Analysts Changing Semiconductor Ratings (ALTR, AMCC, ASML, BRCM, LSCC, MRVL, WFR, MU, PMCS, STM, XLNX)

We have seen many semiconductor and circuit calls this morning with upgrades and downgrades from Wall Street analysts.  Here are some of these upgrades and downgrades: Altera (ALTR) Cut to Underweight at Morgan Stanley. Applied Micro Circuits (AMCC) Cut to Underweight at Morgan Stanley. ASML (ASML) Cut to Neutral at Goldman Sachs. Broadcom (BRCM) Raised to Overweight at Morgan [...]

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Source: 24/7 Wall Street | 18 May 2009 | 11:45 am

Lloyds shares rise on Blank news

Shares in Lloyds Banking Group rise 6% following chairman Sir Victor Blank's announcement he will be stepping down next year.
Source: BBC News | Business | World Edition | 18 May 2009 | 11:44 am

Oil above $57 on recovery hopes

Oil prices rise above $57 a barrel on hopes that demand will increase as the world economy slowly recovers.
Source: BBC News | Business | World Edition | 18 May 2009 | 11:44 am

AIG plans to spin off Asian life insurance unit (AP)

AP - Insurer American International Group Inc. said late Sunday it plans to spin off its Asian life insurance unit in an initial public offering to help repay billions of dollars in U.S. government loans.
Source: Yahoo! News: Business | 18 May 2009 | 11:38 am

State Street takes $3.7 billion charge, to sell stock (Reuters)

Reuters - State Street Corp said on Monday that it planned to sell stock and bonds to position itself to repay a taxpayer infusion, and took a $3.7 billion after-tax charge as it moved asset-backed commercial paper conduits onto its balance sheet.
Source: Yahoo! News: Business | 18 May 2009 | 11:37 am

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 | 18 May 2009 | 11:31 am

Indications: U.S. stock futures edge up before housing data

U.S. stock futures edge higher Monday, with the housing market in the spotlight as a builder’s index is due for release and figures from home-improvement retailer Lowe’s topped expectations.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 11:31 am

Making millions off Hollywood's scrap heap

How often have you dropped $10 per ticket and $12 for snacks to see an over-hyped dud at the metroplex? "We could have stayed home and watched a bad movie," you say. You should talk to the Kugler brothers.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 11:29 am

Kingsway Financial announces departure of Chief Financial Officer

TORONTO, May 18 /PRNewswire-FirstCall/ - (TSX:KFS, NYSE:KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") announced today that Ms. Shelly...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:29 am

Stimulus: 25 jobs and a new road

When the first stimulus-funded infrastructure contract from the Rhode Island Department of Transportation went up for bid in February, Michael D'Ambra jumped at the opportunity to score a job for his shrinking company.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 11:27 am

Madoff investors probed by U.S. prosecutors: report (Reuters)

Reuters - U.S. prosecutors have broadened their criminal investigation of the Bernard Madoff case beyond the friends and family of the confessed swindler to at least eight investors and associates, The Wall Street Journal reported on Monday, citing people familiar with the matter.
Source: Yahoo! News: Business | 18 May 2009 | 11:26 am

Is your building society safe?

The strength of mutuals is in question on West Brom BS reports.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 11:24 am

Stocks set for higher start

U.S. stocks were poised for a higher start Monday, but trading could be volatile with no major economic reports on tap to give investors direction.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 11:23 am

Lloyds plans £4bn share placing

Sir Victor Blank will step down as chairman of Lloyds Banking Group before June 2010, in what could be the first move to restoring the bank's credibility among shareholders after its takeover of HBOS
Source: Financial Times - US homepage | 18 May 2009 | 11:22 am

Stock futures add to gains after Lowe's beats (Reuters)

Reuters - Stock index futures added to gains on Monday after No. 2 U.S. home improvement chain Lowe's Cos Inc posted stronger-than-expected first-quarter results.

Source: Yahoo! News: Stock Markets News | 18 May 2009 | 11:17 am

Stock futures add to gains after Lowe's beats (Reuters)

Reuters - Stock index futures added to gains on Monday after No. 2 U.S. home improvement chain Lowe's Cos Inc posted stronger-than-expected first-quarter results.

Source: Yahoo! News: Business | 18 May 2009 | 11:17 am

Lowe's posts lower quarterly profit

NEW YORK (Reuters) - Lowe's Cos Inc, the second-largest home improvement retailer, posted a lower quarterly profit on Monday as consumers remained wary about buying home-related goods in the recession.
Source: Reuters: Business News | 18 May 2009 | 11:17 am

Lowe's posts lower quarterly profit (Reuters)

Reuters - Lowe's Cos Inc , the second-largest home improvement retailer, posted a lower quarterly profit on Monday as consumers remained wary about buying home-related goods in the recession.
Source: Yahoo! News: Business | 18 May 2009 | 11:15 am

Comment: investors doubt that this bull market has legs

It was only a fortnight ago that investors were buzzing with enthusiasm and dreaming of a bull market.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 11:13 am

Graduation Isn’t the End

Source: Business Pundit | 18 May 2009 | 11:13 am

Volkswagen halts merger talks; Porsche shares fall

With much uncertainty swirling, shares of Porsche slide as much as 9% following weekend reports that merger talks with fellow German automaker Volkswagen have ended. Porsche vows to press ahead.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 11:13 am

U.S. budget chief says signs of economic free-fall over

WASHINGTON (Reuters) - The Obama administration's budget chief said on Sunday there are signs that the free-fall in the economy seems to have halted.
Source: Reuters: Business News | 18 May 2009 | 11:10 am

