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| Gates, Buffett to biz students: We're still bullish on capitalism...Okay, billionaires
November 12, 2009 at 7:15 pm
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| Filed under: Microsoft, Berkshire Hathaway  Much of the fun of observing the friendship between Warren Buffett and Bill Gates is derived from the fact that they are such unlikely comrades. In Gates, you have the 54-year-old quintessential tech geek billionaire. And in Buffett, the revered 79-year-old homespun, value-investor billionaire. What could they possibly have in common?
Oh yeah, billions. Together, the two are worth a combined $100 billion, an announcer pointed during an event in New York Thursday organized to let future business leaders -- MBA students at Columbia University -- ask questions of the two fabled capitalists.Continue reading Gates, Buffett to biz students: We're still bullish on capitalism...Okay, billionaires Gates, Buffett to biz students: We're still bullish on capitalism...Okay, billionaires originally appeared on DailyFinance on Thu, 12 Nov 2009 19:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Lou Dobbs headed to Fox News...for an interview with Bill O'Reilly
November 12, 2009 at 6:30 pm
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| Filed under: People, Media  Lou Dobbs knows the world is watching him closely now for clues that might explain his sudden resignation from CNN. So it's probably safe to read some meaning into the choice of the anchorman's venue for his first big post-CNN interview: He's going on Fox News.
The network is set to announce that Dobbs will be a guest on Monday night's edition of Bill O'Reilly's show, DailyFinance has learned. Warm feelings between the two men goes back to last summer, when O'Reilly publicly defended Dobbs against critics who wanted him fired for repeatedly showcasting the claims of "birthers" who allege President Obama wasn't born in the U.S. Dobbs offered to be interviewed on The O'Reilly Factor then, but quickly backed out, prompting speculation that CNN had ordered him not to appear on a competing network.Continue reading Lou Dobbs headed to Fox News...for an interview with Bill O'Reilly Lou Dobbs headed to Fox News...for an interview with Bill O'Reilly originally appeared on DailyFinance on Thu, 12 Nov 2009 18:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Jon Corzine to head Bank of America? Not likely -- and not wise
November 12, 2009 at 6:00 pm
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| Filed under: Company News, Economy, People, Goldman Sachs , Bank of America  Deposed New Jersey Gov. Jon Corzine is the latest name to surface in the mad scramble to replace Bank of America Corp. (BAC) chief executive Kenneth Lewis. This would be among the more spectacularly bad ideas in the history of banking.
Corzine -- who told Bloomberg News that he has not spoken with B of A -- is the wrong candidate at the wrong time. Or, as a campaign commercial might put it: "Jon Corzine. Wrong for New Jersey. Wrong for Bank of America."Continue reading Jon Corzine to head Bank of America? Not likely -- and not wise Jon Corzine to head Bank of America? Not likely -- and not wise originally appeared on DailyFinance on Thu, 12 Nov 2009 18:00:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Federal Reserve issues new rules restricting overdraft fees on debit cards
November 12, 2009 at 5:45 pm
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| Filed under: Economy  Beginning next summer, banks will have to stop charging overdraft fees on debit- and ATM-card transactions without the permission of the cardholder, according to a new rule announced Thursday by the Federal Reserve.
Banks have been taking heat over the fees for months, and Bank of America (BAC) and JPMorgan Chase (JPM), among others, announced in October that they would allow their customers to opt out of overdraft protection, ending practices that consumer advocates disdain.Continue reading Federal Reserve issues new rules restricting overdraft fees on debit cards Federal Reserve issues new rules restricting overdraft fees on debit cards originally appeared on DailyFinance on Thu, 12 Nov 2009 17:45:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Disney posts surprise jump in fourth-quarter profit
November 12, 2009 at 5:00 pm
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| Filed under: Company News, Earnings, Walt Disney  Walt Disney Co. (DIS) on Thursday posted a surprise 18% increase in fourth-quarter earnings as its movie studio recovered from a lengthy downturn. The better-than-expected results, which come amid an executive overhaul, are a sign the company is beginning to emerge from an advertising market hit hard by the recession, though ad revenues were still down.
