Job market has designs on new Dream

Doodlers and tinkerers, take heart. Design has moved from a decorative sideshow to center stage in the business world and, says commentator Kay Hymowitz, career opportunities abound.
Source: Marketplace | 14 May 2009 | 5:41 pm

Need to know: Mazda plunges ... Redrow restarts ... Hitachi losses

View video and Need to Know interactive heatmap


Source: Latest Business News from Times Online | 13 May 2009 | 8:58 pm

Opening Bell: 05.13.09

AIG Trustees Promise Swift Changes To Company's Board, Looking To Replace Liddy (WSJ)
"At least five executives have been offered board seats, and candidates' decisions are expected this week, people familiar with the matter said. They include Robert S. "Steve" Miller, Delphi Corp.'s executive chairman and former CEO; Douglas Steenland, former CEO of Northwest Airlines Corp.; Christopher Lynch, a retired KPMG partner; Harvey Golub, a former head of American Express Co.; and Arthur Martinez, who ran Sears, Roebuck & Co., now Sears Holdings Corp."

Treasury To Announce Managers For PPIP (WSJ)
"The Treasury Department is expected to notify a group of asset managers Wednesday that they have been culled from the 104 that applied to oversee the first wave of Public-Private Investment Program funds.

The selected firms, widely expected to include megamanagers BlackRock Inc. and Allianz SE's Pacific Investment Management Co., will then negotiate with the Treasury over the structure of their proposed funds before they are formally identified as qualified under PPIP. That announcement is expected in early June, according to a Treasury official."

Ten Best Executive Perks (Non-Inclusive Of Illegal Shit) (MarketWatch)
"If Nabors Industries Chief Executive Eugene Isenberg died, became disabled or was terminated without cause at the end of 2007, the oil-services company would have paid more than $260 million in cash severance, according to its proxy filed in April 2008.

If Isenberg was let go because there was a change in control of the company, Nabors /quotes/comstock/13*!nbr/quotes/nls/nbr (NBR 17.53, +0.06, +0.34%) would have covered the tax on the severance and other payments for total gross-ups of more than $114 million, the proxy explained."

Related: Harvey Golub - AmericanExpress - BlackRock - Northwest Airlines - Douglas Steenland
Source: Dealbreaker | 13 May 2009 | 12:53 pm

Frontier to buy Verizon wirelines for $8.6bn

Verizon Communications, the US telecommunications group, agreed to sell a chunk of its wireline business to Frontier Communications in an $8.6bn deal that will allow it to focus on its wireless and broadband businesses
Source: Financial Times - US homepage | 13 May 2009 | 12:48 pm

Retail Sales Drop As Import Prices Rise

Equity futures just tanked on economic reports coming in worse than expected.  Retail sales for the month of April just came in at -0.4%, and that is worse than the +0.1% that economists were looking for.  There is another twist here that is hard to not notice if you are an inflation hawk: rising import [...]

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Source: 24/7 Wall Street | 13 May 2009 | 12:46 pm

US April retail sales fall 0.4%

Retail sales in the US fall 0.4% in April, according to official figures, which was worse than had been expected.
Source: BBC News | Business | World Edition | 13 May 2009 | 12:45 pm

Frontier to buy Verizon phone access lines for $5.25 billion (Reuters)

Reuters - Frontier Communications Inc has agreed to buy 4.8 million access lines from Verizon Communications Inc for $5.25 billion in stock, in a deal that triples its size and makes it the largest U.S. communications provider serving rural areas.

Source: Yahoo! News: Business | 13 May 2009 | 12:43 pm

Wall Street set for lower open (AP)

AP - Wall Street is set for a lower open after a worse-than-expected report on retail sales.

Source: Yahoo! News: Stock Markets News | 13 May 2009 | 12:41 pm

U.S. retail sales fell 0.4 percent in April (Reuters)

Reuters - Sales at U.S. retailers fell for a second straight month in April, pulled down by sluggish gasoline and electronic goods purchases, government data showed on Wednesday.

Source: Yahoo! News: Business | 13 May 2009 | 12:40 pm

Economic Report: Retail sales tumble 0.4% in April

U.S. consumers pull back again in April, as retail sales drop for the eighth time in the past 10 months, the Commerce Department estimates.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:32 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:31 pm

Currencies: Dollar holds ground ahead of retail sales

The U.S. dollar holds its ground Wednesday, with a key index hovering above four-month lows ahead of data on April retail sales.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:30 pm

EU slaps a record fine on Intel

Chipmaker Intel is fined a record 1.06bn euros ($1.45bn; £948m) by the European Commission for anti-competitive practices.
Source: BBC News | Business | World Edition | 13 May 2009 | 12:27 pm

MarketWatch First Take: Intel and the folly of regulation

The European Commission case against Intel isn't likely to make much difference.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:22 pm

eBay defeats L'Oreal court case

Online auction house eBay is not liable for the sale of any counterfeit L'Oreal products through its website, a French judge rules.
Source: BBC News | Business | World Edition | 13 May 2009 | 12:21 pm

Macy's reports wider 1st-quarter loss

Macy's is reporting that it had a wider loss in the first quarter as its results were hurt by restructuring charges. The department store operator says Wednesday that it had a loss of...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 12:20 pm

Intel hit with record $1.45 billion antitrust fine (Reuters)

Reuters - The European Commission fined Intel Corp a record 1.06 billion euros ($1.45 billion) on Wednesday and ordered it to halt illegal rebates and other practices used to squeeze out rival AMD.

Source: Yahoo! News: Business | 13 May 2009 | 12:20 pm

Stock futures point lower as retail sales eyed (Reuters)

Reuters - Stock index futures fell about 1 percent on Wednesday as investors waited for key retail sales data for an indication of the mood of the U.S. consumer.