Sir Victor Blank's departure from Lloyds is the right move for all sides

Sir Victor Blank the embattled chairman has been on borrowed time ever since he played a pivotal role in brokering a deal to merge his relatively conservative lender with the UK's biggest mortgage provider the troubled HBOS.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 11:02 am

Dollar rises against yen from two-month lows

The dollar rose against the euro and the yen on Monday, climbing back from two-month lows against the Japanese currency as players sought a safer haven amid fresh concerns about the...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:01 am

BPO Management Services Announces Financial Results for First Quarter 2009

Revenue Increases 41% in First Quarter 2009 Healthaxis Integration Proceeds According to Plan ANAHEIM, Calif., May 18 /PRNewswire-FirstCall/ -- BPO...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Sheryl Wright Named Bridgepoint Education's Vice President of Government Affairs

SAN DIEGO, May 18 /PRNewswire-FirstCall/ -- Bridgepoint Education, Inc. (NYSE: BPI), a leading provider of postsecondary education services, has announced the appointment of...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Yuhe International Inc. Reports Strong First Quarter 2009 Results

WEIFANG, Shandong, China, May 18 /PRNewswire-Asia-FirstCall/ -- Yuhe International, Inc. (OTC Bulletin Board: YUII) ("Yuhe" or "the Company"), a ...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Lowe's Reports First Quarter Sales and Earnings Results

MOORESVILLE, N.C., May 18 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second-largest home improvement retailer, today reported net earnings...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Ailing Bank List

DALLAS, May 18 /PRNewswire/ -- Regulatory actions against U.S. financial institutions increased during the latest quarter. Many of the banks that faced actions also face possible
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Denny's Launches 'Creature Comforts' Campaign to Keep the Night Going

SPARTANBURG, S.C., May 18 /PRNewswire/ -- Denny's has launched a groundbreaking new multi-media campaign for the Denny's Allnighter program, which caters to a younger...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 11:00 am

Stocks point to higher open ahead of housing data (AP)

AP - U.S. stocks signaled a higher open Monday ahead of data on the housing market.

Source: Yahoo! News: Stock Markets News | 18 May 2009 | 10:56 am

Rate alert: top notice accounts

If you do not require instant access to your savings a notice account may be a good option.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 10:55 am

Oil rose above $57 amid weak crude demand

Benchmark crude for June delivery was up 89 cents to $57.23 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. On Friday, the contract dropped $2.28...
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 10:48 am

Ferrari Testa Rossa fetches world record price at auction

Bid of £8 million secures a racing 250 TR from 1957 one of only 22 made.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 10:46 am

Sri Lanka claims victory over Tamil rebels

Asia’s longest-running civil insurgency comes to an end as Sri Lanka claims victory over Tamil rebels.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:46 am

UPDATE 1-Telenor says faces Ukraine anti-monopoly probe

* Believes Ukrainian anti-monopoly office will discard case
Source: RSS feed - channel BNewsBusiness | 18 May 2009 | 10:44 am

World stocks slip on earnings woes; India soars (AP)

AP - World stock markets were mostly lower Monday as weak company earnings in Asia dented investors' hopes for a global economic recovery, although India's index vaulted 17 percent after investors saw election results as paving the way for economic reforms.

Source: Yahoo! News: Stock Markets News | 18 May 2009 | 10:38 am

AIG speeds up Asian spinoff plan

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 10:38 am

Trade in illegal medicine exposed

An undercover investigation by the BBC finds counterfeit drugs are being sold illegally in the South East.
Source: BBC News | Business | World Edition | 18 May 2009 | 10:34 am

AIG looks to spin off Asian insurance unit (AP)

AP - American International Group is planning to spin off its Asian life insurance unit in an initial public offering as the faltering U.S. company seeks to repay billions in government bailout funding.
Source: Yahoo! News: Business | 18 May 2009 | 10:32 am

Speaker Michael Martin defiant as he faces no confidence motion

Michael Martin today remained defiant in the face of huge pressure and has given no indication to friends that he is prepared to become the first Speaker to be forced out in 300 years.


Source: Latest Business News from Times Online | 18 May 2009 | 10:32 am

London Markets: Asia-focused banks climb in higher London

Gains from Asia-focused banks helped shore up London’s top share index on Monday, with investors eyeing news that the Congress Party's alliance swept to victory in the Indian general election.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:29 am

Europe Markets: European shares resume upward move; banks gain

European shares pivot off early weakness, as investors award equities with exposure to India, such as Vedanta Resources, Standard Chartered and HSBC, following official election results that sparked a big rally on the subcontinent.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:27 am

Volkswagen calls off Porsche talks amid feud

Volkswagen, Europe's biggest carmaker, has abruptly cancelled planned merger talks with Porsche amid a feud that marks the latest turn in a continuing power struggle between the automotive groups.


Source: Latest Business News from Times Online | 18 May 2009 | 10:24 am

Volkswagen halts tie-up talks with Porsche

FRANKFURT (Reuters) - Volkswagen, Europe's largest carmaker, has halted tie-up talks with Porsche as it said its smaller peer and major shareholder was not ready for a merger.
Source: Reuters: Business News | 18 May 2009 | 10:24 am

Big banks fire up lending

Lending at the nation's top banks perked up in March, according to a government report issued Friday, even as the U.S. economy continued to be mired in a painful recession.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 10:22 am

The Continuing Fall Of Wall St. Research

After stock research was discredited seven or eight years ago because analysts had relationships with the companies that they covered that were considered tainted, Wall St. when though a purging of research and, its hand forced by the government, turned to independent analysts for more of their information. The state of the stock research business began [...]