Net income rose to $895 million, or 47 cents per share, as revenue at its cable, broadcast and movie studio units rose, more than offsetting declines at its parks and consumer products units. Overall revenue rose 4% to $9.89 billion. Excluding one-time items, earnings per share came to 46 cents, handily beating analyst estimates by a nickel.Continue reading Disney posts surprise jump in fourth-quarter profit Disney posts surprise jump in fourth-quarter profit originally appeared on DailyFinance on Thu, 12 Nov 2009 17:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Is Playboy selling itself? Company reportedly in talks with Iconix
November 12, 2009 at 4:45 pm
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| Filed under: Company News, People, Media  Playboy Enterprises's (PLA) shares soared more than 60% after Bloomberg News reported that the pioneering adult publisher was in talks to sell itself to Iconix Brand Group (ICON), the owner of Candie's and London Fog clothing brands. The news may sit well with investors now, but if it really happens, it could mean the end of Playboy magazine as we know it.
News that the Chicago-based company may be seeking a suitor is hardly a shock. Longtime CEO Christie Hefner, the daughter of company founder/icon Hugh Hefner, was forced out after failing to stem losses at the flagship magazine. Bloomberg reports that the board has been looking for a buyer since June, when it hired Freedom Communications CEO Scott Flanders, to replace Christie Hefner. Both Playboy and Iconix declined to comment on reports of a possible sale.
Continue reading Is Playboy selling itself? Company reportedly in talks with Iconix Is Playboy selling itself? Company reportedly in talks with Iconix originally appeared on DailyFinance on Thu, 12 Nov 2009 16:45:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Comcast to Boxee: Bring it on, we're ready for the competition
November 12, 2009 at 4:40 pm
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| Filed under: Company News, Technology, Media, Apple, Verizon, Comcast  Boxee CEO Avner Ronen put up a slide at the NewTeeVee confab in San Francisco Thursday that showed a startling trend: There will be more Apple (AAPL) iTunes subscribers than Comcast (CMSCA) subscribers within a few years, Ronen contended. Them's fighting words for cable and programming giant Comcast, which is putting up a lively fight to keep control of customers in the face of incursions both from tech giants like Apple, with its Apple TV product, and upstarts like Boxee, which offers a browser that acts like a TV guide for video content available online.
To this end, Comcast is on the brink of rolling out a video-on-demand service to most of its customers that would let them watch programming paid for under their Comcast subscription on any device and over any type of reasonably fast connection. Called Fancast, this untethered access would compete directly with Apple, as well as Netflix (NFLX), Verizon (VZ) and Qualcomm (QCOM).Continue reading Comcast to Boxee: Bring it on, we're ready for the competition Comcast to Boxee: Bring it on, we're ready for the competition originally appeared on DailyFinance on Thu, 12 Nov 2009 16:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks slide 1% amid concerns about cutbacks in the use of oil and gas
November 12, 2009 at 4:27 pm
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| Filed under: Investing  A drop in energy stocks dragged the market lower Thursday following a government report that consumers and businesses cut back on their use of oil and gas. Major stock indexes slid about 1% from 13-month highs, including the Dow Jones industrial average, which fell 94 points after six days of gains.
A jump in petroleum supplies last week stirred worries that the falling demand for energy was a sign of more weakness in the economy. The report pushed crude oil down 3 percent, below $77 a barrel. A gain in the dollar also weighed on commodity prices by making them more expensive for overseas buyers.Continue reading Stocks slide 1% amid concerns about cutbacks in the use of oil and gas Stocks slide 1% amid concerns about cutbacks in the use of oil and gas originally appeared on DailyFinance on Thu, 12 Nov 2009 16:27:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Job of the Week: UC-Santa Cruz is hiring a Grateful Dead archivist
November 12, 2009 at 4:20 pm
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| Filed under: Technology, Media  Hey, Wall Streeters: Fed up with your job trading now-worthless derivatives? Angry at The System for not recognizing systemic risk? Annoyed that your corporate Yankees box got yanked? Perhaps you should consider a career change. The University of California-Santa Cruz is looking for someone to fill what can truly be called a unique job opening: full-time Grateful Dead archivist.