Source: Yahoo! News: Business | 13 May 2009 | 12:20 pm

Stock futures point lower as retail sales eyed (Reuters)

Reuters - Stock index futures fell about 1 percent on Wednesday as investors waited for key retail sales data for an indication of the mood of the U.S. consumer.

Source: Yahoo! News: Stock Markets News | 13 May 2009 | 12:20 pm

Macy's posts wider quarterly net loss

NEW YORK (Reuters) - Macy's Inc posted a wider quarterly loss on Wednesday, hurt by a persisting decline in sales as shoppers at its department stores shunned unnecessary items in the recession.
Source: Reuters: Business News | 13 May 2009 | 12:17 pm

Dr Pepper profit beats Street view and ups forecast

BANGALORE (Reuters) - Dr Pepper Snapple Group Inc reported higher-than-expected quarterly profit on Wednesday as consumers drank up its value-priced soft drinks, and the company raised its 2009 profit forecast, sending its shares up 5.9 percent in premarket trade.
Source: Reuters: Business News | 13 May 2009 | 12:13 pm

Liz Claiborne loss widens as sales tumble

Liz Claiborne Inc., hurt by reduced mall traffic as consumers curtailed discretionary spending, says Wednesday that its first-quarter loss widened.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:13 pm

Circuit City brand, Web site sold at auction (AP)

AP - Bankrupt Circuit City's brand, trademarks and e-commerce business have been sold at auction to a New York-based retailer.
Source: Yahoo! News: Business | 13 May 2009 | 12:06 pm

Verizon to spin out rural business with Frontier

Verizon has agreed to spin out its rural communications operations, in the form of 4.8 million access lines across 14 states, in a stock-swap deal with Frontier Communications valued at $8.6 billion.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 12:05 pm

Foreclosures: 'April was a shocker'

Foreclosures in April exceeded even March's blistering pace with a record 342,038 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 12:04 pm

Compass soars as caterer serves up bumper profits

Compass Group the world's largest caterer shrugged off the financial gloom to serve up a near40pc rise in firsthalf profits.
Source: Telegraph Finance | 13 May 2009 | 11:59 am

London Markets: Banks, REITS, miners drag London lower

Compass Group rallies in a largely listless London market on Wednesday, with the catering group jumping as much as 8% after well-received first-half results.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 11:58 am

Verizon sells 5 million land lines

Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:57 am

Steve Jobs gets to raze his mansion

Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:55 am

Germany approves bad bank plan

LONDON (MarketWatch) -- The German cabinet on Wednesday approved a so-called bad bank plan for the country which will help lenders rid their balance sheets of toxic assets.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 11:55 am

Cities, states get $5 billion for infrastructure

Cash-strapped cities and states will get a $5 billion boost from Citigroup.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:53 am

Frontier to buy Verizon phone access lines

NEW YORK (Reuters) - Rural telephone service provider Frontier Communications Corp has agreed to buy 4.8 million phone access lines in 14 states from Verizon Communications Inc for $5.35 billion in stock.
Source: Reuters: Business News | 13 May 2009 | 11:51 am

Hotcross buns boost Greggs' sales

The traditional Easter treat of hotcross buns tempted more people into Greggs the high street baker this year than in 2008 boosting sales.
Source: Telegraph Finance | 13 May 2009 | 11:50 am

MGM plans to raise $2.5 billion

Indebted casino operator MGM Mirage Inc. said Wednesday that it plans to raise around $2.5 billion through the offer of new shares and senior secured notes.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 11:50 am

EU fines Intel $1.45 billion

European regulators slapped Intel Corp. with a record fine of $1.45 billion Wednesday after a nearly eight-year long antitrust case.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:49 am

Wood Mackenzie gets 10 or more bids -source

LONDON, May 13 (Reuters) - At least 10 groups, including private equity firms, consultancies and trade rivals, have made indicative bids for British energy consultancy Wood Mackenzie, a source familiar...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:48 am

Intel fined a record $1.45 bln by E.U. regulator

The European Competition Commission fines chip maker Intel a record 1.06 billion euros ($1.45 billion) for abusing its dominance of the market to squeeze out rival Advanced Micro Devices.

Source: MarketWatch.com - Top Stories | 13 May 2009 | 11:48 am

MGM Mirage amends credit facility, plans offering

(Reuters) - MGM Mirage said it obtained a waiver and amended its senior credit facility, requiring the casino operator to offer up to $2.5 billion in stock and notes.
Source: Reuters: Business News | 13 May 2009 | 11:46 am

Germany agrees 'bad bank' scheme

The German cabinet agrees a "bad bank" scheme, to enable lenders to remove toxic assets from their balance sheets.
Source: BBC News | Business | World Edition | 13 May 2009 | 11:46 am

U.S. looks at financial sector pay overhaul: report

(Reuters) - The Obama administration has commenced discussions on an initiative to change compensation practices in the financial-services industry, even at companies that were not recipients of federal bailout money, the Wall Street Journal said, citing people familiar with the matter.
Source: Reuters: Business News | 13 May 2009 | 11:43 am

Intel hit with record $1.45 billion antitrust fine

BRUSSELS (Reuters) - The European Commission fined Intel Corp a record 1.06 billion euros ($1.45 billion) on Wednesday and ordered it to halt illegal rebates and other practices used to squeeze out rival AMD.
Source: Reuters: Business News | 13 May 2009 | 11:41 am

French net piracy bill signed off

France passes a law to combat copyright piracy by disconnecting people who illegally download films and music.
Source: BBC News | Business | World Edition | 13 May 2009 | 11:37 am

2,300 jobs to go at Daimler's Mitsubishi Fuso

Daimler AG announced a restructuring plan Wednesday for its Mitsubishi Fuso Truck and Bus Corp. that is expected to result in some 2,300 job cuts by the end of next year. Kawasaki,...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:35 am

Insurance chiefs warn Chancellor's pension reforms will discourage savers

Chief executives at two of Britain's largest insurers have criticised changes to the pensions system proposed by Alistair Darling in last month's Budget warning the move will discourage saving.
Source: Telegraph Finance | 13 May 2009 | 11:35 am

Does my corporate card impact my credit score?

Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:32 am

IRS auditing Tribune employee stock plan

The Internal Revenue Service is auditing a Tribune Co. deal involving its employee stock ownership plan, a major piece of Sam Zell's plan to take his media company private. The Chicago...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:32 am

ALL Reports 1Q09 Results

CURITIBA, Brazil, May 13 /PRNewswire-FirstCall/ -- America Latina Logistica S.A. - ALL (Bovespa: ALLL11), Latin America's largest independent logistics company, announces its...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:31 am

Stock futures extend losses

NEW YORK (Reuters) - Stock index futures extended losses on Wednesday as investors waited for key retail sales data for an indication of the mood of the U.S. consumer.
Source: Reuters: Business News | 13 May 2009 | 11:30 am

Environmental Tectonics Corporation Announces Fourth Quarter and Fiscal 2009 Results

SOUTHAMPTON, Pa., May 13 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation (NYSE AMEX LLC: ETC) ("ETC" or the "Company") today announced financial
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:30 am

Helen of Troy Limited Reports Sales and Earnings for Fourth Quarter and Fiscal Year 2009

EL PASO, Texas, May 13 /PRNewswire-FirstCall/ -- Helen of Troy Limited (Nasdaq: HELE), designer, developer and worldwide marketer of brand-name personal care and household...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:30 am

Verizon, Frontier in $8.6B deal for wirelines

Verizon says it has reached a deal to shed its traditional telephone line business in 14 states in a deal worth $8.6 billion. Frontier Communications Corp., based in Stamford, Conn.,...
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:29 am

Where GM still rules

General Motors, the quintessential U.S. company, sold more vehicles in Asia in the first quarter than it did in the United States.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:29 am

Wall Street set for lower open

Wall Street is set for a lower open Wednesday as investors await key readings that will provide insight into the health of retailers and consumers. The market has put on hold a two-month
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:28 am

European markets down ahead of key US retail news (AP)

AP - European stock markets reversed earlier gains Wednesday as Wall Street futures pointed to a lower opening amid uncertainty about upcoming U.S. retail sales figures.

Source: Yahoo! News: Stock Markets News | 13 May 2009 | 11:28 am

European markets down ahead of key US retail news

European stock markets reversed earlier gains Wednesday as Wall Street futures pointed to a lower opening amid uncertainty about upcoming U.S. retail sales figures. The FTSE 100 index of
Source: RSS feed - channel BNewsBusiness | 13 May 2009 | 11:28 am

Top 10 Analyst Upgrades & Downgrades (ANF, CE, FLEX, FCL, HD, HMIN, LNC, MRO, OSG, SON)

These are ten of the top analyst upgrades and downgrades from Wall Street we have seen early this Wednesday morning with more than two hours until the market opens for trading: Abercrombie & Fitch (ANF) Raised to Buy at Jefferies. Celanese (CE) Cut to Hold at Citigroup. Flextronics (FLEX) Cuto Sell at Collins Stewart. Foundation Coal (FCL) Cut to [...]

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Source: 24/7 Wall Street | 13 May 2009 | 11:27 am

Stocks set to decline at open

U.S. stocks were set to slip at the open Wednesday ahead of a key reading on retail sales and after leading chipmaker Intel was assessed a record antitrust fine in Europe.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:24 am

Schooling Gen Y in money matters

Heading west into a Texas sunset, the rented RV clatters along Interstate 20, rolling past cotton fields, windmills and oil derricks that glint gold in the last of the light. Tom Davidson is at the wheel, doing 80 and fighting fatigue.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:19 am

European Union fines Intel a record $1.45 billion

The Santa Clara company was accused of offering improper rebates and other discounts to discourage companies from buying microprocessors from its smaller rival, Advanced Micro Devices Inc.

European regulators today levied a record antitrust fine of $1.45 billion against Intel. Corp. for abusing its position as the world's dominant computer chip maker.

Source: L.A. Times - Business | 13 May 2009 | 11:19 am

European Union fines Intel a record $1.45 billion

The Santa Clara company was accused of offering improper rebates and other discounts to discourage companies from buying microprocessors from its smaller rival, Advanced Micro Devices Inc. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 11:19 am

Money market rates fall to pre-Lehman levels

The gap between London interbank rates and overnight market rates – a pure measure of credit risk – has dropped to levels not seen since last year's collapse of Lehman Brothers
Source: Financial Times - US homepage | 13 May 2009 | 11:16 am

When Words Fail…

Source: Business Pundit | 13 May 2009 | 11:03 am

Social Security could be empty by 2037

The recession has taken its toll on Social Security. The officials who oversee the program forecast Tuesday that the Social Security trust fund will be exhausted by 2037 -- four years earlier than estimated last year.
Source: Business and financial news - CNNMoney.com | 13 May 2009 | 11:02 am

Bank of England Governor Mervyn King warns UK recovery will be slow

Mervyn King the Governor of the Bank of England warned on Wednesday that a recovery will be slow.
Source: Telegraph Finance | 13 May 2009 | 11:01 am

Brussels fines Intel record €1bn

European Commission imposes record €1.06bn penalty on Intel, ordering it to halt illegal rebates
Source: Financial Times - US homepage | 13 May 2009 | 10:59 am

Intel statement: boss Paul Otellini says EC fine is wrong and chipmaker will appeal

Paul Otellini the chief executive of Intel said the European Commission's decision to fine the computer chip maker a record €1.1bn £1bn for anticompetitive behaviour was wrong and he would appeal.
Source: Telegraph Finance | 13 May 2009 | 10:57 am

Bank sees slow economic recovery

The Bank of England says that the UK economic recovery is likely to be "slow and protracted" in its latest quarterly inflation report.
Source: BBC News | Business | World Edition | 13 May 2009 | 10:52 am

Japanese trade indicator halves

Japan's current account surplus, the widest measure of its overseas trade, fell 50.2% in the year to the end of March.
Source: BBC News | Business | World Edition | 13 May 2009 | 10:27 am

Analysts on the Bank of England's May Inflation Report

Analysts' reactions to the Bank of England's quarterly Inflation Report which predicted the British economy will shrink sharply in the coming months before recovering at a slower pace than previously thought.
Source: Telegraph Finance | 13 May 2009 | 10:22 am

New Obama Plan: Monitor Pay Of Everyone On Wall St.