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Source: 24/7 Wall Street | 18 May 2009 | 10:20 am

Pressure remains on Lloyds CEO after Blank quits

Eric Daniels’ position as chief executive of Lloyds Banking Group could remain under pressure after the bank’s chairman, Victor Blank, said over the weekend that he would retire.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:11 am

Indian stocks soar 17% on election results

HONG KONG (MarketWatch) -- A surge in Indian share prices following a decisive election victory by the Congress Party-led coalition over the weekend helped turn around other markets in Asia Monday.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:07 am

Asia Markets: Sensex spikes 17.3% on a stampede of buyers

Optimism over the Congress Party's election victory propels Indian benchmark stock indexes to double-digit gains.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:07 am

Wal-Mart (WMT) Vs. Amazon (AMZN): Throwing Bricks At E-Commerce

It is the classic face-off between the king of bricks-and-mortar and the ruler of the e-commerce world. Wal-Mart (WMT) is about to up its bet on consumer electronics, a highly profitable and growing part of Amazon’s (AMZN) business. At stake is whether physical stores can take back business from e-commerce sites which have been besting them at [...]

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Source: 24/7 Wall Street | 18 May 2009 | 10:03 am

The Stockpickers: Growth-stock manager casts wide net

At a time of choppy markets and fearful investors, Craig Hodges, co-manager of Hodges Fund, is taking an aggressive approach to his stock selections.

Source: MarketWatch.com - Top Stories | 18 May 2009 | 10:03 am

Property sales hit 18month high

Estate agents sold more houses in April than in any month since October 2007 according to new figures.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 10:02 am

Oil rises to around $57 after sharp slide

LONDON (Reuters) - Oil rose to around $57 a barrel on Monday as traders saw the previous session's near 4 percent fall as excessive and violence in Africa's top oil exporter Nigeria lent support.
Source: Reuters: Business News | 18 May 2009 | 9:47 am

Wolfram 'search engine' goes live

Wolfram Alpha, a search engine focusing on computable knowledge, goes live.
Source: BBC News | Business | World Edition | 18 May 2009 | 9:46 am

UBS (UBS) Sees It Top Talent Leaving

The federal government’s theory seems to be that capping the pay of the most talented people on Wall St. will not cause them to march out the doors to better jobs at small firms or foreign banks. Maybe the Treasury and the Fed believe that there are not enough high-paid jobs to go around. Talent [...]

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Source: 24/7 Wall Street | 18 May 2009 | 9:45 am

Eurozone trade jumps to surplus

The 16 countries that make up the eurozone report a positive trade balance for the first time in almost a year.
Source: BBC News | Business | World Edition | 18 May 2009 | 9:43 am

Women at the top

Can they rescue the world's financial system?
Source: BBC News | Business | World Edition | 18 May 2009 | 9:39 am

Germany may send team to U.S. for Opel talks

MUNICH, Germany (Reuters) - Germany could send a negotiation team to the United States at the end of the week to discuss solutions for General Motors unit Opel, Economy Minister Karl-Theodor zu Guttenberg said on Monday.
Source: Reuters: Business News | 18 May 2009 | 9:37 am

Graduation Day 2009

This weekend was the peak of the college graduation season. Colleges invite well-known people to travel all over America to give a 15 minute commencement address in exchange for an honorary doctorate. It is intellectually dishonest but, as it is graduation day, the hypocrisy is ignored. A much smaller number of the college graduates this year [...]

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Source: 24/7 Wall Street | 18 May 2009 | 9:28 am

Alliance Boots enhanced by anti-ageing cream

Alliance Boots, Britain’s biggest pharmacist, hailed the performance of its own-label anti-ageing skincare range as it posted an 11.6 per cent increase in profit.


Source: Latest Business News from Times Online | 18 May 2009 | 9:12 am

The Environment And The Recession: Why Al Gore Cannot Get Himself Arrested

Al Gore was able to get most people to forget the money he took from the tobacco industry and Buddhist monks by winning both the Nobel Prize and an Oscar for his work on educating the world about the dangers of global warming and other problems that affect the environment. Gore’s problem is that in this [...]

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Source: 24/7 Wall Street | 18 May 2009 | 9:11 am

Stock index futures point to lower open

(Reuters) - Stock index futures pointed to a lower open on Wall Street on Monday, extending the previous week's losses as investors worry about the outlook for corporate profits.
Source: Reuters: Business News | 18 May 2009 | 9:10 am

Property fund raisings: Great Portland Estates eyes options Shaftesbury says no action

Great Portland Estates the central London landlord said it was looking at ways to fund future acquisitions while rival Shaftesbury said no decision had been made on a possible capital raising.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 9:08 am

Daiwa buys Close Brothers' corporate finance arm

Daiwa Securities SMBC, the Japanese investment bank, has placed an unexpected vote of confidence in the return of financial business to London with the £67 million purchase of the corporate finance side of Close Brothers.


Source: Latest Business News from Times Online | 18 May 2009 | 9:04 am

Independent agrees standstill with bondholders

Independent News & Media, the troubled newspaper group, has agreed a five-week truce with bondholders and secured an additional €15 million (£13.3 million) of working capital as it seeks to restructure its finances.


Source: Latest Business News from Times Online | 18 May 2009 | 9:01 am

Toyota unveils new Prius hybrid

Toyota, the world's biggest carmaker, has revealed the latest revamp of its Prius petrol-electric hybrid in Japan.
Source: BBC News | Business | World Edition | 18 May 2009 | 9:00 am

Lloyds share sale: what it means for shareholders

Lloyds Banking Group the partnationalised bank that rescued HBOS is to raise £4bn in a sale of new shares. Here we answer investors' questions.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 9:00 am

Summer getaways: 10 great deals

Haven't made your vacation plans yet? Lucky you. This year the best deals come to those who waited.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 8:59 am

Gas prices jump ahead of driving season

Gas prices jumped nearly a quarter in the past three weeks, but the trend is unlikely to continue, according to a survey published on Sunday.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 8:48 am

India shines among weaker bourses (Reuters)

Reuters - Equities in Europe and Japan fell on Monday although emerging markets got a big boost from Indian elections which raised hopes of a stable, pro-economic reform government.

