail-out money from the government.Source: BBC News | Business | World Edition | 19 Nov 2008 | 2:28 pm Israel Stocks: Market lower; Teva settles patent case, wins a round in anotherTEL AVIV (MarketWatch) - Israel stocks fell for the seventh time in the past eight trading days, led lower by Israel Chemicals, Cellcom and Bank Hapoalim, while Teva bounced under and over the flat line after settling one patent dispute and winning a round in another one.Source: MarketWatch.com - Top Stories | 19 Nov 2008 | 2:27 pm Goldman Sachs Changes To Conviction List (RIMM, CSCO, RVBD)
Riverbed Tech (NASDAQ: RVBD) removed from the Conviction Sell List, yet there is no reaction in RVBD shares. Jon C. Ogg Source: 24/7 Wall St. | 19 Nov 2008 | 2:26 pm Lloyds shareholders approve HBOS takeoverShareholders of Lloyds Group TSB voted overwhelmingly in favor of a government-brokered takeover of rival HBOS PLC on Wednesday. Lloyds investors backed the deal, with 95.98 percent of...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:24 pm Consumer prices drop record 1% in OctoberConstruction of new homes fell by 4.5 percent in October, the slowest construction pace on records going back to 1959.Consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount. Source: L.A. Times - Business | 19 Nov 2008 | 2:24 pm UPDATE 2-US asks for more data on Novartis cancer drugNEW YORK/ZURICH, Nov 19 (Reuters) - U.S. regulators have requested more data on Novartis AG's promising cancer drug Afinitor and a decision on approval is expected to be delayed by three months, the Swiss...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:17 pm Stocks head to lower open after economic dataWall Street is heading for a sharply lower open Wednesday after a stream economic data rattled investors already nervous about the fate of Detroit's Big Three automakers. The market,...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:16 pm Oil falls below $54 a barrelOil prices slipped further Wednesday, dipping below $54 on fears of global economic weakness that have sent crude down more than 60 percent in four months. But analysts suggested that...Source: Infocious RSS raw feed - channel BNewsBusiness | 19 Nov 2008 | 2:14 pm October consumer prices and home starts plummetWASHINGTON (Reuters) - Consumer prices dropped at the fastest rate on record in October and new home construction was at a record low, according to government reports on Wednesday that underlined how rapidly the economy was weakening.Source: Reuters: Business News | 19 Nov 2008 | 2:13 pm October consumer prices and home starts plummet (Reuters)
Source: Yahoo! News: Business | 19 Nov 2008 | 2:12 pm Lloyds TSB wins vote for HBOS mergerLloyds TSB’s shareholders today voted through the bank's rescue takeover of HBOS, owner of Halifax and Bank of Scotland, with 96 per cent of investors backing the deal.Source: Latest Business News from Times Online | 19 Nov 2008 | 2:11 pm Housing starts, permits at record lowsHousing starts and permits, both of them key measurements of home construction, hit record lows in October, the Commerce Department reported Wednesday.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 2:05 pm Economic data cast pall over Wall StreetMore bleak economic data and fears that Washington could reject the car industry's pleas for a bail-out pushed US stocks lower. The cost of living plunged 1 per cent last month, twice as large as forecast and the most since records began in 1947Source: Financial Times - US homepage | 19 Nov 2008 | 2:04 pm Against All Odds, E*TRADE Keeps Growing (ETFC)
It is also seeing an increase in trading activity. Its DART's, or Total Daily Average Revenue Trades, rose by 15% from September levels to 248,817. Net new customer asset flows of $1.6 billion in October were double September levels. E*TRADE's total end of period retail accounts were listed as 4,499,763 accounts. The company is seeing the same trend as at other firms with a drop in customer assets (crashing markets tend to do that). E*TRADE's total retail customer assets declined $22.8 billion from September to total $119.4 billion. This net account adds for October was E*TRADE's best month in over five years for new account openings. It also looks like customers are continuing to reduce their margin. Apparently we are not the only ones who think these shares have been hit too hard of late and that these are impressive metrics considering how awful the current climate is for the markets and for financial firms. Shares are up 8% at $1.35 before the market opens, which is still at the very bottom of the $1.21 to $6.04 trading range over the last 52-weeks.