According to The Wall Street Journal, the Administration is looking at a plan to drive the last talented person out of the financial industry. The paper writes that “The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money.”  [...]

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Source: 24/7 Wall Street | 13 May 2009 | 10:21 am

Top Irish banker pelted with eggs

The chairman of Allied Irish Bank faces angry shareholders at an emergency general meeting.
Source: BBC News | Business | World Edition | 13 May 2009 | 10:20 am

Bank of England Governor Mervyn King on quantitative easing recovery business cycle

Quotes from Governor Mervyn King at the news conference following the release of the Bank of England's May Inflation Report.
Source: Telegraph Finance | 13 May 2009 | 10:15 am

Johnston Press shares slump as Irish sale ditched

Shares in Johnston Press slumped almost 30pc on Wednesday morning as the group issued a profits warning and said the failure to sell its Irish business meant there was a "strong likelihood" it would breach banking covenants.
Source: Telegraph Finance | 13 May 2009 | 10:15 am

Intel (INTC), Finally Fined By The EU, Faces Years Of Litigation

The EU finally fined Intel (INTC) for anti-competitive behavior and the amount of the fine was staggering–$1.44 billion. Intel has been accused of using pricing and special rebates to undermine the sales of its smaller rival AMD (AMD). AMD has $5 billion of debt and rarely does better than breakeven. It is faced with the [...]

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Source: 24/7 Wall Street | 13 May 2009 | 10:07 am

Broker tips: buy Randgold sell RBS

Stockbrokers' views on a selection of shares also including Next and Bovis Homes.
Source: Telegraph Finance | 13 May 2009 | 10:04 am

Intel fined €1.1bn by the European Commission for anticompetitive behaviour

Brussels said the microchip maker's anticompetitive behaviour had harmed millions of European consumers.
Source: Telegraph Finance | 13 May 2009 | 9:56 am

Recruitment boss guilty of fraud

The former head of recruitment firm Monster Worldwide is found guilty of fraud in a stock option backdating scheme.
Source: BBC News | Business | World Edition | 13 May 2009 | 9:55 am

Foreclosures Soar In April

Foreclosures took a frightening jump up in April. A report from RealtyTrac says that the number moved up 32% over April of last year and hit 342,038.  Homes defaults and auctions rose 47% over the same period. RealtyTrac’s theory for the jump is that banks are becoming more aggressive in working through their portfolios of bad [...]

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Source: 24/7 Wall Street | 13 May 2009 | 9:55 am

Stress Testing Banks In Europe

The FT reports that the IMF wants to stress test banks in Europe. For the governments of the EU and UK move ahead with such a program, they will have to overcome some high hurdles. The first of those is whether all of the countries in Europe can agree to a common set of criteria for the tests. Given [...]

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Source: 24/7 Wall Street | 13 May 2009 | 9:35 am

Latin America boosts Telefonica

Telefonica reports better-than-expected results as good trade in Latin America makes up for weakness in Spain.
Source: BBC News | Business | World Edition | 13 May 2009 | 9:27 am

Citi's Primerica seeks bids for marketing arm: report

(Reuters) - Executives at Citigroup Inc's Primerica Financial Services unit are looking to sell the division's marketing arm, Bloomberg said, citing four people familiar with the matter.
Source: Reuters: Business News | 13 May 2009 | 9:14 am

Will Renting Be The Undoing Of Home Prices?

CNBC ran a brief segment on the number of people who have decided to rent homes and apartments rather than buy them.  The point of the reporting was simple. People who need to move out of their houses sometimes cannot sell them. Instead, they rent wherever they have moved and hope to sell their homes [...]

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Source: 24/7 Wall Street | 13 May 2009 | 9:12 am

U.S. retail sales seen flat

WASHINGTON (Reuters) - Economists surveyed by Reuters believe that U.S. retail sales outside the auto sector regained some strength in April, helped by Easter holiday shopping and moderately stronger consumer confidence.
Source: Reuters: Business News | 13 May 2009 | 9:09 am

The Great Social Security And Medicare Panic

Every major newspaper and online news service carried that same headline, perhaps all written by the same copy desk: “Medicare And Social Security Face Insolvency.” Cynics said that the announcement by the Social Security and Medicare Boards of Trustees will be used as a powerful argument to raise taxes to replenish the funds. Skeptics said [...]

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Source: 24/7 Wall Street | 13 May 2009 | 9:05 am

Dollar falls, economy recovery hopes grow (Reuters)

Reuters - The U.S. dollar fell to a four-month low on Wednesday, its safe haven appeal eroded by optimism about a global economic recovery and concerns about the United States' fiscal health.

Source: Yahoo! News: Stock Markets News | 13 May 2009 | 8:38 am

Media Digest 5/13/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters : Intel (INTC) said its results are running better than expected. Reuters :  The government is looking at a pay overhaul in the financial sector. Reuters: Economic woes are hurting the Medicare and Social Security trust funds. Reuters: The Chrysler bankruptcy may take two years. Reuters: The US may be at risk for losing its Triple-A credit [...]

