Archive: August, 2011
It's taken a few weeks, but the normal August lull seems to have appeared.
Save for a much-anticipated speech by Federal Reserve chairman Ben Bernanke on Friday, there are not many major events on the economic or earnings calendars for this week. And many are split on whether the Bernanke speech will shine much new light on the direction of the economy or Fed policy.
Here's a link to the Wall Street Journal's Jon Hilsenrath's take on the context surrounding the Bernanke speech.
Can't tell if it's a "Thank God it's Friday" or "Oh my God, it's Friday."
Will the Google-Motorola marriage change TV as we know it? Not according to Bernstein Research analyst Craig Moffett who reminds us that Microsoft's investment in Comcast in the olden days hasn't made Windows the way we watch "Conan."
And while you need to register to access Moffett's thoughts, you can read All Things D's Peter Kafka's take here.
I'm not sure even ducks like the way the day is starting here in Philadelphia with the torrential downpours.
It's apparently raining in the European equity markets as market participants continue to obsess over what they don't know, or what they fear might happen. Here's what we know:
Morgan Stanley used the phrase "dangerously close to recession" to describe both Europe and the United States as the Wall Street firm revised its forecast downward.
Two more Philadelphia-area banks have gotten funding through the U.S. Treasury Department's Small Business Lending Fund.
They were two of 37 banks that recently obtained a total of $418 million through the federal program, which is intended to encourage community banks to increase lending to small firms. Only banks with less than $10 billion in assets can apply for the funding.
Tasty Baking's parent company got socked by high ingredient costs and reported Q2 net income down by 17 percent.
Flowers Foods, of Thomasville, Ga., also lowered its estimate on full-year earnings per share to flat to up 5 percent. That's down from an expected 5 to 10 percent increase.
Revenue did rise 6 percent for Flowers to $642.6M, thanks in part to its April acquisition of the baker of Tastykakes.
No purchase price was disclosed in the news release, although I hope to ask about that with one of the Bernert brothers, who own Havis.
Havis, which traces its roots to 1928, did say that none of its 175 employees will lose his or her job as a result of the transaction. The company said it will "reallocate" those who'd worked on the lighting products to its other business lines.
There have been only three trading days in August when the Dow Jones industrial average hasn't climbed or tripped by a triple-digit amount.
Judging by the anxiety over in Europe, we might have another such move again Tuesday with futures pushing the Dow by more than 100 points before the stock market opens at 9:30 a.m.
At least we still have the clothes on our back, but I'm sure a lot of retailers would like us to change what we're wearing. Wal-Mart's same-store sales in the U.S. were flat for Q2. So the big discounter isn't getting a sales boost from the tight economy.
Nothing like a $12.5 billion acquisition to start off Monday.
Google intends to part with a giant portion of its cash horde to buy Motorola Mobility, one of its hardware partners for the Google Android mobile-phone operating system. Motorola Mobility has a large operation in Horsham.
You can read more about the deal (and welcome back PhillyDeals columnist Joe DiStefano from his vacation) here.