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 CalPERS partners reduce energy consumption
The real estate partners of the California Public Employees’ Retirement System reduced their energy use by 13.3 percent.
Davidson Hotel completes Connecticut renovation project
Davidson Hotel Co. has completed a $20 million renovation of the 10-story, 380-room Holiday Inn Stamford Downtown in Connecticut.
Florida thrifts losses mount
Florida financial institutions regulated by the Office of Thrift Supervision posted a combined loss of $407.97 million in the third quarter of 2008.
Local stocks slammed as markets tank 5 percent again
Greater Cincinnati stocks got slammed for the second day in a row Thursday as investors pummeled the market to its second straight day of 5-plus percent losses. (PG) (ASH) (AKS) (BGC) (OCR) (AFG) (CBB) (CVG) (KR) (M)
Jan Brewer's move to governor could shift climate, budget priorities
Arizona Gov. Janet Napolitano’s expected exit to serve as U.S. Homeland Security Secretary under Barack Obama will leave Arizona Secretary of State Jan Brewer as governor and put Republicans in control of the Legislature and governor’s office.
Sandy Spring Bank gets $83M TARP infusion
Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, has been notified by the Treasury Department that it will be getting a capital infusion of up to $83 million through the Troubled Asset Relief Program, the company announced today.
Health-care fraud sends three to jail
An orthopedic surgeon and chiropractor from metro Atlanta are among a group sentenced to federal prison for a $3 million health-care fraud scam.
USAA is one of America’s top military-friendly employers
G.I. Jobs magazine named financial services company USAA to its Top 50 Military Friendly Employers list for 2008 for its commitment to hiring veterans for its workforce.
TD Bank Financial 4Q earnings to plummet
TD Bank Financial Group said Thursday it expects to report earnings per share of 96 cents in the fiscal fourth quarter, ended Oct. 31. The company earned $5.48 per diluted share in the year-earlier period. The lower earnings are the result of heavy losses in its wholesale banking and corporate segments, the bank said. (TD)
FDIC chair Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
Clearwire shareholders OK Sprint deal; shares dive
Shareholders in Clearwire Corp. approved a planned combination with Sprint Nextel Corp.’s WiMax business and a $3.2 billion investment by a team of partners. (S) (CMSCA) (INTC) (TWC) (GOOG)
Chase to cut 3,000 investment banking jobs
JP Morgan Chase is cutting the 3,000 investment banking positions companywide — about 10 percent of that financial unit — according to reports by Marketwatch and the Daily Telegraph (U.K) newspaper. (JPM)
Dow sinks to 7,553, Grand Canyon slips 15 cents after IPO
The Dow Jones Industrial Average took a sharp dive in the final hour of trading Thursday to close at 7553, down 444 points, or 5.3 percent, from Wednesday. (FCX)
DayJet files bankruptcy
DayJet Corp., the Boca Raton, Fla.-based air taxi pioneer, has had its wings permanently clipped.
Security Bank Corp. wants $66M from Treasury
Macon, Ga.-based Security Bank Corp. is applying for as much as $66 million in U.S. Treasury stock investment, under the government's Capital Purchase Program designed to buttress bank balance sheets. (SBKC)
MFS to cut 5 percent of workforce
Boston-based mutual fund giant MFS Investment Management will eliminate 90 jobs, or 5 percent of its workforce, due to a decline in assets under management, the company said in a statement Thursday. (SLF)
FDIC's Sheila Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
J&J Snack Food leader sells 400,000 shares
J&J Snack Foods Corp. acquired common stock worth $11.16 million from its CEO, Gerald B. Shreiber, the company said Thursday. (JJSF)
First Horizon names Losch new CFO
William C. Losch III has been named the new chief financial officer for First Horizon National Corp. (FHN) (WB)
FDIC chair Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
Steve & Barry’s to liquidate
Steve & Barry’s stores will liquidate by early 2009 after its new owners said they would not be able to find financing, Reuters is reporting.
M&T seeks $600M from Treasury program
M&T Bank Corp. is seeking $600 million under the U.S. Treasury Department’s Capital Purchase Program. (MTB) (KEY)
FDIC chair Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
Steve & Barry’s to liquidate
Steve & Barry's stores will liquidate by early 2009 after its new owners said they would not be able to find financing, Reuters is reporting.
Steve & Barry’s to liquidate
Steve & Barry’s stores will liquidate by early 2009 after its new owners said they would not be able to find financing, Reuters is reporting.
Report: Capital One looking at Chevy Chase Bank
McLean, Va.-based Capital One Financial Corp. (NYSE: COF) is on the short list of financial firms courting Chevy Chase, according to Reuters. It says Citigroup (NYSE: C) and JPMorgan Chase (NYSE: JPM) are also among final bidders, citing people familiar with talks. (COF) (C) (JPM) (STI) (BBT)
DayJet files bankruptcy
DayJet Corp., the Boca Raton-based air taxi pioneer, has had its wings permanently clipped.