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Source: 24/7 Wall Street | 13 May 2009 | 8:07 am

Asia Markets And Europe Open 5/13/2009

Markets in Asia were mostly higher. The Nikkei was up .5% to 9,340. The Hang Seng rose .3% to 17,201. The Shanghai Composite rose 1.7% to 2,664. At the open in Europe, the FTSE rose .2% to 4,433. The Dax was up .4% to 4,875 and the CAC 40 rose .3% to 2,340. Data from MarketWatch and Reuters. Douglas A. McIntyre Posted [...]

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Source: 24/7 Wall Street | 13 May 2009 | 7:29 am

Allegiant Air's prudent ways help it soar amid slump in travel

The little-known Las Vegas carrier is the nation's most profitable: First-quarter profit rose nearly 200% to $28.2 million on revenue of $142.1 million. And that's despite teaser fares as low as $9.

With the high cost of flying and headache of getting through airport security, James and Wendy Greenfield of Fountain Valley have never flown with all their children.

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

FDA takes issue with Cheerios health claims

The agency warns General Mills that specific assertions that the oat cereal lowers cholesterol and reduces the risk of heart disease and cancer violate federal law.

Cheerios . . . the wonder drug?

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

Ex-L.A. investment agent pleads guilty to N.Y. securities fraud

Julio Ramirez Jr. of San Marino was at different times involved in the mayoral campaigns of Mike Woo, James Hahn and Richard Riordan.

A San Marino businessman with long-standing connections to Los Angeles City Hall has pleaded guilty to criminal securities fraud as part of a probe of alleged pay-to-play corruption at a New York state government pension fund, prosecutors said Tuesday.

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

AIG to say its need for bailouts is over

CEO Ed Liddy plans to tell Congress that his insurance company is stabilizing and won't need more government support. AIG has received $182.5 billion since September. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

Ex-L.A. investment agent pleads guilty to N.Y. securities fraud

Julio Ramirez Jr. of San Marino was at different times involved in the mayoral campaigns of Mike Woo, James Hahn and Richard Riordan. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

FDA takes issue with Cheerios health claims

The agency warns General Mills that specific assertions that the oat cereal lowers cholesterol and reduces the risk of heart disease and cancer violate federal law. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

Freddie Mac reports $10-billion first-quarter loss

The mortgage finance company will get an additional $6 billion in bailout funds. In an odd twist, it might have to borrow more federal money to pay the government its dividend. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

Investors hunt defensive stocks as rally stalls

Stocks ended mixed but well off their lows Tuesday as early concerns about a barrage of stock offerings eased and rising oil prices lifted energy stocks. The Dow Jones industrials rose 50 points while...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

Real estate swings have affected minorities more than whites, study shows

Minorities bought homes at a faster pace than whites from 1995 to 2005, a Pew report says. But in recent years, declines in homeownership among blacks and Latinos were especially severe. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

He's an outsourcer, and proud of it

Steve Rochman's L.A. firm helps small and medium-size companies cut costs by shipping work abroad. Speaking with him, I couldn't help but feel that he's hastening the decline of U.S. manufacturing.

Los Angeles businessman Steve Rochman is doing everything he can to create jobs, even if most of those jobs are in China.

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

He's an outsourcer, and proud of it

Steve Rochman's L.A. firm helps small and medium-size companies cut costs by shipping work abroad. Speaking with him, I couldn't help but feel that he's hastening the decline of U.S. manufacturing. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

GM's stock tumbles as 6 top executives sell stakes

The automaker's shares fall to $1.09 during trading, their lowest level since 1933. They end the session at $1.15, down 29 cents, or 20%.

General Motors Corp.'s stock fell to lows not seen since the Great Depression on Tuesday as investors reacted to news that six top executives had sold the remainder of their holdings in the company.

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

Allegiant Air's prudent ways help it soar amid slump in travel

The little-known Las Vegas carrier is the nation's most profitable: First-quarter profit rose nearly 200% to $28.2 million on revenue of $142.1 million. And that's despite teaser fares as low as $9. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

Sour commercial real estate loans threaten to hurt regional banks

Delinquencies are snowballing on construction loans and mortgages for office buildings, malls and apartments. The trend is particularly worrisome in Southern California.

The slumping market for commercial real estate -- viewed by many as the next big shoe to drop on the economy -- now threatens to drag down regional banks as they struggle to collect on loans made against shopping centers and office buildings.

Source: L.A. Times - Business | 13 May 2009 | 7:00 am

Sour commercial real estate loans threaten to hurt regional banks

Delinquencies are snowballing on construction loans and mortgages for office buildings, malls and apartments. The trend is particularly worrisome in Southern California. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2009 | 7:00 am

NZ stocks: Market boosted by Fletcher Building

The New Zealand sharemarket was mixed today though turnover was healthy. The benchmark NZSX-50 index closed down 0.04 per cent, or 1.133 points, at 2811.564. Turnover was 43 million shares worth $133.8 million. There were 41 rises...
Source: New Zealand Herald - Business | 13 May 2009 | 6:40 am

Compensation Watch '09: You Get What We Say You Get, Bitches!

And when I say bitches, I'm looking at all of you. Work for a bank that took a little bit of TARP money? Work for a bank that took a lot a bit of TARP money? Work for a bank that took no TARP money? Senior hire? Low man on totem pole? I'm calling the money shots on all your asses.

The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.

The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.

[...]

During a recent congressional hearing, Chairman Ben Bernanke said the Fed was working on rules that will "ask or tell banks to structure their compensation, not just at the very top level but down much further, in a way that is consistent with safety and soundness -- which means that payments, bonuses and so on should be tied to performance and should not induce excessive risk."

