DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Feds Delay Sentencing in HP Pretexting Case Due to 'Related Matter'http://www.dailyfinance.com/2011/08/30/feds-delay-sentencing-in-hp-pretexting-case-due-to-related-matt/http://www.dailyfinance.com/2011/08/30/feds-delay-sentencing-in-hp-pretexting-case-due-to-related-matt/http://www.dailyfinance.com/2011/08/30/feds-delay-sentencing-in-hp-pretexting-case-due-to-related-matt/#commentsFiled under: , ,

Five years after tech giant Hewlett-Packard (HPQ) found itself at the center of a headline-grabbing pretexting scandal, DailyFinance has learned that federal authorities have expanded the scope of their prosecution to include other potential defendants.

In 2006, HP publicly disclosed that the company had deceptively obtained personal phone records through pretexting in an effort to find the source of a board-level corporate leak to the media. Pretexting -- a federal offense -- is the act of posing as a phone customer, or someone else, in order to request a customer's private, personal phone records. In HP's case, the scandal eventually forced high-profile resignations and led to millions of dollars in fines and lengthy legal battles.

Bryan Wagner, a contractor hired by HP's investigators, used pretexting to spy on HP board members and a handful of journalists, with the aim of uncovering the source of that media leak. He pleaded guilty to federal identity theft and conspiracy charges in 2007 after the state of California decided to drop its case against him, and was scheduled for sentencing Aug. 25 -- until it was postponed.

On Aug. 26, DailyFinance obtained a Department of Justice notice sent to an HP pretexting victim, who wanted to remain anonymous, regarding case No. 2006R00977. It reads:
The United States Department of Justice believes it is important to keep victims of federal crimes informed of court proceedings. This notice provides information about the above-referenced criminal case.

The sentencing did not take place on August 25, 2011. There are other defendants involved in a related matter; therefore, Bryan Wagner will not be sentenced until the outcome of the other defendants is determined.

We are expecting a sentencing date, for Bryan Wagner, to take place either 11/10/11 or 11/17/11.
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Wagner, of late, was thought to be the only individual who would face federal charges in the case. Early on, however, he was hardly the sole target of the probe. In 2006, it was discovered that the chairwoman of HP at the time, Patricia Dunn, had ordered an investigation to uncover the sources of high-level leaks to reporters. But she vehemently denied knowing what tactics were being used in that effort, and claimed to have no knowledge about the pretexting.

Under further scrutiny, Dunn resigned because of the "distraction her presence" on the board presented to the company. Fraud charges were eventually filed against Dunn and other individuals by the California Attorney General's office, but these were later dropped. In a written statement following the dismissal of the charges against her, Dunn said: "I have always had faith that the truth would win out and justice would be served -- and it has been." California offered to drop charges against other co-defendants under two conditions, including community service.

However, there was always the possibility that federal charges could be filed against any of the former defendants, or others, if new evidence was obtained. The new details in the victim notification email raise questions about who's involved in the "related matter" and how it all ties to Wagner and pretexting. A Department of Justice spokesperson declined to comment for this story as it relates to an ongoing case.

These latest developments come at a time when the media, namely News Corp. (NWS), has been under fire for pretexting in the News of the World scandal. The HP case, however, was the impetus that lit a fire under Congress in 2007 to pass a law against the pretexting of phone records.


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]]>bill wohlBillWohlbryan wagnerBryanWagnerCalifornia Attorney Generaldepartment of justiceDepartmentOfJusticeDOJfraudHewlett Packard Cohewlett-packardhphpqleakNews CorpNews of the WorldNewsOfTheWorldpatricia dunnPatriciaDunnPretextingscandalsentencingspyingLatif Lewis WilliamsTue, 30 Aug 2011 11:30:00 ESTCEO's Corner: Chick-fil-A's Dan Cathy on Rising Food Costs, Family Valueshttp://www.dailyfinance.com/2011/07/08/ceos-corner-chick-fil-a-dan-cathy-food-costs-family-values/http://www.dailyfinance.com/2011/07/08/ceos-corner-chick-fil-a-dan-cathy-food-costs-family-values/http://www.dailyfinance.com/2011/07/08/ceos-corner-chick-fil-a-dan-cathy-food-costs-family-values/#commentsFiled under: , ,

It has been a busy year for fast food chain Chick-fil-A. The company announced earlier this year that its 2010 sales jumped 11.4% to more than $3.5 billion and are still going strong, and it's in the process of opening 90 new locations this year. On the downside, it has also been heavily criticized for supporting groups opposed to same-sex marriage.

If you're one of the loyal customers who has powered the chain's growth -- and if you have a cow costume -- Friday was your lucky day. For it's annual Cow Appreciation Day, Chick-fil-A gave away free entrees to customers dressed from head to hoof in cow gear. The company said it expected a turnout of more than half a million for the event this year.

