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January 31, 2005

Big Health Plan Suspends Use of Painkiller


Kaiser Permanente, one of the nation's largest managed care organizations, has ordered its pharmacies to stop dispensing Bextra, an arthritis and pain drug made by Pfizer that some tests have indicated may increase the risk of heart attacks and strokes. Bextra is in the same class of drugs as another Pfizer painkiller, Celebrex, which has also been found to pose cardiac risks at high doses, and as Vioxx, the drug that Merck pulled from the ...     (full story) Continue reading "Big Health Plan Suspends Use of Painkiller"


Posted by mm at January 31, 2005 12:03 PM | Permanent Link | Comments (0)

A Merger in Search of a Home. Yours.


Procter & Gamble and Gillette almost walked away from the $57 billion deal that could give them a lock on the average American household's laundry room, medicine cabinet and cosmetic drawer. James M. Kilts, 56, Gillette's chairman and chief executive, approached Alan G. Lafley, 57, his counterpart at Procter, in November with the idea of a merger that would combine his company, the world's biggest marketer of products to men, with an industry giant that ...     (full story) Continue reading "A Merger in Search of a Home. Yours."


Posted by mm at January 31, 2005 12:01 PM | Permanent Link | Comments (0)

Another Clock Is Ticking at Delta Air Lines


A big countdown clock sits just inside the front door of an office building for Delta Air Lines near Hartsfield-Jackson International Airport. The hours and minutes are ticking down to what Delta considers the biggest single overhaul of an airline's timetables in the history of aviation. That might be overstating things somewhat, but on Monday, Delta will retool its flight schedules in and out of its hub in Atlanta, where it is the dominant carrier ...     (full story) Continue reading "Another Clock Is Ticking at Delta Air Lines"


Posted by mm at January 31, 2005 11:59 AM | Permanent Link | Comments (0)

Windows, Boxes and a Halo Bolster Microsoft Profit


Microsoft posted solid growth in quarterly sales and profit yesterday, buoyed by strong holiday sales of personal computers and video games. Microsoft, the world's largest software company, said sales for the second quarter rose 7 percent, to $10.82 billion, surpassing the $10.55 billion average of Wall Street analysts' estimates. "This was yet another excellent quarter," said John Connors, chief financial officer at Microsoft. "In general, the economic environment is healthy." Microsoft earned 32 cents a ...     (full story) Continue reading "Windows, Boxes and a Halo Bolster Microsoft Profit"


Posted by mm at January 31, 2005 11:58 AM | Permanent Link | Comments (0)

U.S. Backs Off Relaxing Rules for Big Media


Media companies hoping to expand their television station holdings and to own both TV stations and newspapers in the same markets suffered a setback yesterday when the Bush administration decided to abandon its challenge to a ruling that blocked the relaxation of ownership rules. The Justice Department will not ask the Supreme Court to consider a decision last year by a federal appeals court in Philadelphia that sharply criticized the move toward deregulation and ordered ...     (full story) Continue reading "U.S. Backs Off Relaxing Rules for Big Media"


Posted by mm at January 31, 2005 11:56 AM | Permanent Link | Comments (0)

U.S. Property Prices Too High? Some Funds Look Abroad


INVESTORS who worry that the American property market may be peaking have another option: putting money into real estate abroad. Such moves have become more attractive, thanks to the export of an American form of real estate ownership, the real estate investment trust. REIT's, which generally own commercial properties like office towers, shopping malls or apartment buildings, are required to distribute most of their profits as dividends each year. Within the last four years, France ...     (full story) Continue reading "U.S. Property Prices Too High? Some Funds Look Abroad"


Posted by mm at January 31, 2005 11:54 AM | Permanent Link | Comments (0)

Marsh to Pay $850 Million to Settle Charges by Spitzer


Marsh & McLennan, America's largest insurance brokerage company, agreed today to pay $850 million to settle charges by the New York State attorney general that it took payoffs from insurance companies to send them clients. Under the agreement, Marsh & McLennan will set up an $850 million fund to provide restitution to nationwide policyholders over four years. It said none of the money represented a fine or a penalty. Marsh said it neither admitted nor ...     (full story) Continue reading "Marsh to Pay $850 Million to Settle Charges by Spitzer"


Posted by mm at January 31, 2005 11:53 AM | Permanent Link | Comments (0)

Taking the Wheel Before a Pension Runs Into Trouble


UNTIL recently, a pension seemed like a sure thing. If you worked long enough, you could count on a predetermined stream of income upon retirement, backed by the federal government. Now, however, a series of pension failures at companies like United Airlines, US Airways, Bethlehem Steel, Kaiser Aluminum and Polaroid has cast doubt over such certainties. While the government insures pensions, the coverage is limited - and it is much more varied than the government's ...     (full story) Continue reading "Taking the Wheel Before a Pension Runs Into Trouble"


Posted by mm at January 31, 2005 11:50 AM | Permanent Link | Comments (0)

Economy Slowed in 4th Quarter, U.S. Report Says


The American economy's expansion slowed somewhat in the last three months of the year, the government reported today, as the nation's widening trade gap took a growing toll on growth. The Commerce Department, in its initial estimate, said the nation's gross domestic product - its total output of goods and services - rose at an annual rate of 3.1 percent in the fourth quarter of 2004, less than the 3.5 percent that many economists had ...     (full story) Continue reading "Economy Slowed in 4th Quarter, U.S. Report Says"


Posted by mm at January 31, 2005 11:43 AM | Permanent Link | Comments (0)

Economy Slowed in 4th Quarter, U.S. Report Says


The American economy's expansion slowed somewhat in the last three months of the year, the government reported today, as the nation's widening trade gap took a growing toll on growth. The Commerce Department, in its initial estimate, said the nation's gross domestic product - its total output of goods and services - rose at an annual rate of 3.1 percent in the fourth quarter of 2004, less than the 3.5 percent that many economists had ...     (full story) Continue reading "Economy Slowed in 4th Quarter, U.S. Report Says"


Posted by mm at January 31, 2005 11:42 AM | Permanent Link | Comments (0)

SBC Finishes $16 Billion Deal for AT&T


SBC Communications concluded a $16 billion deal today for its former parent, AT&T, that would lead to the virtual disappearance of one of America's best known corporate icons and set off what promises to be a new round of competition between the Baby Bells. In buying AT&T, its national network and three million corporate customers, SBC can aggressively expand into the turf of its regional Bell siblings, who themselves are grappling for ways to move ...     (full story) Continue reading "SBC Finishes $16 Billion Deal for AT&T"


Posted by mm at January 31, 2005 11:38 AM | Permanent Link | Comments (0)

Search Sites Play a Game of Constant Catch-Up


Last Monday, Google representatives called analysts and reporters to trumpet a new service that searches the transcripts of television broadcasts. Yahoo, Google's rival, got wind of the announcement and within hours, its publicity machine had bolted into action to say it had a similar service in the works. Perhaps the fiercest competition on the Internet these days is among sites offering new ways to search through more information. Yahoo and Microsoft each have hundreds of ...     (full story) Continue reading "Search Sites Play a Game of Constant Catch-Up"


Posted by mm at January 31, 2005 11:37 AM | Permanent Link | Comments (0)

Federal Reserve Is Expected to Continue Raising Rates


Notwithstanding new evidence released on Friday that economic growth has slowed in recent months, the Federal Reserve appears poised to continue raising interest rates for most if not all of this year. Analysts almost unanimously predict that the Fed will increase rates on Wednesday by another quarter-point, to 2.5 percent, and most expect the central bank to repeat past statements about raising rates at a "measured" pace. A variety of economic trends suggests that policy ...     (full story) Continue reading "Federal Reserve Is Expected to Continue Raising Rates"


Posted by mm at January 31, 2005 11:35 AM | Permanent Link | Comments (0)

January 25, 2005

The Higher Price of Staying Public


THE shares of Fidelity Federal Bancorp have always been thinly traded, and its executives often wondered why it bothered to be a public company at all. Still, they never really considered delisting the stock until Congress passed the Sarbanes-Oxley law, with its myriad new reporting rules, in 2002. In November, the bank announced that it was "going dark" - delisting its stock from the Nasdaq market. That means it will no longer need to file ...     (full story) Continue reading "The Higher Price of Staying Public"


Posted by mm at January 25, 2005 02:12 PM | Permanent Link | Comments (0)

Deficits May Be Wearing Thin at the Fed


THEY are only low-level rumblings, oblique signals of discontent that are stripped of any direct political threat. But as President Bush embarked on his second term last week, it was hard to escape the sense that his longtime honeymoon with the Federal Reserve may be ending. The Fed and its chairman, Alan Greenspan, have arguably been Mr. Bush's most important economic supporters. Mr. Greenspan gave his blessing to the Bush tax cuts of 2001 and ...     (full story) Continue reading "Deficits May Be Wearing Thin at the Fed"


Posted by mm at January 25, 2005 02:04 PM | Permanent Link | Comments (0)

AT&T Looks Beyond 'Number, Please'


