DailyFinance.comhttp://www.dailyfinance.comDailyFinance.com%http://www.blogsmithmedia.com/BlogURL%/media/feedlogo.gifDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Five Years After Hurricane Katrina, New Orleans Tourism Reboundshttp://www.dailyfinance.com/2010/08/27/five-years-after-hurricane-katrina-new-orleans-tourism-rebounds/http://www.dailyfinance.com/2010/08/27/five-years-after-hurricane-katrina-new-orleans-tourism-rebounds/http://www.dailyfinance.com/2010/08/27/five-years-after-hurricane-katrina-new-orleans-tourism-rebounds/#commentsFiled under:

Following the devastating effects of Hurricane Katrina five years ago, New Orleans saw the number of visitors to the city evaporate. New Orleans' $5 billion tourism industry slowly recovered, however, and is now once again approaching pre-Katrina visitor levels.

In 2004, the year before the Category 3 hurricane struck, New Orleans saw a record 10.1 million visitors. In 2006, the year after the floods, the numbers shrank to 3.7 million. Last year the number was up to 7.9 million visitors, according to Smith Travel Research, a hotel-industry tracking firm. The average number of annual visitors, discounting 2004, is about 8.5 million.

Renovations and Re-openings

"(People) still have the crazy perception we're still flooded," said Tod Chambers, GM of the French Quarter's Roosevelt New Orleans hotel, in an interview with hotelnewsnow.com. After the storm the 504-room Roosevelt underwent a $170 million renovation. It re-opened on July 1 of last year.

Smith Travel Research's most recent review of the top 26 domestic tourism markets, shows that New Orleans' percent increase in revenue per available hotel room compared to its peak monthly per-room revenue leads all markets. In May, for instance, New Orleans' hotel room revenue was only 7% below its peak month. By comparison, Phoenix, Ariz., hotels were 32% below peak.

BP Disaster Sure Didn't Help

Jennifer Day, director of public relations for the New Orleans Convention and Visitor's Bureau, told DailyFinance that while there has been a distinct rebound, tourism is a perception-driven industry, and there's still work to be done. Efforts to highlight the city's recovery were set back following the BP Deep Horizon rig explosion and subsequent oil spill in April.

The rig was located 100 miles off the coast of New Orleans, but the city has seen little, if any, damage from the spill. "We have five different federal agencies performing thousands of tests, and not one of the samples has been contaminated with oil," Day said.

Day notes that the city ranked No. 7 on the list of top cities in Travel + Leisure's 2010 readers poll. New Orleans did not make the list the previous five years. "We had a couple visiting from Canada tell us yesterday that they didn't see any signs of the spill or Katrina," Day said. "That's really the case for tourists. We just have to get the word out."

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]]>BPDeep HorizonFrench QuarterHurricane Katrinahurricane katrina anniversaryHurricaneKatrinaJennifer DayNew OrleansNew Orleans tourismpublic relationsRoosevelt New Orleans hotelSmith Travel Researchtourism industryGil RudawskyFri, 27 Aug 2010 13:00:00 ESTJeep Grand Cherokee Fuel Tanks Spark a Safety Probehttp://www.dailyfinance.com/2010/08/24/jeep-grand-cherokee-fuel-tanks-spark-safety-probe/http://www.dailyfinance.com/2010/08/24/jeep-grand-cherokee-fuel-tanks-spark-safety-probe/http://www.dailyfinance.com/2010/08/24/jeep-grand-cherokee-fuel-tanks-spark-safety-probe/#commentsFiled under: ,

jeepThe U.S. National Highway Traffic Safety Administration opened a safety investigation into an estimated 3 million older model Jeep Grand Cherokees Tuesday on concerns that their fuel tanks may catch fire in a crash.

NHTSA said the investigation covers 1993-2004 model-year vehicles and does not constitute a recall. The agency's investigation could eventually lead to a recall, or it may find that there are no problems.

Fuel Tank's Vulnerable Position

The federal safety review was prompted by the Center for Auto Safety's petition showing that records reveal from 1992 to 2008, the Jeep Grand Cherokees were involved in 172 fatal fire crashes with 254 deaths. It's not clear if those crashes were attributed to a problem with the fuel tanks.

Chrysler said it is cooperating with the investigation and that the model in question "meets or exceeds all applicable federal safety and has an excellent record."

The recall petition said the problem has to do with the fuel tank on those models being located behind the rear axle -- they're made of plastic and extend below the rear bumper, leaving it with nothing to protect it from a direct hit in a rollover or by a vehicle with a low form profile.

"The design is so bad that Chrysler frequently settles lawsuits without extensive discovery and subject to confidentiality agreements," the petition stated.

Report: Like the Ford Pinto

The Center likens the problem to that of the Ford Pinto, which met safety requirements but still were prone to catching fire in rear-end collisions.

The petition profiled numerous instances of fatal crashes, including a 2002 accident in West Palm Beach, Fla. According to the petition, Kenneth Smith was driving a 1995 Grand Jeep Cherokee when he was rear-ended in an intersection by a Lincoln Town Car.

The Jeep immediately caught fire, the petition said, and Smith suffered severe burns. The petition said Chrysler settled with him for an undisclosed sum.

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]]>auto safetycarmakerschryslerford pintofuel tankJeep Grand CherokeeNHTSAGil RudawskyTue, 24 Aug 2010 17:45:00 ESTBP Oil Spill Created Giant Plume of Crude Underwater in the Gulfhttp://www.dailyfinance.com/2010/08/19/bp-oil-spill-giant-plume-crude-underwater-gulf/http://www.dailyfinance.com/2010/08/19/bp-oil-spill-giant-plume-crude-underwater-gulf/http://www.dailyfinance.com/2010/08/19/bp-oil-spill-giant-plume-crude-underwater-gulf/#commentsThe BP (BP) Deepwater Horizon oil spill created a massive 22-mile long plume of oily soup at the bottom of the ocean, scientists said in a report released Thursday.

The 1.2-mile-wide, 650-foot-high plume of trapped oils sitting 3,000 feet below the surface provides some clues to where all the oil has gone as surface slicks shrink and disappear.

"These results indicate that efforts to book-keep where the oil went must now include this plume" in the Gulf, said Christopher Reddy, a Woods Hole Oceanographic oil spill expert and one of the authors of the report, which appears in Thursday's issue of the journal Science.