Dick's Sporting Goods 3Q earnings down
Dick's Sporting Goods reported third-quarter earnings Thursday that were down year-over-year, but were in line with the expectations of Wall Street analysts. (DKS)
PNC expects tax break for National City deal to be less than reported
PNC Financial Services Group Inc. expects the tax benefit from its pending acquisition of National City Corp. to be no more than $725 million “and may be substantially smaller,” according to the form S-4/A the Pittsburgh-based bank filed with the SEC late Wednesday. (PNC) (NCC)
FDIC's Sheila Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
GMAC wants to be bank holding company
GMAC Financial Services, the parent of troubled mortgage lender and major Philadelphia-area employer Residential Capital, said Thursday that it has applied for status as a bank holding company.
ZAP to begin production in Shepherdsville
Financing challenges are causing a fledgling electric vehicle manufacturer to change its business plan on the fly.
U.S. markets face more declines Thursday
U.S. stock markets were poised to extend losses Thursday after bargain hunters reduced, but did not eliminate, pessimism after the Dow’s first close under 8,000 in five years. (C)
Report: Feds probe Golden West
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Sally Beauty Holdings maintains Q3 profit
Despite a sluggish economy, Sally Beauty Holdings Inc. posted a higher profit during the fourth quarter of 2008. (SBH)
Manufacturing picture in Phila. worsening, Fed says
The Federal Reserve Bank of Philadelphia’s November survey of area manufacturers shows that activity fell again but not as steeply as it did from September to October.
Report: Feds probe Golden West Financial
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Warye named Safeco/Ohio Casualty regional manager
Liberty Mutual Group’s Safeco and Ohio Casualty units have named Matt Warye vice president, Safeco Insurance and Mid-Atlantic regional general manager.
FDIC chair Bair: More 'ammunition' coming to strengthen banks
Federal Deposit Insurance Corp. Chairman Sheila Bair is an optimist. (TROW)
DayJet files bankruptcy
DayJet Corp., the Boca Raton-based air taxi pioneer, has had its wings permanently clipped.
Report: Capital One looking at Chevy Chase Bank
Chevy Chase Bank may stay in local hands if the latest reports on its possible acquisition prove true. (COF) (C) (JPM) (STI) (BBT)
Report: Feds probe Golden West Financial
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Steel: Wells deal is best for Charlotte
Wachovia Corp. Chief Executive Bob Steel said Thursday that Charlotte could eventually see more jobs under Wells Fargo & Co. than Wachovia’s current 20,000 employees here, but that will depend more on industry trends than the impact of the banks’ merger. (WB) (C) (WFC)
GMAC applies to become bank holding company
GMAC Financial Services is seeking approval to become a bank holding company, a move that could give it access to federal bailout funds.
PNC expects tax break for National City deal to be less than reported
PNC Financial Services Group Inc. expects the tax benefit from its pending acquisition of National City Corp. to be no more than $725 million “and may be substantially smaller,” according to the form S-4/A the Pittsburgh-based bank filed with the SEC late Wednesday. (PNC) (NCC)
Report: Feds probe Golden West Financial
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Dick's Sporting Goods beats Street despite lower earnings
Dick's Sporting Goods reported third-quarter earnings Thursday that were down year over year but in line with the expectations of Wall Street analysts. (DKS)
Wachovia CEO Steel: Wells deal is the right move
Wachovia Corp. CEO Bob Steel said Thursday that Charlotte could eventually see more jobs under Wells Fargo & Co. than Wachovia’s current 20,000 employees here, but that employment levels will depend more on industry trends than the impact of the banks’ merger. (WB) (C) (WFC)
Conference sobered by economic projection
A sobering afternoon forecast David Darst, Morgan Stanley’s chief investment strategist of its Global Wealth Management Group, shared this forecast as the afternoon keynote speaker at the ACB conference:
Report: Feds probe Golden West
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Dick's Sporting Goods 3Q earnings down
Dick's Sporting Goods reported third-quarter earnings Thursday that were down year-over-year, but were in line with the expectations of Wall Street analysts. (DKS)
Steel: Wells deal is best for Charlotte
Wachovia Corp. Chief Executive Bob Steel said Thursday that Charlotte could eventually see more jobs under Wells Fargo & Co. than Wachovia’s current 20,000 employees here, but that will depend more on industry trends than the impact of the banks’ merger. (WB) (C) (WFC)
Report: Feds probe Golden West Financial
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Report: Feds probe Golden West
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Nighthawk revenues jump, net losses decline
Nighthawk Systems Inc., a manufacturer of wireless and IP-based control devices, continued to increase overall sales at a record pace during the third quarter.