For a century, AT&T was known as America's premier phone company. If Hossein Eslambolchi has his way, that label will go the way of the dodo bird. As chief technology and chief information officer, Mr. Eslambolchi is the technological strategist behind AT&T's ambitious turnaround plan to become a data transmission company selling an array of software products like network security systems - with phone calls being just one of many digital services. Indeed, for the ...     (full story) Continue reading "AT&T Looks Beyond 'Number, Please'"


Posted by mm at January 25, 2005 02:03 PM | Permanent Link | Comments (0)

Powell to Step Down at F.C.C. After Pushing for Deregulation


Michael K. Powell, who has overseen the Federal Communications Commission during a time of helter-skelter convergence among telephone, television and high-speed Internet services, announced Friday that he would be stepping down from the agency in two months. Mr. Powell sought to roll back regulation of each of those industries. But on his watch the F.C.C. also enforced stringent decency standards, imposing hefty fines on television and radio broadcasters. Administration officials and industry executives said that ...     (full story) Continue reading "Powell to Step Down at F.C.C. After Pushing for Deregulation"


Posted by mm at January 25, 2005 02:02 PM | Permanent Link | Comments (0)

Best of All Possible Worlds? Bond Buyers Crave Yield but Show No Fear


IN the world bond market, all is sweetness and light. Companies with bad credit do not have to pay very much to borrow, and they have no trouble meeting their obligations. So lenders also do well. Moody's Investors Service came out with its annual default study this week, finding that just 0.7 percent of companies with rated bonds defaulted last year. That was less than half the rate of 2003 and a fifth of the ...     (full story) Continue reading "Best of All Possible Worlds? Bond Buyers Crave Yield but Show No Fear"


Posted by mm at January 25, 2005 02:00 PM | Permanent Link | Comments (0)

Citigroup Posts 12% Profit Rise and Sees Slowing Growth


Citigroup, the world's largest banking company, reported a 12 percent increase in its fourth-quarter earnings today, but it tempered Wall Street's expectations for the coming year. The company said that it expected to post solid results in 2005 but that its annual profits would register at the lower end of analysts' expectations because of rising interest rates and a decreased ability to tap into excess loan loss reserves. The company said it earned $5.32 billion ...     (full story) Continue reading "Citigroup Posts 12% Profit Rise and Sees Slowing Growth"


Posted by mm at January 25, 2005 01:58 PM | Permanent Link | Comments (0)

U.S. Faces More Tensions Abroad as Dollar Slides


After a first term in which terrorism and war dominated President Bush's foreign policy agenda, his allies in Europe and Asia suspect that his next confrontation with the world could take on a very different cast: a potential currency crisis, in which a steep plunge in the value of the dollar touches off economic waves around the world. Already, the tensions over the dollar are becoming a recurring source of friction, a conflict that does ...     (full story) Continue reading " U.S. Faces More Tensions Abroad as Dollar Slides"


Posted by mm at January 25, 2005 01:57 PM | Permanent Link | Comments (0)

The Shiller Interview


Robert Shiller argues that housing in many cities is undergoing the same irrational exuberance as stocks did in their bubble days. MONEY's Amy Feldman spoke with him in late December about what homeowners and potential buyers can do to keep from getting burned. Q. So far, home buyers have been right in thinking home prices will keep going up. A. Part of what drives the bubble is this confidence that the market will always go ...     (full story) Continue reading "The Shiller Interview"


Posted by mm at January 25, 2005 01:38 PM | Permanent Link | Comments (0)

Staking Your (Insurance) Claim


Dear Armchair Millionaire: Our neighbor recently experienced severe damage to his house when a pipe burst in his basement. Luckily, his insurance covered everything. I have actually never needed to make an insurance claim myself, but I'm curious about what I can do to ensure my claim is covered if I ever need to. --Stu O. Dear Stu, A lot of people have a love-hate relationship with insurance: They hate to pay those expensive premiums ...     (full story) Continue reading "Staking Your (Insurance) Claim"


Posted by mm at January 25, 2005 01:36 PM | Permanent Link | Comments (0)

Buy.com Plans $86.3 Million IPO


Online retailer Buy.com Inc. filed with U.S. regulators Tuesday to raise up to $86.3 million in an initial public offering of common stock. RBC Capital Markets, Thomas Weisel Partners and Pacific Crest Securities will underwrite the IPO, according to a preliminary prospectus filed with the Securities and Exchange Commission. The document did not state how many shares the company plans to sell or at what price. Those details are expected in future filings. Buy.com intends ...     (full story) Continue reading "Buy.com Plans $86.3 Million IPO"


Posted by mm at January 25, 2005 01:35 PM | Permanent Link | Comments (0)

Have We Seen eBay's Highest Bid?


eBay accomplished something it hadn't yet done in its roughly seven years as a public company -- something its investors hope it never does again. It missed the Wall Street analysts' estimates. As a result the stock dropped almost 20 percent, erasing the gains it had made since last September. Now that the dust has mostly settled, let's assess what this means for investors and explore various ways to play this clothesless emperor. And that's ...     (full story) Continue reading "Have We Seen eBay's Highest Bid?"


Posted by mm at January 25, 2005 01:34 PM | Permanent Link | Comments (0)

Taking Time Off


Are you having a manic Monday? Maybe you scraped off your windshield and rushed off to work, only to find your desk buried in paperwork and your boss breathing down your neck. A two-week vacation hardly seems time enough to recuperate or to take that special trip you've always dreamed of. What would it take to enjoy a month, three-month or even six-month furlough from work? These Five Tips tells you how to plan that ...     (full story) Continue reading "Taking Time Off"


Posted by mm at January 25, 2005 01:32 PM | Permanent Link | Comments (0)

January 23, 2005

HELOC Rates Move Closer To Home Equity Loans


The spread between rates for home equity loans and home equity lines of credit, or HELOCs, has narrowed significantly since the Federal Open Market Committee began boosting rates in June 2004. The rate differential is now just over half of what it was last June. Why has the rate difference contracted so dramatically in such a short period of time? The Fed has been raising short-term interest rates, which has a direct bearing on the ...     (full story) Continue reading "HELOC Rates Move Closer To Home Equity Loans"


Posted by mm at January 23, 2005 06:40 AM | Permanent Link | Comments (0)

Getting The Most From Tax Software


Got 13?hours to work on your tax return? That's what the Internal Revenue Service estimates it will take the average taxpayer to complete Form 1040. Sure, that includes the time it takes to pull together records, learn about the form, decipher tax laws, copy the return and send it in. But even discounting these ancillary duties, the agency figures it still will take more than six hours just to complete its most popular income tax ...     (full story) Continue reading "Getting The Most From Tax Software"


Posted by mm at January 23, 2005 06:38 AM | Permanent Link | Comments (0)

Younger Americans Going Deeper Into Debt


Gen Xers yearn to carve a new direction for society. Unfortunately, the direction appears to be straight into debt. Americans between the ages of 25 and 34 now boast the second-highest rate of bankruptcy, just behind the 35-44 group. The average credit card debt for this group increased by 55 percent between 1992 and 2001, with the average young adult household now spending approximately 24 percent of its income on debt payments. Really want to ...     (full story) Continue reading "Younger Americans Going Deeper Into Debt"


Posted by mm at January 23, 2005 06:34 AM | Permanent Link | Comments (0)

Planning Your Retirement Online


Imagine a loved one needs emergency surgery. In the operating room, the doctor turns to you. "Where would you like us to cut?" The physician points to a surgical calculator in the corner of the room. "Go play around and see if you can find a direction," he says. Unrealistic? Not in the world of retirement planning, where financial novices are forced to make decisions far beyond their comprehension, says Brooks Hamilton, founder of Brooks ...     (full story) Continue reading "Planning Your Retirement Online"


Posted by mm at January 23, 2005 06:31 AM | Permanent Link | Comments (0)

Your Online Tax-Paying Options


Consumers are increasingly comfortable with online bill paying. So it's no surprise that Uncle Sam also wants to cash in on electronic money-moving. Leading the way is the federal agency that has the most direct contact with working Americans: the Internal Revenue Service. Last year, nearly 62 million taxpayers filed electronically, many because they were due refunds that were processed more quickly because their tax data was sent online. Now the IRS is working to ...     (full story) Continue reading "Your Online Tax-Paying Options"


Posted by mm at January 23, 2005 06:28 AM | Permanent Link | Comments (0)

The Many Ways To Electronically File Your Tax Return


You've decided it's finally time to take that big technological tax step. This year, you're e-filing. You definitely won't be alone. Almost 62 million taxpayers electronically filed returns last year. That was a new record, one the Internal Revenue Service expects to break this filing season. In fact, the agency predicts that more than half of the 133 million individual tax returns it gets this year will be e-filed. Electronic filing offers several attractions. In ...     (full story) Continue reading "The Many Ways To Electronically File Your Tax Return"


Posted by mm at January 23, 2005 06:28 AM | Permanent Link | Comments (0)