Jon C. Ogg Source: 24/7 Wall St. | 19 Nov 2008 | 1:55 pm House sales rise as prices fallProperty sales rose slightly in October, for the second month in a row, estate agents say.Source: BBC News | Business | World Edition | 19 Nov 2008 | 1:49 pm Consumers will suffer if GM goes underA bankruptcy of General Motors or another major automaker could hit American consumers hard, industry experts warn.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 1:42 pm British Land sees 11% knocked off portfolioBritish Land has seen the value of its property portfolio fall by more than a billion pounds in the last six months but has still managed to secure tenants for one of its high-profile City office blocks, despite the downturn.Source: Latest Business News from Times Online | 19 Nov 2008 | 1:40 pm Consumer Prices Tank, Almost As Fast As Homes
Consumer prices came in on the nominal number at -1.0% while estimates were -0.7%. CPI on an ex-food and ex-energy basis came in at -0.1% versus +0.1% estimates. Housing starts for October at -4.5%, even worse than the -3% seen in September. This comes to a seasonally adjusted rate of 791,000 versus an expected annualized reading of 780,000 units. While this is not quite quite as bad as estimates were bracing for, keep in mind that this is essentially a record low. On a nationwide basis, it was estimated that 69,000 houses were actually started in October, and an estimated 59,600 building permits were issued in October. Both numbers are not seasonally adjusted.
Jon C. Ogg Source: 24/7 Wall St. | 19 Nov 2008 | 1:38 pm Oil falls below $54 as economic gloom deepensLONDON (Reuters) - Oil's decline deepened to below $54 a barrel on Wednesday, pressured by economic weakness that will further erode the world's demand for fuel.Source: Reuters: Business News | 19 Nov 2008 | 1:22 pm Yahoo search won't be quickTech industry watchers are already speculating on replacements for Jerry Yang, but a new chief executive for Yahoo won't likely be named until well into the new year.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 1:20 pm Toyota to cut output and Nissan downbeatTOKYO (Reuters) - Reeling from a relentless sales slide, Toyota Motor Corp said on Wednesday it would stop all of its North American factories for two days next month, while rival Nissan Motor Co renewed its pessimism over the industry's near-term prospects.Source: Reuters: Business News | 19 Nov 2008 | 1:16 pm Daewoo leases African plantationSouth Korean firm Daewoo says it has leased a vast tract of land in Madagascar, which will produce half of its corn supply by 2023.Source: BBC News | Business | World Edition | 19 Nov 2008 | 1:16 pm SolarWorld in shock Opel offer (Reuters)
Source: Yahoo! News: Business | 19 Nov 2008 | 1:14 pm SolarWorld in shock Opel offerFRANKFURT/BERLIN (Reuters) - German solar energy company SolarWorld said on Wednesday it was prepared to acquire cash-strapped carmaker Opel's plants in Germany, but analysts dismissed the plan as unrealistic.Source: Reuters: Business News | 19 Nov 2008 | 1:14 pm Safe bets on bonds paying offThe mantra is "higher risk, higher reward," but the safest bets have given investors the most bang for their buck this year.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 1:11 pm AT&T looks beyond the iPhoneIts exclusive deal to sell the Apple iPhone has been a big boon to AT&T, a laggard in the mobile business. What happens when the deal runs out?Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 12:52 pm NVIDIA/Cray Supercomputing For You... Right As Hard Times Kick Off (NVDA, CRAY)
The Cray CX1 product reflects NVIDIA and Cray's goal to drive high productivity computing solutions into a broad array of markets including financial services, oil and gas, life sciences, government and academic. Each Tesla processor has hundreds of processor cores that deliver nearly one teraflop of peak computing performance(1). The Cray CX1 delivers up to four teraflops of performance, right at the deskside, when configured with four Tesla processors. The Cray CX1 product is called an "affordably-priced" deskside supercomputer. Unfortunately, most industries are maxed out on spending right now at a time when computers are reaching above and beyond what most people will ever need for their computing requirements. Fortunately, there are many companies, organizations, universities, and government agencies which are always in need of faster and faster and more and more computing power.