Source: Yahoo! News: Stock Markets News | 18 May 2009 | 8:46 am

Indian stocks soar 17% on election

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 8:41 am

Big Yellow posts fullyear loss and launches fundraising

Big Yellow Group the self storage company has unveiled a £71.5m fullyear loss and a share placing.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 8:34 am

The myth of shareholder value

There was a time (the 1990s, to be precise) when the concept of shareholder value made a bit of sense: Corporations focused on keeping shareholders happy, and their stock prices rose through the roof.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 8:32 am

Cannes 2009: Crunch time at the film festival

Despite the bustle business is slow at the festival this year.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 May 2009 | 8:29 am

Porsche and VW merger 'in doubt'

German car giant Volkswagen says it is suspending merger talks with Porsche, but the luxury carmaker says talks will go on.
Source: BBC News | Business | World Edition | 18 May 2009 | 8:27 am

VW suspends talks with Porsche amid feuding

Volkswagen suspended merger negotiations with Porsche on Sunday in another twist in the power struggle between the German carmakers
Source: Financial Times - US homepage | 18 May 2009 | 8:18 am

AIG launches IPO process for Asia crown jewel

HONG KONG (Reuters) - AIG is to speed up plans to list its Asian subsidiary through an IPO that could raise more than $4 billion, as the bailed-out U.S. insurer seeks to raise cash to pay back government loans.
Source: Reuters: Business News | 18 May 2009 | 8:08 am

AIG launches IPO process for Asia crown jewel (Reuters)

Reuters - AIG is to speed up plans to list its Asian subsidiary through an IPO that could raise more than $4 billion, as the bailed-out U.S. insurer seeks to raise cash to pay back government loans.

Source: Yahoo! News: Business | 18 May 2009 | 8:08 am

Hard times on dealer row

Chrysler shuttered 789 dealerships nationwide. Now these dealers, such as Michael Brown of Paintsville, Ky., and their employees are looking to the future.
Source: Business and financial news - CNNMoney.com | 18 May 2009 | 8:02 am

Media Digest 5/18/2009 Reuters, WSJ, NYTime, FT, Bloomberg

Reuters:   Small businesses are having trouble finding financing. Reuters:   VW has stopped tie-up talks with Porsche. Reuters:   The US budget chief says there are signs the economic free fall is over. Reuters:   Central banks may need more power to maintain stability. Reuters:   GM’s Opel might make cars for other brands. Reuters:   AT&T (T) may offer cloud-based storage. Reuters:   AIG (AIG) will [...]

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Source: 24/7 Wall Street | 18 May 2009 | 7:54 am

Bank gains soften blow from miners

The news of a £4 billion share deal outweighed news that Victor Blank is to step down as chairman of Lloyds and sent the banking group up 5.2p to 94.4p. HSBC added 20.75p to 552.75p and Standard Chartered was up 63p to £12.38.


Source: Latest Business News from Times Online | 18 May 2009 | 7:52 am

Indian markets surge on Congress victory

Shares have leapt 17 per cent on the Bombay Stock Exchange's Sensex Index as Indian markets swelled with confidence over the Congress party-led alliance's emphatic victory in the country's parliamentary election
Source: Financial Times - US homepage | 18 May 2009 | 7:50 am

Trading halted on India markets after poll surge (AFP)

AFP - Trading was suspended on India's stock markets Monday when prices surged beyond the allowed upper limit as dealers welcomed the Congress party's clear election victory.

Source: Yahoo! News: Stock Markets News | 18 May 2009 | 7:47 am

Wiseman feels milk margin pinch

Robert Wiseman announces a drop in its operating profit and warns margins on milk sales are unlikely to improve in the coming year.
Source: BBC News | Business | World Edition | 18 May 2009 | 7:40 am

Aer Lingus deny bankruptcy claim

Aer Lingus Chairman Colm Barrington rejects as "total rubbish" a claim by rival Ryanair that the former state airline faces bankruptcy within about 18 months.
Source: BBC News | Business | World Edition | 18 May 2009 | 7:29 am

David Ross to take slice of Big Yellow fundraising

David Ross, the Carphone Warehouse co-founder who late last year was forced to resign from the board of Big Yellow Group, the self-storage business, has pledged his continuing support for the company by agreeing to buy a further slice of shares in an expected £25 million fundraising.


Source: Latest Business News from Times Online | 18 May 2009 | 7:24 am

Asia Markets And Europe Open 5/17/2008

Markets in Asia were mixed. The Nikkei  fell 2.4% to 9,039. The Hang Send was up up a fraction to 16,798. The Shanghai Composite was up.3% to 2,653. At the open in Europe, the FTSE was off .6% to 4,319. The Dax fell 1.3% to 4,674. The CAC 40 was down 1.5% to 3,121. Data from Reuters and MarketWatch. Douglas A. [...]

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Source: 24/7 Wall Street | 18 May 2009 | 7:19 am

Australian stocks: Market closes lower

SYDNEY - The Australian share market finished lower following a weak lead from overseas compounded by lower commodity prices and more capital raisings. At 1615 AEST, the S&P/ASX200 index was down 37.6 points, or one per cent, at...
Source: New Zealand Herald - Business | 18 May 2009 | 7:18 am

Lloyds investors to profit from £4bn share deal

Lloyds Banking Group confirmed Lord Leitch as its new deputy chairman today after Sir Victor Blank’s decision to step down from the bank, which will launch a £4 billion share issue that may result in a profit for the lender's 2.8 million small shareholder base.


