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Squeeze more hours out of your dayLast month I talked about how to get your employees to work harder. (According to a survey by Salary.com, the average American wastes two hours a day on the job.) But how can you trick yourself into managing your workday more effectively? These four insights can help.Source: Business and financial news - CNNMoney.com | 1 Aug 2009 | 4:00 am Opening Bell: 07.23.09
Ford Posts $2.3 Billion Profit (WSJ) Ice Cream Market Hot For Dairy Queen (Shanghai Daily) US Files Indictment Against Danny Pang (WSJ) Howard Marks: Stem Those Fees (NYP) Credit Suisse Reports $1.5 Billion Profit (NYT) Fannie & Freddie: The most expensive bailout (CNN Money) Hamptons Luxury Market Stalls With Four-Year Inventory Pileup (Bloomberg) 
Sponsored Topics: Financial services - Business - CreditSuisse - Oaktree Capital Management - BradyDougan Source: Dealbreaker | 23 Jul 2009 | 12:50 pm Corporate cuts hit catering giantCatering group Compass says corporate hospitality cutbacks, job losses and shorter working hours have hit trading.Source: BBC News | Business | World Edition | 23 Jul 2009 | 11:51 am Imperial sales fall as duty-free declinesImperial Tobacco, the FTSE 100 company, said today that the reduced level of foreign travel has hurt its sales in the UK and the rest of the EU. Source: Latest Business News from Times Online | 23 Jul 2009 | 11:48 am Porsche axes CEO, sets stage for VW merger (Reuters)
Source: Yahoo! News: Business | 23 Jul 2009 | 11:44 am One-time gain boosts Ford resultsFord, the only one of the "Big Three" US carmakers not to have gone bankrupt, reports a quarterly profit of $2.3bn.Source: BBC News | Business | World Edition | 23 Jul 2009 | 11:41 am Futures edge up on earnings; jobs data on tap (Reuters)
Source: Yahoo! News: Business | 23 Jul 2009 | 11:41 am Futures edge up on earnings; jobs data on tap (Reuters)
Source: Yahoo! News: Stock Markets News | 23 Jul 2009 | 11:41 am Ford posts profit on items; recovery on trackFord Motor Co. posts second-quarter net income of more than $2 billion, helped by one-time gains.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:41 am Ford results easily top forecastsFord Motor Co. reported a net profit in the second quarter thanks to efforts to reduce its debt. But the company posted another operating loss during the second quarter due to a continued slump in sales.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 11:38 am Indications: U.S. stock futures return to winning formU.S. stock futures on Thursday rose as mergers-and-acquisition activity returned and 3M and AT&T continued a largely upbeat earnings season.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:37 am Strong sales boost Bristol-Myers 2Q profitBristol-Myers Squibb Co. posts a 29 percent jump in second-quarter profit due to higher sales of several key products and lots of cost cuts. The maker of blood thinner Plavix, the...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:32 am Alaska Air Group 2Q profit slips 53.9 pctAlaska Air Group Inc., operator of Alaska Airlines and Horizon Air, says its second-quarter profit plunged 53.9 percent to $29.1 million as sales slipped 9.3 percent. The Seattle-based...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:31 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:31 am London Markets: Compass Group, Capita decline in weaker LondonBritish shares weakened on Thursday amid contrasting performances for oil producers and mineral extractors and as investors also eyed earnings from companies such as Compass Group and Capita.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:31 am Timeout on plan to protect consumersOne of the signature proposals in the Obama administration's efforts to reshape the regulatory framework for banks has been slowed as supporters regroup in the midst of mounting opposition.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 11:30 am FTI Consulting, Inc. Announces Appointment of Senior Managing Directors Sanjeev Khemlani and James Vallerie to Its Corporate Finance/Restructuring SegmentWEST PALM BEACH, Fla., July 23 /PRNewswire-FirstCall/ -- FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am Kimberly-Clark Announces Second Quarter 2009 Results and Improved Outlook for Full Year2Q Net Sales Decreased About 6 Percent to $4.7 Billion, With Currency Drag More Than 8 Percent; EPS Were $0.97 Compared With GAAP-basis EPS of $0.99 and Adjusted EPS of $1.03 in 2QSource: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am Bankrate: Mortgage Rates Inch LowerNEW YORK, July 23 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate continued to move lower, coming in at 5.55 percent, according to Bankrate.com's weekly...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am RAI: Strong 2Q Results, Improved OutlookEPS up 4.9%; Company increases, narrows full-year guidance WINSTON-SALEM, N.C. , July 23 /PRNewswire-FirstCall/ -- Second Quarter 2009 -- At a GlanceSource: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am Manpower Reports 2nd Quarter and First Half 2009 ResultsMILWAUKEE, July 23 /PRNewswire-FirstCall/ -- Manpower Inc. (NYSE: MAN) today reported that earnings per diluted share for the three months ended June 30, 2009 were 25 cents...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am ITT Educational Services, Inc. Reports 2009 Second Quarter Results, New Student Enrollment Increased 33.5%; EPS Increased 55.8% to $1.87CARMEL, Ind., July 23 /PRNewswire-FirstCall/ -- ITT Educational Services, Inc. (NYSE: ESI), a leading provider of technology-oriented postsecondary degree programs, today...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am JetBlue Announces Second Quarter ResultsNEW YORK, July 23 /PRNewswire-FirstCall/ -- JetBlue Airways Corporation (Nasdaq: JBLU) today reported its results for the second quarter 2009: -- Operating...Source: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:30 am Fifth Third swings to profit on gainNEW YORK (MarketWatch) -- Fifth Third Bancorp. swung to a second-quarter profit on a joint venture-related gain as credit woes continued to grow.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:29 am EU sets new bank bail-out rulesNew regulations will govern any future proposed state bail-outs of banks in the 27 countries that belong to the European Union.Source: BBC News | Business | World Edition | 23 Jul 2009 | 11:26 am Marble Slab Creamery Introduces a New Blackberry Ice Cream Flavor and Blackberry Crumble CombinationATLANTA, July 23 /PRNewswire/ -- Marble Slab Creamery(R) has announced the arrival of a new Blackberry Ice Cream flavor and corresponding Blackberry Crumble Tasty Creation, whichSource: RSS feed - channel BNewsBusiness | 23 Jul 2009 | 11:26 am Independent sells Cashcade website to PartyGamingIndependent News and Media (IN&M), the owner of The Independent newspaper, has received a £12.9 million cash injection after selling its stake in Cashcade, owner of the Foxy Bingo website, to PartyGaming, the online gaming group. Source: Latest Business News from Times Online | 23 Jul 2009 | 11:25 am Stocks poised for modest riseU.S. stocks were set for a positive open Thursday, as investors prepared for another onslaught of corporate earnings reports.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 11:23 am Starwood's quarterly net up 28% following tax gainStarwood Hotels & Resorts tallies a 28% increase in second-quarter net profit that includes a $120 million tax benefit, while revenue falls 23%. The business environment remains "extremely challenging," Starwood's CEO says.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:21 am Xerox second quarter profit falls on weak demandNEW YORK (Reuters) - Xerox Corp posted lower quarterly results, hurt by a slowdown in office equipment spending, and forecast a third quarter profit that fell shy of Wall Street analysts expectations.Source: Reuters: Business News | 23 Jul 2009 | 11:17 am Bike Theft is Common Because It’s Easy
Source: Business Pundit | 23 Jul 2009 | 11:17 am PNC earnings fall 60% on government paymentsNEW YORK (MarketWatch) -- PNC Financial Services Group Inc.'s second-quarter profit plunged 60% on charges related to government dividends, despite a boost from its National City acquisition.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:17 am Porsche axes CEO, sets stage for VW mergerSTUTTGART (Reuters) - Sportscar maker Porsche conceded a months-long power struggle to mass-market rival Volkswagen by axing its chief executive and said it would raise at least 5 billion euros in equity as the two prepared for a merger.Source: Reuters: Business News | 23 Jul 2009 | 11:14 am Movers & Shakers: Thursday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Thursday’s session are Amazon.com, eBay, E-Trade, Medarex, Newmont, Potash Corp., Qualcomm, RealNetworks, SanDisk, Thermo Fisher and Xerox.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:10 am Ford posts quarterly profit after debt restructuring (Reuters)
Source: Yahoo! News: Business | 23 Jul 2009 | 11:08 am Ford posts quarterly profit after debt restructuringDETROIT (Reuters) - Ford Motor Co posted a $2.3 billion quarterly net profit, mainly due to debt restructuring actions, with global markets still reeling from a recession that helped to push U.S. rivals General Motors and Chrysler into bankruptcy.Source: Reuters: Business News | 23 Jul 2009 | 11:08 am Oil extends slide on demand concernsOil prices dropped on Thursday, extending their retreat from the previous session, while base metals sector were mixed and gold retained its hold above the $950 an ounce level. Nymex September West Texas...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 11:08 am China's BAIC may be out of the running for OpelGeneral Motors Europe says it is continuing talks with Canadian auto parts maker Magna International and Belgian investment group RHJ International about a bid to buy its Opel and Vauxhall operations.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:07 am Stock futures push higher ahead of economic data (AP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2009 | 11:04 am Europe Markets: European shares eke out gains as earnings eyedEuropean bourses edge higher, as earnings-related gains from the likes of Credit Suisse, ABB, Roche and Deutsche Post continue to offer support for investors foreseeing higher share prices.