It Pays To Surf For Auto Loans Online


Looking for a no-fuss auto loan with a rock-bottom interest rate? Hop online. Thanks to a new wave of online offerings, you could land the auto loan you want without setting foot in a bank or credit union or squaring off with the finance manager down at the dealership. And you've got quite a selection of online loans to choose from. Like E-Loan and Capital One Auto Finance (Formerly PeopleFirst), many banks and credit unions ...     (full story) Continue reading "It Pays To Surf For Auto Loans Online"


Posted by mm at January 23, 2005 06:18 AM | Permanent Link | Comments (0)

Be On The Lookout For These Tax Statements


January is not your mail carrier's favorite time of the year. Every U.S. Postal Service delivery bag is overloaded with statements from employers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives last year. Each of these groups has, by law, until Jan. 31 to get their annual tax statements in the mail to taxpayers. Here's a look at some of the more common tax documents that should be arriving ...     (full story) Continue reading "Be On The Lookout For These Tax Statements"


Posted by mm at January 23, 2005 06:07 AM | Permanent Link | Comments (0)

A Wrong Address Could Mean Missed Tax Money


Last year, the Internal Revenue Service ended up with more than $73 million it didn't want. That's the amount of unclaimed refunds that were returned to the agency because the checks were undeliverable. Don't become one of those owed taxpayers this tax season. Make sure your 2004 tax return address is correct -- whether you write it in, type it on your computer or use a preprinted label -- because a wrong address means missed ...     (full story) Continue reading "A Wrong Address Could Mean Missed Tax Money"


Posted by mm at January 23, 2005 06:05 AM | Permanent Link | Comments (0)

Oil Price Impact: Worse Than Feared?


Both the Federal Reserve and financial markets may have underestimated the long-term effects of higher oil prices, a top central bank official said Friday. Federal Reserve Bank of Minneapolis President Gary Stern told reporters before a speech to a local business group it was "always possible and maybe likely" the impact of the recent sharp rise in oil prices may not be precisely understood. Still, he said, the economy had fared "respectably" in 2004 despite ...     (full story) Continue reading "Oil Price Impact: Worse Than Feared?"


Posted by mm at January 23, 2005 06:01 AM | Permanent Link | Comments (0)

January 17, 2005

The Effect of Rising Rates


Rising interest rates could affect your retirement in ways you might not expect. For the past few years, low rates have meant low returns on retirees' investment vehicles of choice, mainly certificates of deposit and bonds. In 2004, though, the Federal Reserve began raising its short-term interest-rate target. The figure (after five quarter-point increases) now stands at 2.25%, with additional increases predicted for coming months. While that's good news for the CD crowd, the increases ...     (full story) Continue reading "The Effect of Rising Rates"


Posted by mm at January 17, 2005 11:19 AM | Permanent Link | Comments (0)

Finding an Affordable Home Gets Harder


Even with mortgage rates near historic lows, many buyers are having a tougher time finding a home that's within their budget. Home prices have become so high in nearly 30 metropolitan areas nationwide that someone earning the median income can't afford a median-price home, based on traditional lending standards, according to a study by forecasting and consulting firm Economy.com that ranked 325 metropolitan areas by their affordability. Affordability -- a measure of the ability of ...     (full story) Continue reading "Finding an Affordable Home Gets Harder"


Posted by mm at January 17, 2005 11:14 AM | Permanent Link | Comments (0)

Don't Scream 'Audit Me!'


No taxpayer can completely escape the gaze of the Internal Revenue Service. But you can avoid drawing too much attention to your tax return. The good news: The IRS doesn't do many random audits these days. Instead, the IRS runs computer programs to find tax returns with problems. Even so, your chance of getting audited is still less than one in 100. "The IRS has limited resources, and it's going to spend the time and ...     (full story) Continue reading "Don't Scream 'Audit Me!'"


Posted by mm at January 17, 2005 10:58 AM | Permanent Link | Comments (0)

Despite Pact Over Research, Goal Is Elusive


After 10 big Wall Street firms agreed to a $1.4 billion settlement in 2003 to resolve allegations that they promoted corporate clients' stocks to win investment-banking business, plaintiff lawyers thought they had found a pot of gold. They spent millions looking for clients who lost money on the stocks and wanted the firms to make them whole. Nearly two years later, the lawyers and most of their clients' hopes so far have been dashed. Securities-industry ...     (full story) Continue reading "Despite Pact Over Research, Goal Is Elusive"


Posted by mm at January 17, 2005 10:55 AM | Permanent Link | Comments (0)

If you're paying off student loans, check out the tax deductions available to you.


The National Association of Home Builders, complicating White House and congressional plans to rein in Fannie Mae and Freddie Mac, warned that mortgage rates could rise if investors lose confidence in the government backing of the two companies. At its convention here, the industry group approved a resolution stating that it will oppose steps that would undermine the government's "implied guarantee" of the two mortgage companies' $1.7 trillion in debt. Though the U.S. Treasury regularly ...     (full story) Continue reading "If you're paying off student loans, check out the tax deductions available to you."


Posted by mm at January 17, 2005 10:52 AM | Permanent Link | Comments (0)

Pay Off Student Loan, Get A Deduction


If you're paying off student loans, check out the tax deductions available to you. "A lot of people are not aware of the benefits," says Martha Holler, a spokeswoman for Sallie Mae, the education-funding provider. "This is the time of year when getting a college education can actually pay you." According to the IRS, you can deduct up to $2,500 for interest paid in 2004 on a qualified federal or private student loan. You can ...     (full story) Continue reading "Pay Off Student Loan, Get A Deduction"


Posted by mm at January 17, 2005 10:50 AM | Permanent Link | Comments (0)

January 15, 2005

Online Banks Are Boosting Yields Online Banks Are Boosting Yields


To ease the rising costs of college tuition, President Bush said Friday he will ask Congress to increase by $500 over five years the maximum amount of a federal grant to help low-income students afford higher education. Students should "aim high in life," Mr. Bush said at Florida Community College at Jacksonville, "and that's what the Pell Grants can be used for." Mr. Bush called for raising the Pell Grant by $100 in each of ...     (full story) Continue reading "Online Banks Are Boosting Yields Online Banks Are Boosting Yields"


Posted by mm at January 15, 2005 07:40 AM | Permanent Link | Comments (0)

Online Banks Are Boosting Yields


As interest rates start to rise, many online banks have already started to offer higher yields on many accounts. Traditional banks have been slower than their nimbler online counterparts to boost returns on many of their short-term cash-like investments. In recent weeks, many Internet banks have started to bump up yields on their savings accounts, certificates of deposits and money-market accounts. Just last week, Emigrant Savings Bank, a unit of Emigrant Bancorp in New York ...     (full story) Continue reading "Online Banks Are Boosting Yields"


Posted by mm at January 15, 2005 07:39 AM | Permanent Link | Comments (0)

Online Banks Are Boosting Yields


As interest rates start to rise, many online banks have already started to offer higher yields on many accounts. Traditional banks have been slower than their nimbler online counterparts to boost returns on many of their short-term cash-like investments. In recent weeks, many Internet banks have started to bump up yields on their savings accounts, certificates of deposits and money-market accounts. Just last week, Emigrant Savings Bank, a unit of Emigrant Bancorp in New York ...     (full story) Continue reading "Online Banks Are Boosting Yields"


Posted by mm at January 15, 2005 07:38 AM | Permanent Link | Comments (0)

Ameritrade Offers $5 Stock Trade As Brokers' Price War Heats Up


And now for the $5 stock trade. Escalating the price war at discount brokers, Ameritrade Holding Corp. is testing a program called IZone that offers trades at about half its regular commission. The bare-bones program is available online or by touch-tone phone only, and doesn't include live price quotes, news, research or other tools that Ameritrade offers to customers who pay its conventional $10.99 for stock trades. Ameritrade's move comes as Charles Schwab Corp., the ...     (full story) Continue reading "Ameritrade Offers $5 Stock Trade As Brokers' Price War Heats Up"


Posted by mm at January 15, 2005 07:35 AM | Permanent Link | Comments (0)

Schwab Reduces Assets Required For Avoiding Fees


Charles Schwab Corp. announced today that it has lowered the asset requirement for avoiding certain account fees, retroactive to Jan. 1. The brokerage firm has eliminated service fees on brokerage accounts, education-savings accounts, custodial accounts and college-saver accounts for customers with at least $25,000 in household assets at Schwab. The same fees are waived for customers with $10,000 to $24,999 in household assets at Schwab who also hold either a Charles Schwab Bank mortgage or ...     (full story) Continue reading "Schwab Reduces Assets Required For Avoiding Fees"


Posted by mm at January 15, 2005 07:33 AM | Permanent Link | Comments (0)

Financial-Aid Rules Sow Confusion for 529 Owners


Lately, Frank Vellucci is feeling like no good deed goes unpunished. In late 2003, the 32-year-old Manhattan corporate attorney set up 529 plan college-savings accounts for his six nieces and nephews, keeping the accounts in his name and naming each child as a beneficiary. Recently, Mr. Vellucci says, a financial planner told him that the assets in the 529 plan account would slash the amount of financial aid his high-school senior nephew would be eligible ...     (full story) Continue reading "Financial-Aid Rules Sow Confusion for 529 Owners"