Meanwhile, in an appearance before Congress today, Bill Lehr, a senior scientist at the National Oceanographic and Atmospheric Administration (NOAA) said "most of [the oil] is still in the environment." His statements appeared to contradict the government's official report from two weeks ago that he wrote, which suggested that 74% of the oil from the spill had been captured or broken down.

Persistent Plume

Using underwater vehicles, the scientists were able to distinguish the petroleum hydrocarbons in this underwater cloud came from the Apr. 20 oil rig disaster and not from a natural occurrence.

They also found that the ocean's microbes are only slowly eating away at the underwater slick, which is thousands of times more concentrated than other naturally occurring oil leaks on the ocean's floor. This slow pace of degradation makes the plume potentially deadly to marine life.

The monitoring has shown that the oil already "is persisting for longer periods than we would have expected," said Woods Hole scientist Richard Camilli. "Many people speculated that subsurface oil droplets were being easily biodegraded. Well, we didn't find that. We found it was still there."

Stretching for 22 Miles

The scientists found that the plume sits near the blowout, offering conclusive evidence it came from the well, which gushed unabated for 87 days until it was temporarily capped on July 15. The plume moved very slowly from the source of the blowout and now stretches out about 22 miles.

It's not clear why the oil hasn't risen to the surface, scientists said.

Scientist in the study predicted that the plume will last for a year or more, but that's still speculation. Another group of scientists from the University of Georgia is going to take over where Woods Hole left off and continue tracking the slick.

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]]>BP oil disasterbp oil spillDeepwater HorizonGulf oil cleanupgulf oil spillgulf oil spill updateoil plumeoil slickoil spill cleanupGil RudawskyThu, 19 Aug 2010 18:30:00 ESTNew $1 Coin Adds to $700 Million Boondogglehttp://www.dailyfinance.com/2010/08/19/new-1-coin-adds-to-700-million-boondoggle/http://www.dailyfinance.com/2010/08/19/new-1-coin-adds-to-700-million-boondoggle/http://www.dailyfinance.com/2010/08/19/new-1-coin-adds-to-700-million-boondoggle/#commentsFiled under:

James Buchanan coinTo little or no fanfare, the U.S. Mint is releasing the 15th presidential dollar for circulation on Thursday, in what is becoming a $700 million a year boondoggle.

Four times a year, the government introduces a new $1 coin, pretty much knowing that aside from the odd collectors, most of the coins will stack up in the U.S. Federal Reserve and in selected sock drawers across the country.

The stockpiles began to grow in 2007 when a law took effect creating a new series of $1 coins commemorating U.S. presidents, starting with George Washington. The problem is Americans don't use the coins, preferring the $1 bill. Millions are being spent to encourage the use of the $1 coins, to no avail. Americans just don't want a pocketful of coins.

"We have tried every major idea that we can come up with, with limited success," U.S. Mint Director Edmund Moy said to a congressional panel last month. "Americans are creatures of habit. They are very used to using the bill. They're not used to using coins in regular retail transactions."

The Public Ignores Growing Stockpile

In the meantime, the government continues spending money to promote the coins, shipping them, storing them and protecting the growing stockpile. Retailers, collectors and the general public continue to pretty much ignore them.

Hopes are even lower for the new coin that comes out Thursday, featuring James Buchanan, whose decided incompetence is attributed to leading the country into civil war. In Buchanan's official White House biography, it says "Buchanan grasped inadequately the political realities of the time."

At coin shops around the country, there's a resounding silence about the release.

"I rather doubt we will have anyone waiting in line for it," says Chad Burgardt, an avid collector and employee at the 42-year old Tebo Coin shop in Colorado. "To say there is very little excitement is an understatement."

Commemorative Quarters Still a Hit

Burgardt says there continues to be excitement around the 25-cent releases featuring the states. He also agrees with Moy from the U.S. Mint that unless there is a concerted effort to start phasing out greenbacks, the $1 coins will never take off.

Elsewhere, including Europe and Canada, there is no equivalent to the $1 bill. The euro's smallest denomination in paper form is the $5 bill.

What about the final $1 coin coming out later this year, featuring Abraham Lincoln? The 16th president is securely embedded in U.S. history as skillfully guiding the country through the civil war before being assassinated in 1865.

"Maybe there will be more excitement, but like the others, the coins will likely end up in sock drawers," Burgardt says.

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]]>coinscurrencyjames buchanan 1 coinmoneypresidential coinsu.s. mint releases new coinGil RudawskyThu, 19 Aug 2010 07:00:00 ESTWalgreen Offers Flu Shot Gift Cards in Expanded Immunization Programhttp://www.dailyfinance.com/2010/08/17/walgreen-offers-flu-shot-gift-cards-in-expanded-immunization-pro/http://www.dailyfinance.com/2010/08/17/walgreen-offers-flu-shot-gift-cards-in-expanded-immunization-pro/http://www.dailyfinance.com/2010/08/17/walgreen-offers-flu-shot-gift-cards-in-expanded-immunization-pro/#commentsFiled under: ,

Walgreen Co. is offering gift cards for flu shots.It may be the perfect gift for the person who has everything: a Walgreen (WAG) gift card good for one flu shot.

As part of a nationwide rollout, Walgreens will offer the gift cards as well as round-the-clock, no-appointment-necessary flu shots at each of its 7,500 locations, including Take Care Clinics and Duane Reed stores. The expanded program includes direct medical billing agreements with UnitedHealthcare (UNH), CIGNA (CI) and some regional providers.

Traditional Shots and Nasal Spray

The price for traditional flu shots is set at $29.99, and most Walgreens stores will also offer the FluMist Intranasal Spray for $34.99. Only one flu shot is required this season, as the 2010-2011 flu vaccine will protect against H1N1 as well as two other seasonal flu viruses -- an influenza B and the H3N2 virus.

Flu-shot gift cards are available at all Walgreens stores nationwide and online.

Jason Wolfe, CEO of swapagift.com and giftcards.com, said the idea to offer a gift card for a flu shot is certainly novel.

"Flu season is coming up, and people like gift cards, so it makes sense," says Wolfe. "I'm not sure there will be too much swapping of these cards, but it's still a good idea."

Protection from Three Viruses

Walgreens administered more than 7 million seasonal flu and H1N1 vaccinations last season. This time around -- flu season usually begins in November and runs through the spring -- Walgreens has 25,000 immunizers on deck to give the shots.

The Centers for Disease Control and Prevention recommends the vaccine for everyone over the age of six months. The 2010-2011 flu vaccine protects against H1N1 influenza as well as the seasonal viruses.

"We encourage everyone to follow the CDC's recommendations, and with flu shots available during nearly all pharmacy and clinic hours at Walgreens, it's never been easier, never more convenient and never more accessible," Walgreens President and CEO Greg Wasson said in a statement Tuesday.

Walgreens shares rose 20 cents to close at $28.22.

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]]>cdcfluFlu shotflu shot gift cardsFluSeasonH1N1health careWalgreenwalgreen gift cardsGil RudawskyTue, 17 Aug 2010 18:30:00 ESTAs Cotton Prices Approach 15-Year High, Clothing Prices May Increasehttp://www.dailyfinance.com/2010/08/16/as-cotton-prices-approach-15-year-high-clothing-prices-may-incr/http://www.dailyfinance.com/2010/08/16/as-cotton-prices-approach-15-year-high-clothing-prices-may-incr/http://www.dailyfinance.com/2010/08/16/as-cotton-prices-approach-15-year-high-clothing-prices-may-incr/#commentsFiled under:

jeansThe oft-ignored U.S. cotton market has been steadily gaining ground, and today cotton prices are nearing heights not seen in the last 15 years.

Natural disasters in top cotton-producing countries, coupled with an increase in demand for the commodity and a record crop year, spell good news for American cotton farmers. On Friday, the price per bale for December delivery hit $85 -- up from a $75 per bale price last month.

"The mills are screaming for cotton," said Mike Stevens, a cotton analyst and trader based in Manderville, La. "No doubt about it, it's a bull market for cotton. Prices have absolutely exploded."

The U.S. is the third largest producer of cotton in the world, next to China and India. Coming in at fourth is Pakistan, whose crops have been wiped out due to flooding. Last week, the U.S. Department of Agriculture World Agricultural Supply and Demand Estimates said cotton losses in Pakistan will reach 700,000 bales.

Another top producer, Russia, has been hit with fires and drought conditions.

Then there's an increase in global consumption. For the fifth straight year, production of the commodity will not keep up with demand, according to the USDA.

Both VF Corp. (VFC) -- a clothing giant whose brands include Lee, Wrangler, Rustler -- and jean maker Levi Strauss are expected to increase sales increases this year.

The U.S. cotton industry accounts for more than $25 billion in products and services annually, creating about 200,000 jobs in industry sectors from farms to textile mills. This year, the USDA projects the U.S. will produce 18.5 million bales of cotton, up from 12 million last year. About 85% of U.S. cotton is exported.

U.S. stockpiles totaled 3.1 million bales on July 31, the lowest level since 1996, USDA reported. China is already making deep forays into its reserves.

While higher prices are good news for farmers, that may mean consumers will pay more for T-shirts and jeans.
Traders and VF's CEO Eric Wiseman said the rally in cotton may subside in September, given the strong crop expected this year.

"History tells us that more often times than not, if an early season rally gets out of hand, we wind up having to deal with much sharper corrections that are considerably more difficult to deal with," Stevens said. "At some time in the next few months the pipeline will begin to refill, and prices will level off."

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]]>apparelcommoditiescottonpricingGil RudawskyMon, 16 Aug 2010 20:19:00 ESTFurloughed Californians Protest Schwarzenegger's Cameo in 'The Expendables'http://www.dailyfinance.com/2010/08/11/furloughed-californians-protest-schwarzeneggers-cameo-in-the-e/http://www.dailyfinance.com/2010/08/11/furloughed-californians-protest-schwarzeneggers-cameo-in-the-e/http://www.dailyfinance.com/2010/08/11/furloughed-californians-protest-schwarzeneggers-cameo-in-the-e/#commentsFiled under: ,

California Gov. Arnold Schwarzenegger has a cameo role in California state employees are the ones feeling expendable. They are planning on using their mandated furlough day Friday to protest at theaters across the state showing the movie The Expendables.

The action-adventure flick with an all-star cast features a rare cameo by Gov. Arnold Schwarzenegger. Last month the governor reinstituted "furlough Fridays," meaning all state offices will be closed three Fridays a month, and workers won't be paid for those days. Their first furlough day is probably Friday, opening day of the movie.

A judge's ruling may temporarily bar the unpaid days off, but the governor's office is appealing the ruling.

The SEIU's spoof of the movie poster for The Expendables.No Hope of Digging Out

The state is faced with a $19.1 billion deficit and no hope of digging out. In announcing the new furloughs, Schwarzenegger said that California is close to "a fiscal meltdown."

Jim Zamora, a spokesman for the Service Employees International Union Local 1000, said 150,000 state workers are mad that Schwarzenegger is restoring his movie career while they have no options. He called it a "slap in the face." The campaign's slogan is "Tell Arnold We're Not Expendable."

Schwarzenegger's brief role is unpaid and won't be included in the credits, according to Aaron McLear, the governor's spokesman.

"Furlough days are not something we want to do, but until we have a workable budget we really have no choice," McLear said in an interview with DailyFinance.

Schwarzenegger's Sacrifices

In a recent speech before the Central California Hispanic Chamber of Commerce in Fresno, Schwarzenegger took some hard questions about when the furloughs will stop and what he is doing to make sacrifices.

"I make certain sacrifices. I'm working for seven years without getting any salary. My salary, I never receive, I just give it back to the state because that's not why I'm in this job," he said in a transcript provided by the Sacramento Bee. "So that's why I feel, you know, that the least thing I can do is work for seven years and not think about my movie career or the $30 million a movie and all of those kinds of things.

"But forget that. I've made enough money because of California and because of America. So let's go and do something."

The movie, which opens Friday, is directed by Sylvester Stallone, who also has a role in the film. Other stars include Jet Li, Jason Statham, Dolph Lundgren, Mickey Rourke, Steve Austin, Randy Couture, Giselle Itie and Eric Roberts.

The movie plot is about how an elite team of mercenaries known as "the Expendables" overthrow a dictator in a fictional South American country.

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]]>california budgetcalifornia budget crisisDolph LundgrenEric Robertsfurlough FridaysGiselle Itiegovernor schwarzeneggerJason StathamJet LiMickey RourkeRandy CoutureSchwarzeneggerschwarzenegger movie cameoSEIUSteve Austinsylvester stallonethe expandables movieGil RudawskyWed, 11 Aug 2010 18:45:00 ESTWall Street Donations Shift to GOP Amid Financial Reformshttp://www.dailyfinance.com/2010/08/10/wall-street-donations-shift-to-gop-amid-financial-reforms/http://www.dailyfinance.com/2010/08/10/wall-street-donations-shift-to-gop-amid-financial-reforms/http://www.dailyfinance.com/2010/08/10/wall-street-donations-shift-to-gop-amid-financial-reforms/#commentsFiled under:

Political contributions from Wall Street are shifting from Democrats to RepublicansPolitical contributions from Wall Street are shifting from Democrats to Republicans.

The swing from Democrat to Republican candidates during the second quarter coincides with financial reform legislation pushed through by President Obama in an attempt to protect Main Street from corporate greed. Republicans, joined by some on Wall Street, say the reforms are costly and over-reaching.

The trend is outlined in a preliminary analysis of federal-level campaign contributions by the Center for Responsive Politics.

180-Degree Shift This Year

The analysis found that during March 2009, Wall Street firms and people working for them directed 70% of their federal contributions to Democratic candidates, party committees and leadership PACs. In June of this year, there was a 180-degree shift, with 68% of contributions going toward Republican candidates.

Wall Street individuals, including company executives and middle managers, are the primary drivers of a Republican campaign donation shift, the Center's research indicates.

"Individuals working within this industry favored Republicans by a nearly 7-to-10 margin in June," said David Levinthal, communications director with the Center for Responsive Politics. "That's a significant departure from the beginning of 2009, when individuals working in this industry favored Democratic interests with $6 for every $10 spent on federal-level political interests."

The center, a Washington, D.C.-based non-partisan organization, noted that the percentage appears to show that the financial sector in June has given a greater amount of cash to federal-level Republicans since May 2008. The numbers are expected to continue the trend through the summer, the center reported.

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]]>democratsfinancial reformpolitical candidatesPolitical contributionrepublicanswall street backs republicanswall street contributionsGil RudawskyTue, 10 Aug 2010 18:45:00 ESTWalt Disney Earnings Top Estimates on Blockbusters and Ad Revenuehttp://www.dailyfinance.com/2010/08/10/walt-disney-earnings-top-estimates-on-blockbusters-and-ad-revenu/http://www.dailyfinance.com/2010/08/10/walt-disney-earnings-top-estimates-on-blockbusters-and-ad-revenu/http://www.dailyfinance.com/2010/08/10/walt-disney-earnings-top-estimates-on-blockbusters-and-ad-revenu/#commentsFiled under: , ,

DisneyWalt Disney (DIS) reported better than expected earnings Tuesday due to an increase in advertising revenue at its media networks and better ticket sales for its studio hits Iron Man 2 and Toy Story 3.

Disney reported earnings of 67 cents a share on revenues of $10 billion. Wall Street analysts had been expecting Disney to post third-quarter earnings of 58 cents per share. Last year, Disney turned in third-quarter earnings of 51 cents per share on $8.6 billion in revenues.

The company has beat analyst estimates over the past five quarters.

"We're very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses," said President and Chief Executive Officer Robert A. Iger in an earnings statement.

Disney's empire includes theme parks, resorts, cruise lines, media networks including ABC, ESPN and motion pictures.

Revenue from its cable networks were up 28% and broadcasting was up 4%. The cable network increase was attributed to previously deferred revenues related to annual programming commitments.
Studio Entertainment revenues for the quarter increased 30% to $1.6 billion.

This year the company's film division released Iron Man 2, which grossed $334 million in global box office sales in its first two weeks. Toy Story 3 and Alice in Wonderland also turned in good results. On the flip side, analyst Doug Creutz of Cowen & Co. said Disney had its share of "hits and misses" and is likely to write-down on Prince of Persia and Sorcerer's Apprentice.

Last week, Disney raised ticket prices at its theme parks as it moves away from discounting during the rough economy. Disney parks and resorts revenues for the quarter increased 3% to $2.8 billion and segment operating income decreased 8% to $477 million. Results for the quarter were weighed down by decreases at domestic parks and the Disney Cruise Line, but that was partially offset by improved results at the company's international operations.

Disney's per share price was up a half-percent to close at $35.30. It is trading slightly below its 52-week high of $37.98

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]]>DisneyDisney earningsWalt DisneyGil RudawskyTue, 10 Aug 2010 16:15:00 ESTHP CEO Resigns Amid Sexual Harassment Allegationshttp://www.dailyfinance.com/2010/08/06/hp-ceo-mark-hurd-resigns-amid-sexual-harrassment-allegations/http://www.dailyfinance.com/2010/08/06/hp-ceo-mark-hurd-resigns-amid-sexual-harrassment-allegations/http://www.dailyfinance.com/2010/08/06/hp-ceo-mark-hurd-resigns-amid-sexual-harrassment-allegations/#commentsFiled under: , , ,

Mark Hurd HP CEOThe chief executive of Hewlett-Packard (HPQ) resigned Friday amid allegations of sexual harassment.

In announcing the resignation of CEO and President Mark Hurd, the company said it did not find any violations of sexual harassment, but did find Hurd violated the company's standards of business conduct. The board appointed CFO Cathie Lesjak on an interim basis.

The sexual harassment claim was made against Hurd and HP by a former contractor. Some immediate reports said that the claims stemmed from inappropriate expenses.

"As the investigation progressed, I realized there were instances in which I did not live up to the standards and principles of trust, respect and integrity that I have espoused at HP and which have guided me throughout my career," Hurd said in a statement. "This is a painful decision for me to make after five years at HP, but I believe it would be difficult for me to continue as an effective leader at HP and I believe this is the only decision the board and I could make at this time.

The company's stock was dropping several percent in after-hours before trading was halted on the news.

In the same announcement, the company announcing preliminary results for the third fiscal quarter 2010, with revenue of approximately $30.7 billion up 11% compared with the prior-year period.

Lesjak has taken herself out of consideration as the permanent CEO but will serve as interim CEO until the selection process is complete. Candidates from both inside and outside the company will be considered. The selection of a new chairman will occur in conjunction with the CEO decision, the company said.

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]]>hewlett-packardHPMark Hurdsexual harassmentGil RudawskyFri, 06 Aug 2010 16:30:00 ESTWalt Disney Raises Ticket Prices at Theme Parkshttp://www.dailyfinance.com/2010/08/05/walt-disney-raises-ticket-prices-at-theme-parks/http://www.dailyfinance.com/2010/08/05/walt-disney-raises-ticket-prices-at-theme-parks/http://www.dailyfinance.com/2010/08/05/walt-disney-raises-ticket-prices-at-theme-parks/#commentsFiled under: , , ,

Disney Mickey MouseWalt Disney (DIS) theme parks, touted as the happiest places on earth, just got a little more expensive.

The entertainment and media conglomerate announced Thursday that it raised ticket prices at Disneyland and Disney World from 3.7% to 9.6%. The increase raises the price of a one-day adult ticket to Disney World in Orlando, Fla. from $79 to $82, and season pass prices rise between $10 and $18.

Disney reports earnings next week, and analysts are taking note of the price increase, and expecting stronger results.

"[The price increase] indicates that park revenues are holding up, despite building economic pressure and no discounting," said Analyst Tony Wible of Janney Montgomery Scott in a report.

Robert Niles, editor of Theme Park Insider magazine, said the increases of about 1% to 3% were no surprise and are "fairly modest" compared with the price hikes of about five or six years ago.

Prices for previously purchased tickets and passes will not be affected.

For next week's earnings report, Disney is expected to post a third-quarter profit of 59 cents per share, a figure that is up roughly 13% from last year's earnings of 52 cents per share for the same period. The company has beat analyst estimates over the past four quarters.

This year the company's film division released Iron Man 2, which grossed $334 million in global box office sales in its first two weeks. Disney's per share price was up slightly to close at $34.98.

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]]>Gil RudawskyThu, 05 Aug 2010 17:30:00 ESTGame-Maker Activision Blizzard Earnings Mixed Due to Fewer Launcheshttp://www.dailyfinance.com/2010/08/05/game-maker-activision-blizzard-earnings-mixed-due-to-fewer-launc/http://www.dailyfinance.com/2010/08/05/game-maker-activision-blizzard-earnings-mixed-due-to-fewer-launc/http://www.dailyfinance.com/2010/08/05/game-maker-activision-blizzard-earnings-mixed-due-to-fewer-launc/#commentsFiled under: , ,

activisionSeveral blockbuster game launches at Activision Blizzard (ATVI) contributed to the company's increase in second quarter net income, but fewer games hitting the market dragged down its revenues.

Activision, maker of the popular "Call of Duty" and "Guitar Hero" games, reported net revenues of $967 million, down from over $1 billion in the same quarter last year. Earnings per share were up three cents to 18 cents from the last year's quarter, with earnings of $219 million, versus $195 million.

Shares fell 70 cents, or 6%, to $11.03 after-hours trading Thursday after the release of results. It closed in regular trading at $11.75 a share, down about a half-percent.

Adjusted revenue, meanwhile, fell 15 percent to $683 million from $801. This is below the $719.8 million that analysts had expected.

Activision CEO Robert Kotick said results were fueled by strong consumer response to the "Call of Duty" and "Warcraft" franchises.

"True Crime" Delayed Until Next Year

"Looking to the balance of the year, we expect to release the best slate in our company's history. Blizzard Entertainment's 'StarCraftII: Wings of Liberty' is off to a strong start worldwide with midnight openings on July 27, at 3,100 GameStop stores in the U.S. and 8,000 retailers around the world," Kotick said.

Activision said Wednesday that "StarCraft II" sold more than 1 million copies in the first 24-hours of its release, becoming the best-selling PC game of 2010. Other launches, such as "Shrek Forever After" and "Singularity" didn't perform as well.

The company announced the delay of the upcoming open-world action title, "True Crime: Hong Kong," from later this year to next year in order to "give the development team more time to deliver the high-quality entertainment experience they envision for the game."

COO Thomas Tippl said for the first time revenue from its online channels allowing game downloads and subscriptions beat retail sales.

The company set high expectations with the upcoming release of "World of Warcraft: Cataclyst," which began a closed beta test on June 30.

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]]>Activision Blizzard earningsActivision Blizzrdvideo gamesGil RudawskyThu, 05 Aug 2010 16:30:00 ESTBaidu's Shares Soar as Google Gets Stuck in Chinese Red Tapehttp://www.dailyfinance.com/2010/08/03/baidu-shares-soar-google-chinese-red-tape/http://www.dailyfinance.com/2010/08/03/baidu-shares-soar-google-chinese-red-tape/http://www.dailyfinance.com/2010/08/03/baidu-shares-soar-google-chinese-red-tape/#commentsFiled under: , , , , ,

Baidu's Shares Soar as Google Gets Stuck in Chinese Red Tape The name of Chinese-language Internet search engine Baidu (BIDU) means "100-times," and the company is living up to it, turning in a 137% stock increase for the year. It's trading at its 52-week high, mainly on reports that the Chinese economy doesn't look as dour as first reported, and thanks to problems rival Google (GOOG) is having in that nation's lucrative market. For the month of July, Baidu stock shot up 25%.

Beijing-based Baidu, called the Google of China, provides 70% of local searches in the most populous country in the world. China's 384 million Internet users spend an average of 2.7 hours a day online, which translates to 1 billion online hours a day. That's double the amount of online hours per day clocked by U.S. Internet users.

Baidu's stock began trading on the Nasdaq in 2005, and shot up 354% on its first day of trading, but in the past three years, the company's stock price has settled down. Over the last year, its stock price has hovered between $32 and $80 a share. The company initiated at 10-to-1 stock split in May.

On Tuesday, Baidu's stock was trading up slightly at its 52-week high of $85 a share. Last month the company turned in solid second-quarter results ahead of forecasts, with revenue totaling $282.3 million compared with $160.7 million a year ago.

Google's Troubles Are Baidu's Luck

Censorship issues have been thwarting Mountain View, Calif.-based Google's efforts to make deeper inroads in the Chinese market. The Beijing government last month renewed Google's license, but some Communist Party officials upset about that renewal still might move to bar the search provider from the country.

Although not clear if it was related to the conflict between the company and the Chinese government, the search page of Google's Hong Kong site was not accessible from the mainland on Tuesday. A Google Q&A page for Chinese users launched late last month was also down.

"Baidu continues to outperform across the board driven by a strong search advertising market in China, the launch of its (new advertising) platform and share gains from Google China," said Kaufman Brothers analyst Mayuresh Masurekar.

Baidu was co-founded in 2000 by its Chairman and CEO Robin Li, who holds more than 15% of the company's stock.

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]]>baidubaidu revenueBaidu stockchinaChina censorshipchinese censorshipgoogle censoredgoogle chinagoogle china censorshipgoogle china licensesearchsearch enginesGil RudawskyTue, 03 Aug 2010 15:19:00 ESTOccidental CEO's Bloated Pay Prompts Shareholder Fighthttp://www.dailyfinance.com/2010/08/02/occidental-ceos-bloated-pay-prompts-shareholder-fight/http://www.dailyfinance.com/2010/08/02/occidental-ceos-bloated-pay-prompts-shareholder-fight/http://www.dailyfinance.com/2010/08/02/occidental-ceos-bloated-pay-prompts-shareholder-fight/#commentsTwo of the largest institutional investors in Occidental Petroleum (OXY) are none too happy about the estimated $50 million its chief executive made last year, and they're launching a fight to take over seats on the oil and gas company's board.

Relational Investors LLC and the California State Teachers' Retirement System (CalSTRS) sent a letter Friday to the board of the company announcing their intentions to try to take over four of the 13 board positions at next year's annual meeting. A spokesman for CalSTRS confirmed the contents of the letter, first reported in The Wall Street Journal.

The main gripes are the amount of Occidental Chairman and CEO Ray Irani's compensation and the lack of a succession plan. Irani, 75, reportedly took home $857 million in pay since he took over as chief executive 10 years ago. This year, his pay plan includes a $58 million incentive.

Movement at the Top

On Monday, Occidental announced the appointment of Chief Financial Officer Stephen Chazen to president and chief operating officer. For at least one of the investors, it was a good move.

"Today's appointment of Stephen Chazen as COO is a long overdue positive first step. However we feel it is reactive to issues brought to them by shareholders outside the board room, whereas as a vigorous Board would have been proactive," said CalSTRS spokesman Ricardo Duran. "As a long-term shareholder in Occidental, CalSTRS wants to see an institutional process in place for succession planning to ensure that the excellent returns we've received so far will continue. "

CalSTRS has been an owner of Occidental Petroleum for more than 25 years and has no immediate plans to sell its stake.

Executive compensation experts say that Irani's compensation, an increase of 40% from the previous year, should reflect a higher return than the stock's actual return for investors. Over the last 24 months, the stock has fluctuated from between $70 and $80 a share.

On news of the board takeover bid, Occidental's stock on Monday increased 3% to close at $80 a share.

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]]>bloated CEO payCalifornia State Teachers Retirement SystemCalSTRSceo compensationceo payCorporate governanceExecutive compensationoccidental petroleumray iraniRelational Investors LLCShareholder activismGil RudawskyMon, 02 Aug 2010 20:00:00 ESTHot Topic on Wall Street: The Search for Warren Buffett's Successorhttp://www.dailyfinance.com/2010/07/31/warren-buffett-successor-berkshire-hathaway-li-lu/http://www.dailyfinance.com/2010/07/31/warren-buffett-successor-berkshire-hathaway-li-lu/http://www.dailyfinance.com/2010/07/31/warren-buffett-successor-berkshire-hathaway-li-lu/#commentsFiled under: , , , ,

Who will take over for Warren Buffett, CEO of Berkshire Hathaway, when the time comes? One name at the top of the list is Li Lu, a relatively unknown fund manager born in China.Forget the double-dip recession, financial reforms and the new iPhone's reception problems. The talk of Wall Street this week was focused on Li Lu, the latest rumored candidate to take over part of CEO Warren Buffett's role at Berkshire Hathaway (BRK.B).

Early Friday, The Wall Street Journal reported that Chinese-born Li had emerged as a leading candidate to oversee a chunk of Berkshire's $100 billion portfolio, based on an interview with Vice Chairman Charlie Munger. Li's the first candidate who's been named, so far, according to the Journal. While he isn't planning to leave his post, the 79-year-old Buffett has said he would likely split his job up when he does.

Buffett's age, along with that of 86-year-old Munger, has fueled speculation about the company's future leadership. Li is apparently close friends with Munger, and has already been bringing the Omaha, Neb.-based company some big investments with large returns, including Chinese battery and auto maker BYD. That investment has reportedly yielded Berkshire a $1.2 billion profit.

Embracing the free market

Before turning to investing, Li was a student leader in the Tiananmen Square uprising. He earned three degrees at Columbia University, including a graduate degree in business. Then, in 1998, he began running a high-risk hedge fund, requiring a minimum investment of $1 million. His fund has averaged a 24% annual return. "Free man, free market," he's constantly quoted as saying.

Another possible successor is David Sokol, chairman of MidAmerican Energy Holdings and NetJets, both Berkshire companies. It's unclear whether the news about Li means that Sokol may now have been bumped from the top of the list, or if Sokol might take over as CEO while Li takes over as a top investment executive.

No sign of slowing down

In his annual letter to shareholders earlier this year, Buffett, known affectionately as the Oracle of Omaha, didn't offer any clues about his succession. "At 86 and 79, Charlie and I remain lucky beyond our dreams...we have long had jobs that we love, in which we are helped in countless ways by talented and cheerful associates. Indeed,over the years, our work has become ever more fascinating; no wonder we tap-dance to work. If pushed, we would gladly pay substantial sums to have our jobs (but don't tell the Comp Committee)."

The company has been conspicuously mute on the succession topic for the last several years. Friday's news was a notable departure from that silent strategy -- and may have been a reaction to some analysts putting a sell rating on the stock. One analyst warned this month that the company's stock price might drop if the economy weakens and Berkshire's consumer-oriented businesses see their revenue drop.

But Berkshire's stock also got some good publicity this week. The exclusive Tiger 21 peer-investment club picked Berkshire as its top stock, based on the stock's 19% return this year. The club has 140 members, each of whom must have a net worth of at least $10 million.

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]]>berkshire hathawaybrkbrk.abrk.bBYDceoceosexecutive searchInvestingInvestmentinvestment managementinvestment managerli luportfolio managementportfolio managerswarren buffettwarren buffett successorGil RudawskySat, 31 Jul 2010 09:00:00 ESTCarlos Slim Buys Manhattan Mansion for $44 Millionhttp://www.dailyfinance.com/2010/07/29/carlos-slim-buys-manhattan-mansion-townhouse/http://www.dailyfinance.com/2010/07/29/carlos-slim-buys-manhattan-mansion-townhouse/http://www.dailyfinance.com/2010/07/29/carlos-slim-buys-manhattan-mansion-townhouse/#commentsFiled under: ,

Carlos Slim, Mexicon telecom tycoon and the world's richest person, bought the only private Manhattan Fifth Avenue townhouse, a 20,000-square-foot mansion that's only 27 feet wide, for $44 million. Mexican billionaire Carlos Slim, pictured, has bought the only private Manhattan Fifth Avenue mansion for a cool $44 million. The Beaux Arts style townhouse is at 1009 Fifth Avenue, which is on the corner of East 82nd Street, right across the street from the Metropolitan Museum of Art. It's unclear whether the Mexican telecom tycoon, which Forbes lists as the world's richest person, worth an estimated $53 billion, will live in the townhouse or keep it as an investment.

Slim's real estate division has been purchasing property around New York City, last month scooping up an 11-story office building -- also on Fifth Avenue -- for $140 million. New York City Finance reported the transaction, which is likely one of the biggest deals in Manhattan this year.

A Sign of Manhattan Real Estate Revival?

In the upper echelons of Manhattan's real estate community, the deal is a welcome sign of of life for a market that has been struggling along with the economy. Earlier this month, Manhattan residential firms reported that sales were picking up -- though they still remained slow -- and prices were stabilizing. The average luxury apartment in the city sells for more than $5 million.

Carlos Slim mansionSlim's historic property is known as the Duke Semans Mansion. It was originally the home of tobacco magnate Benjamin Duke and had been owned by descendents of the Duke family since it was built in 1901. The meticulously maintained narrow home, which boasts more than 19,000 square feet but is only 27 feet wide, includes eight levels, three terraces, 12 bedrooms and 11 fireplaces.

"This is one of the last remaining prized pieces of properties in Manhattan," says Leonard Steinberg, managing director of Prudential Douglas Elliman. "It has a tremendous history, architecture and location." The Sapir Organization listed the property for $50 million. Apparently, another bidder, reportedly from Russia, offered $37 million.

Similar properties around Manhattan that hearken to an era of opulence have been turned into museums or embassies, Steinberg says. "No one knows what he is going to do with it, but I suspect it would be a grandiose home for the world's richest person," he says.

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]]>billionairebillionairesCarlos Slimexpensive homesFifth Avenuehigh end real estatemanhattanmanhattan real estatemansionmetropolitan museum of artreal estatetownhouseupscale homesGil RudawskyThu, 29 Jul 2010 19:45:00 ESTCold War: Dairy Queen Fights To Protect Blizzard Trademarkhttp://www.dailyfinance.com/2010/07/28/cold-war-dairy-queen-fights-to-protect-blizzard-trademark/http://www.dailyfinance.com/2010/07/28/cold-war-dairy-queen-fights-to-protect-blizzard-trademark/http://www.dailyfinance.com/2010/07/28/cold-war-dairy-queen-fights-to-protect-blizzard-trademark/#commentsIt's hot outside, but the ice cream business is preparing for a blizzard. A legal fight is taking shape as upstart Yogubliz' Blizz Frozen Yogurt faces a legal challenge from Dairy Queen, which asserts that the Blizz name is too close to Dairy Queen's own Blizzard dessert.

Dairy Queen -- now called DQ. -- is owned by Warren Buffet's Berkshire Hathaway (BRK.A). DQ said the similarity in the names creates confusion in the market, and the ice cream giant's trademarks are being damaged, according to a July 26 filing in U.S. District Court in California.

Dairy Queen asserts the growing Blizz chain will ""likely to cause confusion, mistake and deception among consumers." The filing requests that the court block Yogubliz from using the Blizz moniker. In an earlier filing, Yogubliz said the two brands are distinct. For one, Yogubliz is made from frozen yogurt.

Yogubliz owns outlets in California and Nevada. Calls to the Downey-Calif.-based company were referred to founder Tony Ravelo, who is on vacation.

Blizz Frozen Yogurt is said to be a favorite of actor Mark Wahlberg, who showed up at a store opening last year. Pop princess Britney Spears called Blizz her "latest obsession" on her Web site.

The Blizzard, which Dairy Queen launched in 1985, is a soft-serve frozen dairy product mixed with candy or other items. Omaha-Neb.-based Berkshire Hathaway purchased the Dairy Queen chain in 1998.

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]]>dairy queenice creamlitigationTrademarkGil RudawskyWed, 28 Jul 2010 18:30:00 ESTFurlough Fridays Back On in California as Schwarzenegger Declares Fiscal Emergencyhttp://www.dailyfinance.com/2010/07/28/california-fiscal-emergency/http://www.dailyfinance.com/2010/07/28/california-fiscal-emergency/http://www.dailyfinance.com/2010/07/28/california-fiscal-emergency/#commentsFiled under:

CaliforniaFaced with a $19.1 billion deficit and no hope for digging out, California Governor Arnold Schwarzenegger on Wednesday declared a fiscal emergency.

Under the rules of the emergency, Schwarzenegger ordered three furlough days per month for all but essential state employees. State offices will be closed three Fridays a month.

The closures and furloughs will remain in place until a budget is enacted. California government workers are used to the so-called "furlough Fridays," living with them for 12 months, ending this past June.

"Every day of delay brings California closer to a fiscal meltdown," Schwarzenegger said in a statement. "Our cash situation leaves me no choice but to once again furlough state workers until the Legislature produces a budget I can sign."

Schwarzenegger also called on other state government entities, including the state university systems, judicial branch and public utilities, to take similar cost-cutting measures.

The Golden State's budget has been stall for weeks as lawmakers can't decide how cut the debt and balance the books. The emergency measures, according to the order, will keep the state's budget crisis from getting worse.

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]]>californiaCalifornia budget crisisCalifornia fiscal emergencyfurlough FridaysfurloughsSchwarzeneggerGil RudawskyWed, 28 Jul 2010 16:51:00 ESTUptick in Consumer Spending Help Visa's 3Q Earningshttp://www.dailyfinance.com/2010/07/28/visa-earnings-consumer-spending-boost/http://www.dailyfinance.com/2010/07/28/visa-earnings-consumer-spending-boost/http://www.dailyfinance.com/2010/07/28/visa-earnings-consumer-spending-boost/#commentsFiled under: , ,

VISA An increase in consumer spending helped boost credit card processor Visa's (V) third quarter earnings. After Wednesday's market close, Visa reported net income of $716 million or 97 cents a share, with revenues of $2 billion.

Wall Street analysts expected the San Francisco company to earn 93 cents per share or $729 million on revenue of slightly less than $2 billion. In the same quarter last year, the company earned 67 cents per share, on revenue of $1.65 billion.

"Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc.

Visa's total credit transactions for the quarter totaled 11.7 billion, a 14% increase over the prior year. For the year, Visa estimates a net revenue growth of 11% to 15%

Debit cards have helped Visa weather the economic downturn. Visa says 70% of all its payment transactions in the U.S. are now debit or prepaid, reflecting a desire by consumers to hold debt levels down.

Investors are unsure of the impact of pending new financial rules on Visa and other credit card processing companies. Some rules put limits on debit card fees charged to businesses. So far, Wall Street is taking the new fees in stride. In a research note before Visa's earnings announcement, Glenn Greene of Oppenheimer & Co. said he expects the rules to have less of an impact than initially expected.

In the earnings report, Saunders said: "It goes without saying, the United States debit market will undergo changes following implementation of the Wall Street Reform and Consumer Protection Act next year. While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change."

Visa shares were down on Wednesday, $1.47 cents a share to close at $75.18. Its shares are down 13% for the year. Shares rose modestly in after-hours trading.

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]]>VisaVisa earningsGil RudawskyWed, 28 Jul 2010 16:15:00 ESTHarley-Davidson's Modest New Line Still Gets Customers Fired Uphttp://www.dailyfinance.com/2010/07/27/harley-davidsons-modest-new-line-still-gets-customers-fired-up/http://www.dailyfinance.com/2010/07/27/harley-davidsons-modest-new-line-still-gets-customers-fired-up/http://www.dailyfinance.com/2010/07/27/harley-davidsons-modest-new-line-still-gets-customers-fired-up/#commentsHarley-Davidson's (HOG) 2011 line of motorcycles has everything you'd expect: contemporary custom-designed bikes (also known as "customs") drenched in chrome and dark retro-style bobbers (bikes with a rear fender shortened or "bobbed") and wicked new colors and graphics.

But there are some new twists to the storied brand, like a built-in iPod Nano; a suspended, heated, two-up seat with leather inserts; dual mufflers featuring new chrome billet end-caps with black spears; and new mirrors finished in chrome.

"Everybody looks forward to seeing what they come out with," said Glenn Roberts, editor of Ontario-based Motorcycle Mojo magazine. "It seems like their new line is keeping with the trend of putting out a couple of new models and adding a bunch of modifications to existing lines and then giving them new names."

Overall, the new line Harley introduced Tuesday is modest, with only three new models -- the SuperLow, XR1200X and Road Glide Ultra -- and a host of upgrades to its existing line, including more powerful engines and so-called "Smart Security System." The Milwaukee, Wis.-based company's Custom Vehicle Operation line, or CVO, is also offering four new, limited production motorcycle lines for next year. The base prices on the new lineup of 2011 CVO Harleys range from $29,500 to $36,500, and the three new production models range in price from $7,999 to $12,799.



Hog Sales Still Slow

Yet even with the more powerful engines and sexy new bikes, investors weren't feeling exhilarated. Given the soft economy, Harley has been more tentative in recent years with the introduction of new lines. The company's stock slipped 65 cents, or 2% to close at $28.23 on Tuesday. In after-hours trading it dropped 2.5% more.

Sales are down this year, as they have been for the last three years. Last week, the company reported a $71 million profit, more than triple the same quarter last year. Harley has been saving money by squeezing its operations. It announced plans to cut up to 1,600 jobs by the end of next year. Last year, Harley cut 2,000 jobs, or a fifth of its workforce.

Last week, the company said it would begin talks with the union representing its employees in Wisconsin, where the company plans to restructure or relocate its production facilities in Milwaukee and Tomahawk in order to "close large cost gaps" and "improve flexibility to meet seasonal and other customer-driven production needs." Should a new labor agreement fail to be reached by mid-September, the company said it will move its production operations from Wisconsin to another part of the U.S. (Harley-Davidson said it will keep its headquarters, product development team and its Harley-Davidson Museum in Milwaukee no matter what the outcome.)

"Our focus on continuous improvement goes beyond simply reducing costs," said CEO Keith Wandell. "It extends to our ability to deliver the right bikes to the right markets at the right time."

What About That New Engine?
The three new models add to Harley's existing line of 32 motorcycles. The new line includes the SuperLow, a bike that's designed for new riders with the hope of expanding the company's customer base. The SuperLow is built to be comfortable and to help new riders maintain balance and control.

But it was the four limited-edition motorcycles that had motorcycle blogs on fire Tuesday following the announcement. Particularly notable is the custom fuel-injected Screamin' Eagle Twin Cam 110 V-Twin, the largest-displacement engine ever produced by Harley-Davidson.

Production of this motorcycle will be limited to 3,000 units, and the model has a suggested retail price of $35,999. It comes in three custom color schemes: Rio red and black ember with quartzite graphics; charcoal slate and black twilight with quartzite graphics; and frosted ivory and vintage gold with quartzite graphics.

This story was updated at 2:00 p.m. on Wednesday July 28, 2010.

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]]>2011 CVO Harleysbuilt-in iPod Nanoharley bobbersharley contemporary customsharley hogsHarley with built-in iPod NanoHarley-Davidsonharley-davidson 2011 lineupharley-davidson motorcyclesHarley-Davidsons 2011 line of motorcyclesmotorcyclemotorcyclesnew Harley lineScreamin Eagle Twin Cam 110 V-TwinGil RudawskyTue, 27 Jul 2010 19:30:00 EST