Source: MarketWatch.com - Top Stories | 23 Jul 2009 | 11:02 am Europe down, Asia up ahead of more earns (AP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2009 | 10:59 am FTSE dips as utilities slideTrading in London was dominated on Thursday by a deluge of interim statements, with Capita, Compass and Scottish & Southern Energy among the blue-chip companies updating the market.Coming off the back...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 10:54 am National Express shares rise on fresh takeover interestSpeculation over the name of mystery suitor pushes up troubled bus and train operator's stock price.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 10:47 am Mortgage approvals jump to 15-month highMortgage approvals by high street banks for new buyers rose for the third consecutive month in June to the highest level since March last year, figures show. Source: Latest Business News from Times Online | 23 Jul 2009 | 10:41 am IMF hopes push Turkish lira to year highThe Turkish lira hit its highest level so far this year on Thursday as hopes rose that government spending cuts would push the country closer to a loan deal with the International Monetary Fund.The Turkish...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 10:40 am Starwood posts higher profit on cost cutsNEW YORK (Reuters) - Starwood Hotels & Resorts Inc posted a higher net profit for the second quarter on Thursday, helped by broad cost cuts.Source: Reuters: Business News | 23 Jul 2009 | 10:39 am European stocks nudge higherEuropean equities continued to edge higher on Thursday morning, rising for a ninth consecutive session amid mixed performances in banking and pharmaceutical sectors.Credit Suisse was up 4.3 per cent to...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 10:36 am Bank disappears overnight - along with money from Ugandan townFraudsters steal $100,000 from a town in Uganda by setting up a fake bank and taking deposits before disappearing.Source: BBC News | Business | World Edition | 23 Jul 2009 | 10:30 am State budgets walloped againThe bad news about state budgets just keeps getting worse. Only three weeks into the new fiscal year, gaps are already opening up. And the shortfalls are only expected to grow.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 10:26 am Yen slips in response to stocks rise (AFP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2009 | 10:21 am 'Scared of looking for work at my age'Retirement dreams are quickly fading for thousands of older workers, as the severe market losses that ravaged once-healthy retirement accounts over the last year force many seniors work longer.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 10:19 am Carphone Warehouse looks to hasten demergerCarphone Warehouse, Charles Dunstone's mobile phones-to-broadband business, hopes to complete the demerger of its two halves earlier than expected, by March next year. Source: Latest Business News from Times Online | 23 Jul 2009 | 10:15 am Ofwat calls for lower water billsThe regulator has snubbed water companies by proposing cuts in average household bills in England and Wales in 2010-15.Source: BBC News | Business | World Edition | 23 Jul 2009 | 10:13 am UK mortgage approvals at 15 month highThe number of mortgages approved by High Steet banks rose to the highest level in 15 months in June.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 10:12 am €50m payoff for ousted Porsche chiefDebt-ridden German sports carmaker dismisses chief executive Wendelin Wiedeking as it prepares for an increase of its capital base by at least €5bn ahead of a merger with VolkswagenSource: Financial Times - US homepage | 23 Jul 2009 | 10:07 am 50m payoff for ousted Porsche chiefPorsche on Thursday dismissed chief executive Wendelin Wiedeking, as the debt-ridden German sports carmaker prepared for an increase of its capital base by at least 5bn ($7.1bn) ahead of a merger with...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 10:07 am Roche bullish on markets, ups flu drug capacityBASEL, Switzerland (Reuters) - Swiss drugmaker Roche gave a bullish forecast for the next two years on the back of its $47 billion acquisition of Genentech and said it would expand capacity for H1N1 flu drug Tamiflu.Source: Reuters: Business News | 23 Jul 2009 | 10:06 am Drug Firms Look For Big Profits In Swine Flu TreatmentsThe swine flue is apparently more dangerous that the garden variety of flu that has been part of the world health picture for several decades. It is more likely to cause pneumonia and other complications. Drug companies hate to be left out of treating widespread diseases, so several are racing to get out vaccines for swine [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 10:06 am Heatwave causes surge in high street salesRetail sales jumped by much more than expected in June as the heatwave and early sales lured shoppers on to the high street. Source: Latest Business News from Times Online | 23 Jul 2009 | 10:03 am Toyota to start talks on pulling out of JV with GMTOKYO (Reuters) - Toyota Motor Corp will start talks to pull out of a California-based joint venture with General Motors , a Toyota executive said on Thursday.Source: Reuters: Business News | 23 Jul 2009 | 9:54 am FTSE 100 flat as utility companies struggleBritain’s top share index was flat this morning as weakness in energy stocks and water utilities offset gains from miners to leave the index fractionally lower. Source: Latest Business News from Times Online | 23 Jul 2009 | 9:54 am Roche sales of Tamiflu soar 200%The outbreak of swine flu sees sales of Tamiflu, the main drug used to fight the pandemic, massively increase.Source: BBC News | Business | World Edition | 23 Jul 2009 | 9:53 am VW’s Push To Become The World’s Largest Car CompanyVW’s plans to take over Porsche got a boost as the sports car company’s CEO was pushed out by his board. Wendelin Wiedeking leaves Porsche with a severance package worth $70 million. Porsche plans to take investment capital from Qatar, but that is only part of a staged transaction to become part of VW, the largest [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 9:48 am Stock index futures point to higher open(Reuters) - Stock index futures pointed to a higher open on Wall Street on Thursday, as investors braced themselves for a slew of earnings news including results from Microsoft , McDonald's and American Express .Source: Reuters: Business News | 23 Jul 2009 | 9:44 am Ericsson says bids for Nortel wireless assetsSTOCKHOLM (Reuters) - Swedish telecom equipment maker Ericsson is bidding for Nortel's mobile network division, an Ericsson spokesperson said on Thursday.Source: Reuters: Business News | 23 Jul 2009 | 9:37 am Banks 'approving more mortgages'Mortgage approvals by the major banks increased to a 15-month high in June, according to the British Bankers' Association.Source: BBC News | Business | World Edition | 23 Jul 2009 | 9:36 am Europe shares steady before US results (AFP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2009 | 9:35 am BBMG raises nearly $900m in IPOBBMG, the Chinese construction materials maker, on Thursday raised at least HK5.95bn (US$768m) in a heavily-subscribed offering that ranks as Hong Kong's second-biggest initial public offering so far this...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 9:30 am Microsoft (MSFT) Windows 7: Locked And Ready To GoMicrosoft (MSFT) said yesterday that the code for the next version of its immensely successful operating system is done. Windows 7 will replace Vista as the company’s flagship operating system when it goes on sale in PCs at the end of October. Windows 7 may be more important to the future of the world’s largest software [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 9:28 am Porsche boss walks away with a €50m payoffThe board of Porsche, the family owned German carmaker, today dismissed its chief exectutive and chief financial officer and opened the door to selling a stake in the business to Qatar. Source: Latest Business News from Times Online | 23 Jul 2009 | 9:27 am North Korea hurls insults at ClintonNorth Korea has rejected US suggestions that a wide-ranging package of incentives could entice it to dismantle its nuclear arms, with officials launching an extraordinary verbal attack on Hillary ClintonSource: Financial Times - US homepage | 23 Jul 2009 | 9:17 am Italy blocks sale of yachts to N KoreaItaly has blocked the sale of two luxury yachts to North Korea because it suspects they were destined for Kim Jong-il, the country’s ailing dictator, in a potential breach of international sanctions against Pyongyang.Source: Financial Times - US homepage | 23 Jul 2009 | 9:16 am Big jump in retail sales in JuneSales in UK shops jump 1.2% in June after a sharp fall in May as hot summer weather boosted clothing purchases.Source: BBC News | Business | World Edition | 23 Jul 2009 | 9:16 am Porsche ousts CEO, paves way for VW dealRead full story for latest details.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 9:09 am The Apple (AAPL) iPod On Fire: 800 Pages Of EvidenceApple (AAPL) iPods that catch on fire have become a sort of urban legend. There are stories from time to time about spontaneous combustion of the multimedia players, but Apple has played down the incidents. Apple is one of the world most secretive large companies, so the fact that it has not been forthcoming about [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 9:07 am Porsche boss steps down with $70mThe chief executive of German luxury car maker Porsche resigns, paving the way for a potential takeover by rival Volkswagen.Source: BBC News | Business | World Edition | 23 Jul 2009 | 8:59 am British shoppers return to the high streetBritish shoppers returned to the high street in droves last month as a combination of discounts and good weather helped drive retail sales higher.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 8:56 am Can GM Survive Without The US Market?GM recently made a number of optimistic comments about its future. These centered on its success in emerging markets such as China and its belief that it can keep 18% of the American market. There is plenty of proof that GM is doing well in Asia. There is almost no proof and there should be [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 8:52 am OFT increases pressure over milk price-fixingThe Office of Fair Trading (OFT) has renewed its attack on two leading retailers, Tesco and Wm Morrison, over alleged price-fixing in milk and other dairy products. The two supermarket groups continue to deny any wrong-doing. Source: Latest Business News from Times Online | 23 Jul 2009 | 8:28 am Best Places: Pricey homesBuying in Nantucket, Mass., could set you back $1.63M (the median sale price last year). Where were prices even higher?Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 8:21 am Fujitsu targets record profit in 2011Fujitsu intends to achieve record profits the year after next, Japan's largest IT services company said on Thursday, arguing that restructuring will improve margins despite a tepid economic recovery.The...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 8:19 am B&Q owner Kingfisher lifts by trend for home and garden DIYKingfisher the owner of the B&Q chain has benefited from growing trend in recessionhit Britain for garden DIY and lowcost room makeovers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 8:05 am Credit Suisse beats profits forecastsCredit Suisse beat forecasts to report a net profit of SwFr1.6 billion (£910 million) in the second quarter on the back of strong investment revenues. Source: Latest Business News from Times Online | 23 Jul 2009 | 8:01 am Media Digest 7/23/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Obama says healthcare reform is essential to the recovery. Reuters: CIT (CIT) bond advisers will push for Chapter 11. Reuters: Democrats will fight with banks on consumer agency. Reuters: Amazon (AMZN) bought Zappos for $829 million. Reuters: Porsche approved Qatar talks and fired its CEO. Reuters: Bristol-Myers (BMY) bought Medarx (MEDX) for $2.4 billon. Reuters: Hyundai posted a record profit. Reuters: Bernanke will [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 7:57 am Obama: Health reform will aid economyPresident Obama said Wednesday that health care reform is "central" to successfully rebuilding the U.S. economy after the current economic crisis.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 7:55 am DMGT ad revenue declines slowDaily Mail and General Trust said that the decline in advertising revenues on its national and regional newspaper titles had slowed during the last three months but admitted that it was hard to predict...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 7:53 am Innocent victim?Was Porsche boss caught up in a family feud?Source: BBC News | Business | World Edition | 23 Jul 2009 | 7:51 am Why Congress is stalling on health carePresident Obama's rush to rescue his health-care plan is coming just in time, because its critics are starting to give it a bad rap.Source: Business and financial news - CNNMoney.com | 23 Jul 2009 | 7:51 am Carphone takes broadband market shareCarphone Warehouse indicated it had continued to take market share from rivals in the broadband market as the telecoms retailer reiterated its guidance for the full year.Charles Dunstone, chief executive,...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 7:49 am Roche results hit by Genentech acquisitionBASEL, Switzerland, July 23 - Roche, the maker of the Tamiflu flu drug, missed forecasts with a 29 per cent drop in first-half net profit, hit by costs related to its $47bn acquisition of Genentech.However...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2009 | 7:44 am Water regulator seeks £14 off household billsOfwat, the body that regulates the water industry, has published proposals that would require water companies in England and Wales to cut the average household bill by £14, or 4 per cent, by 2015. The average home would then be paying £330 a year for water and sewerage services. Source: Latest Business News from Times Online | 23 Jul 2009 | 7:38 am Asia Markets And Europe Open 7/23/2009Markets in Asia were higher. The Nikkei rose .7% to 9,793. Sony (SNE) jumped higher. The Hang Seng moved up 2.7% to 19,783. The Shanghai Composite was up 1% to 3,328. At the open in Europe, the FTSE was up .1% to 4,497. The Dax was flat at 5,121. The CAC 40 was flat at 3,306. Credit Suisse (CS) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 23 Jul 2009 | 7:25 am Daily Mail sees fall in ad revenue slowingDaily Mail & General Trust the newspaper publisher said the decline in advertising revenue at its national and regional titles had slowed last quarter but visibility for the future remained low.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 7:09 am Investment banking boosts Credit SuisseA standout performance by its investment banking arm solidified the Swiss group’s position as one of the winners amid the fallout from the global financial crisis.Source: Financial Times - US homepage | 23 Jul 2009 | 7:04 am UK water bills set to fall over next five yearsBritish households should see their average water and sewerage bills fall by 4pc over the next five years.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 7:03 am Fewer foreclosures initiated in California in second quarterThe number of borrowers who got default notices falls 8% from the first quarter's record high. It's still more than the year-earlier period, however, and a research firm warns of a coming onslaught.Foreclosures were down in California during the second quarter of this year, but the drop represents an eye in the foreclosure storm that's likely to continue in full force this year, a real estate research firm reported Wednesday.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Space business has yet to take offThe industry is estimated to have grown only 25% since the 1970s. The high risks and costs involved in developing and launching a rocket have left the industry dominated by defense companies.Forty years after the crew of Apollo 11 landed on the moon, the business of space has yet to experience the renaissance many once thought possible.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Boeing sees its profit soar 17%The aerospace company, which in the second quarter earned $998 million, or $1.41 a share, expects to reevaluate its 2009 earnings forecast because of the latest delay of its 787 jetliner.Boeing Co. on Wednesday reported a 17% rise in second-quarter profit to beat Wall Street expectations, but the airplane maker said it was still assessing the financial effects of the latest delay of its new 787 jetliner.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Phil Angelides on quest to find truth amid financial rubbleThe former California treasurer is chairman of the 10-member congressional commission to investigate causes of the meltdown. He can only hope that the panel focuses on the empirical, not theoretical.The downside, if one can call it that, of being out in front on a reform issue is that occasionally you get asked to put your principles in action.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Crocs? They were so economic boomIt seemed everyone wore the colorful inexpensive foam clogs during the peak years. Now they've clomped to the back of the closet and the company is struggling to stay on its feet.Crocs were born of the economic boom.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Hot dogs should carry a warning label, lawsuit saysThe suit, by a group that promotes a meat-free diet, seeks to require cancer-risk labels on processed meats. Nutrition experts say foods that go along with the hot dog may be more dangerous."Warning: Consuming hot dogs and other processed meats increases the risk of cancer."