US Eyes Bank Pay Overhaul [WSJ]

Related: BenBernanke - Financial services - Troubled Asset Relief Program - Federal Reserve System - Business
Source: Dealbreaker | 13 May 2009 | 6:33 am

Chrysler bankruptcy may take up to two years: report

(Reuters) - Chrysler's bankruptcy may take as long as two years, instead of the two months that President Barack Obama suggested as a target, Bloomberg said, citing an administration official.
Source: Reuters: Business News | 13 May 2009 | 6:12 am

Chrysler bankruptcy may take up to two years: report (Reuters)

Reuters - Chrysler's bankruptcy may take as long as two years, instead of the two months that President Barack Obama suggested as a target, Bloomberg said, citing an administration official.
Source: Yahoo! News: Business | 13 May 2009 | 6:12 am

Love Gov Hasn't Yet Decided His Position On Prostitution

Rachel Maddow: Do you think prostitution should be legal?

Eliot Spitzer: No. I, umm...these are...not victimless crimes, I know there is that argument. Right now we're going through it in other contexts...marijuana...other areas sort of where they've been at the boundary of criminal conduct from a prosecutorial perspective...I...umm...perhaps I'm not the right one to pass judgment at this point.

Related: Ball Park It. Are We Talkin' Like Calling Up Prosties Once In A Blue Moon To Blow Off Steam Or Were You Bangin' Hooks On The Reg-U-Lar For The Past Decade?

Related: Breaking News - World News - msnbc.com - Rachel Maddow - Eliot Spitzer
Source: Dealbreaker | 13 May 2009 | 5:50 am

Currency: Dollar holds firm over US60c

The New Zealand dollar had an up and down day but managed to finish higher than yesterday. By 5pm the NZ dollar was buying US60.58c, up from US59.97c at the same time yesterday. The NZ dollar dipped in the wake of the Reserve...
Source: New Zealand Herald - Business | 13 May 2009 | 5:34 am

Employer ACC breaks better than tax cuts, says NZIER

Economic consultant NZIER says the Government could better stimulate the economy by cutting employment costs rather than taxes. In a report released today, the group advocated temporary suspension of payroll taxes, such as the...
Source: New Zealand Herald - Business | 13 May 2009 | 4:57 am

At Searchology, Google unveils new search features

New tools let users fine-tune their queries and show results in more structured ways. The Wonder Wheel, the spreadsheet function Google Squared and the Sky Map phone app are announced.

Google Inc. engineers on Tuesday unveiled a series of features showing that online searches are starting to yield much more than a bland list of text-based answers.

Source: L.A. Times - Business | 13 May 2009 | 4:23 am

Job Seekers: How to Negotiate a Higher Offer (Deal of the Day)

Challenging as it is, finding a job in today’s economy is only half the battle. The truly difficult part? Negotiating a decent compensation package.

With an average of five unemployed people now vying for each job opening, according to the nonprofit Economic Policy Institute, employers who are hiring can afford to be picky — and tight-fisted. Many companies are reducing compensation for their existing employees, which means they’re more likely to offer lower salaries to new hires, says Fred Crandall, a senior consultant at human resources consulting firm Watson Wyatt. In April, 21% of employers had reduced employee compensation, according to a Watson Wyatt survey, up from 7% in February.

And while you may feel compelled to accept any job offer, failing to negotiate a compensation package can cost you. These days, employers who engage in such “lowballing” are offering an average 10% to 15% less than what they would have offered before the recession began, says Ford Myers, president of Career Potential, a Haverford, Pa.-based career coaching and consulting firm.

Here’s how you can find out how much you’re worth in this economy — and how to get it.

Know how much your peers make

Start your research at Salary.com, which offers free salary range reports based on your industry and location. You can also purchase reports that show salary ranges based on education and experience. Entry-level position reports cost $30 each, while midlevel and executive reports cost $50 and $80, respectively. Another free resource: the Bureau of Labor Statistics’ Occupational Outlook Handbook, which includes median salary statistics for hundreds of occupations.

For more personalized advice, team up with a headhunter who specializes in your industry, says Bonnie Monych, a career coach based in The Woodlands, Texas. Headhunters track average salary ranges and can tell you what skills are most sought-after by employers in your field. Public libraries and professional industry associations often keep lists of local headhunters. Your employed friends may also help with referrals.

Finally, consider broadcasting your request to your Facebook and Twitter contacts. You can’t just ask someone how much they make, but you’d be surprised how many people would be willing to share a typical salary range for their field, says Annemarie Segaric, owner of the Pelham, N.Y.-based Career Changer Company, which offers career coaching. LinkedIn users can join industry networking groups and post questions about salary trends.

Polish up your skills — and boast them

Faced with tight budgets, few companies these days are willing to spend money on training new hires, says Joe Kilmartin, managing director of compensation at Salary.com. Instead, they’re looking for applicants who can hit the ground running from the first day on the job. During your interviews, ask what the company is looking for and explain how you can fulfill those needs, says Robert Todd, head of compensation and benefits operations at Novartis (NVS) Vaccines & Diagnostics, which is currently hiring.

Training or certification programs can hone your skills or acquire new ones. The good news: Many courses are offered for free. The Department of Labor’s Career Voyages program, for example, provides educational and apprenticeship information for auto workers transitioning to careers in public safety, marketing or sales. And many prestigious universities, including Harvard University, Massachusetts Institute of Technology and Yale University, post the materials that professors use to teach their regular classes on the web for free. States also receive funding from the federal government for one-stop career centers. Services vary by center but include interview preparation and training events.

Don’t be afraid to negotiate

Many employers won’t extend their best offer unless you negotiate, says Monych. So now is the time to use all that research and come up with a desired salary range. Don’t be afraid to ask for a 10% increase from your last salary -- especially if you were underpaid. Ranges for five-figure salaries should be within $10,000 (for example, $60,000 to $70,000), while six-figure salary ranges can be wider (say, $100,000 to $140,000).