Source: Latest Business News from Times Online | 18 May 2009 | 7:13 am

Blue Shield health insurance rescission case to go to trial

For the first time, an Orange County jury will weigh whether the insurer wrongfully rescinded a California man's coverage. The already influential case will go to trial this week. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Weekend box-office results at a glance

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Wall Street likely to be in a ho-hum mood

Big stock moves would have to come from a 'shock' announcement such as a retailer going out of business or surprises in the Federal Reserve's minutes from its April meeting, analysts say. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

'Angels & Demons' flies high worldwide

The weekend's No. 1 film opens with a modest $48 million in North America but its appeal elsewhere boosts its global weekend box-office total to $152.3 million.

Americans may not be as hot for international intrigue and Tom Hanks as they are superheroes and starships, but luckily for Sony Pictures, tastes are different overseas.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Porsche-Volkswagen integration in doubt

Automaker Volkswagen said Sunday that it was indefinitely postponing talks over a planned integration with Porsche, but the sports car maker insisted that only the next round had been canceled.
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Porsche-Volkswagen integration in doubt

Automaker Volkswagen said Sunday that it was indefinitely postponing talks over a planned integration with Porsche, but the sports car maker insisted that only the next round had been canceled.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Scribd borrows a page from iTunes

Starting today, readers can buy downloads of written material, including just portions of books. Publishers and authors set the prices.

Scribd is proposing to do for books what iTunes did for music -- let readers buy only what they want to read.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Broadcast networks may find it tougher to sell TV ad time for top dollar

Slumping ratings, the lousy economy and increased competition from cable networks will make it tougher for ABC, CBS, Fox and NBC to demand higher rates from buyers in this year's 'upfront' market.

Television's cliffhanger this year isn't "Who shot J.R.?" but how many bullets the broadcast networks might take.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Phoenix's housing bust goes boom

More homes are selling than at any time since 2006. Buyers find themselves in bidding wars over low-end properties. It's what a national housing recovery could look like.

After four years of renting because they were priced out of the real estate market, Jamia Jenkins and Scott Renshaw concluded the time had arrived for them to buy.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Phoenix's housing bust goes boom

More homes are selling than at any time since 2006. Buyers find themselves in bidding wars over low-end properties. It's what a national housing recovery could look like. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Distressed property sales hit upscale condos

Auctions of brand-new, often luxurious condos in prime locations increase as developers desperate to unload them try to attract buyers.

More than 170 people crowded the ballroom of a Long Beach hotel for what amounted to an upscale fire sale.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Broadcast networks may find it tougher to sell TV ad time for top dollar

Slumping ratings, the lousy economy and increased competition from cable networks will make it tougher for ABC, CBS, Fox and NBC to demand higher rates from buyers in this year's 'upfront' market. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Can Miramax survive?

Filmmakers wonder how long Disney will stay committed to its specialty label, especially as its media rivals pull out of the independent movie business.

At Creative Artists Agency's recent corporate retreat in Ojai, Walt Disney Co. Chief Executive Bob Iger was invited to expound on the future of the entertainment business and field questions about the media giant. ¶ He talked about Disney's decision to make fewer movies. He talked about the acquisition of Pixar Animation, producer of the soon-to-be-released "Up." He talked about the studio's new deal to distribute films from director Steven Spielberg's DreamWorks SKG. ¶ Iger wasn't asked about one segment of Disney's business -- Miramax Films, the specialty label that no longer appears to fit into the company's strategy to focus on family and big-event pictures.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Scribd borrows a page from iTunes

Starting today, readers can buy downloads of written material, including just portions of books. Publishers and authors set the prices. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Weekend box-office results at a glance

Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

'Angels & Demons' flies high worldwide

The weekend's No. 1 film opens with a modest $48 million in North America but its appeal elsewhere boosts its global weekend box-office total to $152.3 million. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Can Miramax survive?

Filmmakers wonder how long Disney will stay committed to its specialty label, especially as its media rivals pull out of the independent movie business. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

Wall Street likely to be in a ho-hum mood

Big stock moves would have to come from a 'shock' announcement such as a retailer going out of business or surprises in the Federal Reserve's minutes from its April meeting, analysts say.

The stock market has run out of reasons to rally, at least for now.

Source: L.A. Times - Business | 18 May 2009 | 7:00 am

Distressed property sales hit upscale condos

Auctions of brand-new, often luxurious condos in prime locations increase as developers desperate to unload them try to attract buyers. ...
Source: RSS feed - channel BNPaperBusiness | 18 May 2009 | 7:00 am

NZ stocks: Market closes lower, Infratil down

The New Zealand sharemarket closed lower but put in a better performance than some other markets as risk aversion resurfaced globally. The benchmark NZSX-50 index closed down 13.041 points, or 0.467 per cent, at 2777.858. Turnover...
Source: New Zealand Herald - Business | 18 May 2009 | 6:15 am

Currency: Dollar falls on investor concerns

The New Zealand dollar fell to its lowest level in a week and a half against the greenback as persistent worries about world economic prospects led to rises in the United States and Japanese currencies. By 5pm today the NZ dollar...
Source: New Zealand Herald - Business | 18 May 2009 | 5:39 am

Blue Shield health insurance rescission case to go to trial

For the first time, an Orange County jury will weigh whether the insurer wrongfully rescinded a California man's coverage.

The practice of canceling medical coverage after policyholders have become sick or injured has cost insurers millions of dollars in fines and settlements. Now, for the first time, a jury will weigh whether an insurer owes anything to a canceled policyholder.