Report: Feds probe Golden West
The Securities and Exchange Commission is investigating whether mortgage giant Golden West Financial Corp. misled borrowers with its lending practices. (WB) (WFC)
Team Financial expects quarterly loss of $9.8 million
Team Financial Inc. now expects to record a loss of $9.8 million, or $2.72 a share, for the third quarter, which ended Sept. 30.
Commerce Brokerage will buy back $545M in auction-rate securities
Commerce Brokerage Services Inc., an affiliate of Commerce Bank, will buy back $545 million in auction-rate securities from 140 investors as part of a settlement with the Missouri Secretary of State’s office.
GE launches $200M health care IT effort
Officials at General Electric and its GE Healthcare unit said they will join forces with four health care institutions in a $200 million project to develop a national electronic health record system and related technologies.
Staccato buys Artimi, gets $20M funding
Staccato Communications Inc. said Thursday it has acquired Artimi Inc. and raised $20 million in new equity financing.
U.S. markets face more declines Thursday
U.S. stock markets were poised to extend losses Thursday after selling big name bargain hunting reduced, but did not eliminate pessimism after the Dow’s first close under 8000 in five years. (C)
U.S. markets face more declines Thursday
U.S. stock markets were poised to extend losses Thursday after selling big name bargain hunting reduced, but did not eliminate pessimism after the Dow’s first close under 8000 in five years. (C)
Dow drops more than 400 points Thursday
Financial markets took their second straight day of dramatic losses. The Dow plummeted 443.72 points, or 5.27 percent, to 7,553.56 for a two-day loss of more than 871 points. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (NCC) (NCX) (PNC) (PPG) (X) (WCC)
U.S. markets face more declines Thursday
U.S. stock markets were poised to extend losses Thursday after selling big name bargain hunting reduced, but did not eliminate pessimism after the Dow’s first close under 8000 in five years. (C)
GE includes UCSF in $200M health-care IT effort
Officials at General Electric and its GE Healthcare unit said they will join forces with four health-care institutions, including UC San Francisco Medical Center, to develop a national electronic-health-record system and related technologies.
Commerce to buy back $545M in auction rate securities
Commerce Brokerage Services Inc., an affiliate of Commerce Bank, has agreed to buy $545 million of auction rate securities from 140 investors, according to a settlement announced Wednesday with Missouri Secretary of State Robin Carnahan.
Dallas firm buys N. Orleans office tower
201 St. Charles Place LLC, a limited liability company associated with the Haberman Group, has purchased Place St. Charles, an office tower in downtown New Orleans.
California Supreme Court to hear gay marriage suits
The California Supreme Court will hear three lawsuits that seek to overturn the state’s recently passed Proposition 8, which changes the constitution to explicitly prohibit same-sex marriage.
California Supreme Court to hear gay marriage suits
The California Supreme Court will hear three lawsuits that seek to overturn the state’s recently passed Proposition 8, which changes the constitution to explicitly prohibit same-sex marriage.
Wells may add another Wachovia board member
Wells Fargo & Co. says three or four Wachovia Corp. board members will be appointed to the merged banks’ board after Wells buys Wachovia next month. (WFC) (WB)
Qdoba opening to benefit Kosair
Qdoba Mexican Grill Friday will donate 50 percent of the first-day sales at its newest store to the Kosair Children’s Hospital Foundation.
Ex-nurse indicted in narcotics case
A 27-year-old former surgical nurse has been indicted by a federal grant jury for allegedly tampering with painkillers at Boulder Community Hospital at least 108 times to make narcotics.
Virgin Mobile slips from compliance with NYSE requirements
Virgin Mobile USA Inc. received notice from the New York Stock Exchange that it is not in compliance with listing criteria. (VM) (S)
Economy’s woes hammer stocks to five-year lows
It was a bloodbath on Wall Street on Wednesday, and local stocks didn’t escape the market’s wrath. (SNI) (AKS) (LYTS) (LCAV) (ASH) (BGC) (ATRC) (HRC) (KNDL) (VIVO) (AFG) (FFBC) (FFHS) (PG) (KR) (M) (CTAS)
BBVA Compass exec says Birmingham plays important role
The headquarters for BBVA Compass is in Birmingham and the city will play a vital part of the company's future, said the top executive of the bank’s parent company Banco Bilbao Vizcaya Argentaria SA.
Pete Coors to become Molson Coors chairman
Pete Coors will become chairman of the board of directors of Molson Coors Brewing Co. on Dec. 29, the company reported Tuesday. (TAP)
NCAA Final Four sites announced
The new Dallas Cowboys stadium will host the 2014 men’s Final Four basketball tournament, NCAA officials said Wednesday.
Investment advisory firms combine
Milwaukee-area investment advisory firms Oarsman Capital Inc. and Nackers & Associates have merged, the firms said Wednesday.
Introgen moved from Nasdaq Global Market
Introgen Therapeutics Inc. is getting knocked from the Nasdaq Global Market to the Nasdaq Capital Market.