When an employer doesn’t budge from their initial offer, try negotiating other terms, like an extra week’s vacation, says Segaric. Or see if your employer will consider a raise six months after you start working — assuming that you meet their performance standards.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 13 May 2009 | 4:00 am

Stocks Aim to Open Lower Before Data (Market Update)

News at a Glance

• Housing Hobbled: Foreclosures hit record in April.
• Futures Dip: Major indexes look to open lower.
• Core Growth: Intel sees surprising Q2 results.
• Retail Update: Sales data due out at 8:30 a.m.

The Lowdown

Wall Street is frowning on new data that suggests the housing market may have further to fall after all.

Stocks looked to open lower Wednesday, as traders weighed anemic housing data and awaited the latest report on retail sales. Shortly before 8 a.m., Dow, Nasdaq and S&P 500 futures were trading below fair value.

The housing sector continued to show signs weakness last month, despite prior data that appeared to suggest a bottom. In April, the rate of foreclosure activity among U.S. homes hit a new record high. One out of every 347 U.S. housing units received a foreclosure filing last month, according to RealtyTrac.

The housing data came a day after a report showing the median price of a new home fell in 88% of U.S. cities during the first quarter. The National Association of Realtors said the average price of an existing home declined in 134 out of 152 metropolitan markets. However, before this week, several signs had pointed to a housing floor, including the apparent stabilization of the annual rates of new and existing home sales.

In Washington, the Obama administration is engaged in negotiations to revamp compensation practices across the financial industry, regardless of whether the firms involved have accepted federal bailout money, The Wall Street Journal reported, citing anonymous sources. The measures being discussed include changing the measures of achievement for performance-based pay and handing down a vetted set of best practices.

World markets were fairly steady. In Asia, Japan's Nikkei climbed 0.5%, while Hong Kong's Hang Seng slipped 0.6%. In Europe, the major indexes of London, Paris and Frankfurt each slipped less than 1.0% in afternoon trading.

On the Nymex, energy prices crept up before the release of the crude inventories report. By 6:05 a.m., crude traded up 46 cents at $59.31 a barrel.

Corporate News

• Intel (INTC) Chief Executive Paul Otellini said the firm has exceeded expectations for orders and sales thus far in the second quarter, Reuters reported. "So far, so good," Otellini said, refering to Intel's billing patterns. The chipmaker's results are widely considered an indicator for the health of the semiconductor industry and the broader tech sector.
• Chrysler plans to trim up to 25% of its 3,200 dealers on Thursday, the Associated Press reported, citing a lawyer attempting to represent the dealers. The laywer said Chrysler plans to reject 800 franchise agreements. A spokeswoman for Chrysler said the firm had not yet decided on the number of dealerships to let go.
• Kentucky Fried Chicken, a subsidiary of Yum Brands (YUM), canceled a free chicken giveaway because of overwhelming demand. Roger Eaton, president of KFC in the United States, said the restaurant chain would no longer accept coupons for free grilled chicken meals because an endorsement on "The Oprah Winfrey Show," and the show's Web site encouraged millions of coupon downloads and long lines at franchises around the country.

The Economy

• The April report on retail sales is scheduled to be released at 8:30 a.m. by the Commerce Department. In March, retail sales slipped 1.2% (excluding autos, sales fell 1.0%). For April, economists predict sales will have remained flat (excluding autos, they expect a bump of 0.2%).
• The March report on business inventories, a measure of lag demand relative to expectations, is scheduled to be released at 10 a.m. by the Commerce Department. In March, inventories slipped 1.3%. For April, economists project an decrease of 1.1%.
• The crude inventories report for last week is scheduled to be released at 10:30 a.m. by the Energy Department. In the prior week, inventories were above the upper limit of the average range for this point in the year.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 13 May 2009 | 4:00 am

A Classic Soup Stock Looks Tasty

WHEN CAMPBELL SOUP AND HANSEN NATURAL showed up on opposite ends of the 52-week high and low list recently, it was a stark reminder of changing Wall Street sentiments: The once-defensive stock of Campbell Soup (CPB) has quickly become passé, replaced by high-growth stories like Hansen Natural (HANS), whose caffeinated beverages are again jolting shares. The maker of energy drinks and organic soda is up 70% over the last six months, versus a 30% decline for comfort-food specialist Campbell.

Hansen now fetches 19 times forward earnings-per-share estimates versus a stingy 12 times for Campbell. Needless to say, Barrons.com prefers shares of the latter.

Of course, Hansen has enviable growth prospects, assuming that energy drinks continue to win share over traditional carbonated beverages. But it's fair to wonder whether Hansen's highly caffeinated Monster drinks have the staying power of condensed soup.

Fund manager Don Wordell views the current rally, led by stocks like Hansen, as unsustainable. "All the stocks we thought were going to be dead earlier this year are now rallying," says Wordell, who runs the RidgeWorth Mid-Cap Value Equity Fund (SMVTX) for RidgeWorth Investments. "We think the market is going to come back and focus on the companies that have strong balance sheets, strong business models and long histories of paying dividends."

Shares of 140-year-old Campbell should still fit the bill. The soup maker has raised its dividend for six straight years, and, at 3.8%, Campbell sports its highest yield in at least 20 years. Over the last five years, Campbell's shares have posted a total return of 12%, versus a 6% decline for the Standard & Poor's 500 index.

Barrons.com wrote favorably about Campbell late last year ("A New Taste for Campbell," Dec. 30, 2008). Much of the positive argument remains, particularly with shares at a decade-low valuation.

Campbell continues to forecast long-term sales growth of 3% to 4% and earnings-per-share growth of 5% to 7%. While condensed soups are still a large component of Campbell's revenue, new products like the health-conscious Select Harvest and V8 soups are gaining traction. In the November-to-January period, they helped drive up sales in Campbell's ready-to-serve category by 7%.