Posted by mm at January 15, 2005 07:30 AM | Permanent Link | Comments (0)

With Takeover Completed, Oracle Sends Layoff Notices


One week after completing its contentious takeover of PeopleSoft, Oracle on Friday began sending layoff notices to some of the 11,700 employees working at its former rival. Oracle said in a five-paragraph statement, released after the market closed, that it was laying off 5,000 employees, or nearly 10 percent of the combined Oracle-PeopleSoft work force. Several people close to Oracle said employees would learn if they are out of a job when overnight packages are ...     (full story) Continue reading "With Takeover Completed, Oracle Sends Layoff Notices"


Posted by mm at January 15, 2005 06:41 AM | Permanent Link | Comments (0)

Investors Flock to Loans Made to Companies Deep in Debt


Charter Communications, the cable company controlled by Microsoft's co-founder Paul G. Allen, is struggling to hang on to subscribers even as it is weighed down by a hefty $19 billion in debt. Charter continues to lose tens of millions of dollars, and its stock trades at a mere $2 a share. But the company has regained the confidence of once-skeptical lenders. Indeed, lenders are so confident, they have bid Charter's $6.5 billion in loans at ...     (full story) Continue reading "Investors Flock to Loans Made to Companies Deep in Debt"


Posted by mm at January 15, 2005 06:40 AM | Permanent Link | Comments (0)

A Chinese Revaluation May Not Help U.S.


Nearly the size of an old station wagon, a bright orange machine here mashes plastic pellets into rows of six-inch-long blue clips for hospitals across the United States. Pan Guotao, a 29-year-old worker from a village in northern China, sits on a plastic stool next to the machine and wields a straight razor to slice apart the clips, which are used to hold ice packs in plastic sleeves. It looks like a simple operation, but ...     (full story) Continue reading "A Chinese Revaluation May Not Help U.S."


Posted by mm at January 15, 2005 06:38 AM | Permanent Link | Comments (0)

Foreign-Profit Tax Break Is Outlined


The Bush administration outlined rules on Thursday for a huge one-time tax break for companies that reinvest their overseas profits back into the United States. The tax break, which was part of last year's corporate tax bill, would allow companies to pay a fraction of the normal tax rate on hundreds of billions of dollars in foreign profits if they pledge to invest the funds in activities that may create jobs at home. In a ...     (full story) Continue reading "Foreign-Profit Tax Break Is Outlined"


Posted by mm at January 15, 2005 06:35 AM | Permanent Link | Comments (0)

On Subsidies, the Sky Wasn't the Limit


The United States and Europe backed away on Tuesday from suing each other over subsidies worth billions of dollars that each accuses the other of giving to its biggest civilian aircraft maker. The Bush administration and the European Union were poised to file formal complaints against each other at the World Trade Organization over support given to Boeing and Airbus. Such a case would have been the biggest ever heard by the group's dispute-settlement arm ...     (full story) Continue reading "On Subsidies, the Sky Wasn't the Limit"


Posted by mm at January 15, 2005 06:34 AM | Permanent Link | Comments (0)

Apple Changes Course With Low-Priced Mac


Apple Computer introduced its first low-priced Macintosh on Tuesday, signaling its bet that most consumers now see computers as simply another appliance in the modern house. While computers have long been sold as machines that can turn a home into an office, most Americans now use them in their bedrooms and kitchens as e-mail terminals; as hubs for playing music, storing and editing photos; and as stations for navigating the Web. The new Mac Mini ...     (full story) Continue reading "Apple Changes Course With Low-Priced Mac"


Posted by mm at January 15, 2005 06:33 AM | Permanent Link | Comments (0)

No Happy New Year for a Cable Channel Cut by DirecTV


The cable channel Trio had quite a New Year's Day hangover. When the clock struck midnight Dec. 31, the network lost roughly 14 million subscribers. Trio, the fringe channel that won acclaim for resurrecting television's flops and losers for a new audience, was cut from the DirecTV satellite lineup on Jan. 1. The network lost about two-thirds of its subscribers and was pushed that much closer to the brink. Trio now reaches about eight million ...     (full story) Continue reading "No Happy New Year for a Cable Channel Cut by DirecTV"


Posted by mm at January 15, 2005 06:31 AM | Permanent Link | Comments (0)

Five Trading Rules To Live By In 2005


Traders learned some important lessons when it came to trading in 2004 and it would be easy to cite certain market setups where the consensus expectations were just not met. Our theme, however, is not to lay out a laundry list of the setups that flopped. Every year there's a list of the market scenarios that didn't meet the majority view. What peaks our interest is how timeless these lessons are, and while they show ...     (full story) Continue reading "Five Trading Rules To Live By In 2005"


Posted by mm at January 15, 2005 06:12 AM | Permanent Link | Comments (0)

Rate Expectations


Like the Supreme Court's attempt to define pornography, Federal Reserve Chairman Alan Greenspan can't tell in advance how high the federal funds rate has to go before it becomes neutral, but he believes he'll know it when he sees it. Happy anniversary. It was four years ago on Monday that the Fed began cutting the funds rate to what eventually was the lowest level since 1958. It's been just over six months since the Fed ...     (full story) Continue reading "Rate Expectations"


Posted by mm at January 15, 2005 06:10 AM | Permanent Link | Comments (0)

A Hole In Krispy Kreme's Balance Sheet?


While the headlines are focusing on earnings restatements at Krispy Kreme, a bigger issue would appear to be the company's balance sheet. According to an SEC filing Tuesday, to avoid being in default on its loans and barring a waiver from its banks, Krispy Kreme (KKD: news, chart, profile) has until Jan. 14 to deliver its financial statements for the third quarter ended October 31 to its lenders. The company has delayed filing its third ...     (full story) Continue reading "A Hole In Krispy Kreme's Balance Sheet?"


Posted by mm at January 15, 2005 06:08 AM | Permanent Link | Comments (0)

Five Keepers


It's not a fluke that many Americans put financial goals near the top of their New Year's resolution lists. People know that these resolutions are important and that they can affect their entire family. With that in mind, here are five resolutions that are at the core of good financial planning. These are not preachy or change-your-entire-life goals such as "swear off credit cards" or "stop drinking gourmet coffee and dollar cost average the savings ...     (full story) Continue reading "Five Keepers"


Posted by mm at January 15, 2005 06:05 AM | Permanent Link | Comments (0)

5 Tips: Buying A New Car


You may not be one of the "gear-heads" in Detroit this week for the Annual North American International Auto Show, but you're still gawking at the hot wheels. Why not start the year in a new driver's seat? Getting the best deal can be tricky and time-consuming, but today's Five Tips with give you the edge in getting the best ride for your buck. 1. Do your research. Avoid "buyer's remorse" by knowing the facts ...     (full story) Continue reading "5 Tips: Buying A New Car"


Posted by mm at January 15, 2005 06:02 AM | Permanent Link | Comments (0)

January 14, 2005

How To Tip Well


Most people know that a standard restaurant gratuity is 15 to 20 percent, but how much to tip in other situations can be tricky. Jodi R. R. Smith, president and founder of Mannersmith, a Boston-based etiquette consulting firm, offers this advice: Maitre d': Give a $10 tip if you have requested a special table, made reservations for a large party or have an otherwise complicated request. Bartender: If you're sitting at the bar, $1 per ...     (full story) Continue reading "How To Tip Well"


Posted by mm at January 14, 2005 12:03 PM | Permanent Link | Comments (0)

Hollywood Agrees To Movie Gallery Bid


Video rental chain Hollywood Entertainment Corp., which may face a hostile takeover bid by industry leader Blockbuster Inc., agreed Monday to be bought by smaller rival Movie Gallery Inc. for $850 million. The merger raises the stakes in the battle for Hollywood Entertainment' (Research)s future. On Dec. 28, Blockbuster threatened to launch a hostile bid for the company if Hollywood decided to stick with a smaller previous buyout offer. Blockbuster (Research) also revealed in a ...     (full story) Continue reading "Hollywood Agrees To Movie Gallery Bid"


Posted by mm at January 14, 2005 10:41 AM | Permanent Link | Comments (0)

January 10, 2005

Momentum Is Gaining for Cellphones as Credit Cards


People already use their cellphones to read e-mail messages, take pictures and play video games. Before long, they may use them in place of their wallets. By embedding in the cellphone a computer chip or other type of memory device, a phone can double as a credit card. The chip performs the same function as the magnetic strip on the back of a credit card, storing account information and other data necessary to make a ...     (full story) Continue reading "Momentum Is Gaining for Cellphones as Credit Cards"


Posted by mm at January 10, 2005 06:19 AM | Permanent Link | Comments (0)

Comcast Plans Major Rollout Of Phone Service Over Cable


Comcast Corp., the nation's largest cable-TV operator, is set to announce today an ambitious push into the phone business, a major escalation in the telecom wars that promises to pose one of the biggest challenges ever to the U.S.'s phone giants. After two years of keeping Wall Street and the telecom industry guessing about his phone strategy, Comcast Chief Executive Brian Roberts will detail his plans at an investor conference in Phoenix. "There is going ...     (full story) Continue reading "Comcast Plans Major Rollout Of Phone Service Over Cable"