Jon C. Ogg Source: 24/7 Wall St. | 19 Nov 2008 | 12:43 pm Indian warship sinks Somali pirate vesselAn Indian warship deployed in the Gulf of Aden fought Somali pirates and destroyed their vessel after a brief battle, the navy saidSource: Financial Times - US homepage | 19 Nov 2008 | 12:42 pm BJ's Wholesale quarterly profit jumps 24 percentNEW YORK (Reuters) - BJ's Wholesale Club Inc posted a 24 percent rise in third quarter profit on Wednesday, helped by an increase in shoppers coming to its stores and stronger-than-expected results from its gasoline stations.Source: Reuters: Business News | 19 Nov 2008 | 12:32 pm Spain 'to slide into recession'Spain is likely to slip into recession in the fourth quarter and stay there into 2009, the Bank of Spain governor says.Source: BBC News | Business | World Edition | 19 Nov 2008 | 12:31 pm NOL to cut 1,000 jobs as it faces showdownNeptune Orient Lines, south-east Asia's biggest cargo transport group, Wednesday warned of a "severe and prolonged downturn in global container shipping" that could last over the next few years as it announced...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 12:01 pm Woolworths plunges on news it may sell stores (AP)
Source: Yahoo! News: Business | 19 Nov 2008 | 11:54 am Boeing to delay jet deliveries: report(Reuters) - Plane maker Boeing Co is reworking its entire production schedule, adding up to 10 weeks to original delivery dates for all 3,734 jetliners in its order backlog as it tries to recover from a machinists' strike, the Wall Street Journal said, citing people familiar with the situation.Source: Reuters: Business News | 19 Nov 2008 | 11:53 am Nomura chief says liquidity crisis overThe head of Nomura, Japan's largest broker, said the global liquidity crisis was over and a recovery of the global economy would depend on financial support from key governments, especially ChinaSource: Financial Times - US homepage | 19 Nov 2008 | 11:49 am Nomura chief says liquidity crisis overThe head of Nomura, Japan's largest broker, on Wednesday said the global liquidity crisis was over and a recovery of the global economy would depend on financial support from key governments, especially...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 11:49 am Oil continues toward $50Read full story for latest details.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 11:45 am M&S in one-day sale moveRetailer Marks & Spencer is to hold its first one-day sale in four years in a bid to revive its pre-Christmas trading.Source: BBC News | Business | World Edition | 19 Nov 2008 | 11:23 am M&S sparks high street war in fight for shoppersMarks & Spencer (M&S) is upping the ante in the high street battle for shoppers’ dwindling disposable income by launching a one-day only "20 per cent off" sale which will see some of its stores stay open until midnight.Source: Latest Business News from Times Online | 19 Nov 2008 | 11:19 am The 'Great Crash' in the history booksDear Lucy and Emile,Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 11:03 am Bank hints at further rate cutsExpectations of another rate cut rise after the release of minutes from the Bank of England meeting which slashed rates to 3%.Source: BBC News | Business | World Edition | 19 Nov 2008 | 10:38 am Woolworths in talks over sale of retail armWoolworths is in talks with Hilco, the distressed retail specialist, about a possible offer for its 800-store chain.The troubled variety retailer said on Wednesday that it had held "preliminary discussions"...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 10:37 am The stock to buy when regulators callIn the mess that has enveloped companies and the broader economy, there is a lot of finger pointing and blame being thrown about. Some people have the patience to wait for karmic retribution. For the rest of us, there are securities lawyers and regulators aplenty to mete out punishment.Source: Business and financial news - CNNMoney.com | 19 Nov 2008 | 10:22 am Opec 'lost $700bn on cheaper oil'Opec members have lost about $700bn (£467bn) because of falling oil prices, the cartel's president says in an interview.Source: BBC News | Business | World Edition | 19 Nov 2008 | 9:55 am Bank of England discussed 2% rate cutThe Bank of England’s Monetary Policy Committee (MPC) considered cutting interest rates by 2 per cent earlier this month, but judged that such a large reduction could force sterling to fall heavily.Source: Latest Business News from Times Online | 19 Nov 2008 | 9:41 am FTSE 100 dips 0.12% (AFP)
