Home » Archive for September, 2012

August Sees Consumer Spending Rise

Consumer spending in the U.S. increased during August. The increase was the highest in six months, as people paid more due to higher fuel prices. A Friday report released by the government pointed to lackluster growth in the economy during the third quarter. The Department of Commerce said that spending by consumers jumped 0.5% after an increase of 0.4% during July. Economists expected the increase in August. Spending by consumers accounts for nearly 70% of the economic activity in the U.S. and the increase for the second consecutive month mostly... 
 

Research In Motion Posts another Loss

Research In Motion, the manufacturer of BlackBerry once one of the most dominate smartphones, announced another loss for the most recent quarter. Canadian based RIM announced the loss, which was sizable, but smaller than the loss it had in the previous quarter. However, the company continues to face problems for the near future, as it attempts to get its new generation BlackBerry into the marketplace. RIM CEO Thorsten Heins did not mention directly the names of any rivals to the BlackBerry, but did acknowledge that Windows Phones, iPhones and the... 
 

Staples Announces Store Closings

Staples Inc said it was planning to shutter a number of stores and is trying to sell its European Printing Systems company, as it begins to shift focus toward mobile and online capabilities. Staples expects to save close to $250 million each year from is cost reduction plan by the end of the 2015 fiscal year. In August, the largest U.S. office supply chain pledged it was making broad changes following a downturn in sales in North America that was unexpected that joined the continued slow sales abroad to lower the fiscal second quarter’s profits... 
 

Financial Debt Crisis Pressures German Economy

German businesses are not eyeing many reasons to be optimistic, as they have been faced with the ongoing debt crisis that is crippling most of Europe. The Munich-based IFO Institute said on Monday that September was the fifth straight month that the Business Climate Index fell. The Index has now reached its lowest point in 19 months. A slight recovery in the manufacturing sector in Germany was experienced during August, but in September, it cooled again significantly. Most businesses are less satisfied with their position today and expressed a great... 
 

Profits at Darden Up Ahead of Revamp of Olive Garden

On Friday, Darden Restaurants, Inc. reported profit that was better than expected for its first quarter fiscal earnings. This came just prior to the company’s revamping of the menus for both the Red Lobster and Olive Garden chains, which are both struggling. A quarterly dividend was also declared by Darden, which sent shares of the stock up by over 5%, briefly hitting an all time high for the stock. The biggest chain at the company, Olive Garden, has struggled and Darden is attempting to increase traffic by focusing its menu on value and adding... 
 

Walmart Kicks Kindle Out

The largest retailer in the U.S. Walmart said on Thursday that it would no longer carry the Kindle e-readers or tablets. The move was a sure sign how seriously the retailer views Amazon as a direct competitor in the market of consumer goods. Kindles have already been taken out of all Target stores, though other retailers such as Staples, Best Buy and Office Depot have all said they are continuing to carry the Kindles. Walmart did not announce its reason for discontinuing the sale of the Kindles nevertheless, retailers across the country have been... 
 

Weakness in Economy Signaled by Lower Manufacturing

This month, manufacturing ended its weakest three months in over three years. In addition, new claims by Americans for jobless benefits remained close to highs of two months last week, which suggested that the recovery of the economic is still not gaining much traction. The Purchasing Managers Index remained at 51.5 for September, which is unchanged from the month of August. Any reading that is above 50 shows expansion. For the third quarter, the index had an average of 51.5, down from the average of 54.2 for the second quarter of this year and... 
 

Decline in Oil Continues for Second Session

On Tuesday, oil dropped again after falling the most in two months on Monday on speculation fuel demand could be curtailed by the U.S. economy. In New York, futures were down by 0.7%, which added to the drop of 2.4% on Monday. In less than 60 seconds of trading on Monday, crude dropped over $3, as the options for October were close to expiring. The general economic index of the Federal Reserve, the Empire State Index, dropped to a low of three years on Monday. The government confirmed it is thinking of ways to prevent the price of oil from curbing... 
 

Oil Up on Tension in Middle East

For the third consecutive day oil prices increased due to the recent unrest throughout the Middle East, which could cause supply disruptions. Oil was up 0.5% after the U.S. Embassy in Lebanon announced it had been given reports saying there was a higher possibility that attacks would be carried out against citizens of the United States. Crude was up 2.7% during last week, thanks in part to the Federal Reserve pledging another round of its quantitative easing. The euro retreated from highs of four months versus the dollar. An analyst on Wall Street... 
 

Akamai Technologies (AKAM) Speeds Up Internet With FastSoft Inc.

Akamai Technologies, Inc. (NASDAQ:AKAM) released a statement today that they have acquired content accelerator FastSoft Inc. FastSoft have a number of technologies that could benefit Akamai such as content acceleration software, patented algorithms for the TCP protocol and efficient handling of file transfer technology among other things. These things combined could and hopefully should reduce server load of Akamai servers. “FastSoft has developed unique acceleration software that is expected to be a strong complement to Akamai,” said... 
 

Draftfcb Healthcare Acquires Hudson Global, Retains Management Team

Interpublic Group (NYSE:IPG) subsidiary Draftfcb Healthcare announced today that they are acquiring N.Y.-based pharmaceutical marketing company Hudson Global which offers integrated marketing solutions aimed at the pharmaceutical industry. Hudson Global will be situated under Draftfcb and the company said that the acquisition will “create a top 5 healthcare offering in the United States.” “Our acquisition of Hudson is part of a long-term plan to make strategic acquisitions that will bolster our clients’ businesses and strengthen... 
 

IBM Completes Canal+ Group Digital Media Transformation

IBM (NYSE:IBM) announced today that they have assisted France broadcaster, Canal+ Group, enhance company operations and process so that it is able to deliver more and bolster digital content archival. The Digital Media Transformation Initiative project started in June, 2010. “We chose IBM because of its experience and long term commitment to the media industry,” said Jo Guegan, executive vice president, Technology and Information Systems, Canal+ Group. “This new end-to-end digital supply chain will accelerate our content workflow... 
 

Wednesday’s Top NYSE Energy Gainers, Losers (SM, CZZ, PTEN, YZC, DK, BP)

SM Energy Co. (NYSE:SM) blew up Wednesday trading with a daily percentage gain of 8.11% and closed at $51.56 per share.  SM Energy announced today that their Eagle Ford shale program averaged 230 MMCFE/d in July 2012 and that for the second quarter of 2012, net production in this program averaged 207 MMCFE/d. SM Energy also announced that it is starting up additional tank batteries to allow for continued production growth in its operated Eagle Ford shale program. Cosan Limited (USA) (NYSE:CZZ) shares rose 3.25% during Wednesday trading and closed... 
 

Shell’s Subsidiary SPDC Sells OML 40 Interest to Elcrest and Production Nigeria

Royal Dutch Shell plc (NYSE:RDS.A)(NYSE:RDS.B) announced today that their subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed its sale of their 30% interest in Nigerian Oil Mining Lease (OML) 40 for approximately $102 million dollars (USD) to Elcrest Exploration and Production Nigeria Limited. Shell said that the sale will help the company focus on its onshore interests in Nigeria, according to a company statement. “These divestments mark another step in the strategy to re-focus the SPDC portfolio. SPDC... 
 
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