Tuesday, June 30, 2015

PhillyInc downcast as Dow starts week down 200 pts.

The calm feelings that a vacation can engender are hard to maintain with all of the negative vibes coming from the securities markets.

PhillyInc downcast as Dow starts week down 200 pts.

Monday started off with the Dow immediately down more than 200 points.  (Jin Lee / AP)
Monday started off with the Dow immediately down more than 200 points. (Jin Lee / AP)

The Dow Jones industrial average down 698.63 points. Oil below $90 per barrel for the first time since February. Gold briefly tops $1,700 an ounce. Verizon on strike. Standard & Poor's Corp. strips the U.S. of its AAA rating.

Man, my vacation really was expensive.

Now that I'm back from canoeing in a salt marsh, I'm playing catch-up in a month that is usually notable for its lack of business news. And Monday starts off with the Dow immediately down more than 200 points.

It's easy to get swept up in the sound and fury of these macro-events. Still, most of us have to suit up for the work day, and there's business to be done in the stores, factories, offices and even ice cream trucks roving Philadelphia.

Here's how some local companies are starting their week:

* UniTek Global Services, a Blue Bell cable TV installer, confirmed that it had made an unsolicited bid in June to acquire rival Multiband with a cash-and-stock bid of $4.50 per share. Multiband took but a day to reject the offer, but UniTek on Monday said that a major shareholder of Multiband backs the combination. UniTek also said that it is currently not engaged in discussions with Multiband.

* South Jersey Industries, a holding company for a natural gas utility, reported net income of $6.1M, or 20 cents per share, for its second quarter -- down from $8.4M, or 28 cents per share for the same quarter a year ago. The Folsom, N.J. company reaffirmed its earnings guidance for 2011, calling for EPS growth of 9 to 15 percent.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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