It's a dream job...for many. Christine Bunting, head of Special Collections and Archives at the university library, says she has received "several dozen" applications. The job has been posted for six days -- which is about the length of the average Grateful Dead jam -- so take note, all you burned-out hedgies: you've still got time!Continue reading Job of the Week: UC-Santa Cruz is hiring a Grateful Dead archivist Job of the Week: UC-Santa Cruz is hiring a Grateful Dead archivist originally appeared on DailyFinance on Thu, 12 Nov 2009 16:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Budget deficit rose to $176 billion in October, worse than predicted
November 12, 2009 at 4:00 pm
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| Filed under: Economy  In a disappointing start to the federal government's new fiscal year, the nation posted a higher-than-expected $176.4 billion budget deficit for October, the Treasury Department announced Thursday, as bank bailout and stimulus spending kept outlays at a high level, while the recession decreased receipts.
Economists surveyed by Bloomberg News had expected the federal government to post a $150.0 billion deficit for October. The U.S. government posted a $46.6 billion deficit in September to close out FY2009 with a $1.42 trillion deficit - a fiscal year record. The nation's deficit in FY2008 was $454.8 billion. The near-tripling of the deficit compared to FY2008 was mainly due to the bank bailout and the $786 billion fiscal stimulus package.Continue reading Budget deficit rose to $176 billion in October, worse than predicted Budget deficit rose to $176 billion in October, worse than predicted originally appeared on DailyFinance on Thu, 12 Nov 2009 16:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Half of American workers are women -- but they don't earn half of all income
November 12, 2009 at 3:40 pm
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| Filed under: Economy  The recession has led to many transformations in the employment landscape. One is that women now hold half of all the jobs in the U.S., according to statistics from the federal government. The Wall Street Journal reports that women make up 49.9% of the work force, up from 48.7% in December 2007. In 1970, women held only 35% of all jobs.
Lots of forces are behind this trend. Some women are taking jobs because their spouses earn less money due to the tight economy or because their spouses have lost their jobs. Households under pressure from debt burdens need more income, so many single-income families are becoming two-income families. And layoffs seem to be hitting men disproportionately in this slump. Continue reading Half of American workers are women -- but they don't earn half of all income Half of American workers are women -- but they don't earn half of all income originally appeared on DailyFinance on Thu, 12 Nov 2009 15:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Paris Hilton's vacant? Billboard industry seeks new ways to fill empty space
November 12, 2009 at 3:20 pm
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| Filed under: Company News, Media  When advertisers slash spending, ad-dependent newspaper companies cut costs by reducing the number of pages they print. Billboard owners aren't as lucky. They're stuck with the unsold ad space. During past recessions, that space would stand empty, aside from bleak black type declaring "Available." But, in this recession, billboard companies are getting much more creative.
New Zealand-based billboard company, Media5, is getting plenty of press for this billboard in Auckland, which features a photo of Paris Hilton with the word "Vacant" emblazoned below her mug. Funny -- unless you're either Hilton or one of the country's hurting billboard companies. In fact, Hilton thinks its so unfunny that she is now threatening legal action.Continue reading Paris Hilton's vacant? Billboard industry seeks new ways to fill empty space Paris Hilton's vacant? Billboard industry seeks new ways to fill empty space originally appeared on DailyFinance on Thu, 12 Nov 2009 15:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Eyeing growth, McDonald's plans 1,000 new stores
November 12, 2009 at 2:55 pm
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| Filed under: Company News, Economy, Earnings, McDonald's  Think the world has enough McDonald's (MCD) restaurants? Think again. The fast-food giant plans to open 1,000 new stores worldwide next year as part of plan to become an even more dominant force in the industry. The company also plans to remodel 2,300 existing stores, introduce new menu items and employ new technology to improve service.
The efforts are part of the Oak Brook, Ill., company's "Plan to Win" strategy, CEO Jim Skinner told analysts on a conference call Thursday. McDonald's, along with other value-priced retailers such as Wal-Mart Stores (WMT), has weathered the recession well, as value-seeking consumers have ditched higher cost alternatives in search for more bang for the buck. That has helped McDonald's bottom line.Continue reading Eyeing growth, McDonald's plans 1,000 new stores Eyeing growth, McDonald's plans 1,000 new stores originally appeared on DailyFinance on Thu, 12 Nov 2009 14:55:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Bill Gates to Wall Street: You earn too much. America responds: No duh.
