Wednesday, July 30, 2014
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Atlantic City's casinos woes made their mark on a national release of employment data in the nation's 372 metropolitan area by the U.S. Bureau of Labor Statistics.
Economics in a nutshell: If it is all about the labor market and wage pressures, then the Committee did elevate its thinking about the potential for rising compensation to the top of the discussion. That said, the members then decided to downgrade the threat by indicating there was "significant underutilization of labor resources".
Destination Maternity Corp. shares were down 18.8 percent Wednesday afternoon, following the Philadelphia retailer's announcement of disappointing quarterly earnings.
The Street: Does a woman's pregnancy somehow stir up retro opinions that said pregnant woman should be home with a glass of iced tea in one hand and a vacuum in the other? Or, does it just mean that those who feel the need to tamper with that certain pregnant woman's emotions just have a serious lack of manners and sensitivity? Regardless of the reason, some of these real-life statements will be sure to shock you.
The Street: With the disability insurance trust fund facing depletion in 2016, benefits would need to be reduced by 20% to correspond with payroll tax revenues.
California-based Macerich Co., which owns 55 U.S. shopping centers including the Deptford Mall, will invest $106.8 million in a joint venture to redevelop the Gallery at Market East and offer "accessible luxury retailing" there, Pennsylvania Real Estate Investment Trust, owner of the 1.4 million-square-foot Center City shopping complex, said Tuesday.
PhillyDeals: Bootmaker Timberland "has leased 5,800 sq. ft. for its Philadelphia flagship store, which it plans to have open by the fall," Steve Gartner of Metro Commercial Real Estate Inc. tells me in a note this afternoon.
Merck & Co., the second-biggest U.S. drugmaker, is staying in the United States and sticking to a bolt-on acquisition strategy, shunning the route taken by its biggest rival, Pfizer Inc.
The Street: John Chasen drives 60 miles to a Veterans Affairs medical facility in Rome, Ga. from his residence in Chatsworth every three months to get blood work. Although there are doctors at the Rome clinic, Chasen is also driving to a Nashville, Tenn. VA facility to see a physician's assistant who issues prescriptions.
Nearly every weekend, Chris Nassetta is cooking in his family's oversized kitchen, outfitted with two commercial-grade refrigerators, three sinks and a deep fryer.
The Street: The economy had a much better second quarter than most experts thought, and July hiring wasn't bad either - at least in most sectors.
WASHINGTON (AP) - Eager to begin a monthlong break, Congress leavened its customary heavy partisanship on Wednesday with a pinch of compromise, advancing legislation to repair the deeply troubled Department of Veterans Affairs and working to clear funds for highway construction at home and missile defense in Israel.
NEW YORK (AP) - Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market:
DETROIT (AP) - Chrysler is recalling just under 30,000 Fiat 500L small cars in the U.S. and Canada to fix a problem with air bags that protect knees in a crash.
NEW YORK (AP) - Cargill plans to close a Milwaukee beef-processing plant which employs about 600 people on Friday due to a shortage of cattle.
WASHINGTON (AP) - A bill to deal with the immigration surge on the U.S.-Mexico border won a temporary reprieve in the Senate Wednesday as lawmakers maneuvered to offer some response to the crisis before adjourning for the summer.
NEW YORK (AP) - Boeing says final assembly of its 787-10 plane, a planned larger version of its "Dreamliner" aircraft, will take place in South Carolina.
WASHINGTON (AP) - Republican senators blocked an election-year bill Wednesday to limit tax breaks for U.S. companies that move operations overseas.
NEW YORK (AP) - Jacquie Whitt's trip to the Galapagos with a group of teenagers was memorable not just for the scenery and wildlife, but also for the way the kids preserved their memories. It was, said Whitt, a "selfie fest."
A bankruptcy judge on Wednesday approved a bonus plan that could pay a total of $1.75 million to executives of Revel Casino Hotel, which is scheduled for auction next week.
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