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Video game companies move onto Hollywood's turfSome publishers are making their own films, motivated by a desire to maintain control of their most valuable assets -- and benefit in the event that they hit upon the next big movie franchise.In the complex tango between movies and video games, Hollywood may be losing its lead.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Officials: U.S. wins trade films, music case against ChinaGENEVA -- The U.S. has largely prevailed in a trade dispute with China over restrictions on the sale there of American CDs, DVDs, books and computer software, two officials familiar with the ruling said.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Wells Fargo profit jumps 81%, but loan losses persistThe unexpectedly high earnings are tempered by credit cards defaulting at an 11.6% annual rate and a 94% increase in mortgage write-offs.Wells Fargo & Co. may have earned billions of dollars in the second quarter, easily surpassing Wall Street's expectations, and raised more capital than federal regulators demanded, but investors zeroed in on the toll exacted on the bank by the flagging economy.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am Should bailouts turn more profit for taxpayers?Goldman Sachs repaid its TARP debt with interest, but the Obama administration lost money in deals with other banks.As banks begin paying back their federal bailout money, some lawmakers and government watchdogs worry the Obama administration isn't driving a hard-enough bargain on the one part of the investment that could generate a profit for taxpayers.
Source: L.A. Times - Business | 23 Jul 2009 | 7:00 am ADB sees Asian growth doubling in 2010The Asian Development Bank has released an upbeat report on the region’s emerging economies, predicting growth in 2010 would be double that of 2009, but warned there were risks to recovery including over-enthusiastic regulation of the financial sectorSource: Financial Times - US homepage | 23 Jul 2009 | 6:59 am NZ market builds on recent gainsThe New Zealand sharemarket rose for its eighth consecutive trading day today even though the United States market took a break from a strong earnings season fuelled rally on Wednesday. The NZSX-50 index closed up 18.19 points,...Source: New Zealand Herald - Business | 23 Jul 2009 | 6:36 am Wealth workout: get a savings rate of 5.4pcCompetition is welcome for savers as rates are creeping higher.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 6:32 am Credit Suisse joins list of banks making profitsSwitzerland's biggest bank makes 1.47bn profits thanks to trading equities and bonds.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 6:30 am Card fraud: What to do if you are a victimCard fraud to the tune of £610m was committed in Britain last year - an increase of 43pc in the past two years.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 6:27 am Pension costs of FTSE 100 executives soarFinal salary pensions for top directors are costing Britain's largest companies around 70pc of the executives' pay the Financial Times reported citing a report from actuarial consultants Lane Clark & Peacock.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Jul 2009 | 6:25 am NZ dollar continues its upward trendThe New Zealand dollar ended its domestic session not far from a recent 9-1/2 month peak, even though Finance Minister Bill English said exporters need a lower currency. Derek Rankin of Rankin Treasury said there was no reaction...Source: New Zealand Herald - Business | 23 Jul 2009 | 5:41 am Obama seeks to salvage healthcare plansPresident Barack Obama made his strongest pitch so far to salvage his troubled health care reform plan, promising legislators in a televised press conference that the burden would not fall on middle class taxpayersSource: Financial Times - US homepage | 23 Jul 2009 | 5:04 am Is the U.S. Becoming More Like Europe? (Consumer Action)Six months into the Obama presidency, the president's legislative goals have begun to crystallize, and several conservative politicians and pundits have suggested many of them came from the same place. A few examples: • At the Conservative Political Action Conference in February, Newt Gingrich called Obama's budget and address to Congress "the boldest effort to create a European socialist government we have seen." • "Barack Obama wants to turn the United States into something similar to a Western European socialist democracy," Rush Limbaugh said on his radio show in April. • "He's taking the beacon of freedom and turning it into an apologetic, 'what-can-you-do-for-me' wannabe European, spread the wealth, socialist wonderland," Glenn Beck said on Fox News earlier this week. (SmartMoney.com is a joint venture between Hearst and News Corp. (NWS), which owns the Fox News Channel.) Whether or not the president's policies were inspired by European ideals and what they say about his larger governing philosophy are matters best left to other voices (Join the chorus with a comment below.) However, the similarity between White House plans for legislation and Old World policies is striking enough to warrant a closer look because those policies represent real world models of what may come to pass at home. For example, the president intends to remake the nation's health-care system. Congress is wrangling over the details of how to pay for the massive overhaul, and Obama took his plan to the public in a prime time news conference Wednesday night. The fundamental idea behind the plan — to expand coverage to the more than 40 million Americans who have no insurance — parallels health care systems in other countries, most notably in Western Europe. Obama has also called for the development of a high-speed rail system and a cap-and-trade program to limit carbon emissions — each has a counterpart in Europe. And the Cash for Clunkers program passed last month followed in the footsteps of a similar program launched in Germany. "There's a lot going on all over the world. The U.S. is trying to figure out what would work best given its unique situation," says Mark Browne, a professor of risk management at the Wisconsin School of Business. "It's certainly in our best interest to keep track of what's going on in other places." Health careObama came into office adamant about revamping the country's health-care system. The U.S. spends more per person on medical care — over $7,400 as of 2007, according to the Kaiser Family Foundation — than any other country. Many of the president's proposed changes would lead the system in the direction of the European model. Some of those changes have been echoed in bills now being debated in Congress. Last week, Democratic House leaders unveiled their health-care reform legislation. Their plan includes a tax on the wealthiest Americans as a way to finance expanded coverage as well as a government-run plan that would compete with private insurers. Despite resistance from Republicans and some conservative Democrats about the funding details, Obama has been resolute that health care remain the top legislative priority and has pushed for a bill before Congress's August recess. While Obama has said he doesn't want a European-style single-payer system like in France, for example, the proposed legislation would effectively guarantee universal health coverage, which is the fundamental notion behind most European models. Should reform pass in the U.S., private insurers would no longer be allowed to deny coverage to anyone based on their health status. The proposal would also mean a larger public role in financing health care, which is a small step toward the European approach, says Josh Bivens, an economist at the nonprofit Economic Policy Institute who has studied globalization and social insurance programs. American coverage would look less like the French or British single-payer systems (in the U.K., doctors are essentially government employees) than those in Germany and the Netherlands, says Brad Herring, a professor of health policy at Johns Hopkins' Bloomberg School of Public Health. For example, Germany has so-called sickness funds, which resemble very large nonprofit health insurers. These funds negotiate rates with hospitals and physicians, somewhat similar to the way private insurers negotiate rates with providers in the U.S. Cap and tradeCutting greenhouse gas emissions is another major initiative Obama has defined as a top priority. And the American Clean Energy and Security Act, which narrowly passed the House in June, shares some features of European policies aimed at curbing pollutants. The bill now faces a vote in the Senate. "At this point, it's anyone's guess whether or not the Senate will be willing to pass something that looks like" this bill, says James Sallee, an assistant professor of environmental policy at the University of Chicago. Under a cap-and-trade system, the government would set a limit on the amount of a given pollutant that a single company can emit into the atmosphere. Companies that need to increase their emission allowance must buy credits from those that pollute less. In effect, the buyer pays a charge for polluting while the seller is rewarded for reducing their emissions. Although the European Union implemented cap-and-trade in 2005, the idea behind the policy originated in the U.S. in the form of the Clean Air Act, says Lawrence J. White, an economics professor at New York University's Stern School of Business. That legislation created a cap-and-trade system for sulfur oxide emitted by electric utilities (which contributed to acid rain). The system was implemented in 1995 and has been successful in reducing sulfate emissions at substantially lower cost than predicted at the time, White says. The European system has been criticized for being ineffective in reducing carbon emissions. The problems stem largely from governments doling out too many permits, which made the cap unbinding, says Sallee. High-speed railObama's goal of reducing the U.S.'s dependence on foreign oil and encouraging energy-efficient travel also includes a nationwide high-speed passenger rail system. In April, he called for spending at least $13 billion to launch the network and identified 10 major corridors for potential rail projects, including ones in the Pacific Northwest, Pennsylvania and the Gulf Coast. The only truly high-speed rail service in the U.S. is Amtrak's Acela Express, which operates between Washington, D.C., and Boston. Few argue that Western Europe's successful Eurail system inspired Obama's vision for train service in the U.S. (Although, Taiwan implemented a high-speed rail system in 2007, which uses Japan's bullet-train technology, Browne says.) The European model, which covers 21 countries, "has been perfected to the point where it competes successfully with airlines," says Jan Svejnar, a professor of economics and public policy at the University of Michigan. In the U.S., a new rail system would "help the economy with tourism, with quality of life, energy efficiency and with reducing emissions — every initiative Obama is going for right now," says Sara Catz, the director of the Center for Urban Infrastructure at the University of California, Irvine. Cash for ClunkersIn February, Germany launched a cash-for-clunkers program, which offers $3,320 to drivers who trade in cars at least nine years old and buy new ones. The program was designed to help the country's beleaguered auto makers; it was met with an unexpectedly large response and boosted car sales, Browne says. In April, the British government announced a $453 million plan to provide a $3,000 rebate for drivers who trade in cars that are at least 10 years old. Under guidance from the White House, Congress passed a similar plan. Last month, the Senate approved a bill that would give vouchers worth up to $4,500 to motorists who trade in their old cars for more fuel-efficient models. The bill was attached to a $106 billion spending bill to fund the wars in Iraq and Afghanistan. There are some crucial differences among the programs. Germany's plan gave no mileage requirements or fuel efficiency standards, but in the U.S., old cars drivers want to trade in must have a combined fuel economy value of 18 miles per gallon or less. 