November 12, 2009 at 2:40 pm
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| Filed under: Technology, Economy, People  Bill Gates offered a revolutionary observation on Wednesday in Manhattan, during a discussion on philanthropy at the 92nd Street Y lecture hall. Wall Street pay, he says, is "often too high."
Gates's wisdom on Wall Street's compensation problem seems obvious enough, but his perspective on the theory is a little more inventive than most. The pay crisis, Gates says, is largely the result of a 1993 law that capped executive salaries: "It was a bad milestone in controlling executive salaries when that $1 million cap went on."Continue reading Bill Gates to Wall Street: You earn too much. America responds: No duh. Bill Gates to Wall Street: You earn too much. America responds: No duh. originally appeared on DailyFinance on Thu, 12 Nov 2009 14:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Pittsburgh and Providence plan to squeeze college students
November 12, 2009 at 2:20 pm
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| Filed under: Economy, Media  Two cash-strapped cities, Pittsburgh and Providence, have proposed taxing some of their poorest and most vulnerable residents -- college students -- and the local universities are furious.
In his recently unveiled 2010 budget proposal, Pittsburgh Mayor Luke Ravenstahl called for levying a Post-Secondary Education Privilege tax, or a "Fair Share Tax," on tuition at a rate of 1 percent per year. For students at the University of Pittsburgh, paying $13,500 for in-state tuition, that would equal a $135 annual payment. Those attending the more selective Carnegie Mellon University, where tuition is $40,300, would pay $400.Continue reading Pittsburgh and Providence plan to squeeze college students Pittsburgh and Providence plan to squeeze college students originally appeared on DailyFinance on Thu, 12 Nov 2009 14:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Why Intel's $1.25 billion AMD deal may not get Andrew Cuomo off its back
November 12, 2009 at 1:55 pm
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| Filed under: Company News, Technology, Investing, IBM, Intel, AMD  Intel, the world's largest microchip maker, said Thursday it has agreed to pay $1.25 billion to Advanced Micro Devices (AMD), its much smaller archrival, to settle an epic legal dispute with AMD that had its origins in the mid-'80s. Although Intel (INTC) itself admits the settlement doesn't require it to change its practices, the move may well be an olive branch directed at New York Attorney General Andrew Cuomo (pictured), who just last week launched a massive antitrust lawsuit against Intel. The chipmaker also continues to face regulatory scrutiny from Europe to Asia.
In Cuomo's case, the investigation may be as much about bolstering his political credentials as competition in the Empire State. "It's common political wisdom that Andrew Cuomo wants to be the governor of New York," says Steven Greenberg, a pollster at Siena College in Albany, N.Y.Continue reading Why Intel's $1.25 billion AMD deal may not get Andrew Cuomo off its back Why Intel's $1.25 billion AMD deal may not get Andrew Cuomo off its back originally appeared on DailyFinance on Thu, 12 Nov 2009 13:55:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| A textbook case: Publisher sues Houghton Mifflin Harcourt after deal
November 12, 2009 at 1:20 pm
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| Filed under: Company News, Media  A rule of thumb for companies preparing to strike a deal: if you're going to do business together, it's probably not such a great idea to undermine your new colleagues before they've handed you a pot of cash from them. But a $20 million breach-of-contract suit filed yesterday by Cengage, the textbook company formerly known as Thomson Learning, complains of some dirty pool by publisher Houghton Mifflin Harcourt, which unloaded its college textbook division to Cengage last year for $750 million in cash.
