Archive for October, 2009

‘Single Ladies’ is Tom Hanks’ song of 2009

Saturday, October 31st, 2009

Hanks first racked his brain when asked for his favorite tune of 2009 while backstage at the Rock and Roll Hall of Fame’s 25th anniversary concert Thursday.

 

Then, the song came to him — though he didn’t know all the words..

 

“Dada-dada ring on it! Dada-dada ring on it!” he sang, as he tried to remember.

 

“That is a damn fine song, the Beyonce song … because it’s infectious,” the 53-year-old actor said of Beyonce’s No. 1 smash, “Single Ladies (Put a Ring On It.)”

 

Hanks said “Single Ladies” resonates with him because that’s what he told his wife, actress Rita Wilson, when they first met: “I’m gon’ put a ring on that finger. I’m gon’ take that thing home.”

 

He also joked: “Kanye West has nothing to do with my embracing of that song.”

Ford workers reject contract changes

Saturday, October 31st, 2009

 Ford Motor Co. workers have overwhelmingly rejected contract changes that would have allowed the automaker to cut labor costs, leaving Ford at a disadvantage to its Detroit rivals as it continues its struggle to return to profitability.

The United Auto Workers union had given local unions until Monday to complete voting. But a person briefed on the voting said Saturday that the contract changes have been rejected by large margins. The person asked not to be named because the UAW hasn’t announced the results yet.

The UAW and Ford agreed to the contract changes several weeks ago, but Ford workers needed to ratify them. Ford has 41,000 UAW-represented workers.

Two large union locals in Kentucky and Ford’s home city of Dearborn rejected the contract Friday, sealing its fate. Those unions together represent 13,000 Ford workers. Exact tallies weren’t available, but at least 12 UAW locals representing about 27,500 workers so far have vetoed the deal, many overwhelmingly. Only about four locals with a total of 7,000 members favored the pact.

Ford sought the deal to bring its labor costs in line with Detroit rivals Chrysler Group LLC and General Motors Co., both of which won concessions from the union as they headed into bankruptcy protection earlier this year. Under pattern bargaining, the three automakers usually match pay, benefits and other contract provisions.

But workers weren’t convinced they should make more concessions, since Ford avoided bankruptcy and is considered healthier than its rivals. At least two Wall Street analysts are predicting that Ford could report a profit Monday when it announces third-quarter earnings.

Ugg Mayfaire

Saturday, October 31st, 2009

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Ugg Lo Pro Button

Friday, October 30th, 2009

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Pa. high court dismisses juvenile convictions

Friday, October 30th, 2009

The Pennsylvania Supreme Court on Thursday dismissed thousands of juvenile convictions issued by a judge charged in a corruption scandal, saying that none of the young offenders got a fair hearing.

The high court on Thursday threw out more than five years’ worth of juvenile cases heard by disgraced former Luzerne County Judge Mark Ciavarella, who is charged with accepting millions of dollars in kickbacks to send youths to private detention centers.

The Philadelphia-based Juvenile Law Center, which represents some of the youths, said the court’s order covers as many as 6,500 cases. The justices barred any possibility of retrial in all but a fraction of them.

“This is exactly the relief these kids needed,” said Marsha Levick, the center’s legal director. “It’s the most serious judicial corruption scandal in our history and the court took an extraordinary step in addressing it.”

Children routinely appeared in front of Ciavarella without lawyers for hearings that lasted only a few minutes. Ciavarella also failed to question young defendants to make sure they fully understood the consequences of waiving counsel and pleading guilty, showing “complete disregard for the constitutional rights of the juveniles,” the Supreme Court said.

After being found delinquent, the youths were often shackled and taken to private jails whose owner was paying bribes to the judge. Federal prosecutors have said that Ciavarella and another Luzerne County judge, Michael Conahan, took a total of $2.8 million in payoffs.