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 | 23 Jul 2009 | 4:00 am Buyers Agents: Do You Need Them? (Deal of the Day)When Ilona Bray, a writer and nonpracticing attorney, and her husband went shopping for a home in northern California in 1999 -- the dawn of the housing boom and the peak of the dot-com boom -- she was stunned by the speed at which homes entered and exited the market. “I’d hear about some house on the market, go look at it and then I’d have to be ready to jump on it and get our offer in as soon as possible,” she says. “We must have looked at 40 houses, and put in offers on two other houses before the one we bought… a 1917 Craftsman bungalow in North Oakland.” For guidance, Bray hired a buyer’s agent, who not only helped the couple scout out houses, but also managed to negotiate some price breaks for repair needs discovered by the inspector. “We were impressed,” she says. “The market was so hot that some buyers were waiving the inspection contingency entirely.” For Bray and many other buyers, having a skilled professional was invaluable during the housing price run-up. However, as volatility in the market continues to erode home prices, enlisting a buy-side real-estate agent to negotiate on your behalf may be less important, says Stephen Brobeck, the executive director of the Consumer Federation America, an advocacy group in Washington, D.C. “It is a lot easier for you to negotiate a lower price today than it was four years ago,” he says. In fact, going it alone may even improve your ability to negotiate a lower price, Brobeck says. “There is a 2% to 3% commission that the seller and his agent could concede at basically no loss because you are representing yourself.” Still, if you’re buying, there are some compelling reasons to put an agent in your corner today. Not all buyers are savvy enough to handle the process on their own, says Bray, who wrote “Nolo’s Essential Guide to Buying Your First Home.” And although the risk of shelling out too much for a home today may be less than it was a couple of years ago, buyers can ask sellers for a lot more than they used to because there is now a glut of homes on the market, she says. For buyers attempting to wade through the excess of foreclosures and short-sales now on the market, an agent is a must, Bray says. Of course, not all buyers’ agents are alike, and small differences in how they work could affect their commitment to your interests. To ensure that you get the home you want at the best price, seek out so-called exclusive buyer’s agents, or brokers who work solely on behalf of buyers, Brobeck says. Like traditional real-estate agents, exclusive buyer’s agents typically split the commission with a seller’s listing agent. However, buyer’s agents don’t accept listings, says John F. Sullivan, president of the National Association of Exclusive Buyer Agents, an industry association in Washington, D.C. That means buyers will avoid being pressured to look at their agent’s company’s listings, in which there is likely to be a conflict of interest, he says. Home buyers who use buyer’s agents also avoid conflicts that may arise when buyers work with a property’s listing agent rather than their own agent, says Thomas H. Oldfield, a real estate attorney in Tacoma, Wash. If the buyer reveals, for example, that they can afford more than they’re offering, the seller’s agent is obliged to notify the seller -- even if the agent says he can work with the buyer, as well, he says. “Many states, Washington included, have adopted laws that allow real-estate agents to act as dual agents.” In this situation, agents help sellers set prices. Then, if they are acting as dual agents for buyers, they help determine the buying price, he says. Such a scenario can not only trigger a conflict of interest since dual agents ultimately work for sellers, it can also put a crimp in the negotiations process as agents who receive commissions are paid more when buyers pay higher prices, Oldfield says. Another benefit of tapping an exclusive buyer’s agent: They’re more inclined to help buyers find and purchase For Sale By Owner, or FSBO, properties than traditional agents, Sullivan says. Traditional brokers tend to veer away from such listings because they often require taking on work for buyers and sellers without getting a full commission. Buyer’s agents are expecting only to walk away with half the commission anyway, Sullivan says. Michael Staszewski, a software developer in Fuquay Varina, N.C., says his buyer’s agent was integral in helping him inspect his chosen FSBO property. “In addition to her real-estate experience, she can pick out flaws in homes that I would never be able to identify,” he says. And with a rolodex full of wholesale flooring and remodeling contacts, she’s also well-connected, says Staszewski. “Given the fact that most times as a buyer you’re not paying for an agent’s service anyway, it seems like a steal.” 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 | 23 Jul 2009 | 4:00 am 3 Stock Alternatives to Small Business (Screens)Now is a frightening but opportune time to start a small business. Yes, consumers remain reluctant to spend, but a glut of cheap offices, equipment and workers should keep expenses low. For laid-off workers who have ample savings but few job prospects, self-employment might easily beat no employment. For those who have jobs and secretly wish to own a small business like a Laundromat, restaurant or fitness center, but can’t walk away from their paycheck, the stocks below might hold appeal. Each is a successful player in a business category typically favored by entrepreneurs, and investors can buy in with a purchase of just a few shares, rather than a mammoth bet on a start-up. Share ownership has advantages over full-company ownership, but some disadvantages, too. The chief advantages: You don't have to show up for work, you can pick from thousands of already-profitable companies, you risk only a modest sum of money and you can change “jobs” several times a year. The disadvantages: There's no one to issue orders to except your stockbroker, you have little say in how the business is run and you have to wait for dividend checks or sell shares to get paid. Also, share-issuing companies generally aren’t small businesses, relative to mom-and-pop operations. That means their potential growth rates aren’t quite as high. And finally, any stock represents a business that someone decided to sell to the public rather than keep for themselves, so investors must consider carefully whether the company’s growth prospects are still bright and its current price fair. Laundromat
Mac-Gray(TUC) This isn’t your neighborhood Suds n’ Duds. Mac-Gray has commercial contracts with universities, hotels, military bases and apartment buildings. It manages more than 88,000 laundry rooms in 43 states with an emphasis on high technology. Customers get energy-efficient, high-speed machines that report their own maintenance needs, allow users to check availability online and accept payment via pre-paid cards. Mac Gray gets a predictable stream of cash flow, thanks to long-term contracts and a 95% yearly contract retention rate. Industry growth is perhaps limited; America’s clothes aren’t likely to need much more washing next year than this year. But Mac Gray has plenty of opportunity to take market share from smaller players. The company and its two largest rivals control just one-third of the fragmented laundry management business. Restaurant
Famous Dave's(DAVE) Dave’s is known for its Big Slab — a rack of 12 pit-smoked, sauce-slathered ribs. It also sells brisket, chicken, fish and sandwiches. On April 23 the company reported that its first-quarter profit jumped 58%. The improvement came from lower ingredient costs, not rising sales, but the chain was growing nicely until last year when consumer spending plunged. Last quarter management used its cash flow to pay down debt, but the chain has room to expand if restaurant traffic picks up. At last count it had 174 restaurants, with 47 owned by the company and the rest franchised. Buffalo Wild Wings (BWLD), another publicly-traded chain whose diners get their fingers messy, recently opened restaurant No. 600. Its management says the goal is to eventually hit 1,000. Fitness Center
Life Time Fitness(LTM) Gym memberships are one of the first things consumers tend to cut back on when money gets tight. But in the first three months of 2009 Life Time Fitness, which operated 83 centers in 18 states at the time, managed to increase its sales 12% versus the same period in 2008. The company is scheduled to report second-quarter results Thursday, July 23. Investors should be cautious: Oppenheimer analyst Brian Nagel believes membership growth might recently have slowed and that the stock, which has tripled in price from its March low, might have rebounded too far too fast — though he still rates it as Outperform for long-term investors. 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 | 23 Jul 2009 | 4:00 am The New Rules Of SpendingIt’s hard to ignore signs of improvement in the economy, however tentative. Consumer confidence has rebounded, stocks have moved off their lows, and even the battered financial industry is regaining some of its old swagger. But not everything will return to normal. The economic crisis has already led to significant shifts in both consumer and corporate behavior that will create headaches for many firms—but opportunities for a handful of others. Whether you’re a CEO or a consumer, experts say that even as the economy recovers, a new kind of thriftiness will rule the day. The national savings rate has already risen to 5.7 percent from zero a year ago; economists expect it to hit nearly 8 percent in the next few years—closer to the historical average since 1929. That savings could be in cash, stocks or bonds, but ultimately, it means homeowners are staying put for longer, cars are driven another year or two, shoppers are hunting for “values,” and staycations are on the rise, says Ravi Dhar, director of Yale’s Center for Consumer Insights. Even the affluent (generally defined by academics as those making more than $150,000 and with plenty of home equity) are on “austerity budgets,” says Michael Silverstein, a consumer expert and senior partner at the Boston Consulting Group. Corporate America is in the same boat: Firms, startled by the swiftness and depth of the recession, have hunkered down, with even the strongest conserving cash and looking for ways to cut costs and improve productivity. The trend isn’t to cut spending entirely but to become shrewder—and that’s likely to continue, says Ed Kerschner, chief investment strategist for Citigroup’s global wealth management group. Such tactics among consumers have already helped discount-designer retailers TJX and Ross Stores. As for where Americans are stashing their savings, the mutual fund industry has started to see assets grow after a huge exodus last fall. Battered stocks of fund firms have attracted veteran value investors like Royce Funds President Chuck Royce, who thinks asset managers are “the sweet spot” in financials. Companies are also spending more discerningly. Forrester Research expects technology spending this year to slip 5 percent, though analyst Andrew Bartels says firms are still interested in technologies that will make them efficient, cut costs and deliver results quickly. Of course, some argue that Americans (both corporate and consumer) will revert to their profligate ways once the economy starts growing and job losses abate. But it’s going to be hard to feed the consumption cravings, since credit is going to be a lot tougher to come by as banks become more selective and homes can’t be tapped as easily for cash, says Michael Shinnick, manager of the Wasatch-1st Source Long/Short fund. Companies catering to the postcrisis changes and new value approach should offer opportunity for some time, Shinnick adds. Our Picks