Cengage's 14-page complaint charges that, prior to the closing on May 30, 2008, HMH "dramatically increased sales of its college textbooks in an unprecedented manner (particularly in India, South Korea and Taiwan)," with full knowledge that the "unprecedented" sales spike that inevitably followed suit would flood the American market through "unauthorized distribution channels." Meaning that HMH would make a killing on export sales -- and deprive Cengage of post-deal revenues.Continue reading A textbook case: Publisher sues Houghton Mifflin Harcourt after deal A textbook case: Publisher sues Houghton Mifflin Harcourt after deal originally appeared on DailyFinance on Thu, 12 Nov 2009 13:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Google Dashboard knows all: Feature tracks your searches, and much more
November 12, 2009 at 1:00 pm
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| Filed under: Google  Do you think that your activity on the Web is protected and anonymous? If so, you might be surprised to learn that Google (GOOG) has a new feature that nicely analyzes all your searches for the last few years -- possibly coupled with details about the people in your address book and your online purchases. If you have a Google account, you can access the whole thing at Google Dashboard, according to The Boston Globe.
Since Google is committed to avoiding evil -- which as I posted, means protecting your privacy -- you have nothing to worry about from the Google engineers and advertising specialists who do have access to that information. And what a treasure trove Google Dashboard provides! Continue reading Google Dashboard knows all: Feature tracks your searches, and much more Google Dashboard knows all: Feature tracks your searches, and much more originally appeared on DailyFinance on Thu, 12 Nov 2009 13:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| News Corp. president wants consumers to pay their fair share
November 12, 2009 at 12:20 pm
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| Filed under: People, Media, News Corp.  For Chase Carey, News Corp.'s new president and chief operating officer, the math in the media business is pretty simple these days: Getting paid one way is good. Getting paid two ways is better.
Whether it's broadcast television, newspapers or Internet video, the key to survival is supplementing advertising revenue with subscription fees and other revenues derived, directly or indirectly, from consumers, said Carey in an interview Thursday at the Dow Jones/Nielsen Media & Money Conference.Continue reading News Corp. president wants consumers to pay their fair share News Corp. president wants consumers to pay their fair share originally appeared on DailyFinance on Thu, 12 Nov 2009 12:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Wal-Mart sales per customer fall because prices keep falling, too
November 12, 2009 at 12:00 pm
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| Filed under: Company News, Economy, Earnings, Wal-Mart Stores  Those everyday low prices took a bite out of its sales, but Wal-Mart Stores (WMT) still managed to post a winning third quarter. Profits were up thanks to cost-cutting, even as falling prices for food and electronics shrank sales receipts.
Wal-Mart managed to beat Wall Street's expectations with income of $3.25 billion, or 84 cents per share, better than analysts' forecasts of 81 cents. Income for the quarter ended Oct. 31 was up 3.5% above the same time last year, and sales were up 1.1%, but comparable-store sales were down 0.8%.
Management had expected better sales growth and blamed the lower numbers on deflation in the food and electronics aisles. Analysts had been warning that Wal-Mart's low-price strategy would take its toll on earnings.Continue reading Wal-Mart sales per customer fall because prices keep falling, too Wal-Mart sales per customer fall because prices keep falling, too originally appeared on DailyFinance on Thu, 12 Nov 2009 12:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| In commercial real estate market, buyers and sellers play the waiting game
November 12, 2009 at 11:40 am
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| Filed under: Economy, Investing  What's most striking about the commercial real estate market is how quiet it is.
"It's like a storm is brewing and it has everyone standing on the sidelines," says Bob Spratt, president of commercial real estate firm Hill Partners Inc.
And that near silence is expected to continue until 2010, when the market will likely reach its bottom, with values declining 40% to 50% off 2007 market peaks, according to the Emerging Trends in Real Estate 2010 Report recently released by PricewaterhouseCoopers LLP and the Urban Land Institute. Continue reading In commercial real estate market, buyers and sellers play the waiting game In commercial real estate market, buyers and sellers play the waiting game originally appeared on DailyFinance on Thu, 12 Nov 2009 11:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| John King replaces Lou Dobbs at CNN
November 12, 2009 at 11:20 am
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| Filed under: People, Media, Time Warner  Lou Dobbs's replacement may not draw the same kind of ratings as his predecessor, but he won't cause the same kind of headaches, either.
The network announced Thursday that John King will be getting a new show at 7:00 p.m., following the sudden departure of Dobbs, a long-time fixture whose increasingly strident politics have made him an awkward presence on a channel that strives for a middle-of-the-road image.
