Wednesday, July 30, 2014
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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.
The Street: I was talking to Jim Cramer today about the latest round of sanctions that the U.S. has applied to Russia and the possible effects on the oil and gas markets and oil stocks.
NEW YORK (AP) - Cargill says it plans to close a Milwaukee beef-processing plant which employs about 600 people on Friday due to a shortage of cattle.
WASHINGTON (AP) - The White House is threatening to veto a spending bill drafted by House Republicans to deal with the influx of Central American minors at the U.S. border.
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."
KANSAS CITY, Mo. (AP) - Pointing the finger at Republicans for congressional inaction, President Barack Obama chided lawmakers Wednesday for spending the waning days before their month-long summer break trying to sue him rather than addressing economic issues that could boost the middle class.
NEW YORK (AP) - About 11,000 Kawasaki off-road vehicles are being recalled because debris can cut through the foot rest area and hurt riders' legs.
WASHINGTON (AP) - A former IRS official at the center of the agency's tea party controversy referred to some right-wing Republicans as "crazies" and more in emails released Wednesday. A key GOP lawmaker says the remarks show that Lois Lerner was biased against conservative groups and targeted them for extra scrutiny.
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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