As consumers and companies begin spending again, they’re going to be much more careful. These firms could benefit. Scotts Miracle-Gro(SMG) The lawn-and-gardening company’s profits are blossoming as people stay home and tend to their greenery. Earnings are expected to rise 16 percent this year and 18 percent next and should get a boost as Scotts gains customers from a rival that went out of business, says Sam Yake, an analyst at research firm BGB Securities. T. Rowe Price Group(TROW) T. Rowe is one of the few firms boasting “an excellent research culture” that has produced strong returns for its funds and has a knack for new products, says Ariel Focus fund comanager Charlie Bobrinskoy. Symantec(SYMC) Firms are turning to new options like cloud computing (computer services over the Web) to reduce software expenses. As these technologies gain traction, companies like Symantec, which sells security software and ways to store data more efficiently, should benefit. Genuine Parts(GPC) Driving a clunker is losing its stigma, with a study from auto researcher R.L. Polk & Co. finding that 70 percent of consumers would likely consider a used car for their next vehicle purchase. People driving older cars is good news for auto parts distributor Genuine Parts, which also benefits as independent repair shops—which typically use its parts—take share from struggling car dealers, says Ron Bloom, manager of the AIM Mid-Cap Core Equity fund. Bonus: It generates loads of cash. Avon Products(AVP) The conventional wisdom is that women won’t give up their lipstick—even in the worst of economic times. But chances are shoppers may think twice about paying $30 at the department store and opt instead to buy cosmetics from their neighbor or colleague—good news for Avon, says Wasatch fund manager Michael Shinnick. Oracle(ORCL) Businesses are looking for ways to cut costs and get an edge—for example by doing a better job mining customer databases. That is leading many companies toward technology firms like Oracle, says Jensen Fund co-manager Bob Millen. The company is increasingly striving to offer “one product in a box” that fulfills an array of tech services, and it’s bid for Sun is the latest attempt to further that strategy, Millen adds. Cognizant(CTSH) Outsourcing has become rather commonplace but in the downturn even more companies are looking to farm out work to cut costs and Cognizant benefits from that. The company’s stock had been hit hard in this downturn in part because it gets about half its sales from financial firms but Cognizant Chief Financial Officer Gordon recently told analysts he didn’t expect further downturns in that business from first-quarter levels. But demand from other sectors has helped offset that decline somewhat, helping the stock recover. But Jensen’s Millen still thinks it is attractive. 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 | 23 Jul 2009 | 4:00 am Broker Talk: The 'Real' Recovery Is Overseas (Broker Talk)It may seem like a risky bet, but emerging markets — notably China — have the potential to significantly outperform developed nations in the current environment, these brokerage experts say. Who's Talking: Ting Lu, economist, Bank of America-Merrill Lynch The Gist: While U.S. investors are scratching at the dirt looking for those elusive green shoots of economic revival, China's recovery is "real, robust and sustainable," Lu says. Strong second-quarter GDP growth and other bullish data points indicate that the Chinese economy is poised to grow at least 8% year-over-year in 2009, the economist says. Such growth could convince more investors to shift their funds to assets related to China. In other words, "hot money [is] on the way," Lu says. "We firmly believe that China’s authentic economic recovery (not just green shoots), robust GDP growth, stable currency and rapidly rising asset prices will attract more capital inflow," says Lu. "We have already seen a $178 billion increase in [foreign exchange] reserves in [the second quarter], and we believe more money is on the way." Lu has long argued that China will be the first major economy to recover from the current global downturn, but cautions that doesn't mean growth will return to its previous double-digit pace. "The average growth from 2002 to 2007 in China was about 10.8%," Lu writes, "while the average potential growth in the coming five years, including 2009, may be only around 9%." That cooling off is partly attributable to the fact that Western consumers are saving more and spending less, hurting China's export-driven economy. But, as Lu notes, "potential growth of 9% for the next five years is still very impressive, and is well above the global average." By comparison, the World Bank expects the global economy to grow just 2% and 3.2% in 2010 and 2011, respectively. Who's Talking: Ted Truscott, chief investment officer, Ameriprise Financial The Gist: Rallies in U.S. stock and bonds are a welcome relief and show that the Federal Reserve has been successful in pushing money off the sidelines and back into the market, Truscott says, but he remains concerned that it won't be easy adjusting to our new economic reality. On the domestic front, the economy is still sailing into the teeth of some strong headwinds, including continued weakness in the housing market, soft consumer spending and the specter of higher interest rates and eventual inflation down the road, says Truscott. That's why he believes investors need to look beyond U.S. shores to emerging market equities. "The important point now is that the relative growth level between emerging and developed economies has widened significantly," Truscott says. Emerging markets, he says, will present more growth opportunities and therefore attract more investor capital. However, as enticing as the big four emerging markets of Brazil, Russia, India and China (the so-called BRIC countries) may be for investors, Truscott advises a cautious approach to allocation. "Emerging market equities are a volatile asset class and in a downturn usually fall more than developed markets," he says. "While any investment in emerging markets is subject to suitability, we do not believe that emerging markets equities should comprise more than 5% to 10% of an all-equity portfolio." 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 | 23 Jul 2009 | 4:00 am Bed, Bath and Boffo ReturnsSHARES OF HOME-FURNISHINGS giant Bed Bath & Beyond (BBBY) have climbed 11% in the past year, outpacing those of retailers Target (TGT), Wal-Mart (WMT) and JCPenney (JCP), each of which is down at least 10%. Still, investors would be foolish to bail out of Bed Bath now. The stock, which last week was at 31 and change, could climb nearly 25% in the next year, according to some savvy investors. That is because even in this lousy economy, Bed Bath is boosting its store base and earnings. Meanwhile, some competitors have gone belly-up, most notably Linens 'N Things, which began liquidating its 500-plus stores late last year. A shake-out of the competitive landscape bodes well for Bed Bath longer-term, as it picks up market share. "This is a high-quality company with lots of financial flexibility," says David Fording, co-manager of the William Blair Growth Fund (WBGSX), which has held the stock since late last year, when it was around 25. He figures the shares are worth close to 40. One of Bed Bath's advantages is its productivity. For the fiscal year that ended in February, it had sales of $225 per square foot, compared with $120 at Pier 1 Imports (PIR), according to R.J. Hottovy, a Morningstar stock analyst. Pier 1 has been closing some stores. Although it has made several acquisitions this decade, the retailer is still best known for its 937 core Bed Bath & Beyond stores in the U.S., Canada and Puerto Rico. These peddle everything from sheets to silverware to fans to coffee makers. The retailer, which relies heavily on women shoppers, is expanding its bridal, baby and gift registries. Customers can get quality merchandise at a good price, along with decent service. The company has plenty of clout with vendors. In fact," there is a halo effect from being in Bed Bath & Beyond," says analyst Frank Alonso of T. Rowe Price, which holds the stock in many of its mutual funds. "If you are a vendor, you want to be there, not just because it's a big retailer. You also want to win mind share with the consumer." An important underpinning of the company's strength is its debt-free balance sheet, which boasts $855 million in cash and cash equivalents and another $210 million of illiquid auction-rate securities (whose value it expects to eventually recover in full). Bed Bath doesn't pay a dividend, but its strong financial position lets it fund its own expansion. Late last week, Bed Bath fetched nearly 18 times the $1.77 a share that analysts expect it to earn this fiscal year (which ends on Feb. 28, 2010), compared with Target's nearly 14. However, back out the roughly $4 a share of cash, and Bed Bath's price/earnings ratio is a more reasonable 15.8. In its most recent conference call, the company described earnings of $1.59 a share this fiscal year as a reasonable estimate. For its most recent quarter, ended May 30, the company had a profit of 34 cents a diluted share, up from 30 cents a year earlier, on net revenue of nearly $1.7 billion, up 2.8%. Same-store sales, or comps, were off 1.6%, but many other retailers had much worse comps. At Target, they were down 6.2% for June. A key driver behind the successful quarter was cost- cutting. Selling, general and administrative expenses came in at just under 31% of net sales, versus 32.5% a year earlier. One reason: the use of fewer "advertising pieces" — inserts or coupons in newspapers and flyers sent to homes. Bed Bath aggressively matched Linens when it came to discounting, a strategy that hurt margins but helped put its main competitor out of business. Now, the question is: Can Bed Bath reduce more of its coupon exposure? "There are still a lot of coupons out there that people have accumulated," says Colin McGranahan, a senior analyst at BernsteinResearch. But he adds that the "pressure should lessen throughout the year." McGranahan has an Outperform rating on the stock and a 12-month price target of 40. Fewer coupons are boosting the retailer's operating margin, which rose to 8.4% in the latest quarter, 1.2 percentage points above the year-earlier level. Several analysts argue that operating margins can improve to at least 11% or 12%, boosting profits substantially, as coupon redemptions subside and the economy improves. William Blair's Fording says reducing the reliance on coupons is "where you bet on management, [and] we do think they will work it out." The experienced executive team is highly regarded for running a tight ship while giving autonomy to local store managers. "The whole culture there is about winning at this game," says Gary Balter, a Credit Suisse analyst who rates the stock Outperform, with a 12-month price target of 37. Chief Executive Steven H. Temares, who is in his early 50s, joined the company in 1992 and became CEO in 2003. He and his colleagues don't show up at investment conferences or do road shows. On conference calls, they don't take questions from analysts, partly to avoid divulging strategic information to competitors. The company declined to comment for this article. One attraction of Bed Bath is its potential growth. It plans to open 57 stores this year across all its brands, down from 67 last year. In the most recent conference call, Co-Chairman Warren Eisenberg said the company can add more than 400 Bed Bath stores in the U.S. and Canada. What's more, 88% of the Linens stores had a Bed Bath store within 10 miles, according to BernsteinResearch. So Bed Bath should capture a nice chunk of the failed company's annual sales of $3 billion. The home-comforts retailer is attending to profit margins and scoping out opportunities for expansion, says Barron's Lawrence Strauss. McGranahan, however, maintains Bed Bath has a solid chance to enhance its growth with its other store brands — Harmon Face Value, which sells health and beauty products; Christmas Tree Shops, which specializes in bargain goods; and buybuy Baby, whose merchandise ranges from strollers to diaper bags. Bed Bath's four brands provide clout when negotiating leases, especially if the company plans to put more than one store brand in a particular mall. Especially promising is buybuy Baby, a small chain mostly in the Northeast that Bed Bath acquired in 2007 from Richard and Jeffrey Feinstein, previously Bed Bath employees who are also the sons of one of the parent company's co-chairman, Leonard Feinstein. "Buybuy Baby is a very exciting concept," says Alonso of T. Rowe Price. "There's no reason there can't be a second player in that category." That other player is Babies "R" Us, which operates about 260 stores, compared with buybuy Baby's 16. In its 2008 fiscal year Babies "R" Us had an impressive 12% operating margin, according to BernsteinResearch. With layouts similar to Bed Bath stores, buybuy Baby offers a plethora of products and has a higher-end focus than its rival. It also has knowledgeable salespeople, which appeals to parents overwhelmed by all of the merchandise available. BernsteinResearch estimates that Bed Bath can raise the number of buybuy Baby stores to 273 by 2018. That estimate could be too aggressive, particularly if the economic recovery is slow, but buybuy Baby stores should help Bed Bath's growth... and share price.