Posted by mm at January 10, 2005 05:36 AM | Permanent Link | Comments (0)

January 09, 2005

Morningstar Bets On Bidders For IPO


Investment researcher Morningstar Inc. has switched gears and underwriters for its long-expected initial public offering, opting to sell its shares through an auction rather than a traditional sale. On Friday, Chicago-based Morningstar said it had hired online auction pioneer W.R. Hambrecht & Co. to lead its IPO, which was filed last May but has been dormant since then. Morningstar, best-known for its star ratings on mutual funds, had previously hired Morgan Stanley to lead the ...     (full story) Continue reading "Morningstar Bets On Bidders For IPO"


Posted by mm at January 09, 2005 06:43 PM | Permanent Link | Comments (0)

For Unemployed, Wait for New Work Grows Longer


When Fabiola Quitiaquez lost her job in New York City last May, she moved to the Atlanta area, confident that she would easily find work there. "I thought maybe it would take two or three months," she said. But after six months Ms. Quitiaquez was still unable to find a job, even cleaning houses or caring for the elderly. As her unemployment benefits ran out in November, she found herself at odds with news reports ...     (full story) Continue reading "For Unemployed, Wait for New Work Grows Longer"


Posted by mm at January 09, 2005 06:39 PM | Permanent Link | Comments (0)

Behind the Bouncing Ball of Oil Prices


YOU wouldn't expect to walk into a drugstore and find regular toothpaste selling for as much as $6 a tube. You might be equally surprised if the price dropped to $1.50. But in the market for oil, where forecasts for prices now vary by a factor of four, that kind of range may soon become a reality. The future price of oil is a topic on which very intelligent, well-informed people can have completely different ...     (full story) Continue reading "Behind the Bouncing Ball of Oil Prices"


Posted by mm at January 09, 2005 06:38 PM | Permanent Link | Comments (0)

Are Spendthrift Americans Really the Problem?


AS if an orgy of holiday spending weren't enough to remind us, the latest government figures provide a stark indictment of our profligacy. Personal saving as a percentage of disposable income was just 0.3 percent in November. Because savings, in the form of investment, are the lifeblood of the economy, our spendthrift ways will soon impoverish us or, at the very least, our children. We are sinners all. This sounds compelling enough. But much as ...     (full story) Continue reading "Are Spendthrift Americans Really the Problem?"


Posted by mm at January 09, 2005 06:36 PM | Permanent Link | Comments (0)

January 08, 2005

Supreme Court Will Review Conviction of Arthur Andersen


The Supreme Court announced on Friday that it would review the criminal conviction that drove Arthur Andersen, the once-prominent accounting firm, out of business. Over the objections of the Justice Department, the court will consider whether Andersen's prosecution for obstruction of justice - growing out of its extensive shredding of documents related to its major client, Enron - was a proper application of the federal witness-tampering statute, which the firm was charged with violating. Andersen ...     (full story) Continue reading "Supreme Court Will Review Conviction of Arthur Andersen"


Posted by mm at January 08, 2005 08:38 AM | Permanent Link | Comments (0)

Jobs Picture Shows Some Signs of Life


Employment climbed at a steady if not spectacular pace in December, suggesting the economy is on a solid footing but that employers in many industries are still cautious about hiring. The Labor Department reported on Friday that the nation added 157,000 jobs in December and about 2.2 million jobs for all of last year - a good annual gain and the best since 1999. But it was not quite enough, at least until further revisions ...     (full story) Continue reading "Jobs Picture Shows Some Signs of Life"


Posted by mm at January 08, 2005 08:36 AM | Permanent Link | Comments (0)

January 07, 2005

A Little Retail Hustle Paid Off in Holiday Sales


America's merchants hustled for sales this holiday season, marking down a substantial part of their inventories right before Christmas to bring in enough last-minute and postholiday buyers for a decent, if unexciting, 3.1 percent gain over the previous year. "Everyone did a little better than we expected - but that was because our expectations were so low," said George Strachan, a retail analyst with Goldman Sachs, who labeled this Christmas "humdrum." The results, as measured ...     (full story) Continue reading "A Little Retail Hustle Paid Off in Holiday Sales"


Posted by mm at January 07, 2005 06:16 PM | Permanent Link | Comments (0)

Delta Fare Plan Turns Industry on Its Head


With the nation's traditional airlines caught in a dizzying vortex, Delta Air Lines is trying to break away from the pack by switching sides. By capping fares and simplifying prices, Delta, the nation's third-largest carrier, provoked a price war this week, as it became the first big airline to join forces with low-fare players like Southwest, JetBlue and AirTran. For consumers, the moves mean good deals for now and more opportunities to take cheap trips ...     (full story) Continue reading "Delta Fare Plan Turns Industry on Its Head"


Posted by mm at January 07, 2005 06:15 PM | Permanent Link | Comments (0)

Marsh Executive Admits Guilt in Bid Case


The New York attorney general's investigation of the insurance industry has had serious consequences for two more executives. Robert Stearns, a senior vice president at the Marsh & McLennan Companies, pleaded guilty to criminal charges yesterday, admitting that he requested fake bids from insurers, including the American International Group, Ace Ltd., Zurich American Insurance and St. Paul Travelers, in an effort to rig bids for commercial insurance. He is the first Marsh executive to plead ...     (full story) Continue reading "Marsh Executive Admits Guilt in Bid Case"


Posted by mm at January 07, 2005 06:14 PM | Permanent Link | Comments (0)

Judge Rejects United Airlines Deal With Pilots


A United States Bankruptcy Court judge today rejected a new contract between United Airlines and its pilots' union, saying the agreement unfairly forced other unions to join the pilots in letting United terminate their pension plans. The move was a victory for the federal pension agency, which had led a legal battle opposing the contract. The Pension Benefit Guaranty Corporation was joined in the effort by United's creditors, some of its banks and its other ...     (full story) Continue reading "Judge Rejects United Airlines Deal With Pilots"


Posted by mm at January 07, 2005 06:13 PM | Permanent Link | Comments (0)

10 Ex-Directors From WorldCom to Pay Millions


Ten former directors of WorldCom, the telecommunications company whose bankruptcy was the largest in history, have agreed to pay $18 million of their own money to settle a class-action lawsuit by investors who lost hundreds of millions of dollars when the company collapsed in July 2002. The agreement by directors to dig into their own pockets, which is part of a $54 million settlement with plaintiffs led by the New York State Common Retirement Fund ...     (full story) Continue reading "10 Ex-Directors From WorldCom to Pay Millions"


Posted by mm at January 07, 2005 06:12 PM | Permanent Link | Comments (0)

Alltel Is Said to Be Suitor for Carrier in Northwest


Alltel, the nation's sixth-largest wireless carrier, is in advanced negotiations to buy Western Wireless, a regional carrier in the Northwest, for roughly $4 billion, executives close to the talks said last night. The deal, which would be the latest in the rapidly shrinking wireless industry, could be reached within the next week, the executives said. Combined, Alltel, which is based in Little Rock, Ark., and Western Wireless, based in Bellevue, Wash., would have about $10 ...     (full story) Continue reading "Alltel Is Said to Be Suitor for Carrier in Northwest"


Posted by mm at January 07, 2005 06:11 PM | Permanent Link | Comments (0)

Krispy Kreme to Reduce 2004 Reported Profit


Krispy Kreme Doughnuts, reeling from what it called accounting errors, said yesterday that it would reduce its reported profit for last year and that, at least for now, it was not able to borrow additional money from its banks. It added that it expected to make further reductions in its past reported profits as an investigation by the Securities and Exchange Commission continues, and it gave no indication when it expected to file overdue financial ...     (full story) Continue reading "Krispy Kreme to Reduce 2004 Reported Profit"


Posted by mm at January 07, 2005 06:09 PM | Permanent Link | Comments (0)

Before Christmas, Wal-Mart Was Stirring


By 8 a.m. on the Friday after Thanksgiving - the biggest shopping day of the year - Michael T. Duke, president of the stores division of Wal-Mart, already knew he was in for trouble. Two hours earlier, Mr. Duke had arrived at a Wal-Mart in Atlanta, prepared to undo shrink wrap and help customers load television sets into their cars. But all the while, he was receiving less than ecstatic reports on his BlackBerry from ...     (full story) Continue reading "Before Christmas, Wal-Mart Was Stirring"


Posted by mm at January 07, 2005 06:09 PM | Permanent Link | Comments (0)

Market Owner Agrees to Buy Pacific Exchange


Archipelago Holdings, the owner of ArcaEx, the largest electronic stock market, confirmed late last night that it would buy the Pacific Exchange for about $50 million. While the deal would be relatively small, it is a sign of Archipelago's ambitions, giving the company its first options trading business. The acquisition comes as electronic markets and the traditional floor-based exchanges are scrambling to diversify. It also comes on the eve of anticipated new rules from the ...     (full story) Continue reading "Market Owner Agrees to Buy Pacific Exchange"


Posted by mm at January 07, 2005 06:07 PM | Permanent Link | Comments (0)

Cash Flow in '04 Found Its Way Into Dividends


American companies stepped up their dividend increases in 2004, buoyed by strong cash flows and by a changed tax law that made dividends more attractive to shareholders. But the really good news for shareholders on the dividend front was that the number of negative dividend actions hit a record low of just 64. Of those, 35 were announcements of dividend cuts and 29 were decisions to omit dividends entirely. Companies are always reluctant to take ...     (full story) Continue reading "Cash Flow in '04 Found Its Way Into Dividends"


Posted by mm at January 07, 2005 06:06 PM | Permanent Link | Comments (0)

Citigroup Reverses Shift of Executives in China


Citigroup has replaced Catherine Weir, its top official in China, with Richard Stanley, reversing a management reorganization made six months ago. Mr. Stanley is returning to China in a new role as chief executive of operations there, after stepping down as country officer in June. Ms. Weir, who was named country corporate officer for Hong Kong and China at that time, succeeds Mr. Stanley as head of global corporate investment banking in Southeast Asia, according ...     (full story) Continue reading "Citigroup Reverses Shift of Executives in China"


Posted by mm at January 07, 2005 06:05 PM | Permanent Link | Comments (0)

Chief Executive Was Paid Millions, and He Never Noticed the Fraud?