“Ciavarella’s admission that he received these payments, and that he failed to disclose his financial interests arising from the development of the juvenile facilities, thoroughly undermines the integrity of all juvenile proceedings before Ciavarella,” the Supreme Court said.

Duke Energy profits fall; conditions stabilize

Friday, October 30th, 2009

Duke Energy reported Friday that sales to industrial customers has begun to stabilize, another signal that better economic conditions have led to growing power consumption.

While crucial sales to big industrial companies grew 11 percent from the previous quarter, electricity demand remains depressed.

“We have a long way to go to get back to where we were before,” Jim Rogers, Duke’s chairman and CEO, said in an interview.

Profits still dropped sharply from a year ago as Duke wrote down the value of some power generation operations in the Midwest due to lower power prices and demand.

The company, based in Charlotte, N.C., says it earned $109 million, or 8 cents a share, for the quarter ended Sept. 30. That’s down from $215 million, or 17 cents a share, a year ago.

Discounting charges of $400 million, Duke said it would have made 40 cents a share compared with 33 cents per share in the year ago quarter.

Ugg -the different boot

Thursday, October 29th, 2009

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Endo 3Q profit falls on Indevus buyout costs

Thursday, October 29th, 2009

Drug developer Endo Pharmaceuticals Holdings Inc. said Thursday its third-quarter profit plunged on charges mainly related to the buyout of Indevus Pharmaceuticals Inc.

Net income dropped 25 percent to $49.4 million, or 42 cents per share, from $66 million, or 55 cents per share, during the same period a year prior. Revenue rose 14 percent to $361 million from $316.8 million.

Excluding charges mainly related to Indevus, the company earned 63 cents per share in the latest quarter. In February, the company paid $370 million for Lexington, Mass.-based Indevus.

Analysts polled by Thomson Reuters expected profit of 64 cents per share on revenue of $365.3 million.

Sales of the Lidoderm pain patch dipped less than 1 percent to $193 million, while sales of the pain drugs Opana and Opana ER rose 42 percent to $59 million. Revenue from the painkiller Percocet was flat at $31 million.

Generic drug sales, meanwhile, edged up less than 1 percent to $23 million.

The company raised its 2009 forecast for adjusted profit to a range of $2.67 to $2.73 per share, up from a prior range of $2.59 to $2.67 per share. It now expects revenue between $1.44 billion and $1.47 billion, up from a previous forecast of $1.39 billion to $1.44 billion.

Moody’s hikes 2009 view despite 3Q profit decline

Thursday, October 29th, 2009

A strong corporate-bond market helped prop up Moody’s Corp. third-quarter profit, and led the company to raise its outlook for the rest of the year.

Moody’s, which provides credit rating and market research and analysis, on Thursday posted an 11 percent decline for the September quarter, earning $100.6 million, or 42 cents per share, compared with $113 million, or 46 cents per share, a year ago. There were fewer outstanding shares this quarter than last year.

Excluding restructuring charges, Moody’s earned 43 cents per share. Analysts polled by Thomson Reuters, on average, expected profit of 38 cents per share.

Revenue rose 4 percent to $451.8 million, topping analysts’ forecast of $417.2 million.

Moody’s Investors Services, the company’s credit-rating arm, took in 68 percent of the company’s revenue, or $305.5 million, up 3 percent from last year. Most of the increase came from the unit’s corporate-finance division. Moody’s said U.S. corporate-finance revenue increased 35 percent, mostly because of increased activity in the high-yield bond market. International revenue for the division rose 27 percent, largely due to European securities.

The Moody’s Analytics unit got a boost from higher software sales, and revenue rose 7 percent to $146.5 million.

The company cited continued strength in corporate-debt issuance for raising its outlook for the year. It now expects profit between $1.60 and $1.68 per share, up from its previous forecast of $1.45 to $1.55 per share. Analysts forecast 2009 profit at $1.58 per share, with estimates ranging from $1.52 to $1.64 per share

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Wednesday, October 28th, 2009

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