Kauffman Foundation will extend new-business survey
The Ewing Marion Kauffman Foundation will extend the Kauffman Firm Survey, started in 2005, by four years.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Sessions secures top GOP spot
U.S. Congressman Pete Sessions, R-Dallas, has been elected chairman of the National Republican Congressional Committee.
TBJ poll: Readers nix auto maker bailout
Enough is enough, say readers of The Business Journal.
Market ‘just too risky,’ Metastorm says after pulling IPO
Metastorm Inc. will look at buying more competitors in the coming months as it prepares to give an initial public offering another go in the middle of 2009.
Verizon doubles hybrid fleet to 200
Verizon Communications Inc. is greening its vehicle fleet by adding 100 more hybrid sedans in seven states and D.C. (VZ)
Palmieri among seven named to Greater Baltimore Technology Council board
Millennial Media CEO Paul Palmieri is among seven new members of the Greater Baltimore Technology Council’s board of directors.
Cathay to get government investment
Cathay General Bancorp has been approved for an investment of $258 million from the federal government as part of the $700 billion Capital Purchase Program. (CATY)
HP rolls out new touch screen notebook, more MTV channels
Hewlett-Packard Co. on Wednesday rolled out its first notebook computer with multi-touch technology, something it had only offered before in desktop computers. (HPQ)
Pershing revises Target land spin-off proposal
Pershing Square Capital Management has revised its proposal that Target Corp. spin off its real estate holdings into an investment trust, suggesting such a move could be completed through a partial public offering. (TGT)
Eastern Technology Council honors award winners
Lawrence D. Alexander, the director of advanced technology at Lockheed Martin Corp.’s Information Systems & Global Services unit, was given the Legend Award for Lifetime Achievement by the Eastern Technology Council at its 16th annual Enterprise Awards banquet.
Feds OK $300M for Susquehanna Bancshares
Susquehanna Bancshares Inc. has received preliminary approval to participate in the U.S. Treasury Department’s voluntary capital purchase program by receiving $300 million in capital. (SUSQ)
Cowboys stadium gets 2014 NCAA Final Four
The new Dallas Cowboys stadium will host the 2014 men’s Final Four basketball tournament, NCAA officials said Wednesday.
Kauffman Foundation will extend new-business survey
The Ewing Marion Kauffman Foundation will extend the Kauffman Firm Survey, started in 2005, by four years.
Conference focuses on logistics in Florida
A two-day conference for private equity firms and lenders interested in investing in Florida private companies kicked off with tours of Jaxport, Cecil Field and Cecil Commerce Center.
PDL hopes to spin off biotech unit by Dec. 18
PDL BioPharma Inc. could spin off its biotech operations into Facet Biotech Corp. by Dec. 18. (PDLI) (DNA) (ANSV) (BIIB)
Feds OK $300M for Susquehanna Bancshares
Susquehanna Bancshares Inc. has received preliminary approval to participate in the U.S. Treasury Department’s voluntary capital purchase program by receiving $300 million in capital. (SUSQ)
New names surface for Yahoo CEO job
Two new names have surfaced in speculation for who will replace Jerry Yang as Yahoo Inc.’s chief executive officer. (GOOG) (NWS) (TWX) (YHOO) (MSFT)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Territorial Savings' parent company to go public
Territorial Mutual Holding Co., parent of Territorial Savings Bank in Honolulu, is scheduled to go public early next year under the name Territorial Bancorp. Inc. and will issue up to 12.6 million shares of common stock on the Nasdaq Global Select Market under the stock symbol “TBNK.”
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Quantance raises $12 million
Semiconductor startup Quantance Inc. raised $12 million in its second round of venture funding.
Fed stops dividends at two Ga. banks
The Federal Reserve Bank of Atlanta and Georgia banking commissioner have signed written agreements with two troubled Georgia banks -- Southern Community Bancshares Inc. and FirstBank Financial Services Inc. -- that prevents them from declaring dividends.
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Holiday gift card sales to fall 6 percent
Gift card purchases are expected to suffer this holiday season as consumers continue to monitor the economic slowdown and their wallets.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Source: Insider trading charge makes Cuban's Cubs bid uncertain
The Securities and Exchange Commission's allegation of insider trading against Mark Cuban could stall the Dallas billionaire’s bid for the Chicago Cubs.
NRF: Holiday gift card sales to fall 6%
Gift card purchases are expected to suffer this holiday season as consumers continue to monitor the economic slowdown and their wallets.
Team Financial will file quarterly report late
Team Financial Inc. will file its third-quarter financial report late and expects a loss of at least $3.5 million for the quarter.
Safeguard Scientifics in on Tengion funding
Tengion Inc. said Wednesday it completed a second closing of its series-C financing, receiving a total of about $21 million from existing investors and one new investor. (SFE)
Boston Private Financial Holdings to get aid
Boston Private Financial Holdings Inc. (Nasdaq: BPFH) said it has received preliminary approval to get about $150 million from the U.S. Treasury as part of the government’s $700 billion bailout of U.S. banks.