A former White House correspondent with impeccable straight-news credentials, King now hosts the Sunday morning show State of the Union, which will remain on the air for the time being. His new show will also focus on politics -- although presumably not on the sort of angry immigrant-bashing and conspiracy-mongering that reportedly caused CNN president Jon Klein to order Dobbs to tone down his rhetoric or find a new perch.Continue reading John King replaces Lou Dobbs at CNN John King replaces Lou Dobbs at CNN originally appeared on DailyFinance on Thu, 12 Nov 2009 11:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| HP's 3Com deal could prove to be CEO Mark Hurd's ultimate test
November 12, 2009 at 11:00 am
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| Filed under: Company News, Technology, Hewlett-Packard, Cisco Systems Inc.  Hewlett-Packard (HPQ) CEO Mark Hurd has won Wall Street accolades for turning around the once-moribund company in just a few short years. Hurd expertly cut back in slow-growing units while priming faster-growing businesses for higher performance. He pulled off a string of acquisitions aimed at broadening HP's ability to deliver consulting services, and he plugged holes in its product lineup.
Hurd also took HP's sprawling bureaucracy and turned it into a transparent cash machine with a cutting-edge infrastructure that let him see day-to-day sales trends for every unit. In other words, Hurd made HP function a lot more like Cisco Systems (CSCO), the giant network equipment maker that has been a crucial HP partner for over a decade.Continue reading HP's 3Com deal could prove to be CEO Mark Hurd's ultimate test HP's 3Com deal could prove to be CEO Mark Hurd's ultimate test originally appeared on DailyFinance on Thu, 12 Nov 2009 11:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Initial jobless claims edge lower, but continuing claims plunge again
November 12, 2009 at 10:50 am
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| Filed under: Economy  More good news on the employment front: Initial jobless claims fell 12,000 to 502,000 for the week ending Nov. 7, and continuing claims continued to plunge, falling 139,000 to 5.63 million, the U.S. Labor Department announced Thursday.
A Bloomberg News survey had expected initial jobless claims to fall to 512,000 this week. Meanwhile, the four-week moving average for initial jobless claims decreased 4,500 to 519,750.
A year ago, initial jobless claims totaled 509,00 and continuing claims totaled 3.93 million.Continue reading Initial jobless claims edge lower, but continuing claims plunge again Initial jobless claims edge lower, but continuing claims plunge again originally appeared on DailyFinance on Thu, 12 Nov 2009 10:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Can the economy grow again without Chinese and U.S. debt?
November 12, 2009 at 10:30 am
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| Filed under: Economy  These days, it is hard to know what's real and what's not. The U.S. reported 3.5% gross domestic product growth in the third quarter, during which time China says it grew at an 8.9% rate, according to Fortune. That all sounds great. But it doesn't take much digging to realize that both countries are using borrowed money that someone will have to pay back later to create the illusion of growth -- without creating much in the way of jobs.
This bothers me because the current financial crisis was caused by a debt bubble, and now we are trying to crawl out of its wreckage by creating an even bigger debt bubble. It has been said that insanity is doing the same thing over and over and expecting a different result. By that definition, if the world's economic policymakers think that borrowing more money will lead to bubble-free growth, they're insane. Continue reading Can the economy grow again without Chinese and U.S. debt? Can the economy grow again without Chinese and U.S. debt? originally appeared on DailyFinance on Thu, 12 Nov 2009 10:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Fashion emergency: Prepare to pay more for clothes after the holidays
November 12, 2009 at 10:00 am
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| Filed under: Economy, Saks  Clotheshorses already have Project Runway, but coming soon will be project runaway prices. That's right, once the holiday season is over, get ready to pay higher prices for clothes. Less competition among stores, rising labor costs in developing countries and inventory control mastered during this recession all mean retailers will be able to raise prices again and mark down fewer items -- at least until the boom-bust cycle starts all over again.