THE dummy defense worked, and the era of the former chief executive who remembers doing virtually nothing to earn his millions is upon us. As chief executive of CUC International, Walter A. Forbes presided over a company whose books told lies for more than a decade. When the fraud was uncovered in 1998, after CUC had merged into the Cendant Corporation, it was the largest accounting fraud in American history. This week, after a trial ...     (full story) Continue reading "Chief Executive Was Paid Millions, and He Never Noticed the Fraud?"


Posted by mm at January 07, 2005 06:04 PM | Permanent Link | Comments (0)

Delta Plans to Streamline Fare System


Delta Air Lines plans to start today a sweeping program to streamline its fare system, capping economy-class fares at $499 each way and eliminating the mandatory Saturday night stay. While many low-fare companies already charge less than $499 for their highest-priced tickets, the Delta program is the most extensive fare adjustment by a traditional airline since a similar effort by American Airlines in 1992. As with American's program, which was abandoned amid pressure from competitors ...     (full story) Continue reading "Delta Plans to Streamline Fare System"


Posted by mm at January 07, 2005 06:03 PM | Permanent Link | Comments (0)

January 05, 2005

White House Memo Argues for Social Security Cuts


The White House, in a private memo to conservative allies, strongly argues that Social Security benefits paid to future retirees must be significantly reduced. The memo disputes those on the right who insist that creating private investment accounts is all that's needed to fix the retirement system. To fail to make benefit cuts while diverting payroll taxes to workers' personal accounts, the memo argues, would be irresponsible and "have serious short-term economic consequences." The memo ...     (full story) Continue reading "White House Memo Argues for Social Security Cuts"


Posted by mm at January 05, 2005 07:45 PM | Permanent Link | Comments (0)

Continental Hit by Fare Wars, Seat Glut


Continental Airlines reported a sizable drop in a key measure of airline revenue for December, signaling what analysts say is increasing fare competition in an industry already beset by price wars and a glut of seats in the air. The Houston-based carrier reported that its mainline December unit revenue, or revenue spread over each seat-mile flown, fell between 4.5% and 5.5% from the year-earlier period. That is worse than the 3% to 3.5% declines some ...     (full story) Continue reading "Continental Hit by Fare Wars, Seat Glut"


Posted by mm at January 05, 2005 05:03 AM | Permanent Link | Comments (0)

January 04, 2005

What Is Your Home Worth?


We're considering buying a home that has an assessed value of $120,000 for tax purposes and an asking price of $140,000. How can we determine what the house is really worth? —Sharon, Trinity, North Carolina The first thing I can tell you is that I wouldn't rely on either the assessed value or the asking price. When a home is assessed for local real estate taxes, the assessor typically makes some estimate of market value ...     (full story) Continue reading "What Is Your Home Worth?"


Posted by mm at January 04, 2005 04:21 PM | Permanent Link | Comments (0)

Faster Rate Increases Coming?


Hawkish minutes from the December Federal Reserve meeting raise the chances of faster rate increases in 2005 and throw the spotlight on inflation, dealers said Tuesday. In the minutes, the central bank said the current level of the funds rate target, currently set at 2.25 percent, is still below the level it will need to reach to keep inflation stable and output at its potential. Fed officials have said that policy is still accommodative, and ...     (full story) Continue reading "Faster Rate Increases Coming?"


Posted by mm at January 04, 2005 04:16 PM | Permanent Link | Comments (0)

Possible Tax Break For Tsunami Donors


Americans have reacted to the tsunami disaster in Asia with an outpouring of giving to a variety of charities -- the American Red Cross alone has already received $92 million in pledges. Senators Chuck Grassley, Republican from Iowa, and Max Baucus, Democrat of Montana, have decided that they should be rewarded for their generosity. On Jan. 4, 2005, the two Senators proposed that the period for making 2004-tax deductible donations specifically for tsunami disaster relief ...     (full story) Continue reading "Possible Tax Break For Tsunami Donors"


Posted by mm at January 04, 2005 04:14 PM | Permanent Link | Comments (0)

Google Sticker Shock


Two hundred is a pretty darn good score in bowling. But is it a good price for Google? Google (Research) closed on Monday at $202.71, the first time the company closed above $200 during its brief history as a publicly traded firm. (The stock was back below $200 on Tuesday morning.) Google is among a select list of companies whose stocks cost at least $100 and investing message boards are rife with chatter that the ...     (full story) Continue reading "Google Sticker Shock"


Posted by mm at January 04, 2005 04:12 PM | Permanent Link | Comments (0)

Inflation Jitters Sink Bonds


Treasury bond prices fell while the dollar rallied Tuesday after the Federal Reserve showed wariness about rising inflation. In the Treasury market, the benchmark 10-year note sank 20/32 of a point to 99-19/32, pushing its yield up to 4.30 percent from 4.22 percent on Monday. The 30-year bond fell 1-6/32 of a point to 107-4/32 to yield 4.89 percent, up from 4.81 percent late Monday. Bond prices and yields move in opposite directions. The two-year ...     (full story) Continue reading "Inflation Jitters Sink Bonds"


Posted by mm at January 04, 2005 04:10 PM | Permanent Link | Comments (0)

Fed Minutes: Inflation Subdued, But...


The Federal Reserve concluded at its policy-setting session last month that risks of inflation remained balanced for now, but they were clearly concerned about the potential for higher prices, minutes of the meeting issued on Tuesday showed. "A number of participants cited the recent depreciation of the dollar on foreign exchange markets, elevated energy costs and the possibility of a slowing in underlying productivity growth as factors tending to boost the upside risks to their ...     (full story) Continue reading "Fed Minutes: Inflation Subdued, But..."


Posted by mm at January 04, 2005 04:09 PM | Permanent Link | Comments (0)

TiVo Upgrade Puts TV Shows On Laptops


TiVo Inc., maker of television recording technology, on Monday said it has started shipping "TiVoToGo," a service upgrade that allows some subscribers to view recorded programs on a computer or laptop. TiVo (Research), the best known maker of digital video recorders (DVR), said the upgrade is free, and will be available to standalone customers who own the "Series 2" version of its set-top box. TiVo first announced the service one year ago. DVRs record hours ...     (full story) Continue reading "TiVo Upgrade Puts TV Shows On Laptops"


Posted by mm at January 04, 2005 04:06 PM | Permanent Link | Comments (0)

Krispy Kreme To Restate Results


Krispy Kreme Doughnuts Inc. Tuesday said it would restate financial statements for its 2004 fiscal year due to errors in how it accounted for the repurchase of franchises, which could reduce earnings more than the company had previously forecast. Krispy Kreme (down $1.24 to $11.07, Research), whose shares slumped as much as 12.2 percent, said the restatememt for its fiscal year ended Feb. 1, 2004, would reduce net income by between about $3.8 million and ...     (full story) Continue reading "Krispy Kreme To Restate Results"


Posted by mm at January 04, 2005 04:05 PM | Permanent Link | Comments (0)

China Pledges To Work On Yuan Reform


China's central bank said Tuesday it plans to push ahead with currency reform in 2005, but repeated a long-standing pledge to keep the yuan stable. "We will quicken the development of the forex market, actively and safely push ahead with reform of the renminbi exchange rate formation mechanism," the Xinhua news agency quoted Zhou Xiaochuan, governor of the People's Bank of China, as saying. China would "maintain the basic stability of the renminbi exchange rate ...     (full story) Continue reading "China Pledges To Work On Yuan Reform"


Posted by mm at January 04, 2005 03:59 PM | Permanent Link | Comments (0)

Investors Continue to Pile Into Hedge Funds


Lured by the red-hot profits that hedge funds historically have returned, hordes of new investors joined these lightly regulated investment pools in 2004. Now, some are wondering whether they arrived too late to the party. Nearly $200 billion of net new money flooded into hedge funds during the year, much of it coming from wealthy individuals and pension funds. A thousand new funds opened during the year, bringing the number of hedge funds to about ...     (full story) Continue reading "Investors Continue to Pile Into Hedge Funds"