Mark Cuban's Cubs bid uncertain after insider trading charge
The U.S. Securities and Exchange Commission's allegation of insider trading against Dallas Mavericks owner Mark Cuban could stall the billionaire’s bid for the Chicago Cubs.
Wells Fargo named top small-business lender in Texas
Wells Fargo Bank, NA has been ranked the leading small-business lender in both the United States and Texas, according to the latest Community Reinvestment Act and Small Business Administration data. (WFC)
Apptera raises $10.5 million
Apptera Inc. raised $10.5 million in financing led by existing investors Lightspeed Venture Partners, Alloy Ventures, and Walden International. (YHOO)
GenVec reports promising results from drug tests
GenVec’s pancreatic cancer treatment, which won fast-track review from the Food and Drug Administration just a week ago, showed promise after 12 months of use, but didn’t yield significant enough results after two years to appease investors. (GNVC)
Gift card sales expected to fall 6%
Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.
Losses loom for U.S. markets Wednesday
U.S. stock markets appeared unable to sustain Tuesday gains before the opening bell Wednesday.
Facebook app fee upsets some developers
A new fee planned by Facebook Inc. for verifying applications built for its social network is drawing some criticism.
Dow plummets 400 points Wednesday; nine Pittsburgh companies hit new 52-week lows
Mounting Wednesday afternoon losses sent the Dow skidding below the 8,000 point barrier. At the end of trading, it dropped 427.47 points or 5.07 percent to 7,997.28. Nasdaq lost 96.85 points or 6.53 percent to finish Wednesday at 1,386.42. (ATI) (X) (WCC) (AEO) (KOP) (DKS) (NCX) (AYE) (CNX) (FII) (HNZ) (NCC) (PNC)
Losses loom for U.S. markets Wednesday
U.S. stock markets appeared unable to sustain Tuesday gains before the opening bell Wednesday.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Gibraltar Bank logs $125M Q3 loss
Coral Gables-based Gibraltar Private Bank suffered a $124.6 million loss in the third quarter, brought about mostly by a $125 million non-cash charge from its parent company to account for the plummeting value of Florida savings and loan institutions. (BPFH)
Community Bank passes on Treasury program
Community Bank System Inc. will not to apply for funds through the U.S. Treasury Department’s Capital Purchase Program, which is part of the federal government’s Troubled Asset Relief Program. (CBU)
Source: Insider trading charge makes Cuban's Cubs bid uncertain
The Securities and Exchange Commission's allegation of insider trading against Mark Cuban could stall the Dallas billionaire’s bid for the Chicago Cubs.
Metastorm withdraws IPO in rocky market
Metastorm Inc. is pulling its $86 million initial public offering because of the economic crisis and stock market slump. (EBAY)
Insituform Technologies cuts 35 managers, support staff
Insituform Technologies Inc. announced late Tuesday that it plans to eliminate 35 of its management and support staff positions. Approximately half of the positions are located at the company’s headquarters in Chesterfield, with the remainder based throughout North America.
Related Group to offer loans on troubled assets
Condo building juggernaut the Related Group is offering itself out as a consultant and possibly a lender for troubled real estate assets.
South Florida's connections to China poised to grow
Miami on Wednesday will become the official home of the Asia America Equity Exchange (AAEE), a group that will promote investment between North and South America and China.
Fannie Mae slapped with NYSE notification
Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1. (FNM)
Venture Financial scraps IPO plans
Venture Financial has pulled its plans to go public, the latest move by the Washington banking company struggling through the financial crisis and housing market downturn.
Lance bids to buy cookie companies
Lance Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to bid for the primary assets of snack-food companies Archway Cookies and Mother’s Cake and Cookie Co. (LNCE)
Lance bids to buy cookie companies
Lance Inc. has obtained approval from the U.S. Bankruptcy Court for the District of Delaware to bid for the primary assets of snack-food companies Archway Cookies and Mother’s Cake and Cookie Co. (LNCE)
Oplink CEO decides not to leave
Oplink Communications Inc. said Tuesday its chief executive, Joe Liu, will not leave his position at the end of the year as previously announced. (OPLK)
Pittsburgh's casino to get new name
Pittsburgh's casino may still be majestic, but that won't be reflected in its name.
Feds, Pa. OK Harleysville National, Willow Financial merger
Harleysville National Corp. said Tuesday that the Federal Reserve Board and the Pennsylvania Department of Banking have approved its planned acquisition of Willow Financial Bancorp Inc. (HNBC) (WFBC)
Sutter buys potential Livermore hospital site for $39.5M
Sutter Health late last month acquired 45.3 acres of vacant land in Livermore for $39.5 million, spokesman Bill Gleeson confirmed Tuesday.