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Source: SmartMoney.com | 23 Jul 2009 | 4:00 am Amazon.com buying shoe seller Zappos for $928 million (Reuters)Reuters - Amazon.com will pay about $928 million for booming online shoe retailer Zappos.com, expanding aggressively into the apparel arena with a well-known name after trying unsuccessfully to go it alone.Source: Yahoo! News: Business | 23 Jul 2009 | 3:34 am ING complaints upheld, says ombudsmanThe Banking Ombudsman has upheld about 80 per cent of the complaints it has finished investigating over ING New Zealand's frozen funds. More than 13,000 investors had money in the Diversified Yield Fund (DYF) and Regular Income...Source: New Zealand Herald - Business | 23 Jul 2009 | 3:30 am CIT bond advisers to push for bankruptcy: reportNEW YORK (Reuters) - The advisers to the bondholders that provided lender CIT Group Inc with a $3 billion loan facility this week are recommending it be restructured through a bankruptcy following a debt tender in August, Bloomberg reported on Wednesday, citing a person familiar with the matter.Source: Reuters: Business News | 23 Jul 2009 | 3:00 am Both sides in PPP debate point overseas for lessonsSupporters and opponents of a fund being set up to build public infrastructure are pointing to the performance of similar moves overseas to support their argument. HRL Morrison & Co today said its Public Infrastructure Partnership...Source: New Zealand Herald - Business | 23 Jul 2009 | 3:00 am Foreign investment rules to be eased, says GovtThe Government has simplified overseas investment rules and is looking to ease up other restrictions, Finance Minister Bill English said today. The changes are the first part of a two-part review, with the second part focusing...Source: New Zealand Herald - Business | 23 Jul 2009 | 2:00 am Bristol-Myers to buy Medarex for $2.4 billionNEW YORK (Reuters) - U.S. drugmaker Bristol-Myers Squibb Co on Wednesday said it will pay $2.4 billion to acquire Medarex Inc , a biotechnology company that has been helping it develop a promising treatment for melanoma since 2005.Source: Reuters: Business News | 23 Jul 2009 | 1:53 am Bristol-Myers to buy Medarex for $2.4 billion (Reuters)
Source: Yahoo! News: Business | 23 Jul 2009 | 1:53 am CIT bond advisers to push for bankruptcy: report (Reuters)
Source: Yahoo! News: Business | 23 Jul 2009 | 1:16 am Obama steps up push for health reformAt a White House press conference, President Obama asserts that a new health care policy is needed to bring the nation's larger economic problems under control. Marketplace's Tamara Keith reviews the president's talking points with Kai Ryssdal.Source: Marketplace | 23 Jul 2009 | 12:50 am Bristol-Myers to buy Medarex for $2.4bnUS drugmaker Bristol-Myers Squibb Co said it will pay $2.4 billion to acquire Medarex Inc, a biotechnology company that has been helping it develop a promising treatment for melanoma since 2005Source: Financial Times - US homepage | 23 Jul 2009 | 12:16 am Ebay’s efforts to counter decline paying offEbay performed slightly better than expected in the second quarter, reporting $2.1bn in revenue as its core marketplaces business stabilised and business at PayPal and Skype picked upSource: Financial Times - US homepage | 22 Jul 2009 | 11:54 pm Four-star hotel deal for Auckland Airport, TainuiA $65 million Novotel hotel is planned for Auckland Airport in time for the Rugby World Cup in 2011. A joint venture was signed today between Accor Hospitality, Tainui Group Holdings and Auckland International Airport to develop...Source: New Zealand Herald - Business | 22 Jul 2009 | 11:30 pm Write-Offs: 07.22.09$$$ "Clearly, we can do better," Colm Kelleher, Morgan Stanley's chief financial officer, said after analysts pushed him on the weak trading numbers. [Dealbook] $$$ Bernie Madoff's Personal Ad (it's a fake, obviously, but posted on a real Craiglist-for-inmates site with his number and address so hopefully it'll be of interest to someone on the inside looking for love). [The Frisky] $$$ Would You Stand On Planes For Cheaper Tickets? [The Atlantic] $$$ Investors Accuse NIR Group Of Providing 'Fanciful' Returns [FINalternatives] $$$ Attorney For Three Former UBS Employees-- the quants who left for Jefferies, where the Swiss claim they took "prop trading secrets"--Fires Back [Traders Magazine] $$$The wardens who run this asylum want you to take this survey. We're told it should be painless.
Sponsored Topics: Morgan Stanley - Business - Colm Kelleher - Investing - Chief financial officer Source: Dealbreaker | 22 Jul 2009 | 11:09 pm Vote: Our Economic Radio Story Competition Needs You
Adam Davidson and Chana Joffe-Walt gear up for the competition. David Kestenbaum/NPR Welcome to the second half of Planet Money's utterly amazing, absolutely cut-throat, winner-take-all, first-but-probably-not-last-ever Economic Radio Story Competition. A couple of weeks ago, we sent Planet Money reporters Adam Davidson, Chana Joffe-Walt and David Kestenbaum to New York's Fancy Food Show with a (very) special challenge: Bring back all the sound you'll need for the best economics story you can find, in an hour. We're calling on you, the listeners, to pick a winner. After the jump, you'll find each story and the poll. If you're looking for a voter's guide, check the comments from the original Planet Money podcast. Voting closes on Thursday at midnight Eastern. We'll announce the results on Friday's podcast. Adam Davidson delves into the burgeoning Palestinian export food market. Chana Joffe-Walt explains why cultivating vanilla is harder than you think. David Kestenbaum asks why fancy food is so darned expensive.
Subscribe to the Planet Money podcast. Find us online: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jul 2009 | 11:07 pm Hear: Myth Of Rational MarketsOn today's Planet Money: The rational school of economics holds that markets make sense. Sure, some people and businesses trade on raw, crazy emotions, but the mistakes cancel each other out. In the end, the rational school argues, market prices make sense. And then there's real life. Anyone who has spent any time looking at the stock market has to think there's at least a decent chance the whole thing is crazy -- prices pinging around, investors making crazy bets, regulators trying to figure out who's flouting the byzantine rules. Justin Fox, a writer for Time and author of The Myth of the Rational Market, talks about teddy bears, bubbles and Alan Greenspan. Bonus: An hourly rate for "hassle?" Download the podcast; or subscribe. Intro music: The Dismemberment Plan's "Back And Forth." Find us: Twitter/ Facebook/ Flickr. Sam Ley writes from KCFR land: Indicator: the average hourly rate people bill themselves for "hassle." Definition? So, my dad is a pretty handy guy, and has always been good at fixing cars, fixing stuff around the house, etc. However, sometimes he decided to do it, and sometimes he paid people to do it, and his explanation is that he sets an hourly rate that he "bills" himself for doing stuff that he describes as a "hassle," i.e., there is no fun factor to it. The rate changes based on how busy he is with work, how his personal savings are doing, etc. At the time he told me about it, when I was a teenager in the '90s, his hourly hassle rate was about $20/hr. If it would take him 5 hours to fix the water heater, including going to the hardware store, messing around with it, cleaning up, etc., but it would only cost $80 to pay someone to do it, he'd pay them, since it is "cheaper" than his $20/hr hassle rate. These days his mortgage is paid off (yes, he actually paid off a fixed rate mortgage last year), his hassle rate has gone up quite a bit, to more like $40/hr, reflecting his increased spending ability combined with a greater appreciation for spending time on fun things. I've always used the same system, modifying my rate on parameters such as finances, savings, time availability, enjoyment of certain types of tasks, etc., but it hovers around $30/hr for me. To get to my question, is this a common indicator? I know people unconsciously make decisions like this when deciding whether to fix something themselves, or pay someone to do it, but is it usually this explicit? Is it studied by anyone who tries to measure what people's internal hassle rate is, and how that changes over time, particularly during recessions? Are more people fixing their own toilets because all of a sudden their hassle rate has dropped to $10/hr, making it "cheaper" to mess with a dirty toilet than to pay someone else to fix it? On the quick, Sam, I'd say that yes, people are fixing more things themselves. your answer lies somewhere between transaction cost and opportunity cost. Transaction costs are the expenses associated with carrying out an economic exchange -- you can buy that refrigerator, but you've got to deal with carrying it home. Opportunity costs are what you lose when you pick one thing over another -- you could fix that sink yourself, but then you couldn't also take a nap and go for a run. As for how explicit people are about the dollar figures, my hunch is not very, but while I'm researching this, a bit of YouTube serendipity:
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jul 2009 | 11:03 pm Norgate steps down as PGG Wrightson chairCraig Norgate has stepped down from his position as chairman of PGG Wrightson, saying the decision reflected the preference for an independent chair given the listed status of the company. Norgate advised his intention to step...Source: New Zealand Herald - Business | 22 Jul 2009 | 11:00 pm Call For Submissions: The All-Dealbreaker Under 30 TeamPicking up where the expired Trader Monthly left off, Dealbreaker is compiling our own who's who list of buy-side all-stars (which you will be able to select for your DB fantasy team at a later date). We're taking nominations now. Info we'll need on your draft picks: - Age - Current Firm - Previous Firm(s) if any - Position - Sector/Asset Class - College - Hometown - Other things you'd like us to know
Sponsored Topics: Trader Monthly - Sport - Fantasy - Dealbreaker - Draft Source: Dealbreaker | 22 Jul 2009 | 11:00 pm Down On Luck Investment Adviser In Need Of Job Really Didn't Screw Client That Badly
Farber, a broker for Hilliard, Farber & Co., a Wall Street company owned by his uncle, loves cards and placed 128th in the 2008 World Series of Poker. He won $4,216. Oh, and a new pic of Katz eating a strawberry has been procured (we're partial to the domestic one, and will use it exclusively).
