Thursday, February 11, 2016

POSTED: Monday, May 24, 2010, 7:14 AM

Royal Bancshares of Pennsylvania Inc., which has lost money for seven straight quarters, is getting some board help.

The Narberth-based bank holding company last week added Michael J. Piracci, who retired from the Federal Deposit Insurance Corp. in 2004, and Jay H. Shah, chief executive officer of Hersha Hospitality Trust, which owns interests in 76 hotels and operates from offices in Philadelphia.

Bringing Piracci onto the board is probably a good move for Royal, which has been hurt by losses on its loans and investments. The holding company and its main Royal Bank America subsidiary have been operating under certain restrictions imposed by federal and state banking regulators beginning last summer.

POSTED: Friday, May 21, 2010, 7:17 AM
Filed Under: Investing, Markets

How appropriate to celebrate the two-week anniversary of the “flash crash” with another steep sell-off.

On Thursday, there was no 1,000-point drop in minutes to unnerve professional investors and novices alike. Rather, it was like watching a bout between mismatched boxers. The decision was never in doubt, only the extent of the damage.

The Dow closed down 376.36 points, which was 28.56 points worse than how flash-crash day finished.

POSTED: Thursday, May 20, 2010, 7:15 AM
Filed Under: Consumer Products

Anyone who’s listened to a Philadelphia Phillies radio broadcast this season has heard the commercial for a grass seed that’s the same as the one used at the team’s ballpark.

It’s catchy because rather than hearing players Jimmy Rollins or Ryan Howard pitching for the seed, you hear from Citizens Bank Ballpark’s head groundskeeper, Mike Boekholder.

And it’s all part of a multiyear deal between lawn-care behemoth Scotts Miracle-Gro Inc. and Major League Baseball that was struck in January. It’s a sponsorship, licensing and advertising package that’s led to Scotts being “Official Lawn Care Company of Major League Baseball.”

POSTED: Wednesday, May 19, 2010, 12:15 PM

   I always find it curious when a public company announces a big acquisition and its stock price rises, while the target company's stock price falls.

   That's what happened Monday when Universal Health Services Inc. agreed to buy Psychiatric Solutions Inc. for $2 billion in cash, plus the assumption of $1.1 billion in debt.

   Shares of King of Prussia-based Universal Health climbed $3.10, or 8 percent, to $42.14 on Monday, while shares of the Tennessee-based operator of psychiatric facilities dipped 24 cents, or 1 percent, to $32.39.

POSTED: Tuesday, May 18, 2010, 12:26 PM

More than five weeks after Tengion Inc. netted $26 million from its initial public offering, another local life-sciences company hopes to travel the same path.

NuPathe Inc. of Conshohocken filed a registration statement with the Securities and Exchange Commission on Friday seeking to raise $86.3 million.

The specialty pharmaceutical company, which had 21 employees as of April 30, has been working on Zelrix, a single-use skin patch to treat migraines.

POSTED: Monday, May 17, 2010, 12:17 PM

NuPathe Inc., of Conshohocken, hopes to raise $86.3 million in an initial public offering, according to a regulatory filing on Friday.

The preliminary prospectus does not list the number of shares NuPathe intends to issue or any price range.

The specialty pharmaceutical company has been working on Zelrix, a single-use patch to treat migraine. In a filing with the Securities and Exchange Commission, NuPathe said it completed a Phase III clinical trial in July 2009 and expects to submit a new drug application with the Food and Drug Administration in the fourth quarter of this year.

POSTED: Monday, May 17, 2010, 8:16 AM

I’m feeling whipsawed lately with many economic statistics showing improvement, but the stock market - a leading indicator - flashing caution.

I think my unease comes from the difference in the extent of the changes in each day’s economic data versus how world equity markets close each session. The wild gyrations of the stock market have been overshadowing the slow, deliberate gains being fashioned in the economic recovery.

The Dow Jones industrial average has had 11 days of triple-digit moves since April 26. Most of them were down, including that wacky 347.80-point plunge on May 6.

POSTED: Friday, May 14, 2010, 8:13 AM

You’re more likely to see Ben S. Bernanke testifying before a congressional panel than shaking hands with pipe fitters and welders at the Philadelphia Navy Yard.

But that’s just where the Federal Reserve chairman was Thursday morning.

Bernanke, like so many schoolchildren and tourists before him, went on a field trip to Philadelphia. But instead of visiting the Liberty Bell or Independence Hall, the United States’ banker-in-chief toured Tasty Baking Co.’s production lines and stood amid the steel hulks of Aker Philadelphia Shipyard.

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
Also on
letter icon Newsletter