"The recession will leave behind this industry with far fewer players and new rules," said Richard Beckman, CEO of Fairchild Fashion Group, the publisher of retail bible WWD. At the recent WWD Apparel/Retail CEO Summit, one speaker after another urged retailers to hold off on markdowns and start bringing up prices.Continue reading Fashion emergency: Prepare to pay more for clothes after the holidays Fashion emergency: Prepare to pay more for clothes after the holidays originally appeared on DailyFinance on Thu, 12 Nov 2009 10:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Pumped-up prices: $4 per gallon gasoline may be coming in 2010
November 12, 2009 at 9:40 am
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| Filed under: Energy, Economy  Has this been a trying decade for the average American, or what? It's bad enough that we've have had to cope with stagnant wages and tax increases at just about every level. But in the months ahead, we may have to deal with yet another nightmare: surging gasoline prices.
Factors are lining up that could end up pushing gas prices back over $4 per gallon sometime next year. If you're already exasperated about prices at the pump, you're not the only one. Gasoline demand in 2009 has been comparatively low -- take 7.6 million Americans out of the workforce through layoffs -- yet gasoline's price has gone up, not down.Continue reading Pumped-up prices: $4 per gallon gasoline may be coming in 2010 Pumped-up prices: $4 per gallon gasoline may be coming in 2010 originally appeared on DailyFinance on Thu, 12 Nov 2009 09:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Foreclosures slow in the hardest-hit states, but jump in several others
November 12, 2009 at 9:20 am
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| Filed under: Economy, Investing  The number of foreclosures remain high in the four states that top the list -- Nevada, California, Florida and Arizona -- but the trend appears to be moving in their favor. All four saw declines in their foreclosure filings from September to October, according to RealtyTrac's October 2009 U.S. Foreclosure Market Report. Arizona, Florida and Nevada even saw fewer foreclosure filings year-over-year compared to October 2008.
Nationwide for the third consecutive month, foreclosure filings dropped. These filings, which include default notices, scheduled foreclosure auctions and bank repossessions, totaled 332,292 in October 2009, a decrease of 3% from September. That does represent an increase of 19% from October 2008, but foreclosure moratoriums were starting at that time and continued to build through the end of the year. So, year-over-year comparisons may make things look worse than they are through the end of 2009.Continue reading Foreclosures slow in the hardest-hit states, but jump in several others Foreclosures slow in the hardest-hit states, but jump in several others originally appeared on DailyFinance on Thu, 12 Nov 2009 09:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Stocks in the news: Wal-Mart, Hewlett-Packard, 3Com, GE, United Tech
November 12, 2009 at 9:10 am
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| Filed under: Company News, Investing Wal-Mart Stores Inc. (WMT) reported a 3.2% increase in third-quarter profit, helped by inventory controls and other cost-cutting measures. Third-quarter profit was 84 cents a share, above Bloomberg's analyst estimates for profit of 81 cents. Wal-Mart also upped its full-year profit above estimates, but fourth-quarter guidance barely matched projections. Sales grew by just 1% while same-store sales fell by 0.4% in the quarter. Wal-Mart shares slid in pre-market trading.
Hewlett-Packard (HPQ) announced late Wednesday that it is acquiring networking company 3Com (COMS) for $2.7 billion. The $7.90 a share in cash 3Com shareholders will receive is at a 39% premium to Wednesday's closing price. The transaction is expected to close in the first half of 2010. 3Com shares soared over 33% in pre-market trading.Continue reading Stocks in the news: Wal-Mart, Hewlett-Packard, 3Com, GE, United Tech Stocks in the news: Wal-Mart, Hewlett-Packard, 3Com, GE, United Tech originally appeared on DailyFinance on Thu, 12 Nov 2009 09:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| A decade after Glass-Steagall's repeal, it's time to reverse Sandy Weill's legacy
November 12, 2009 at 8:40 am
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| Filed under: Citigroup, Travelers  The Glass-Steagall Act -- a law passed in 1933 that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago today at the urging of Sandy Weill so that Citicorp and Travelers (TRV) could merge and from Citigroup (C).
Weill, at the time the CEO of Citicorp, got then-Treasury Secretary Robert Rubin's support for what turned out to be a disastrous regulatory change, one that was finally passed as Rubin passed the baton to his successor -- Larry Summers (now director of President Obama's National Economic Council). That's because the repeal freed Citi to combine commercial, consumer and investment banking into a one-stop shop -- and created a recipe for financial disaster. Continue reading A decade after Glass-Steagall's repeal, it's time to reverse Sandy Weill's legacy A decade after Glass-Steagall's repeal, it's time to reverse Sandy Weill's legacy originally appeared on DailyFinance on Thu, 12 Nov 2009 08:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Daily Blogwatch: Will Cuban buy the Dodgers? Did Buffett get bailed out?
November 12, 2009 at 8:20 am
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| Filed under: Company News, Technology, Columns, Economy, Investing, Media Uh oh, it's Friday the 13th tomorrow. How does the Dow typically perform on Friday the 13th? _________________ Some evidence that there's been insider trading on the Hewlett Packard (HPQ)/3Com (COMS) deal. Looks like the SEC is going to be busy this week. _________________ Will Mark Cuban buy the Los Angeles Dodgers? _________________ Continue reading Daily Blogwatch: Will Cuban buy the Dodgers? Did Buffett get bailed out? Daily Blogwatch: Will Cuban buy the Dodgers? Did Buffett get bailed out? originally appeared on DailyFinance on Thu, 12 Nov 2009 08:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks poised for a lower start after Wal-Mart's earnings
November 12, 2009 at 8:00 am
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| Filed under: Economy, Investing, Wal-Mart Stores  U.S. stocks are poised to open Thursday's session on a down note a day after the Dow industrials hit yet another 13-month high, but the S&P 500 couldn't make it above the 1,100 level. Foreclosures continued to decline last month, but Wal-Mart's earnings and the expected weekly jobs data have dented sentiment further.
Wal-Mart Stores Inc. (WMT) posted third-quarter profit of 84 cents a share, above Bloomberg's analyst estimates for profit of 81 cents and it upped its full-year profit above estimates too. But as sales grew by just 1% in the quarter and fourth quarter guidance was weak, WMT shares slid over 1% in pre-market trading.
More here: Before the bell: Stocks to open lower despite Wal-mart's beatStocks poised for a lower start after Wal-Mart's earnings originally appeared on DailyFinance on Thu, 12 Nov 2009 08:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Walmart reports better-than-expected earnings, despite sales slide
November 12, 2009 at 7:20 am
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| Filed under: Company News, Earnings, Wal-Mart Stores  Wal-Mart Stores Inc. (WMT) reported a 3.2 percent increase in third-quarter profit, helped by inventory controls and other cost-cutting measures.
But a key sales indicator slipped, and the discount-store chain expects sales weakness through the critical fourth quarter, fueling more worries about a broad weakness in consumer spending.
The discounter, based in Bentonville, Arkansas, on Thursday reported a profit of $3.24 billion, or 84 cents per share, for the period ended Oct. 31. That compares with $3.14 billion, or 80 cents per share, in the year-ago period.Continue reading Walmart reports better-than-expected earnings, despite sales slide Walmart reports better-than-expected earnings, despite sales slide originally appeared on DailyFinance on Thu, 12 Nov 2009 07:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Citic Pacific surges in Hong Kong while most Asian shares fall
November 12, 2009 at 7:00 am
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| Filed under: Economy, Investing  Shares in Asia fell Thursday with Japan's Nikkei Index falling 0.7% to close at 9,804, and Hong Kong's Hang Seng Index falling 1% to end the day at 22,398. In China, the Shanghai Composite slid 0.1% to 3,173 after Chinese Premier Wen Jiabao said the recovery from the economic crisis would be "slow and bumpy."
In Hong Kong, state-owned investment company Citic Pacific (CTPCF) surged 9% after disclosing that as much as two-thirds of the iron ore from its Australian operations will be sold to Chinese mills. Citic has invested $4 billion in Australian projects betting on predictions that China's appetite for iron ore will increase as the country continues to embark on major infrastructure and building projects. Some predict that the nation's economy will grow 10.5% this quarter, and a quick scan of the skyline of any Chinese city sprouting with building cranes is a clear sign of that growth. According to Bloomberg, China could use more iron ore than the total amount ever mined in Australia, and it has to come from somewhere.Continue reading Citic Pacific surges in Hong Kong while most Asian shares fall Citic Pacific surges in Hong Kong while most Asian shares fall originally appeared on DailyFinance on Thu, 12 Nov 2009 07:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments | 
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