Source: Yahoo! News: Business | 19 Nov 2008 | 9:39 am Cowdery plans new outing for ResolutionClive Cowdery, the insurance entrepreneur, aims to raise up to 1bn by listing a new company under the Resolution name.Mr Cowdery and John Tiner, a former chief executive of the Financial Services Authority,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 9:08 am Woolworths dives as it confirms takeover talksWoolworths this morning confirmed a report in The Times that it is in talks to sell its retail business.Source: Latest Business News from Times Online | 19 Nov 2008 | 9:06 am Mazda buys own shares from FordJapan's Mazda Motor spends 17.8bn yen to buy back almost 7% of its shares from troubled US carmaker Ford Motor.Source: BBC News | Business | World Edition | 19 Nov 2008 | 8:17 am Barclays investors snap up £500m share sopShareholders in Barclays have snapped up £500 million worth of high interest shares made available yesterday as a sop to angry investors.Source: Latest Business News from Times Online | 19 Nov 2008 | 8:06 am Detroit's executives go cap in hand for $25bnDetroit came to Capitol Hill on Tuesday, cap in hand and requesting $25bn in alms.As if to underline the fact that the financial crisis is shaping every corner of industry, the three top executives of...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:03 am Ford is rolling out a risky strategyThe carmaker is introducing six vehicles at the L.A. Auto Show this week and tying up billions of dollars in future product even as its sales tank.The U.S. auto industry might be in crisis and Big Three executives might be appealing to Congress for a $25-billion bailout, but judging by Ford Motor Co.'s plans for this week's L.A. Auto Show, Detroit's No. 2 carmaker seems to be feeling just swell. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Yahoo CEO Jerry Yang's plan to step down sends shares surgingEnthusiasm on Wall Street is tempered by the problems his successor will face.Wall Street celebrated the planned demotion of Jerry Yang on Tuesday, sending Yahoo Inc.'s shares soaring on hopes that a new chief executive would entice Microsoft Corp. to buy some or all of the struggling Internet company. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Price of Southern California homes falls 41% from peakThe median sales price in the region drops to $300,000 in October, dragged down by the large number of foreclosed homes on the market.With the median price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Underinsured wildfire victims feel burned againSome policyholders believe companies deliberately sold them less coverage than they would need to rebuild. An industry group says the issue is overblown.When Dave Wilder and his wife, Lynn, surveyed the remains of their Running Springs house after it burned to the ground in a wildfire near Lake Arrowhead in October 2007, the thing that struck him most wasn't the devastation, and it wasn't the loss of everything they owned. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Paulson resists Democrats' call to rescue homeownersThe Treasury secretary tells a House panel that he plans to conserve the remainder of the bailout funds for the next administration to spend.Treasury Secretary Henry M. Paulson told unhappy congressional Democrats on Tuesday that, barring a new catastrophe, the Bush administration intended to stand pat on its existing effort to stabilize financial markets -- and leave the next stage of economic recovery to the new administration. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Cardholders squeezed as issuers cut credit limitsIssuers of plastic are clamping down to cut potential losses. Paying bills on time doesn't mean you're immune.Cecil Bello has stumbled into a new corner of the credit squeeze. The 32-year-old management consultant has had the limits reduced on three of her credit cards. Source: L.A. Times - Business | 19 Nov 2008 | 8:00 am Ford is rolling out a risky strategyThe carmaker is introducing six vehicles at the L.A. Auto Show this week and tying up billions of dollars in future product even as its sales tank. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:00 am Producer price index plunges in OctoberWholesale prices post the biggest drop on record as energy costs dive. Wholesale prices plunged a record amount...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:00 am Thanksgiving air travel expected to drop 10%Car travel is likely to decline too, says AAA. Penny pinchers are expected to stay close to home and use cheaper ways to visit family such as trains and buses. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:00 am Most Southern California homes sold in October were foreclosuresPrices fall to 2003 levels, continuing to draw bargain-hunting buyers. For the first time in the current housing...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:00 am Yahoo CEO Jerry Yang's plan to step down sends shares surgingEnthusiasm on Wall Street is tempered by the problems his successor will face. Wall Street celebrated the planned...Source: Infocious RSS raw feed - channel BNPaperBusiness | 19 Nov 2008 | 8:00 am CEOs of Big Three automakers plead for federal aidLawmakers express skepticism about bailing out Detroit, citing the environment, unions and equity for workers at non-U.S. plants in their states. A vote on the issue could come as soon as today.Chief executives of the nation's once-mighty Big Three automakers came to Capitol Hill on Tuesday to plead for $25 billion in federal aid, but the idea of bailing out Detroit has run into a wall of skepticism from a broad cross-section of lawmakers concerned about the environment, unions and Japanese auto plants in their home states. Source: L.A. Times - Business | 19 Nov 2008 | 7:20 am Mind ReaderI'm in a bathrobe clutching a stuffed otter trailing wires while seven strangers watch me climb into bed. The company hopes to begin selling the iBrain within a year, and have not yet priced the device or their service. "We want lots of people to use this, so it won't be too expensive," says Low. "Patient had a good Sleep Efficiency (92.7 percent). Sleep Onset Time was normal. Distribution of sleep stages was typical. ... The patient is not likely to suffer from depression or sleep apnea. ... Total wake time for the bedtime period was short. In-depth analysis of sleep stages using SPEARS [Low's algorithm] revealed no sign of pathologic brain rhythm generation."Taking this test was fun, though I wonder if this product could face some of the issues that confront genetic testing if employers, the government, or insurers use it in the wrong way to screen for abnormalities and behavioral quirks. Low acknowledges the potential for abuse. "Like any test of this sort, we would need to protect people from abusing this technology," he says. I thought of one more use for the iBrain—dating services such as Match.com that offer an iBrain vetting of prospective dates. If this happens, however, I suggest losing the otter. This story is derived from the upcoming book Experimental Man: What One Man's Body Reveals About His Future, Your Health, and Our Toxic World, which is due out March 16, 2009. Related Links Eat Roo A Whale of a Sale Nassim Taleb and the Ubiquity of Moral Hazard Source: Portfolio.com: Top 5 | 19 Nov 2008 | 5:00 am Brushing Up on a Colgate BargainColgate-Palmolive is being punished for its international exposure.Source: SmartMoney.com | 19 Nov 2008 | 5:00 am 6 Stocks With Little Debt, Lots of Cash Flow (Screens)Jack Hough to Gap: Big, reliable dividends never go out of fashion.Source: SmartMoney.com | 19 Nov 2008 | 5:00 am Dig It: These People Are Burying Their CashWhen banks fail, Americans have a tradition of sticking their money in a nearby alternative: the backyard.Source: SmartMoney.com | 19 Nov 2008 | 5:00 am Take the Scenic Route and Save (Deal of the Day)Sick of pricey air travel? Hop on a bus or train and save on cash -- and hassles.Source: SmartMoney.com | 19 Nov 2008 | 5:00 am Obama in talks with Gates on Pentagon rolePresident-elect Barack