Posted by mm at January 04, 2005 01:37 PM | Permanent Link | Comments (0)

Some Older Investors May Find Roth IRAs More Attractive


Many older Americans are relying on withdrawals from their individual retirement accounts to cover living expenses. But some seniors who don't want or need to dip into the mutual funds and other securities in their IRAs now have a new opportunity to leave bigger IRA nest eggs to their heirs. Under a tax-law change that went into effect on Saturday, more people past age 70½, the age at which people are generally required to begin ...     (full story) Continue reading "Some Older Investors May Find Roth IRAs More Attractive"


Posted by mm at January 04, 2005 01:36 PM | Permanent Link | Comments (0)

Relief Donations May Be Deductible But Rules Apply


Donors who have helped tsunami relief efforts may want to know the tax implications of their charitable giving. Contributions made by Dec. 31, 2004, in the form of cash, check or credit card count as deductions for 2004, even if the charity doesn't receive or draw the funds until this year, tax experts say. Postmarks and e-mail contributions bearing a 2004 date also qualify for tax year 2004. In that regard, donations to charities are ...     (full story) Continue reading "Relief Donations May Be Deductible But Rules Apply"


Posted by mm at January 04, 2005 01:33 PM | Permanent Link | Comments (0)

New Challenge For Aid Groups: Lots of Money


Relief agencies have raised well over $100 million in the U.S. for tsunami aid efforts. Now comes the hard part: What are they going to do with it all? That is an important question for people who are considering making a donation or adding to what they have already given. Because many of the dozen affected countries have ruined infrastructure, there are significant challenges to getting donated supplies and other aid into the hands of ...     (full story) Continue reading "New Challenge For Aid Groups: Lots of Money"


Posted by mm at January 04, 2005 01:32 PM | Permanent Link | Comments (0)

Ultrashort Bond Funds Offer Option for Interest-Rate Blues


Investors frustrated by paltry yields on money-market funds may want to park their cash in ultrashort bond funds. Ultrashort funds have an average duration of one year or less, while short-term funds typically maintain a slightly longer duration of two to three years. Interest in ultrashort funds has accelerated amid the low interest-rate environment, which has sent annual yields for the average money-market fund to below 1%. Companies also have piqued investor interest by rolling ...     (full story) Continue reading "Ultrashort Bond Funds Offer Option for Interest-Rate Blues"


Posted by mm at January 04, 2005 01:29 PM | Permanent Link | Comments (0)

Fed Intends to Persist With Rate Increases


Federal Reserve policy makers intend to persist with their campaign of gradual interest-rate increases over the next few months, concluding that approach will be sufficient to keep inflation in check, according to documents released Tuesday. The documents, minutes of a meeting of the Fed's Open Market Committee on Dec. 14, show the committee regarded the U.S. economic recovery as "firmly established" and expected the pace of job creation to improve. Inflation, they said, was likely ...     (full story) Continue reading "Fed Intends to Persist With Rate Increases"


Posted by mm at January 04, 2005 01:24 PM | Permanent Link | Comments (0)

Citigroup Names New China CEO


Citigroup Inc. announced several management changes in its Asian-Pacific business including the creation of a chief executive officer position for China. The changes were contained in an internal memo that was penned by Citigroup's top Asia executives and distributed to employees via electronic mail yesterday. According to the memo, Richard Stanley, a 24-year Citigroup veteran, is being named to the newly created post of China CEO. He will be based in Shanghai and be responsible ...     (full story) Continue reading "Citigroup Names New China CEO"


Posted by mm at January 04, 2005 01:22 PM | Permanent Link | Comments (0)

January 03, 2005

U.S. Economy Expected To Perform Well in 2005


The U.S. economy will perform well in 2005, according to a survey of economists' predictions, with modest but healthy growth, subdued inflation and only slight rises in interest rates. But there are challenges ahead as well. Many of the forecasters surveyed worry about the low household-saving rate and wide budget and trade deficits. While a few of the economists believe these problems could create trouble in 2005, the majority sees these as long-term problems that ...     (full story) Continue reading "U.S. Economy Expected To Perform Well in 2005"


Posted by mm at January 03, 2005 09:28 AM | Permanent Link | Comments (0)

Reacting To A Dollar With No Muscle


THIS is going to be the year the world learns to live with a cheaper dollar. How well it does that may have a profound effect on prospects for continued world growth. That, at least, is the predominant opinion as 2005 begins. The dollar's travails dominated the market news in the year just ended and were all the more important because they influenced perceptions of other events. The big rises in gold and oil seemed ...     (full story) Continue reading "Reacting To A Dollar With No Muscle"


Posted by mm at January 03, 2005 09:23 AM | Permanent Link | Comments (0)

Last Year's Worries Wane


INVESTORS spent much of 2004 fretting over rising interest rates, surging oil prices and the presidential election. But those worries turned out to be excessive, Wall Street analysts say. The market performed relatively well, buoyed by corporate profits that were stronger than expected and interest rates that were lower than feared, they say. "What's happened is the market climbed several walls of worries," said Abhijit Chakraborrti, chief global equity strategist at J. P. Morgan. "The ...     (full story) Continue reading "Last Year's Worries Wane"


Posted by mm at January 03, 2005 09:21 AM | Permanent Link | Comments (0)

Globally, Stocks Are Poised To Advance Further


DESPITE the strongest global economic growth since the 1970's and outsized gains in corporate profits, 2004 was a decidedly ho-hum year for international stock markets, which took their cues from Wall Street. So, what will happen this year if, as expected, growth and profits ease back toward more normal rates? Stock prices could actually forge ahead solidly, if not spectacularly, market strategists say. Average gains of 10 percent or so are expected globally, and some ...     (full story) Continue reading "Globally, Stocks Are Poised To Advance Further"


Posted by mm at January 03, 2005 09:19 AM | Permanent Link | Comments (0)

From Simple To Complex, Hedge Funds Gain Ground


THE founders of Powerplay Capital Management - Charles T. Gholl, Dave Christian and Mike Ramsey - know something about pressure. Before Mr. Gholl found his niche in finance and investment management, he was a litigator who tried cases for insurance companies. Mr. Christian and Mr. Ramsey were members of the 1980 Olympic hockey team that upset the Russians to win the gold medal, and later both played in the National Hockey League. Reminders of that ...     (full story) Continue reading "From Simple To Complex, Hedge Funds Gain Ground"


Posted by mm at January 03, 2005 09:18 AM | Permanent Link | Comments (0)

Reinventing The Wheel (And The Tire, Too)


THE first automobile to use air-filled tires was a racecar built by André and Édouard Michelin in the early 1890's. More than a century later, the French company founded by the Michelin brothers is so identified with pneumatic tires that its mascot, Bibendum, is a man made of little else. Now, after decades spent persuading the world to ride on air, the company has begun work on an innovation that could render the pneumatic tire ...     (full story) Continue reading "Reinventing The Wheel (And The Tire, Too)"


Posted by mm at January 03, 2005 09:14 AM | Permanent Link | Comments (0)

Wall Street's Designs on '05? A Merger Boom


Despite being one of the nation's most prominent takeover lawyers, Martin Lipton has in recent years been Wall Street's holiday Grinch, issuing bleak yet ultimately accurate annual forecasts for mergers. In one year-end letter to his clients, he went so far as to declare that deal making had fallen into disrepute. The past year has made Mr. Lipton a believer. "Yes, it appears that there will be an M.& A. boom in 2005," Mr. Lipton ...     (full story) Continue reading "Wall Street's Designs on '05? A Merger Boom"


Posted by mm at January 03, 2005 09:11 AM | Permanent Link | Comments (0)

The Envelopes, Please


WHILE investors were clearly cheered by the fact that stocks finished 2004 in the plus column, it was also obvious that three consecutive years of corporate scandals had finally begun to take their toll on executives. In the years after Enron, many chief executives had been operating in a defensive crouch. Last year, however, they switched to offense, yelping about the new securities rules — way too strict and so time-consuming — and whining that ...     (full story) Continue reading "The Envelopes, Please"


Posted by mm at January 03, 2005 09:08 AM | Permanent Link | Comments (0)

January 02, 2005

Agency Calls TV Money Man's Claims Deceptive


"Free money to pay your bills," scream the ads plastered all over late night TV, radio stations, and the Internet. But don't believe it, the New York State Consumer Protection Board warned consumers on Wednesday. In the advertisements, self-proclaimed government grant guru Matthew Lesko makes aggressive pitches. Clad in a garish question-mark bedecked suit, in his trademark high-energy style, Lesko promises the inside scoop on little known grants and funding sources. He offers a chance ...     (full story) Continue reading "Agency Calls TV Money Man's Claims Deceptive"


Posted by mm at January 02, 2005 06:48 AM | Permanent Link | Comments (0)

