Archive: October, 2009
Even as major U.S. stock market indexes have risen more than 50 percent since their March 9 lows, few people are willing to go out on a limb and shout that they’re headed higher.
Few, that is, except Robert Froehlich, who recently joined Hartford Financial Services Group Inc. as a senior managing director. What’s he shouting? That the Dow Jones industrial average will close above 11,000 by the end of the year and rise 20 percent in 2010.
Froehlich, likely the most bullish man on Wall Street, has spent the last two days in Philadelphia talking to investment advisers, including those at Raymond James and Smith Barney. He freely admits to being “out in left field with my views.”
The playbook for the pharmaceutical industry has always seemed to be: Think globally, but the U.S. is what really matters.
GlaxoSmithKline CEO Andrew Witty has been redirecting his company to think globally and make money globally.
“Less than 30 percent of this quarter’s sales were generated from what I call ‘white pill western markets’ compared to 38 percent in the quarter before I took over as CEO,” Witty told analysts on a conference call.
As Pfizer Inc. begins digesting Wyeth, be on the lookout for more announcements like the one made by Cephalon Inc. Tuesday.
The Frazer biopharmaceutical company said it hired Bob Repella as senior vice president for its U.S. pharmaceutical operations. He’d been executive vice president and general manager of the Biopharma Business Unit for Wyeth Pharmaceuticals.
Repella is actually taking on the responsibilities of two former Cephalon executives. Michael Mulholland, who Cephalon spokeswoman Sheryl Williams said left several months ago, had been in charge of U.S. pharmaceutical operations, except for oncology.
Nothing like a World Series to bring out the fan in everyone, including CEOs.
On a conference call with analysts Tuesday morning, the head of Triumph Group Inc. started his remarks by saying:
Good morning and good morning from Philadelphia, home of the steroid-free world champions who are poised and ready to repeat.
The Web site of the Philadelphia Fund shows the city skyline in silhouette.
But this mutual fund has had little to do with its namesake for years. In 10 days, even the name will go away, spelling the end for a fund with roots pre-dating securities regulation.
Shareholders of this mutual fund with $54 million in assets as of Sept. 15 are being asked to approve a reorganization under which Dallas-based Westwood Holdings Group Inc. would absorb the assets into its WHG LargeCap Value Fund.
Expecting a tax-policy task force to recommend something other than cutting taxes would be like counting on the Pennsylvania Milk Marketing Board to champion orange juice.
On Friday, the Mayor’s Task Force on Tax Policy & Economic Competitiveness did recommend resuming wage and business privilege tax cuts in 2012. To close a widening budget gap, the Nutter administration halted scheduled reductions last fall.
To those in the business community, this is a no-brainer. Reduce the burden from some of the nation’s highest taxes and business is more likely to view Philadelphia as competitive.
As fun as it has been to follow the Philadelphia Phillies race to repeat as world champs, there’s one thing the team probably won’t duplicate: whopping merchandise sales.
Matt Powell, an analyst with SportsOneSource, which tracks the sporting goods industry, said sales of Phillies T-shirts, hats and other merchandise are “way off” from last year. But that’s a typical pattern for teams that produce multiple championships, he said.
While it’s too early for final figures, sales of Phillies merchandise for the last four weeks are down more than two-thirds versus last year, Powell said.
Far from the debate over “too big to fail” plenty of small-business owners have grumbled that they must be “too small to matter.”
Every politician acknowledges how important the nation’s 29 million small businesses are to the economy. But their actions over the last year have been aimed at the big threats to the financial system.
Yesterday, President Obama announced new lending initiatives to help, he said, “the engine of job growth in America.” But before anyone grumbles over a new big-ticket bailout for Main Street, the first impression is what’s in the works is less than it might appear, and it’s not clear what this will cost.