Obama and Robert Gates are negotiating terms under which the defence secretary would remain as Pentagon chief in his administration, the Financial Times has learned.Source: Financial Times - US homepage | 19 Nov 2008 | 2:22 am GE moves to cut up to $2bn in costs at finance armGeneral Electric is to shrink its GE Capital finance arm, which could lead to $2bn in cost cuts, the sale of $90bn in highly-leveraged assets and thousands of redundancies among its 75,000 employeesSource: Financial Times - US homepage | 19 Nov 2008 | 12:56 am Mark Cuban rebuffs SEC on insider trading chargesSource: L.A. Times - Business | 19 Nov 2008 | 12:55 am In Brief - TuesdayJacobs Engineering Group (JEC), a construction-services provider, has landed a $70 mil contract from Delaware for road and bridge design work. It...Source: Investor's Business Daily: BUSINESS | 19 Nov 2008 | 12:38 am Business Briefs - TuesdayYahoo shares up as Yang leaves. The Internet pioneer surged 8.7% to 11.55 as investors hoped the departure of CEO Jerry Yang, announced late Mon.,...Source: Investor's Business Daily: BUSINESS | 19 Nov 2008 | 12:38 am After The Close - TuesdayGENENTECH (DNA), a biotech, said its cancer drug Avastin raises the risk of blood clots in the veins by a third when added to chemotherapy,...Source: Investor's Business Daily: BUSINESS | 19 Nov 2008 | 12:38 am Trends & Innovations - TuesdayFrustrated doctors want to quitSource: Investor's Business Daily: BUSINESS | 19 Nov 2008 | 12:38 am Medical Products Maker's Blood-Testing Tools Dominate The FieldTalk about a captive market. Say you're an accident victim or a transplant patient or an anemic diabetic, and you need a blood transfusion.Source: Investor's Business Daily: BUSINESS | 19 Nov 2008 | 12:38 am Citigroup liquidates fund that fell 53% in a monthCitigroup is liquidating Corporate Special Opportunities after it lost 53 per cent of its value last month, marking the ninth time in recent months that the bank has had to close or rescue one of its hedge fundsSource: Financial Times - US homepage | 19 Nov 2008 | 12:10 am No row or acrimony as Davies ends era with Per Una and M&SGeorge Davies is stepping down as chairman of Per Una – the phenomenally successful fashion brand that he created for Marks & Spencer (M&S). Britain’s biggest clothing retailer said that Mr Davies, 67, would be relinquishing his part-time role at the end of the year.Source: Latest Business News from Times Online | 19 Nov 2008 | 12:00 am Investors cry 'Yahoo!' as Jerry Yang steps down and revives the prospect of a Microsoft dealJerry Yang's resignation as chief executive of Yahoo! added $2billion ($£1.33billion) to the value of the company yesterday as investors licked their lips at the prospect of a new deal with Microsoft.Source: Latest Business News from Times Online | 19 Nov 2008 | 12:00 am Carrefour shares jump as new boss Lars Olofsson outlines plansCarrefour, the world's second-biggest retailer, will forge ahead with a programme to downsize its supermarkets in Europe after dismissing José Luís Duran, its chief executive, yesterday.Source: Latest Business News from Times Online | 19 Nov 2008 | 12:00 am Hopes ride on simplicity to save dry bulk ratesRadical steps to address the crisis in the shipping industry triggered by a collapse in dry bulk freight rates will be proposed at emergency talks in LondonSource: Financial Times - US homepage | 18 Nov 2008 | 11:57 pm Bank fears over home loan aidFears emerge that state programmes aimed at preventing home repossessions could encourage foreclosures and further depress the value of mortgage-backed securitiesSource: Financial Times - US homepage | 18 Nov 2008 | 11:43 pm Senators cool to pleas by big three carmakersRepublican senators attacked US car industry pleas for a bail-out, arguing that the Detroit-based companies should consider bankruptcy protection insteadSource: Financial Times - US homepage | 18 Nov 2008 | 11:38 pm Treat homeowners like Donald TrumpWhen Donald Trump almost went bankrupt in the '90s, creditors made him give up his credit cards before he got help. Commentator Todd Buchholz says homeowners who face foreclosure have to give up some things too.Source: Marketplace | 18 Nov 2008 | 11:13 pm U.S. auto execs plead for Congress to fund bailout (Reuters)