Sponsored Topics: JPMorgan Chase - Wall Street - Business - 2008 World Series - GoldmanSachs Source: Dealbreaker | 22 Jul 2009 | 10:48 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 10:45 pm NZ shares up in early tradingThe New Zealand sharemarket edged up early, after rises on seven consecutive trading days saw the benchmark NZX-50 index pass the 2900 level for the first time in nine months yesterday. Today's small early advance came as Fletcher...Source: New Zealand Herald - Business | 22 Jul 2009 | 10:36 pm Maxine Waters Announces August Tour
As a result, Maxie has vowed that she will be ramping up her speaking engagements around the country next month. She will be spreading the message that only through the CFPA will people rest easy knowing that the woman previously famous for threatening to nationalize the US petroleum industry has their back when it comes to preventing unsuitable investment proposals.
Sponsored Topics: Rolling Stone - Maxine Waters - United States - Lobbying - CKTG-FM Source: Dealbreaker | 22 Jul 2009 | 10:26 pm Buffett Dumps Moody’s (MCO, BRK-A)Moody’s Corporation (NYSE: MCO) just got a rather interesting insider selling shares, none other than Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A). The listed entities were Berkshire itself, National Indemnity, OBH, and GEICO. The new stake is down to 16.98% from roughly 20.2%. The filing outlines the terms for more shares to possibly be sold [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 10:09 pm SEC plans 'pay-to-play' curbs on investment firms (AP)AP - Federal regulators on Wednesday proposed new rules to restrain investment firms from making political donations to state or local government officials with an eye toward winning pension plan or other public business.Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 10:04 pm Bankrate to be taken private in deal with Apax (AP)AP - Bankrate Inc. said Wednesday it had agreed to be acquired by New York-based private equity firm Apax Partners in a $571 million deal that will take the consumer-finance Web site operator private.Source: Yahoo! News: Business | 22 Jul 2009 | 9:54 pm $2 Billion IPO Filing: JBS USA Holdings (JBS)JBS USA Holdings, Inc. has just filed for an initial public offering of common stock an an amount of up to $2,000,000,000.00. This consists of an international offering in the United States and other countries outside Brazil and a concurrent offering in the form of Brazilian depositary receipts (BDRs) in Brazil. Shares are being sold by [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:49 pm New route 'collusion': Air NZAir New Zealand will fight what it calls collusion between Virgin Blue and Delta Airlines on the United States-Australia route. The New Zealand airline fears a proposed revenue sharing agreement between the two new entrants on...Source: New Zealand Herald - Business | 22 Jul 2009 | 9:30 pm Hintz Says Morgan Stanley Changing to Lower Risk Business ModelSource: Bloomberg - All Podcasts | 22 Jul 2009 | 9:26 pm Understanding Dennis Kneale
In a NYO profile of Kneale, we find out a whole bunch of stuff about DK, including the fact that his father that his father was hit by a car and killed, when Dennis was 14 years-old. The tragedy changed a young Kneale, who became "more outgoing and pugnacious." A bully, basically. A nerdy, nerdy bully. "When [a sudden death] happens, you're like, well, fuck," Kneale says. "There's nothing you can do anymore that's going to even come close to that. It's like, 'Bring it on. What have you got?'" Other things we've learned about DK today: * His mother always told him, "Don't say something if you can't say it to somebody's face." She probably meant something more along the lines of what most mothers tell their children, i.e. if you don't have anything nice to say, don't say it at all, but Dennis interpreted Mother Kneale's words to mean if you're in front of them, or they can see your lips moving through the tube, fire away. * DK very much took this bit of wisdom to heart, which I guess would explain the rationale of being proud, decades later, of the fact that he wrote a scathing take-down of his high school's chorus concert with his own by-line. "I wrote the mean review on the record," said Kneale. "Not anonymously." * He really, really hates people who write anonymously online, because it often creates victims of vicious, masked attacks. Like this girl, who truly was made a victim, and like Dennis Kneale, who is not a victim, but believes people taking issue with the claim the "recession is over" are attacking him. Mr. Kneale traces his genuine distaste for anonymous online criticism to a cover story he edited at Forbes in the fall of 2007, titled "Hiding Behind the Net." The article, by Victoria Murphy Barret, revolved around the tragic story of a teenage girl who crashes her father's Porsche at high speeds on the highway, crushing her to death. Afterward, a mob of anonymous Web users posted police photographs of the girl's mangled remains on various Internet sites, along with commentary mocking the carnage. * He could be even more obnoxious, if he wasn't holding himself back. "I have a high obnoxious quotient. I try and reign it in." * He's being produced by people who think he's a genius. "After [the night DK called a bunch of bloggers 'digital dickweeds'], Mr. Kneale's producer told him that his outburst was poetry, the best thing he'd done on the show."
Sponsored Topics: Google - Dennis Kneale - CNBC - Forbes - Website Source: Dealbreaker | 22 Jul 2009 | 9:26 pm SanDisk Made Money… Can It Be? (SNDK)Flash memory giant SanDisk Corp. (NASDAQ: SNDK) posted a surprise profit. Earnings were $52.5 million, or $0.23 EPS, but its non-GAAP earnings were $0.36 EPS. That compares to a loss of $73.75 million a year ago. Revenues came in down almost 10% at $730.5 million from $816 million a year ago. Thomson Reuters had the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall Street | 22 Jul 2009 | 9:21 pm Half-Assed Protest At 85 Broad?
Update: Our photographer informs us the signs read "Stop the injustice at Stella D'Oro," forcing us to ask, why does Lloyd Blankfein hate cookies? Update II: Brynwood Partners owns Stella D'Oro, and wants to sell it to Lance, Inc., a North Carolina-based manufacturing and marketing firm, sans the Bronx plant. The cookie makers are upset about this, and believe that Goldman has the power to stop the deal from going through.
Sponsored Topics: Stella D'Oro - Business - Begging the question - Photographer - Cookie Source: Dealbreaker | 22 Jul 2009 | 9:12 pm Maori training initiative announcedMore than 1800 Maori will receive training in industries with strong employment prospects under a new initiative, Maori Affairs Minister Pita Sharples announced today. Te Puni Kokiri is behind the initiative, the first step of...Source: New Zealand Herald - Business | 22 Jul 2009 | 9:00 pm How the major stock indexes fared on Wednesday (AP)AP - Stocks ended a quiet day mixed Wednesday as traders remained hesitant to push further into the market following a weeklong surge on strong earnings reports.Source: Yahoo! News: Business | 22 Jul 2009 | 8:55 pm How the major stock indexes fared on Wednesday (AP)AP - Stocks ended a quiet day mixed Wednesday as traders remained hesitant to push further into the market following a weeklong surge on strong earnings reports.Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 8:55 pm Wolf Says 70% of Emerging Markets' Excess Capital Went to U.S.Source: Bloomberg - All Podcasts | 22 Jul 2009 | 8:27 pm Poole Says Fed Has Gone Beyond Authority to Make LoansSource: Bloomberg - All Podcasts | 22 Jul 2009 | 8:14 pm Starbucks Raised to `Hold' at Deutsche BankSource: Bloomberg - All Podcasts | 22 Jul 2009 | 8:13 pm Baird's George Is Positive on Wells Fargo, Wachovia IntegrationSource: Bloomberg - All Podcasts | 22 Jul 2009 | 8:10 pm T. Boone Pickens Explains His Actions
But TBP offered up a lot more than just a heart felt apology to the current owner of grandma Pickens' place.
If not, then they'll just have to worry about waking up in the middle of the night and discovering their house is cruising at 35mph on a trailer headed towards the Texas Panhandle.
Sponsored Topics: T. Boone Pickens - Texas Panhandle - United States - Pickens - South Carolina Source: Dealbreaker | 22 Jul 2009 | 8:04 pm Keller Says Automakers' Excess Capacity Isn't Going AwaySource: Bloomberg - All Podcasts | 22 Jul 2009 | 7:47 pm Presented By:Source: Dealbreaker | 22 Jul 2009 | 7:40 pm Comp Watch '09: AIG, Morgan Stanley
Sponsored Topics: Morgan Stanley - American International Group - Kenneth Feinberg - Edward M. Liddy - Business Source: Dealbreaker | 22 Jul 2009 | 7:40 pm Cross Raises Apple Share Price Estimate to $190Source: Bloomberg - All Podcasts | 22 Jul 2009 | 7:11 pm Levitt Says Bernanke Is Widely Respected, Will Be ReappointedSource: Bloomberg - All Podcasts | 22 Jul 2009 | 7:07 pm Goldman sheds bail-out legacyGoldman Sachs became the first major bank to buy back warrants held by the US Treasury, allowing the group to shake off the last vestige of its participation in the government bail-out programme after just nine monthsSource: Financial Times - US homepage | 22 Jul 2009 | 7:06 pm Revenue's Down, Profit's Up. How's That Work?This is corporate earnings season, the time when publicly traded companies let the world know how they're doing. For Morgan Stanley and Whirlpool, the new hasn't been great. For Apple and Southwest Airlines, the numbers were better than expected. Among the winners and losers is a string of curious cases, companies that report their profits are up even though their revenues are down. Coca-Cola, for one, said quarterly profits are up 43 percent from last year -- even as sales are down 9 percent. And then there's Starbucks, which went from a $6.7 million loss last year to a gain of $151.5 million -- though revenue fell by 6.6 percent. How's that possible? In a word(ish): cost-cutting. After the jump, a closer look -- with charts! Consider the story of Starbucks. In December 2008, the coffee chain embarked on what will eventually be a $500 million cost-cutting program. Managers tightened the supply chain, cut down on waste and planned to close 900 stores. Starbucks doesn't have figures yet on how many store employees have been laid off, but it has reduced its non-store workforce by 1,700 since last year. What we're seeing in an earnings report like the one from Starbucks is that the cost-cutting appears to be working, as the company reaches a size that makes sense. More specifically, what we're seeing with regard to layoffs -- at Starbucks and elsewhere -- has to do with the size of the workforce matching the need. The Bureau of Labor Statistics' latest release on productivity shows that it began to tick up in the first quarter of 2009, as you can see from these charts. 