Chairman's role shifts to Pete Coors
Pete Coors will become chairman of the board of directors of Molson Coors Brewing Co. on Dec. 29, the company reported Tuesday. (TAP)
Wilkerson indicted on extortion charges
State Sen. Diane Wilkerson was indicted Tuesday afternoon by a federal grand jury and charged with eight counts of attempted extortion.
Wells Fargo named top small-business lender in Texas
Wells Fargo Bank, NA has been ranked the leading small-business lender in both the United States and Texas, according to the latest Community Reinvestment Act and Small Business Administration data. (WFC)
Texas Capital applies for bailout funds
Texas Capital Bancshares Inc. has filed an application with the U.S. Treasury Department requesting $130 million in new capital through the government’s voluntary Capital Purchase Program.
Texas Capital applies for bailout funds
Texas Capital Bancshares Inc. has filed an application with the U.S. Treasury Department requesting $130 million in new capital through the government’s voluntary Capital Purchase Program. (CFR)
Pinnacle seeks $95M from feds
Nashville's Pinnacle Financial Partners Inc. has applied for up to $95 million from the government’s $700 billion program to invest in banks.
Digital River stock falls on downgrade
Shares of Digital River Inc. fell by more than 20 percent in afternoon trading Tuesday, after an analyst downgraded the company’s stock to “sell.”
UCBI third Ga. bank to get TARP money
United Community Banks Inc. will receive $180 million from the U.S. Treasury’s Capital Purchase Program, the company announced Tuesday. (SNV) (STI) (UCBI)
AG settles with debt elimination marketers
The economic crimes division of the Florida attorney general’s office has reached a settlement with two individuals and two companies formerly associated with a debt elimination scheme.
BB&T gets $3.1B in federal funds
BB&T Corp. is receiving $3.1 billion in federal funds as part of the U.S. government’s effort to add liquidity to the credit markets. (BBT) (BAC) (WB)
GE recalls 244,000 wall ovens
GE Consumer & Industrial has recalled about 244,000 wall ovens because of the potential for a fire. (GE)
Google adds iconic Life photos to index
Online advertising giant Google Inc. added archives of photos from Life magazine to its collection of images users can search. (GOOG)
Severn Bancorp expecting $23.5M from U.S.
Severn Bancorp. Inc. said Tuesday it has been approved to receive $23.5 million from the U.S. Treasury Department under the federal stock purchase program. (SVBI)
Report: Tennessee doesn’t spend enough on tobacco prevention
In a report released today, the Campaign for Tobacco-Free Kids ranked Tennessee 40th for the amount of money it spends on tobacco prevention.
Lydian Bank suffers $12.6M Q3 loss
As Lydian Private Bank pursues a complaint against Countywide Home Loans, alleging it defrauded Lydian in loan purchases agreements, the largest Palm Beach County-based bank fell into the red in the third quarter, with a $12.6 million loss.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday afternoon that co-founder and chief executive Jerry Yang will resign.
BankUnited loses $261M, but cash position increases
BankUnited lost nearly a quarter of its capital in the last quarter, weighed down by mortgages that permitted payments below the amount of interest accrued each month. (BKUNA)
Aegon eyes acquiring Suburban Federal
Dutch insurer Aegon N.V. has applied to acquire troubled Suburban Federal Savings Bank in Crofton in an effort to pursue some of the federal money available to banks. (AEG)
Suthers cracks down on mortgage ads
Three Colorado mortgage brokers have reached settlements with state Attorney General John Suthers to end what Suthers called the “deceptive use of teaser rates in mortgage-loan advertisements” in Denver newspapers.
AG settles with debt elimination marketers
The economic crimes division of the Florida attorney general’s office has reached a settlement with two individuals and two companies formerly associated with a debt elimination scheme.
Nature Conservancy buys 7,000-acre Fresno Ranch in Big Bend
The Nature Conservancy of Texas has purchased the 7,000-acre Fresno Ranch in far West Texas to expand Big Bend Ranch State Park.
Motricity sues departed executive
Technology company Motricity is suing one of the architects behind its move to the West Coast from Durham – raising questions about a deal that resulted in 250 local layoffs and the Triangle’s loss of one of its richest venture-backed companies. (S)
Magic helps out Church Street tenants
The Orlando Magic will distribute about $50,000 to 11 businesses on West Church Street to help the firms pay for rent through June 2010.
Sutter Health buys potential Livermore hospital site for $39.5M
Sutter Health late last month acquired 45.3 acres of vacant land in Livermore for $39.5 million, spokesman Bill Gleeson confirmed Tuesday. (KLAC)
DART board to vote on 20-year plan
Dallas Area Rapid Transit’s board will be voting on whether to approve DART’s 20-year financial plan on Tuesday.