Meanwhile, with 12% of Hansen shares held short, the stock has its skeptics. To be fair, Hansen has performed far better than Campbell over the last five years, with its shares up some 1,400%. According to Canaccord Adams analyst Scott Van Winkle, investors have been further encouraged of late by a new agreement in which Coca-Cola bottlers will distribute Hansen products throughout the U.S., Canada and Europe.

NEAR THE END OF A VOLATILE WEEK for Hansen shares, the company on Thursday reported first-quarter earnings of 44 cents a share, beating expectations and sending shares to a fresh 52-week high of 43.39 on Friday. Analysts surveyed by Thomson Reuters had foreseen EPS of 37 cents, up from a 2008 figure of 29 cents.

But Hansen shares look topped out once again. At the very least, they're well above the average 12-month target of 37.25 held by analysts. "There's not a lot of margin for error in this market environment with that valuation," Van Winkle says. He adds that a takeout premium has likely been embedded into Hansen shares, with many anticipating that Coca-Cola (KO) could make a bid for the entire company.

The company said its market share in energy drinks continued to rise in the quarter. Hansen now controls about 28% of the category. Despite the recent momentum, Mark Astrachan, an analyst at Stifel Nicolaus, downgraded Hansen shares in late March to Hold from Buy.

"There's a lot of good news out there," he says. "But we think the shares are reflecting that."

Campbell shares should have an easier path to long-term gains. Soleil Securities analyst Edgar Roesch notes that recent data points from food makers portend better results for Campbell, which reports fiscal third-quarter earnings later this month.

Shares of Kraft Foods (KFT) rose 4% last Tuesday, after the packaged-foods maker beat first-quarter expectations, largely because retailers reduced inventories less than feared. "Destocking" has hurt Campbell lately; if the inventory trend that helped Kraft pans out for Campbell, too, the soup maker likely will report improved shipments to retailers as part of its third-quarter results. It could also benefit from broader catalysts. Packaged-foods stocks have lagged in the recent rally -- especially Campbell. On a forward price-to-earnings basis, it trades at a 12% discount to the group.

"At some point, there's going to be bargain-hunting, and people are going to look at what's been left behind," says Roesch.

Cue the revving of shopping carts.

A version of this story appeared May 5 on Barrons.com.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 13 May 2009 | 4:00 am

Will Retailers Ruin the Rally? (On the Street)

Investors looking to put the desultory (but not as bad as feared) first-quarter earnings season behind them had best hold off for a few more weeks. Earnings season ain't over 'til it's over -- and we've yet to hear from the retailers.

With 70% of the economy driven by consumer spending, Wall Street eagerly awaits Wednesday's retail sales data and earnings from Macy's (M) -- not to mention a report from Wal-Mart (WMT), the biggest of them all, on Thursday, as well as housing bellwethers like Home Depot (HD) and Lowe's (LOW) on tap next week. The good news is that the market is poised to rise, at best -- and shrug off, at worst -- what these companies report, experts say. But longer term their numbers and commentary will offer important clues as to the progress of the painful process known as the New Frugality.

"What's good for the economy and what's good for society is not necessarily good for retailers," says Matthew Kaufler, equity market strategist and portfolio manager at Federated Clover Capital Advisors. "It's good when people stop using their homes and portfolios as ATM machines."

After all, too much consumer debt -- in the form of mortgages, home equity lines of credit and credit cards -- got us into this mess. What the retailers say -- from the dollar stores to the luxury players -- will offer a window into how consumers are weaning themselves from their debt-fueled ways.

Retail Reports and the Market

In the shorter term there's little fear that retailers will be the ones to pull the plug on the current two-month rally, experts say. The S&P Retail index has gained a whopping 45% since the market low of early March (vs. a roughly 30% gain for the Dow Jones Industrial Average). But any profit taking ahead of the results is to be expected, if only because shares have been on such a tear, says Brian Sozzi, retail analyst with Wall Street Strategies.

"Retail stocks made a tremendous run on very downbeat numbers already," Sozzi says. Let us also not forget that financial stocks have been leading the market by the nose, Sozzi says, not the retailers.

Indeed, so much bad news is already baked in and expectations are so low that retailers are more likely to provide a boost for the market rather than a drag, says Michael Rubino, chief executive of Rubino Financial Group.

"Earnings aren't being used as a gauge like they normally are because everyone expects them to be so negative," Rubino says. "If anything, there's more chance for upside surprises than downside surprises -- and positive surprises will have more weight, especially for a Home Depot or a Lowe's."

Retail Reports and the Economy

The good news, then, is that retail earnings and outlooks are more likely to be good or at least neutral for the broader market. Of more strategic concern is what they tell us about consumer spending habits.

No one wants to see higher-priced stores like Saks (SKS), Coach (COH) and Tiffany (TIF) get creamed at the cash register, but some pullback is actually healthy -- and that's a trend we shall see continue, says Joe Clark, managing partner of Financial Enhancement Group.

"We are moving from a wants-based economy to a needs-based economy," Clark says, a point that's amply supported from recent spending data at the dollar stores.

While the luxury players slash prices to stem the loss of luxury shopper traffic, stores like Family Dollar (FDO), Dollar Tree (DLTR) and privately held Dollar General are gaining high-income customers. Indeed, Nielsen said Tuesday that high-income shoppers (households making more than $100,000 a year) increased their spending at dollar stores by 18% in the second half of 2008 vs. 2007. By comparison, low-income shoppers increased their dollar-store spending by 8%, while midincome consumers spent just 6% more there.

No one knows how these changing shopping patterns will all sort out, but it’s going to be tough going for retailers for the foreseeable future. That's why Clark advises investors to brace themselves for very conservative guidance -- or no guidance at all -- from most retailers this earnings season. After all, the market's eyes are firmly fixed on the critical back-to-school and holiday shopping seasons. That makes the next retailer earnings season, rather than the current one, the key for investors. And that's the quarter that promises to be a nail-biter.