Source: L.A. Times - Business | 18 May 2009 | 4:51 am

AT&T to offer cloud-based storage as a service

BOSTON (Reuters) - AT&T Inc, the biggest U.S. telephone company, plans to offer Web-based data storage services for corporations using "cloud computing" technologies developed by data storage equipment maker EMC Corp.
Source: Reuters: Business News | 18 May 2009 | 4:22 am

NZ farmers invite Johnny Rotten to visit their cows

New Zealand's dairy farmers say they want former Sex Pistols frontman John Lydon (aka Johnny Rotten) to come here and visit their cows. The former punk rocker has been paid by a British dairy company to persuade customers buying...
Source: New Zealand Herald - Business | 18 May 2009 | 4:05 am

Retailers, service cos. gain as people stay home (AP)

AP - As Americans grow accustomed during the recession to spending more time at home and living in the same places longer, home-improvement companies are regaining momentum.
Source: Yahoo! News: Business | 18 May 2009 | 4:00 am

Searching for the Roots of a Recovery

Stocks came into last week having gained 30% from the bottom they hit in early March. But as the week progressed, and traders were presented with a mixed bag of economic and corporate data, it became apparent the rally was quickly losing steam. It didn’t help that on Thursday and Friday Chrysler and General Motors (GM) announced they would end relationships with almost 2,000 of their dealers. When the closing bell rang on Friday the Dow Jones Industrial Average had shed 300 points, or 3.5% for the week.

While some economists are ready to proclaim the recession is over, other market pundits were quick to point to the recent slowdown as a sign the stock market had gotten well ahead of any solid economic recovery. Indeed, a rally essentially built on an attitude that “less-bad” was actually good can’t sustain itself for long. There were some positives, like lower-than-expected job loss claims and retail sales that were decent. But eventually traders seemed to regain a sense of fundamentals.

"We admit to being somewhat conflicted," Barclays Capital strategist Barry Knapp wrote May 11, just before the market rally ebbed. "On the positive side, we are increasingly convinced that the capital markets and economic outlook have stabilized, and it does seem likely that a positive feedback loop has begun. Still, we continue to believe that the equity market and, more recently, some parts of the fixed-income market have overshot the improvement of the economic outlook."

Indeed, one sector where the buying seems overblown is financials. In the run-up to the government’s release of its stress test results and in the aftermath of that news, this sector jumped considerably. The SPDR KBW Bank ETF (KBE) has increased 45.1% the last three months. The stress test news may have marked a bottom for the sector, but it’s far from healthy. Many institutions may still have to raise additional capital, diluting existing shareholders.

"The stock market always bottoms when this key sector bottoms," wrote Ed Yardeni, founder of Yardeni Research, on May 12. "I think it is safe to say that it has bottomed, though it is less so to say that there is much more upside in it this year.”

Instead, investors should look to sectors that might benefit from an increase in consumer spending later this year and in 2010 – and from some bargain hunting, too. Thomas Lee, U.S. strategist at JPMorgan Chase (JPM), says over the long term, auto parts makers, casinos and hotels – the very sectors that have been battered in the current downturn – could do well.

If, indeed, this market continues to cool off it will follow a course predicted by some market pundits. The recovery won’t be a smooth one, increasing almost as quickly as it fell. Instead, it may scrap along a bottom for months before heading on an upward trajectory.

"The argument that a slowing rate of decline is good news rests on the view that economic cycles move in V-shaped fashion — declines accelerate at first, then decelerate, then turn to accelerating increases," said a recent Bank of America (BAC) U.S. Investment Strategy Committee report. The experience of recessions in 1990-91 and 2001, though, should banish investor assumptions that recovery is a straight shot. "In fact, the clear message from the last two recessions is that it takes more than a year to recover from the deflation of an asset bubble, even when certain economic data begin to improve."

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 | 18 May 2009 | 4:00 am

The New Prospectors

Imagine paying for a home in cash. Not just not taking out a mortgage, but buying a home with an amount of money small enough to fit in your wallet. That’s what Volonte Williams, a real-estate investor, just did in Detroit, where he scooped up a three-bedroom house in a nice neighborhood—for $5,500.

It’s one of the stranger side effects of the real estate collapse: the pocket-change home purchase. Back in 2006 “distressed” property—xbank-owned or sold cheap by the homeowner to avoid foreclosure—accounted for less than 10 percent of the market. Now, according to the National Association of Realtors, the category accounts for nearly half of all sales. The result: deeply depressed home values in neighborhoods from the east side of Buffalo, N.Y., to the suburbs of Orlando and Phoenix. And even as the credit crisis begins to abate and some housing numbers improve, experts expect this ugly underbelly of the market to expand for months, if not years, to come.

For many communities, this collapse is a true-life nightmare, as boarded-up homes plague one block after another. But it’s also inspiring a new breed of eager real estate prospectors who are snapping up homes at absurdly low prices. While no one knows exactly what percentage of these homes is going to investors rather than owner-occupants, brokers across the country say they’re doing a brisk business selling to outside speculators. National listing service Homes.com reports increases of 30 to 50 percent year-over-year in searches for homes in foreclosure-heavy states like California, Michigan and Florida. And at least some of those searchers are buying: Home sales are way up in hard-hit towns like San Diego, Las Vegas and Detroit. In many cities a cottage industry has emerged to serve these out-of-towners, including consultants who help identify promising neighborhoods and flippers offering all-in-one packages. The curious can even hop on foreclosure bus tours, which sell out weeks in advance.