Verizon doubles hybrid fleet to 200
Verizon Communications Inc. is greening its vehicle fleet by adding 100 more hybrid sedans in seven states and D.C. — nine of which will roll around the area. (VZ)
First Horizon receives $866M from feds
First Horizon National Corp. has received its $866 million capital injection from the U.S. Treasury Department, the company said Monday. (FHN)
HMSA reports $5M profit in Q3
The Hawaii Medical Service Association posted a $5.14 million profit in the third quarter of 2008 compared to a $10.9 million loss during the same period last year.
Shaw Festival finishes on up note
Despite myriad challenges, the Shaw Festival finished its 2008 season with increases in attendance and box-office revenues.
Sherborne Investors buys more Nautilus stock
The investment group that won control of Nautilus Inc. after a contentious proxy fight nearly a year ago has increased its share in the fitness equipment manufacturer. (NLS) (DSCM) (EXPE) (POPE) (SGEN)
King of Prussia Mall steps up to attract holiday foot traffic
King of Prussia Mall is trying to fight economic fear with new features this holiday shopping season.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday afternoon that co-founder and chief executive Jerry Yang will resign.
Boeing changes name of IDS in Australia
The Boeing Co. [NYSE: BA] is changing the name of its Integrated Defense Systems business in Australia to Boeing Defence Australia. John Duddy was appointed vice president and managing director of Boeing Defence Australia effective Dec. 8. (BA)
Scottrade expands Fort Worth presence
Online investment company Scottrade is opening a new branch office in Fort Worth on Nov. 24.
Lawrence to take top job at Milacron
Milacron Inc. has elected David Lawrence as president and CEO, effective Dec. 1, replacing Ron Brown.
D.C. uncovers illegal car dealerships
Following a two-week sweep of more than 100 automotive dealerships across the District, city officials will close down 23 illegal used-car dealerships.
No word from Citi on Amherst site
Citigroup Inc. intends to cut more than 50,000 jobs in the near-term, but it is unclear if and how the financial company’s back- and mid-office operations center in Amherst will be affected. (C)
Yahoo CEO Yang to step down
Investors pushed shares up Tuesday on the news that co-founder and Chief Executive Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Yahoo's Jerry Yang stepping down
Jerry Yang, Yahoo's CEO, told employees in a memo that he is stepping down. (YHOO) (MSFT)
U.S. markets display more weakness Tuesday
U.S. stock markets were headed for a third straight day of declines Tuesday, following overseas losses.
Numerate raises $4M
Numerate Inc. raised $4 million in a first round of venture financing with investors including Foundation Capital, Lanza techVentures and several people.
StemCells closes $20M financing
StemCells Inc. said Tuesday it sold about 13.8 million shares of its stock, along with warrants for more purchases, to certain institutional investors for about $20 million in equity financing. (STEM)
Former Commerce Bank Chairman Hill cleared in investigation
The Office of the Comptroller of the Currency’s two-year investigation of former Commerce Bancorp Inc. Chairman Vernon W. Hill III has ended in an order that could restrict Hill’s bank-related real estate dealings but includes no charges of illegality.
MeadWestvaco to cut 120 local jobs
MeadWestvaco Corp. will close its packaging plant in Grover early next year, cutting 120 jobs. (MWV)
Brandywine Realty in tax-credit deal with U.S. Bancorp
Brandywine Realty Trust has finalized a tax-credit transaction that gives it funding for the rehabilitation of the former U.S. Post Office facility at 30th Street Station in Philadelphia. (BDN) (USB)
Danversbank says "no thanks" to bailout cash
Danversbank said it will not take any bailout money from the federal government.
Tengion CEO named Entrepreneur of the Year
Tengion co-founder and CEO Dr. Steven Nichtberger has received the Ernst & Young national Entrepreneur of the Year award for emerging companies.
StemCells closes $20M stock sale
StemCells Inc. completed a $20 million stock sale announced Nov. 12 to unnamed institutional investors. (STEM)
Economic conditions taking a toll on OSI Restaurant Partners
Disruptions in financial markets, including the subprime mortgage crisis and the bankruptcy and restructuring of key financial institutions, pose challenges to OSI Restaurant Partners LLC.
U.S. markets rally Tuesday to close in positive territory
Financial markets soared and then backpedaled throughout Tuesday. But the Dow rallied around 3 p.m. to gain 151.17 points or 1.83 percent to close at 8,424.75. Nasdaq gained 1.22 points or 0.08 percent to finish trading at 1,483.27. (NCX) (DKS) (AA) (AYE) (ATI) (CNX) (FII) (HNZ) (KOP) (NCC) (PNC) (PPG) (X) (WCC)
U.S. markets display more weakness Tuesday
U.S. stock markets were headed for a third straight day of declines Tuesday, following overseas losses.
Jerry Yang ready to leave as Yahoo's CEO
Yahoo Inc. said late Monday co-founder and CEO Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Yahoo shares rise on news of CEO Jerry Yang's departure
Investors pushed Yahoo Inc. shares up about 12 percent Tuesday on the news that co-founder and Chief Executive Jerry Yang will resign. (YHOO) (MSFT) (GOOG)
Marnella Homes exits bankruptcy
The first local home builder to seek protection from creditors in U.S. Bankruptcy Court has become the first to exit.