Source: Yahoo! News: Business | 18 Nov 2008 | 11:12 pm Shake Shack 2.0 Draws Hour-Long Lines for Burgers in NYCSource: Bloomberg - All Podcasts | 18 Nov 2008 | 8:33 pm Cowen's Champine Sees Housing `Bottom' in Late 2009Source: Bloomberg - All Podcasts | 18 Nov 2008 | 8:19 pm JPMorgan's Kelly Says Inflation Scare `Finally Put to Bed'Source: Bloomberg - All Podcasts | 18 Nov 2008 | 8:12 pm U.S. financial crisis spreads to MexicoIn Mexico, the peso has plunged, unemployment is rising and foreign investors started pulling money out last month -- all fallout from the economic crisis in the U.S. Dan Grech reports from Mexico.Source: Marketplace | 18 Nov 2008 | 7:14 pm Starting a business in a bad economyGlobal Entrepreneurship Week has events in 77 countries. But is now the time to start a business, when the economy is shrinking? Mitchell Hartman finds out.Source: Marketplace | 18 Nov 2008 | 7:14 pm Paulson takes heat from House DemsTreasury Secretary Henry Paulson got an earful from members of the House Financial Services Committee over management of the $700 billion bailout and his refusal to act on foreclosures. Steve Henn has more.Source: Marketplace | 18 Nov 2008 | 7:14 pm The difficulties getting food to the poorU.N. Food and Agriculture Organization members are in Rome to deal with a looming food crisis among the world's poor. Kai Ryssdal talks to food policy expert Joakim Von Braun about a key issue in food distribution -- security.Source: Marketplace | 18 Nov 2008 | 7:14 pm HP surprise: Good news in 4th quarterHewlett-Packard reports fourth-quarter profits will be stronger than expected. The company is also optimistic about the future. Stacey Vanek-Smith reports.Source: Marketplace | 18 Nov 2008 | 7:14 pm U.S. auto industry isn't just Big ThreeDetroit automakers say they need help before they crash. Kai Ryssdal talks about the rest of the industry with Micheline Maynard of The New York Times.Source: Marketplace | 18 Nov 2008 | 7:14 pm Miller Tabak's Crescenzi Sees 'Sharp Drop' in Inflation ComingSource: Bloomberg - All Podcasts | 18 Nov 2008 | 7:03 pm Gamco's Haverty Says Yahoo's Yang Cost Shareholders BillionsSource: Bloomberg - All Podcasts | 18 Nov 2008 | 7:01 pm Lapham Says Education is `Only Hope' for the FutureSource: Bloomberg - All Podcasts | 18 Nov 2008 | 6:51 pm Louise Yamada Says U.S. Market May 'Break 2002 Lows'Source: Bloomberg - All Podcasts | 18 Nov 2008 | 6:19 pm Hank Gets No ThanksWASHINGTON—Federal lawmakers, frustrated and unhappy, pulled few punches in pummeling Treasury secretary Hank Paulson at a hearing today for what they believe is a failure to use the financial rescue money to benefit homeowners who are in mortgage trouble. Afterward, Frank told reporters, "It's a mistake not to carve out the $26 billion for mortgages." During the hearing, no time was wasted in focusing on Congress's main concern this week—whether to bail out the auto industry. Paul Kanjorski, Democrat of Pennsylvania, complained about the administration's reluctance to fend off "potential collapse of our auto industry." Paulson conceded, "I don't think it would not be a good thing to have one of the auto companies fail during this time. Any solution needs to meet the long-term stability." Sign of a Bottom? Play Ball Uncle Sam the Shareholder Source: Portfolio.com: Top 5 | 18 Nov 2008 | 6:00 pm Flutist Galway Says He Practices in `Investigative Way'Source: Bloomberg - All Podcasts | 18 Nov 2008 | 5:24 pm Axa's Tinker Sees Bear Market Rally in Next 3-6 MonthsSource: Bloomberg - All Podcasts | 18 Nov 2008 | 3:50 pm Ford's Japanese RetreatThe marriage of Ford Motor and Mazda Motor has had many twists and turns over the years. With Ford in need of cash, they are headed for splitsville. Ford is now reducing its stake and giving up control of the company. Mazda is buying back a 6.9 percent stake, while another 13 percent will be sold to 20 business partners. Ford is left with a gain of $540 million and a 13 percent stake in Mazda. Ugh, What a Feeling, Toyota Detroit Needs a Miracle Ford: He's Just Not That Into You Source: Portfolio.com: Top 5 | 18 Nov 2008 | 2:00 pm
|