January 01, 2005

Rebels With A Cause, And A Business Plan


AT times, Arkadi Kuhlmann can sound a lot like Eliot Spitzer or Suze Orman. He rails against the banking industry's high fees. He bemoans a financial culture that encourages people to save too little, consume too much and invest too recklessly. But Mr. Kuhlmann is neither a government enforcer nor a high-profile financial planner. He is the chief executive of one of the fastest-growing retail banks in the country. His operation, ING Direct USA, opened ...     (full story) Continue reading "Rebels With A Cause, And A Business Plan"


Posted by mm at January 01, 2005 10:08 PM | Permanent Link | Comments (0)

After Writing a Will, You Still Have I's to Dot


SIX years ago, Peggy Hathaway's mother, who had Alzheimer's disease, called her daughter to say that she could not find her stock and bond certificates. Ms. Hathaway, now 58, flew from Washington, D.C., to her mother's home in Menlo Park, Calif., where she spent three days searching for the certificates before finding them behind an antique organ in the family room. This was one example, Ms. Hathaway said, of how her mother's finances weren't in ...     (full story) Continue reading "After Writing a Will, You Still Have I's to Dot"


Posted by mm at January 01, 2005 10:06 PM | Permanent Link | Comments (0)

Fund Industry Outlook For 2005


Last week, a reader sent me a quick note, asking for my prediction of what his fund is likely to do in 2005. I said the fund "is likely to go up ... if it doesn't go down or sideways." I'm not in the business of divining the future of individual issues, but each year at this time, I take a crack at predicting the big stories of the coming 12 months in the fund ...     (full story) Continue reading "Fund Industry Outlook For 2005"


Posted by mm at January 01, 2005 10:04 PM | Permanent Link | Comments (0)

Late Stock Market Rally Makes 2004 a Winning Year


As 2004 ended, investors had plenty of reasons to breathe sighs of relief. The war in Iraq raged on, the Federal Reserve began raising short-term interest rates, oil prices topped $55 a barrel, the presidential election went down to the wire and the stock market spent most of the year in the doldrums, yet the three main market gauges finished up for the year yesterday and are at their highest levels in three and a ...     (full story) Continue reading "Late Stock Market Rally Makes 2004 a Winning Year"


Posted by mm at January 01, 2005 01:09 AM | Permanent Link | Comments (0)

F.D.A. Approves Pfizer Remedy for Nerve Pain From Diabetes


Pfizer Inc. said yesterday that it had won United States approval to sell its Lyrica pill to treat nerve pain associated with diabetes and shingles. The Food and Drug Administration is still reviewing Lyrica as a potential treatment for seizures in adults, Pfizer said in a statement. In September, the F.D.A. delayed action on Lyrica until Pfizer provided more data. Henry A. McKinnell Jr., the chief executive of Pfizer, which is battling a sliding stock ...     (full story) Continue reading "F.D.A. Approves Pfizer Remedy for Nerve Pain From Diabetes"


Posted by mm at January 01, 2005 01:08 AM | Permanent Link | Comments (0)

Women Are Gaining Ground on the Wage Front


Ever since the 2001 recession sent the economy into a prolonged period of weak hiring, hundreds of thousands of men and women have gone through some variation of Tom and Marie DeSisto's experience. Concerned that he might be laid off as Verizon cut staff, Mr. DeSisto, 54, accepted an early retirement package, giving up a manager's salary of more than $100,000 a year. Now he earns half that as a high school math teacher in ...     (full story) Continue reading "Women Are Gaining Ground on the Wage Front"


Posted by mm at January 01, 2005 01:07 AM | Permanent Link | Comments (0)

States vs. U.S.: Who Will Police Insurance Firms?


In the summer of 2002, Maurice R. Greenberg, the chief executive of the American International Group, was facing problems with the brokers who sold commercial insurance policies for his company. Marsh & McLennan Companies, the world's largest insurance broker, was making another request for higher incentive payments and wanted to expand them to additional lines of coverage. At the same time, A.I.G. was being sued in California over these incentives, widely referred to as contingency ...     (full story) Continue reading "States vs. U.S.: Who Will Police Insurance Firms?"


Posted by mm at January 01, 2005 01:06 AM | Permanent Link | Comments (0)

Doctors, Too, Ask: Is This Drug Right?


Across the country, doctors are struggling to decide which pain relievers to prescribe now that they know that popular drugs like Vioxx and Celebrex pose potentially serious heart risks. "We are desperately in need of information," said Dr. Stephen Brenner, an internist in New Haven. Yet for at least two years, doctors at the Mayo Clinic, the federal Veterans Affairs Department and the Kaiser Permanente health plan have been sharply limiting their use of Vioxx ...     (full story) Continue reading "Doctors, Too, Ask: Is This Drug Right?"


Posted by mm at January 01, 2005 01:04 AM | Permanent Link | Comments (0)

Fannie Mae Agrees to Sell Preferred Stock


Fannie Mae, the nation's largest buyer of mortgages, said yesterday that it agreed to sell $5 billion of preferred stock to large institutional investors in a rush to meet its regulator's minimum capital requirements. The company is selling two types of preferred stock, allowing it to make up an estimated $3 billion shortfall to satisfy the minimum capital standards imposed by the regulator, the Office of Housing Enterprise Oversight. The regulator, known by its acronym ...     (full story) Continue reading "Fannie Mae Agrees to Sell Preferred Stock"


Posted by mm at January 01, 2005 01:03 AM | Permanent Link | Comments (0)

U.S. Acts to Take Over Faltering Pilots' Pension Plan at United


The government moved in federal court today to take over United Airlines' pension fund for its pilots, saying the unusual step was needed to keep the airline and the pilots' union from abusing the federal pension-insurance program by achieving maximum coverage for the pilots while causing the government's losses "to increase unreasonably." In a complaint filed in United States District Court in Chicago, the Pension Benefit Guaranty Corporation asked the court to terminate the plan ...     (full story) Continue reading "U.S. Acts to Take Over Faltering Pilots' Pension Plan at United"


Posted by mm at January 01, 2005 01:02 AM | Permanent Link | Comments (0)

Oracle Replaces PeopleSoft Execs


Oracle has replaced PeopleSoft's co-presidents after taking control of the rival software manufacturer earlier this week, according to a regulatory filing. PeopleSoft Co-President and Chief Financial Officer Kevin Parker and Co-President Phillip Wilmington were replaced Wednesday, PeopleSoft said in the filing from Thursday. In their places, Oracle appointed Safra Catz and Charles Phillips as co-presidents, and Harry You as CFO. Catz, 43, and Phillips, 45, have been co-presidents of Oracle since January 2004, while You ...     (full story) Continue reading "Oracle Replaces PeopleSoft Execs"


Posted by mm at January 01, 2005 12:59 AM | Permanent Link | Comments (0)

Tsunami Boosts Cable News Ratings


Coverage of deadly tsunamis that pummeled South Asia fueled a sharp crest in CNN's audience this week, capping a year in which its ratings and those of rival cable networks fell from war-driven heights in 2003. Year-end figures from Nielsen Media Research show double-digit audience declines in 2004 at all four 24-hour cable television news outlets -- Fox News Channel, CNN, MSNBC and CNBC -- versus 2003 when the Iraq war started. Fox News remained ...     (full story) Continue reading "Tsunami Boosts Cable News Ratings"


Posted by mm at January 01, 2005 12:57 AM | Permanent Link | Comments (0)

FDA Approves Pfizer Nerve Pain Drug


Pfizer Inc. said Friday it received approval from the Food and Drug Administration to market Lyrica, a treatment for the two most common forms of neuropathic pain. The maker of cholesterol-buster Lipitor and erectile dysfunction drug Viagra said its newest drug is the first FDA-approved treatment for these two forms of neuropathic pain, which is caused by nerve damage than can result from underlying conditions such as diabetes or shingles. Shares of Pfizer (Research) rose ...     (full story) Continue reading "FDA Approves Pfizer Nerve Pain Drug"


Posted by mm at January 01, 2005 12:54 AM | Permanent Link | Comments (0)

What You Wanted, What You Got


Online retailer Amazon.com released its "Best of 2004" lists, and it seems that many of you got just what you wanted...but a few others are wondering why your aunt thought you needed the Black & Decker jar opener. The online retailer released four lists -- best sellers, best reviewed, most sought on wish lists and most given as a gift -- including each of its several merchandise categories. Some of the most popular gifts this ...     (full story) Continue reading "What You Wanted, What You Got"


Posted by mm at January 01, 2005 12:53 AM | Permanent Link | Comments (0)

Capital One Sued Over 'Deceptive' Ads


Minnesota's attorney general has sued credit card issuer Capital One Financial Corp., accusing the U.S. credit card issuer of falsely advertising low rates and defrauding consumers. Attorney General Mike Hatch said Capital One nearly quadruples the rate it charges some card customers who trigger a "penalty" rate by paying a bill a day late or defaulting in other ways, according to a complaint filed on Thursday in a Ramsey County District Court in Minnesota and ...     (full story) Continue reading "Capital One Sued Over 'Deceptive' Ads"


Posted by mm at January 01, 2005 12:52 AM | Permanent Link | Comments (0)




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