To most investors, of course, buying a neglected home in a struggling city sounds like far more trouble than it’s worth. But for others the crisis represents the chance to start on the path to Donald Trumpdom with a ridiculously low buy-in. Some see it as their last shot at making back the savings they’ve lost in the stock market. Even venture capital firms and hedge funds are joining the action. They buy bundles of 200 to 1,000 homes scattered in cities across the country for 20 to 30 cents on the dollar, hire locals to rehab and rent out the most promising properties, and abandon the rest. Buyers know they are taking a big risk, but the prospect of developing a steady rental income, if not eventually flipping the home, keeps them coming. “The return can be astronomical if it’s done right,” says Scott Galloway, a Huntington Woods, Mich., property attorney who represents venture firms based in Austin, Texas, and San Jose, Calif.

That’s a huge “if” in a recession as deep as today’s. Still, nowhere is this gold rush more frenzied than in one of the toughest markets, Detroit, where we spent a recent few days, and homes that sold for $120,000 in 2006 can now be had for a tenth that price. Never mind the headaches from copper thieves, crooked construction crews and notoriously high property taxes. The fire sale has attracted hordes of real estate optimists, who fly in with wads of cash or play the market from out of town, looking to assemble their own housing empires.

At first glance, Detroit certainly looks like it deserves its reputation as America’s bleakest big city. As of December it had 67,000 homes in foreclosure, and City Hall is predicting a 25 percent vacancy rate. With the median home price inside the city limits dropping to just $5,800, property is so cheap that there’s a movement afoot to convert parts of Detroit to an agricultural economy—some residents are already tending alfalfa fields and herding goats.

But there’s a case to be made for investing here. A shortage of quality rentals in safe neighborhoods keeps rents relatively high. Moreover, while the median home price in most cities is several times the median annual income, the inverse is true in Detroit, indicating room for price hikes once the credit market thaws. David Butler, a real estate veteran and founder of Hotspur Investment Group in Westminster, Colo., says his typical Detroit deal starts with buying a $15,000 single-family home in a nice area and spending another $30,000 on tax liens and repairs. Ongoing expenses such as insurance and property taxes cost another $3,000 a year. But the house can fetch $9,600 to $10,200 a year in rental income, and he expects to sell it for $80,000.

Returns like those are enticing droves of amateur investors. Tae kwon do instructor Donna Nowicki inhabits a universe a million psychic miles from the streets of Detroit. One side of her Center City, Minn., home faces a cattle herd; the kitchen overlooks a cornfield. But she spends many mornings online, touring Detroit’s newest foreclosures, searching for a fixer-upper. And while she has been to the city only once, she has the house-hunting confidence of a native. Last year she and her husband, Jim, paid a local consultant to drive them around town and show them the good neighborhoods. Donna, 47, kept a notebook and marked down her favorite intersections. “You can tell the areas where people are fighters,” says Donna, a second-degree black belt. So far they’ve bought three houses, sight unseen.

The Nowickis, who devour books by investing gurus like Robert Kiyosaki, decided long ago that real estate offers their best hope for a comfortable retirement. But Detroit was Jim’s idea. A 48-year-old sprinkler installer, Jim thinks their contrarian bet will pay off when the auto industry rebounds. Already, the Nowickis have had one success. They paid $15,000 for an impeccable brick colonial in an upscale neighborhood. After just $5,000 in renovations, the home quickly rented to a retired fireman for $950 a month. A local property manager takes care of maintenance, tenant screening and rent collection, and the house should pay for itself in less than two years.

If only every transaction were so smooth. During the rehab of a second home, thieves broke in and stole the water heater, furnace, bathroom vanity—even the toilet. Such burglaries are common, says Mark Maupin, a Detroit investor who teaches real estate at Wayne County Community College. Among experienced investors, standard procedure is to install an alarm system, tune the radio to the talk station and pay a neighbor $100 a month to park his car in the driveway.

The Nowickis did enlist help on a third property. A local woman has been keeping an eye on their $18,900 home near Mercy College and even threatened to shoot a vandal who tried to steal the air conditioner. “I love having her there,” says Donna. But even the neighbor can’t fix the tenant, a single mom with four sons who Donna says lied about her job to get the rental. Despite several ultimatums, she’s slow paying the $850 rent. Still, the Nowickis are far from discouraged; in fact, they’re looking to scoop up a few more bargains before prices start rising.

They’ll have to expand their empire a lot further and get their hands much dirtier to keep up with Volonte Williams, a former jazz musician and day trader turned real estate magnate. After success as a landlord on Buffalo’s decayed East Side—last year, he says, he flipped 10 properties for a $100,000 profit and grossed $14,000 a month in rent—Williams turned his attention to Detroit. So far this year he’s scooped up five homes, some for less than $5,000. He’ll never forget his first visit to the nation’s 11th-biggest city. “It spreads out like an atomic bomb,” Williams recalls thinking as he drove through the unending sprawl of boarded-up homes and businesses. “Like a mushroom.” Luckily, Williams has a field guide in fellow investor Shea Woods, a Detroit native, former forklift operator and self-described karaoke star who attracted Williams’s attention with video tours of cheap properties that he posted on YouTube. Now Woods drives Williams house to house, advises him on deals, reminds him of appointments and makes his phone calls.

Their first stop one cool spring morning is to supervise the rehabbing of a recent purchase. It’s a sunny 1920s home with hardwood floors, leaded glass and a handsome fireplace. Williams, who snapped it up for $5,500, is determined to keep his costs down. The three-man crew plastering and scraping the interior agreed to do the job for just $450, and Williams says he’ll use even cheaper labor for step two: He can hire another local to paint the whole house for $75.

Next, they pile into Woods’s white van to check out the first potential buy of the day, a two-family foreclosure colonial with a rabbit-warren layout, offered for $2,900. It’s one of two promising properties they’ll see this morning, a rare occurrence; many homes priced this low are beyond hope. The day before, the pair ventured to an unfamiliar neighborhood to inspect a bungalow for an out-of-town investor. They were shocked by the apocalyptic scene. Several homes on the block had been demolished. Vacant lots had reverted to prairie land. The remaining properties were caving in, burnt-out shells with smashed windows and missing doors. Woods had to call the investor and break the news: The block wasn’t fit for human habitation.