Yahoo's Jerry Yang stepping down
Jerry Yang, Yahoo's CEO, told employees in a memo on Monday that he is stepping down. (YHOO) (MSFT)
Citi axing 53,000 more jobs
Citigroup Inc. said Monday it will eliminate approximately 53,000 more jobs in the near future as part of its wide cost-cutting efforts. (C)
Denver unveils foreclosure plan
The Denver Office of Economic Development (OED) has released the draft of an action plan for using $6.1 million in federal funds to buy and redevelop foreclosed homes in Denver, the office said Monday.
Citigroup cutting 50,000 jobs
Citigroup Inc. said Monday it plans to eliminate at least 50,000 jobs. (C) (WB) (WFC)
Kohl tapped as Spheris CEO
Daniel J. Kohl has been named president and chief executive officer of Franklin-based Spheris, one of the nation’s largest providers of medical transcription technology and services. He will also join Spheris’ board of directors.
Johnson Capital racks up $120M in deals
Johnson Capital’s Denver office arranged $120 million in financing for real estate transactions in the third quarter, according to the company.
Planar sells CoolSign business, stock hits all time low
Display maker Planar Systems Inc. has sold a portion of its CoolSign digital signage business to Bally Technologies Inc., a maker of technology systems for gambling companies, for an undisclosed sum. (PLNR) (BYI)
Kiplinger names editor
Janet Bodnar, deputy editor of Kiplinger’s Personal Finance magazine in D.C. since 2005, has been named successor to retiring editor Fred W. Frailey.
Mortgage broker gets 3.5 years in fraud
Phoenix mortgage broker Rick Thomas McCullough was sentenced to three-and-a-half years in prison after pleading guilty to securities fraud related to a scam bilking four seniors out of more than $400,000.
First Horizon receives $866M from feds
First Horizon National Corp. has received its $866 million capital injection from the U.S. Treasury Department, the company said Monday. (FHN)
More than 240 lawmakers, community leaders urge SEIU to hold off on UHW takeover
In the latest dustup over possible plans by the national Service Employees International Union to take control of its United Healthcare Workers West local in Oakland, more than 240 California political and community leaders have asked SEIU and President Andy Stern to back off and make peace.
Sterling latest bank looking for Treasury infusion
Sterling Bancshares Inc. has applied for an injection of funding from the U.S. Department of Treasury, the company said Monday. (SBIB) (MCBI) (EBTX)
GoFish reports $3.2M loss in Q3
GoFish Corp. lost $3.2 million in the September quarter, compared with a loss of $3.8 million a year earlier.
Mark Cuban charged with insider trading
The Securities and Exchange Commission has sued Dallas Mavericks owner Mark Cuban over alleged insider trading, according to a complaint filed in federal district court in Dallas.
FP&L seeks fuel charge reduction
Lower fuel charges could mean the average Florida Power & Light residential customer would see a slightly lower bill in 2009, but a hike in rates in 2010 could be on the way. (FPL)
State Auto buying Rockhill Insurance
State Automobile Mutual Insurance Co. on Monday said it is in line to buy a Kansas City, Mo.-based specialty insurer. (STFC)
BBVA Compass completes LNB conversion, appoints new CEO
The BBVA Group has successfully completed its conversion of LNB (formerly Laredo National Bank) into Compass Bank and has appointed a new president and CEO over the unified bank system. (BBV)
Chase Paymentech tracks online holiday spending
Chase Paymentech, a payment processor of Internet transactions, launched its 2008 Cyber Holiday Pulse Index on Monday.
Spansion seeks to block iPod, Blackberry imports
Spansion Inc. filed a lawsuit on Monday against Samsung Electronics Co. that seeks to block U.S. imports of a number of products that use flash memory including iPods, iPhones and BlackBerrys. (AAPL) (RIMM)
Jamba swings to $12.4M loss in Q3
Jamba Inc. lost $12.4 million in the quarter ended Oct. 7. A year earlier in the same quarter — its third — Jamba pulled in a profit of $22.4 million. (JMBA)
AZ attorney Dennis Burke could get Obama nod
Phoenix attorney Dennis Burke could be president-elect Barack Obama’s pick as U.S. Attorney for Arizona.
Federal Trust, Hartford to merge
Federal Trust Corp. announced Nov. 14 that it is merging with The Hartford Financial Services Group Inc. (HIG)
Putnam cuts fund managers
Putnam Investments cut 12 money managers from its ranks and will shed more jobs as it merges several mutual funds amid an exodus of retail client assets, according to published reports.
Ohio fair renews contract with Triangle
Triangle Talent Inc. has signed a new, four-year contract with the Ohio State Fair to produce entertainment for the fair.