Productivity's up in manufacturing. Bureau of Labor Statistics Numbers like these confirm what employed people everywhere already know -- that they've been asked to do more with less, and they're doing it. If you're looking for work, the bad news for now is that companies are benefiting from laying people off. The good news is that the remaining workers have more work to do. It's only when companies can make more money by bringing on additional people that they'll stop with the layoffs and start with the hiring. For that, we're aways off -- as in 2011, according to the latest estimate from Federal Reserve Chairman Ben Bernanke. 
Productivity's up in the business sector, too. Bureau of Labor Statistics » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 22 Jul 2009 | 6:28 pm US banks warn on commercial propertyTwo of America’s biggest banks, Morgan Stanley and Wells Fargo, threw into sharp relief the mounting woes of the US commercial property market when they reported large losses and surging bad loansSource: Financial Times - US homepage | 22 Jul 2009 | 6:21 pm Carbon accounting is big businessMany big corporations are already tracking their yearly greenhouse gas emissions, and more are expected to follow once Congress approves a climate change bill. Those who specialize in emissions accounting are likely to see a spike in business. Sarah Gardner reports.Source: Marketplace | 22 Jul 2009 | 5:44 pm There should be no SBA in TARPThe Treasury Department wants to use $15 billion in TARP money to boost credit markets and buy up loans from the Small Business Administration. Commentator David Frum warns that once the SBA starts getting TARP funds, it won't stop.Source: Marketplace | 22 Jul 2009 | 5:44 pm Immigration to U.S. slows to a trickleImmigration from Mexico has slowed dramatically according to a new report out today from the Pew Hispanic Center. As Mitchell Hartman reports, the economy on both sides of the border is a major factor in the human ebb and flow.Source: Marketplace | 22 Jul 2009 | 5:44 pm Dire straits for Detroit public schoolsThe Detroit public school system has lost almost half its students and revenue. As the emergency financial manager, Robert Bobb has to make cuts where it hurts the most. He talks with Kai Ryssdal about the situation.Source: Marketplace | 22 Jul 2009 | 5:44 pm Arbitration giants shift cases to courtTwo of the largest U.S. arbitration companies, which mediate legal conflicts between consumers and credit card companies, will stop accepting debt-collection disputes, thus shifting these cases to court. Jeremy Hobson reports.Source: Marketplace | 22 Jul 2009 | 5:44 pm FTSE 100 extends positive streak (AFP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 5:21 pm Caution equals loss for Morgan StanleyInvestment banks Goldman Sachs and JP Morgan each had big profits: $2.7 billion to be exact. But the more cautious Morgan Stanley reported a billion-dollar loss today. Does this mean substantial risk is necessary to gain a profit? Alisa Roth reports.Source: Marketplace | 22 Jul 2009 | 5:18 pm Much ado about TARP profitsAs banks start paying back TARP funds, taxpayers are getting about 12.4% return on their investment. Now lawmakers are trying to decide whether to spend that money to help the housing market or to pay down the national debt. Steve Henn reports.Source: Marketplace | 22 Jul 2009 | 5:18 pm Taxpayers and the health care debateThe health-care-reform conversation, so far, has been more about monetary policy than medicine. So what's in it for consumers and taxpayers? The New York Times' David Leonhardt talks with Kai Ryssdal about the economics behind reform.Source: Marketplace | 22 Jul 2009 | 5:13 pm The 7 Most Tasteless USB Drives on EarthThe diminutive USB drive has undergone a revolution in recent years. It started as an innocent, rectangular Flash drive, but soon evolved into a branding device, then a novelty. People now alter USB drives to look like anything from sushi to Star Wars characters. It was only a matter of time until tacky, X-rated, or just plain tasteless USB drives made their way into storefronts. Today, in 2009, there are enough of these oddities to compile an entire list. So here they are, folks: The 7 most tasteless USB drives on the planet. The Rubber Chicken
This rubber chicken would be G-rated, save for the conspicuous location of its USB drive. Found @ Craziest Gadgets. The Severed Finger
Depending on your sense of humor, the severed finger is either morbidly funny or retch-inducing. Found @ DNHeadlines The Heavy Day
The Humping Dog
According to Gizmodo, the original humping dogs (this is the second version) came with saggy ears and indifferent expressions. Humping Dogs v2 features big smiles and perky ears…and they’re still tasteless. The Headless Barbie
This drive straddles the fine line between funny and tasteless. Funny: You’re tearing the head off a Barbie and sticking her into your computer. Tasteless: You’re tearing the head off a Barbie and sticking her into your computer. Found @ Gizmodo Mr. Sperm
The American Society for Reproductive Medicine handed out these tadpole-shaped drives at its 2008 conference, according to Gizmodo. Don’t worry, they won’t give your computer any viruses. Teeny Weeny Drive (NFSW)
Not only do you pop the tip off the Teeny Weeny before it goes into your disk drive, the thing glows red when plugged in. This drive is pinnacle of tastelessness. Found @ Gizmodo
Source: Business Pundit | 22 Jul 2009 | 5:00 pm Fight The Recession: Support Your Local PubThis could be the greatest tragedy of the recession for the U.K.: Humble British pubs -- the kind of place Britons can go for a relaxing pint (or five) and chips on the way home from work -- are closing at a rate of 52 a week, according to the British Beer and Pub Association. That's 2,377 pubs closed, and about 24,000 jobs lost in the past year. The association's report also says that local pubs were the hardest hit, especially due to the economic downturn. Interestingly, the key to survival seems to be selling food: pubs that focus more on selling food are only closing at a rate of one a week. But it isn't only the recession to blame. Industry representatives said that 20 percent increase in the U.K.'s beer tax (which is set to rise), as well as increased regulation (such as the recent pub smoking ban). The pub is ingrained in the British sense of identity -- so much so that two MPs from the All Party Parliamentary Save the Pub Group tabled a motion in House of Commons urging banks to lend to beleaguered pubs, and encouraging fellow lawmakers to "support their local pubs." The recession is destroying British pubs, changing how we bury our dead, and ending Sunday in France. It seems like fallout from the downturn is making fundamental changes to our very culture -- on both sides of the Atlantic. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jul 2009 | 4:57 pm Schork Sees Oil at $50 Rather Than $75Source: Bloomberg - All Podcasts | 22 Jul 2009 | 4:15 pm Back-to-School: Good News for Green Products, Discount RetailersOn Monday Deloitte announced survey results indicating that although economic concerns continue to affect shopping plans, fewer consumers expect to reduce spending on back-to-school items compared to last year.
In addition to general inflation-related concerns for keeping back-to-school spending under control, consumers surveyed by Deloitte cited additional reasons for spending less this year:
Those who said the economy was weak or in a recession represented 85 percent of respondents, down 10 percentage points from last year. Fourteen percent currently believe the economy is starting to recover. Discount Stores RejoiceThe winners in this recovering-but-not-quite-there economy may be discount retailers. At least if you believe the 90 percent of respondents who indicated they will do their back-to-school shopping at discount/value department stores. Other changes for those polled included:
What’s Getting Cut?As you can imagine, clothing will be hit the hardest (81% of people say they’ll cut back on clothes), followed by shoes (49%). School supplies and backpacks take less of a hit, but around a third of respondents said they’d be cutting back on both of those as well.
Green Brings in the GreenThe survey pointed to consumers’ continued interest in the green category. More than four in 10 (41 percent) survey respondents said they will likely seek out “green” products this back-to-school season, and more than three in 10 (31 percent) said they will likely seek out green retailers, both numbers remaining steady from 2008.
For more information about Deloitte’s Retail sector, please visit www.deloitte.com/us/retail.
Source: Business Pundit | 22 Jul 2009 | 3:33 pm HuffPo's New Level Of MiseryIf this recession truly is unparalleled, it means that we likely need new metrics to understand it. The Huffington Post went about making one, combining indicators to create a new "Real Misery Index." The original misery index is an economic indicator, created by economist Arthur Ocun and often invoked by Jimmy Carter. It's calculated by adding two nasty economic numbers -- the inflation rate and the unemployment rate. HuffPo decided that wasn't enough for a variety of reasons. Those unemployment numbers don't include people who aren't working as many hours as they like, and people no longer looking for work. The consumer price index, a standard measure of inflation, doesn't emphasize key costs like food and energy. Also, the original index doesn't factor in a number of defining elements of this recession, like home foreclosures or losing health care. HuffPo's numbers combines the U6 unemployment formulation, the inflation rate for food and beverages, gas, and medical costs, and yearly increases in credit card delinquencies, housing prices, food stamp participation, and home equity loan deficiencies. As you can see, the numbers are, well, pretty miserable. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jul 2009 | 3:30 pm Recession Changing The Way We Bury Our KinTwo pieces on a recession indicator that there's just no escaping: First, in the category of glass half-full, "Home Burials Offer an Intimate Alternative." Grieving families tell the New York Times it's more intimate to lay someone to rest in the backyard, and cheaper. "I think with our economy being the way that it currently is, and it's getting worse, that many people who may not have chosen to do these types of things may be forced to because of the finances," said Verlene McLemore, of Detroit, who held a home funeral for her son, Dean, in 2007. And in the category of glass half-empty, "More bodies go unclaimed as families can't afford funeral costs." The Los Angeles County coroner's office handles murder victims and suspicious deaths, and it's reporting that 36 percent more cremations were done at taxpayers' expense. At the county morgue, which handles cremation of indigents, the spike is 25 percent. "The families just tell us flat-out they don't have the money to do a funeral," Lt. David Smith, a coroner's investigator, tells the LA Times. (Thanks, @reneerico, for the LA link.) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Jul 2009 | 2:39 pm Maloney Sees Innovative, Adaptive Fed Response to CrisisSource: Bloomberg - All Podcasts | 22 Jul 2009 | 2:34 pm NJ woman's bake sale helps make mortgage payment (AP)AP - A New Jersey woman's bake sale has helped her forestall foreclosure.Source: Yahoo! News: Business | 22 Jul 2009 | 1:18 pm Pfizer shares drop after results (Reuters)Reuters - Shares of Pfizer Inc fell 1.3 percent to $15.50 in premarket trading on Wednesday, after the Dow component reported its second-quarter results and gave a full-year outlook.Source: Yahoo! News: Stock Markets News | 22 Jul 2009 | 11:19 am
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