This block, however, looks well tended, and while Woods and a friend shoot a video (“It’s musty and has a smell to it, but that’s okay!”), Williams does a quick inspection. Aside from a hole in the ceiling, the house is in good shape, empty but for an old Xanax bottle lingering on the windowsill. “I’d be willing to live here,” says Williams. He tells Woods to call the broker and offer $1,000. Woods goes to work right away. “Latrina!” he shouts into his cell phone. “We’d like to make an offer on the Tyler property.”

“A thousand dollars,” Williams reminds his friend.

“Eight hundred,” Woods tells the broker.

One recent morning, Jeremy Burgess, a rising star on Detroit’s home-flipping scene, was interrupted at his desk by a call from France—another potential investor with the usual qualms. Burgess immediately launched into his pitch. “France is not too far away,” he told the caller. “I have investors in Lithuania!” He talked up his properties’ cash-flow potential, the care he put into choosing neighborhoods and homes, the convenience of hiring a local property manager. Within 20 minutes the caller was practically begging to see a list of available properties.

Burgess, 29, is already a local realty veteran. Along with his wife, Jeanna Kiehle, a former ballerina with Lady Godiva hair and a business degree, he bought his first Detroit home in the summer of 2006. Six months later the couple moved to the Motor City to work the market full-time. They now own 13 rental properties, but their focus is on their rehabbing-and-flipping operation, Urban Detroit Wholesalers. Working 16-hour days out of a restored warehouse, they’ve flipped homes to 43 buyers, many of whom have never set foot in Michigan. Burgess says that compared with folks who lost 40 percent in the stock market last year, he’s doing great. “I’m up about 100 percent,” he says. “How about you?”

How do you make a profit in a market where prices have been falling 4 percent a month? Burgess points to three small sections outlined in pink on his city map—areas where the average income is high enough to support decent rents, and residents take care of their property. He buys homes in these neighborhoods at bargain prices, submitting hundreds of lowball offers to banks and taking the handful that pan out. He gets a rehab discount through a partnership with Motor City Blight Busters, a nonprofit that trains ex-cons for new jobs by putting them to work on Burgess’s homes.

But Burgess is really selling what he describes as a hassle-free investment for out-of-towners who want Detroit property without the Detroit experience. A typical client is Paul Belt, a former military-systems analyst who lives in a small town in Nevada, east of Lake Tahoe. Belt, who has never been to the Motor City, spent two years researching the market but couldn’t take the plunge. Then last December he stumbled on a promotional video for Urban Detroit Wholesalers in which Burgess says, “Investing in Detroit is like walking along the street and shoveling up diamonds.” The video explains how his company screens the property, clears tax liens, oversees the rehab and installs a tenant: “No more sleepless nights!” A few weeks later Belt wired Burgess $30,000 for a 780-square-foot bungalow—plus $7,500 to cover the rehab. “Someday, I’m planning on flying out there and taking a look at it,” Belt says.

If Belt made the trip, he’d find a typical Detroit bungalow, neat as a nunnery, with ceramic tile in the kitchen, a fresh coat of tan paint and a postage-stamp front yard. He’d also see several similar homes on the same well-kept block selling for less than $10,000. As it turns out, Burgess paid just $8,000 for Belt’s home in foreclosure last October. While he had to pay $6,000 in liens and closing costs, he still doubled his investment when he sold the home to Belt. Belt says that’s fine with him; if he gets the expected $850 rent, his $37,000 investment will soon pay for itself. And who knows how much it may be worth 10 years down the line? Everybody laughs when they hear he’s bought a house in Detroit, Belt says, but he’s certain the city will stage a big comeback. After all, it can’t get any worse. “Detroit,” he says, “is too big to fail.”

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 | 18 May 2009 | 4:00 am

Want Customer Service? Post Complaints on Twitter (Deal of the Day)

Want to complain about a faulty product or shabby service? Or ask someone how to set up your cable modem? If you can do so in 140-characters or less, then your odds of getting a response are pretty high.

A growing numbers of big-name companies, including Comcast (CMCSA), JetBlue (JBLU) and UPS (UPS), have found a new use for Twitter: customer service. Now, in a short, to-the-point tweet, consumers can ask questions, report problems and air grievances. Even better: Tweeting a complaint is one way to make sure it actually gets heard -- and renders a response.

From a business perspective, a social media presence provides a cheap and easy way to resolve issues, says Larry Chiagouris, a marketing professor at Pace University in New York City. Since other Twitter users can see both sides of the conversation (and that issues are being resolved), it can also boost the company’s reputation online.

But it's the consumer who is getting the better end of the deal, says John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, a consumer advocate. “Someone monitoring the company’s Twitter feed is a little higher up the food chain than a regular customer service representative,” he says. Response time is typically swift, too.

A recent tweet to Comcast asking about procedures to add VOiP to business-class Internet service got a response within two minutes. JetBlue tackled a question about its food kiosks at JFK airport in 13 minutes, while Bank of America (BAC) offered opt-out advice to a consumer annoyed about a 9 a.m. telemarketing call within 45 minutes.

When it comes to tweeting complaints just don't overdo it. Save your tweets for urgent issues or ones that remain unresolved after a few tries through the regular customer service channels, advises Breyault. Tactics like these lose their effect if everyone uses them in lieu of, say, trying the toll-free hotline. (For more options to try, read our story here.)

Here’s a selection of companies interacting with consumers via Twitter: