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| High-tech letdown: Somali pirates repelled by bullets, not soundwaves
November 18, 2009 at 8:15 pm
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| Filed under: Company News, Technology  Sometimes, high-tech isn't all it's cracked up to be. After a powerful "sonic cannon" was not "effective" in repelling Somali pirates in a high-seas showdown Wednesday, armed guards successfully battled the marauders off the good old-fashioned way -- with firearms -- said Vice Adm. William Gortney, who commands the Pacific region for the U.S. Navy. When the pirates opened fire on the Maersk Alabama -- an American-flagged ship that was hijacked just months ago -- the crew first responded by deploying an LRAD or Long Range Acoustic Device. The dish-shaped device emits a directional stream of ear-splitting noise.
But the device didn't faze the bandits, Gortney said. The ship's four-man armed crew then returned fire on the pirates, who fled. "A well-placed round from an M-16 is far more effective than that LRAD," Gortney said. Right now, Somali pirates hold 11 ships and 254 crew.Continue reading High-tech letdown: Somali pirates repelled by bullets, not soundwaves High-tech letdown: Somali pirates repelled by bullets, not soundwaves originally appeared on DailyFinance on Wed, 18 Nov 2009 20:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Costco yanks Coca-Cola from its shelves, but don't cry for Coke
November 18, 2009 at 6:40 pm
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| Filed under: Company News, Economy, Coca-Cola Company, Wal-Mart Stores, Costco Wholesale Corp.  Costco (COST) customers looking for "the real thing" now have to look elsewhere: The warehouse retailer said on Monday that it's no longer buying Coca-Cola (KO) products. Once stores run out of their dwindling supplies, they won't be restocking.
Costco is playing hardball; negotiations between the two companies to reach a recession-ready wholesale price have apparently broken down. Costco acknowledges this problem on its Web site: "Costco is committed to carrying name brand merchandise at the best possible prices. At this time, Coca-Cola has not provided Costco with competitive pricing so that we may pass along the value our members deserve."Continue reading Costco yanks Coca-Cola from its shelves, but don't cry for Coke Costco yanks Coca-Cola from its shelves, but don't cry for Coke originally appeared on DailyFinance on Wed, 18 Nov 2009 18:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Hershey, Ferrero sweet on Cadbury following failed bid by Kraft
November 18, 2009 at 6:30 pm
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| Filed under: Company News, Economy, Kraft Foods, Hershey  Just when you thought Cadbury (CBY) might just gather up its creme eggs and call it quits on buyout talks, two additional suitors have stepped forward to woo the legendary British chocolate company. Hershey (HSY) and Italy's Ferrero have confirmed they are interested in bidding for Cadbury, following its rejection of Kraft Food's (KFT) $16.4 billion offer last week.
In a written statement Wednesday, Pennsylvania-based Hershey acknowledged recent media speculation regarding a potential bid for Cadbury. The company said it is reviewing its options but, "there can be no assurance that any proposal or offer from Hershey will be forthcoming."Continue reading Hershey, Ferrero sweet on Cadbury following failed bid by Kraft Hershey, Ferrero sweet on Cadbury following failed bid by Kraft originally appeared on DailyFinance on Wed, 18 Nov 2009 18:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Paradise lost: Florida resort files for bankruptcy
November 18, 2009 at 6:20 pm
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| Filed under: Company News, People, American International Group, INC. 
Like many other luxury resorts around the world, Amelia Island Plantation is feeling the effects of the recession. Last week, the 1,350-acre luxury enclave overlooking the Atlantic Ocean in northeast Florida filed a voluntary petition for Chapter 11 bankruptcy protection.
The resort is very dependent on its group business, which has dropped precipitously over the past year, according to Richard Goldman, its chief marketing officer. "More than half of our business is from corporate groups that hold conferences here," says Goldman. "The AIG effect has basically scared off folks -- even businesses that could afford to have meetings -- who are afraid to hold conferences at resorts." The "AIG effect" refers to businesses that have toned down lavish corporate events after the insurance giant was widely criticized for holding a conference at a luxury resort days after it received a cash infusion from Congress in 2008. Continue reading Paradise lost: Florida resort files for bankruptcy Paradise lost: Florida resort files for bankruptcy originally appeared on DailyFinance on Wed, 18 Nov 2009 18:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks sag on drop in home construction and disappointing tech forecasts
November 18, 2009 at 4:25 pm
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| Filed under: Investing  Investors turned cautious Wednesday as an unexpected drop in home construction and disappointing forecasts from technology companies raised concerns about the pace of the economy's recovery. The modest drop came a day after major stock indicators closed at 13-month highs, including the Dow Jones industrial average, which has risen 9 of the past 10 days. Analysts said the quick ascent means the market is due for a rest.
John Brady, senior vice president of global interest rate products at MF Global in Chicago, said as the end of the year approaches traders are looking foremost at preserving the gains amassed in an eight-month rally that has given the benchmark Standard & Poor's 500 index a gain of 22.9 percent for the year. In late afternoon trading, the Dow fell 29.02, or 0.3%, to 10,408.40. The broader S&P 500 index fell 2.50, or 0.2%, to 1,107.82, while the technology-heavy Nasdaq composite index fell 15.33, or 0.7%, to 2,188.45.Continue reading Stocks sag on drop in home construction and disappointing tech forecasts Stocks sag on drop in home construction and disappointing tech forecasts originally appeared on DailyFinance on Wed, 18 Nov 2009 16:25:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Genzyme's bad year gets worse: Experimental kidney drug a no-go
November 18, 2009 at 4:00 pm
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| Filed under: Company News, Genzyme Corporation  For Genzyme Corp (GENZ), this year seems to have been plagued with one piece of bad news after another. On Wednesday, the biotechnology company announced that it was dropping development of its experimental kidney disease drug after it failed to show significant improvement over the company's existing drug, Renvela.
Genzyme's first major setback this year came in the second quarter, when it had to temporarily shut down its Allston Landing, Mass., plant after viral contamination was discovered. The plant manufactures Cerezyme -- Genzyme's top-selling drug -- and Fabrazyme, a treatment for Fabry disease. Cerezyme treats Gaucher disease, a rare genetic disorder that can cause life-threatening organ damage, and the plant closure sparked fears of a shortage of the drug. The U.S. Food and Drug Administration consequently approved emergency use for two rival drugs from Protalix BioTherapeutics (PLX) and Shire (SHPGY).Continue reading Genzyme's bad year gets worse: Experimental kidney drug a no-go Genzyme's bad year gets worse: Experimental kidney drug a no-go originally appeared on DailyFinance on Wed, 18 Nov 2009 16:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Barnes & Noble shuts the book on a hostile takeover by billionaire Burkle
November 18, 2009 at 3:10 pm
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| Filed under: Company News, Investing, Media  It seemed mighty curious when billionare Ron Burkle's private equity firm Yucaipa Cos. suddenly doubled its stake in Barnes & Noble (BKS) between November 10 and 13. Burkle last week scooped up more than 4 million shares of the bookseller -- boosting his stake from 8.3% to 16.3% -- at an average price of $20.05.
And Burkle's stock spree wasn't finished. On Monday, he bought another 457,000 shares, at an average price of $20.48, The Wall Street Journal reported -- boosting his stake to 10.2 million shares, or 17.8%. That makes him B&N's second-largest shareholder, after CEO and founder Len Riggio, who's been on a quiet grab campaign of his own, boosting his stake over the past year to 36.8%.Continue reading Barnes & Noble shuts the book on a hostile takeover by billionaire Burkle Barnes & Noble shuts the book on a hostile takeover by billionaire Burkle originally appeared on DailyFinance on Wed, 18 Nov 2009 15:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Palin photographer breached contract with sale to Newsweek
November 18, 2009 at 2:10 pm
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| Filed under: People, Media  What on earth was Sarah Palin thinking when she posed in a pair of teeny-tiny gym shorts for a photograph that ended up on the cover of Newsweek -- a cover she has called "sexist"? Perhaps she was thinking that her image would only appear in the magazine she was posing for, Runner's World, and nowhere else, at least not for months and months. If so, she had good reason -- since, as DailyFinance has learned, the photographer who shot the picture violated his contract by reselling them to Newsweek.
That photographer, Brian Adams, could not immediately be reached, and his agent, Kelly Price, declined to comment, saying, "I keep all of my clients' business private." But a spokeswoman for Runner's World confirms that Adams's contract contained a clause stipulating that his photos of Palin would be under embargo for a period of one year following publication -- meaning until August 2010. "Runner's World did not provide Newsweek with its cover image," the spokeswoman said. "It was provided to Newsweek by the photographer's stock agency, without Runner's World's knowledge or permission." The spokeswoman declined to say whether Runner's World intends to respond to Adams's breach of contract with legal action.Continue reading Palin photographer breached contract with sale to Newsweek Palin photographer breached contract with sale to Newsweek originally appeared on DailyFinance on Wed, 18 Nov 2009 14:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Target-date funds: Hidden risks in 'simple' plans
November 18, 2009 at 1:30 pm
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| Filed under: Retirement, Investing  It seems simple enough. You know what year you plan to retire, so you pick a mutual fund with that same date, set it and forget it.
No wonder target-date funds in 2008 had their highest year for net new cash flows -- at an estimated $57 billion. This year, cash flows are on track to set another record, accumulating at an annualized rate of $60 billion over the first seven months of 2009. In total, more than $140 billion has entered target-date funds since the start of 2007, according to Morningstar (MORN). "Target-date funds now occupy the extraordinary position as the default investment choice for America's new retirement model," says John Rekenthaler, vice president of research at Morningstar and co-author of the firm's Target-Date Series Research Paper: 2009 Industry Survey. Continue reading Target-date funds: Hidden risks in 'simple' plans Target-date funds: Hidden risks in 'simple' plans originally appeared on DailyFinance on Wed, 18 Nov 2009 13:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Retailers start holiday ads early, bet on frugal shoppers
November 18, 2009 at 1:00 pm
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| Filed under: Company News, Media, Sears Holdings Corp., Wal-Mart Stores, Costco Wholesale Corp., Amazon.com, Inc.  Does it seem like the holidays arrived early this year? Maybe you noticed Costco (COST) stocking up on wrapping paper in September, or holiday television ads blaring during the weeks leading up to Halloween. Well, it's not your imagination, according to TNS Media Intelligence. Retailers this year started their national television holiday ad campaigns as much as four weeks before the traditional start of the holiday season, the media researcher says.
"Typically, retailer advertising is concentrated in the eight weeks before Christmas," said Jon Swallen, senior vice president of research at TNS. "What we saw was a backing up of the calendar by a full four weeks."Continue reading Retailers start holiday ads early, bet on frugal shoppers Retailers start holiday ads early, bet on frugal shoppers originally appeared on DailyFinance on Wed, 18 Nov 2009 13:00:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Bill Belichick: Coaching like a master investor
November 18, 2009 at 12:20 pm
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| Filed under: People, Investing  New England Patriots' fans may still be in pain over coach Bill Belichick's risky, and failed, choice to throw a pass for a first down when he was at fourth-and-two against the Indianapolis Colts on Sunday night. On the Pats' 28-yard line with just over two minutes on the clock, the botched play eventually cost New England the game, leading to Monday morning quarterbacking that dragged all the way into Tuesday.
It's not much consolation for the Pats, but there's an investing lesson here, says Michael Mauboussin, chief investment strategist with Legg Mason Capital Management and author of Think Twice: Harnessing the Power of Counterintuition. The question comes down to how you make your choices -- whether you're a football coach or an investor. Do you make your decisions based on a well-honed process or based on the eventual outcome?Continue reading Bill Belichick: Coaching like a master investor Bill Belichick: Coaching like a master investor originally appeared on DailyFinance on Wed, 18 Nov 2009 12:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Housing outlook: Slower sales, falling prices, more foreclosures
November 18, 2009 at 11:45 am
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| Filed under: Economy, Investing  The housing market dropped off a cliff in October, as the original Nov. 30th expiration date for the first-time home buyers tax credit approached, according to the Housing Market Monitor of the Center for Economic and Policy Research. Add to that the 6.25% 60-day delinquency rate in the third quarter -- 58% above the level of one year ago -- and you've got a recipe for housing disaster: more foreclosures, slower sales and ultimately a greater decline in house prices.
"With unemployment virtually certain to remain high well into next year, there is little prospect for any sizable drop in foreclosures," Dean Baker wrote in the Nov. 18 issue of the Housing Market Monitor. "As a result, foreclosures will be putting homes on the market at an annual rate of close to 2 million. This is guaranteed to depress prices in a market with total demand of close to 5 million. In short, house prices will almost certainly resume their decline. The only questions are how soon and how fast."Continue reading Housing outlook: Slower sales, falling prices, more foreclosures Housing outlook: Slower sales, falling prices, more foreclosures originally appeared on DailyFinance on Wed, 18 Nov 2009 11:45:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Housing starts unexpectedly plunge in October
November 18, 2009 at 11:20 am
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| Filed under: Economy  Construction on new housing unexpectedly plummeted 10.6% in October to a seasonally adjusted annual rate of 529,000, the U.S. Commerce Department announced Wednesday, gouging a pothole on the housing sector's road to recovery. It was the lowest housing start level in six months.
A Bloomberg News economists survey had expected housing starts to total a 590,000 annualized rate in October. Housing starts totaled a revised 592,000 annual pace in September, and 587,000 annual pace in August. Housing starts hit a cycle-low 479,000 pace in April.
Further, although housing starts are still up 8% since January, analysts caution that any increases in housing sector activity stem from a very low point with depressed construction levels, following the nation's worst housing recession in more than a generation.
Continue reading Housing starts unexpectedly plunge in October Housing starts unexpectedly plunge in October originally appeared on DailyFinance on Wed, 18 Nov 2009 11:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Charity case: Goldman Sachs, Warren Buffett launch small-biz program
November 18, 2009 at 9:40 am
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| Filed under: People, Goldman Sachs , Berkshire Hathaway  Just over 100 years ago, the sociologist Max Weber wrote his seminal book, The Protestant Ethic and the Spirit of Capitalism, in which he portrayed the pursuit of profit as virtuous and described work as a kind of religious duty. The attainment of wealth was seen as the fruit of labor, a blessing from God in return for hard work, piety and frugality.
Weber comes to mind thinking of the recent comment from Goldman Sachs (GS) Chairman and CEO Lloyd Blankfein (pictured) that the world's most successful bank is doing "God's work." It's hard to imagine that $16.7 billion in executive bonuses to millionaire bankers during a crippling recession is what Weber had in mind. In an effort to put its money where Blankfein's God-talk is, Goldman Sachs has announced it will partner with Warren Buffett, the very personification of virtuous capitalism, in a $500 million project to help small businesses.Continue reading Charity case: Goldman Sachs, Warren Buffett launch small-biz program Charity case: Goldman Sachs, Warren Buffett launch small-biz program originally appeared on DailyFinance on Wed, 18 Nov 2009 09:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks in the news: Hershey, Goldman Sachs, Delta Air Lines, Chico's
November 18, 2009 at 9:20 am
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| Filed under: Company News, Investing, Delta Air Lines, Ford Motor Co., Goldman Sachs , Kraft Foods, Research In Motion, Hershey, Target Corp., Procter & Gamble Hershey Co. (HSY) and Italian chocolate maker Ferrero SpA said they're reviewing their options about making a joint bid for Cadbury Plc. (CBY) after it was approached by Kraft Foods Inc. (KFT). For their potential offer to succeed, it would have to be higher than Kraft's unsolicited offer of 10.3 billion pounds ($17 billion).
Goldman Sachs Group Inc. (GS) said it is launching a $500 million small-business assistance program that includes an advisory panel with billionaire investor Warren Buffett. On Tuesday, Goldman CEO Lloyd Blankfein apologized for his firm's role in the credit crisis. Continue reading Stocks in the news: Hershey, Goldman Sachs, Delta Air Lines, Chico's Stocks in the news: Hershey, Goldman Sachs, Delta Air Lines, Chico's originally appeared on DailyFinance on Wed, 18 Nov 2009 09:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Microsoft brings WordPress onto its cloud: Automattic blogs will go Azure
November 18, 2009 at 9:00 am
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| Filed under: Technology, Google , Microsoft, Amazon.com, Inc.  At the Microsoft (MSFT) Professional Developers Conference on Tuesday, company CTO Ray Ozzie (pictured) took the stage to chat about his company's latest effort in cloud computing. Called WindowsAzure, this new Microsoft offering will allow companies to write code on a cloud-based operating system that runs in Microsoft data centers. After a year of testing, Azure is slated to go live in January, with paying customers coming aboard in February.
Microsoft is playing catchup in the cloud realm. Amazon (AMZN) and Google (GOOG) have both been running live cloud-computing offerings for over a year and have gained considerable traction with Internet companies and IT organizations seeking to avoid the limitations of physical servers, hardware maintenance and static bandwidth contracts. The big surprise that Ozzie unveiled, however, wasn't technological. It was actually a customer: Automattic, the hot software and blog hosting company that is behind the highly popular WordPress platform.Continue reading Microsoft brings WordPress onto its cloud: Automattic blogs will go Azure Microsoft brings WordPress onto its cloud: Automattic blogs will go Azure originally appeared on DailyFinance on Wed, 18 Nov 2009 09:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks set for lower open after housing, inflation data
November 18, 2009 at 7:55 am
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| Filed under: Economy, Investing  U.S. stocks are poised for a slightly higher open Wednesday morning after setting new 13-month highs Tuesday. Investors await key economic data this morning, including consumer prices and housing starts. As traders may step back this morning to assess the recent rally, the same trends that pushed markets higher on Tuesday remain: the dollar has dropped and commodities soared, driving mining stocks higher in overseas markets.
[Update 8:30 a.m.: October housing starts were down 30% from last year, the weakest they have been since April. The CPI rose 0.3% in October on higher energy, car prices. At first glance, these figures seem likely to affect the mood negatively. 8:35 a.m.: Stock market futures are declining, indicating a lower start.]
More here: Before the bell: Futures edge higher ahead of dataStocks set for lower open after housing, inflation data originally appeared on DailyFinance on Wed, 18 Nov 2009 07:55:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Asian real estate shares plummet, steep fall for Buffett's BYD Co.
November 18, 2009 at 6:45 am
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| Filed under: Economy, Investing  In Hong Kong Wednesday, the Hang Seng index lost 0.3%, ending the day at 22,840. In China, the Shanghai Composite Index rose 0.6% to close at 3,303, while in Japan, the Nikkei Index fell 0.6% to 9,677.
In Hong Kong, property companies led the decline, as fears that a property bubble pumped up by excessive speculation on the part of mainland Chinese buyers, may be looming. According to the Economist, prices are now just 13% below the astronomical levels they reached in 2008, just before the financial crisis.Continue reading Asian real estate shares plummet, steep fall for Buffett's BYD Co. Asian real estate shares plummet, steep fall for Buffett's BYD Co. originally appeared on DailyFinance on Wed, 18 Nov 2009 06:45:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |  |
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The comic book industry may not able to leap tall buildings in a single bound, but it has withstood the worst economic decline since the Great Depression fairly well.
Retail investors may be forgiven if they view bank stocks with great skepticism. After all, the financial sector touched off the conflagration that ultimately became the Great Recession. But that doesn't mean there aren't some bargains in the banking sector, and noted bank analyst Dick Bove of Rochdale Securities says he has a doozy.
Investors keep a 
Next time you're flying coach on Delta Airlines (
Are you angry at Goldman Sachs Group (
Dear Lloyd:
Large U.S. banks have raised money to improve their capital position this year, in some cases because the government required them to do so. Bank analysts have worried that a wave of write-downs on commercial real estate and credit card debt might require some big financial firms to go back to the funding well. That raises the question of whether institutional investors still have any appetite for putting money into global banks.
A few bread crumbs for the inflation hawks in October, as consumer prices rose 0.3% in October, the U.S. Labor Department 
You might think it's a bit late in coming, but Attorney General Eric Holder announced a 
Executives at ING, the Dutch banking, insurance and asset-management company, are predicting a broad recovery for the U.S. economy in 2010. And they see that fueling a tremendous stock market rally, taking the S&P 500 to levels approaching 1275 -- about 15% higher than its current level.
"A chicken in every pot and a car in every garage." --Herbert Hoover, 1928.
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