While I was a bit tempted to craft some type of cow costume, there's so much more that I wanted to inquire about, including rising food costs, industry trends and the economy, so I tracked down Chick-fil-A CEO Dan Cathy.

DailyFinance: Costs for nearly everything are on the rise. How is this affecting Chick-fil-A, and will you eventually have to pass these costs on to consumers?
Dan Cathy: Whenever we see rising costs in any area, we try to do everything we possibly can to maybe save costs in other areas that don't affect the customer's experience. Even a lot of the international trade areas affect the costs of Chick-fil-A. For instance, we ship a tremendous amount of product overseas to Asia and also to Eastern Europe for dark pieces of chicken, which helps offset the cost of production. So thank goodness there is a strong demand for those other parts of the chicken.

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About 80% of the cost of that bird is going to be built into corn prices. So those things do affect us. But as I said, there might be other areas that we could eliminate doing. But the bottom line is that we have to drive the value for the customer -- make sure that they feel that they're getting a really good deal.

So as long as we can maintain our prices, even short term if it's going to cost us some profit margin, then we're willing to forgo that on a short-term basis because many things are fluctuating up and down. But, if those trends are sustained over a longer period of time then we know eventually we're going to have to adjust our prices.

Chick-fil-A restaurants are closed on Sundays to allow employees to practice their religious faith. Do you ever get concerned about how much revenue you may be losing?
Well that's a question that's often asked: How much money do we lose by being closed on Sunday. On the surface, you'd simply think that Sunday is one of the most popular eating out days of the whole week. So you can kind of make a guesstimate as to how much business we might generate if we were open Sunday. But there are many more underlying elements that are a great benefit that frankly offset the fact that we're closed on Sunday.

We know that it directly affects our customer service because we can rest and be with our families and team members can worship if they so choose. We know even that drives value systems and attitudes of compassion toward others, and hospitality toward others.

What are the chances of Chick-fil-A ever going public?
We feel like it's an extremely expensive cost of capital. And in a business, you want to have the lowest operating costs you possibly can. So there other forms that cost much less like borrowing money through banks and that sort of thing. We've done bank borrowing in the past. However, in the past 11 years now, we've not been borrowing any more money than we'd already established in the 1990s. And in fact, we've been paying it down and we'll be completely debt-free within less than a year.

Some fast food chains have begun to serve alcoholic beverages ranging from wine to beer. Is this something that you'd ever consider?
The only alcohol products that we carry in our restaurants are in our first aid kit. I don't think you'll ever expect to see that on the menu of a Chick-fil-A restaurant. I think the value system that we portray and the wholesome family-friendly atmosphere that we promote and the culture within Chick-fil-A is such that it would never be necessary for us to serve those alcoholic products.

As a businessman, how would you rate the current administration's policies as they related to business?
I think it's an incredibly complex set of issues that our government has had to deal with today as it relates to the economy. I think the recession that we've had for the last two to three years -- on one hand has been incredibly valuable for our economy because it cleaned out a lot of frivolous spending by the consumer sector that was overspending, overextended.

I think we've all been to school now and learned the lessons of what happens when we have ambitions that exceed our ability to pay. I hope federally we learn that same lesson. We're headed for a train wreck here with our federal budget. If we don't get a better grip on our spending, we're going to be as foolish as some of the other countries over in Europe that are facing the consequences of endless spending and thinking that a few are going to be able to pay the excesses of the many.

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]]>ceos cornerCeosCornerchick+fil+achick-fil-achick-fil-a ceoChick-fil-aCeochickenchickfilachristian valuesChristianValuescommoditiesconsumer pricesConsumerPricescorncow appreciation dayCowAppreciationDaydan cathyDanCathyeconomyfast foodFastFoodfree chick-fil-aFreeChick-fil-ainternational+cow+day+chick+fil+ainternationalcowdaychickfilareligionReligionInTheWorkplaceLatif Lewis WilliamsFri, 08 Jul 2011 10:45:00 ESTCEO's Corner: How Goodwill Forges On Amid the Jobless Recoveryhttp://www.dailyfinance.com/2010/12/14/ceos-corner-goodwill-jobless-recovery-charity/http://www.dailyfinance.com/2010/12/14/ceos-corner-goodwill-jobless-recovery-charity/http://www.dailyfinance.com/2010/12/14/ceos-corner-goodwill-jobless-recovery-charity/#commentsFiled under: , , , , , , ,

Jim Gibbons'Tis the season to make charitable donations, and Jim Gibbons (pictured), CEO of Goodwill Industries International, hopes that his nonprofit will be on the receiving end as you make out your charity list and check it twice.

Gibbons says Goodwill, which has been around since 1902, is seeing more people than ever in need of its services amid an economic downturn that has left millions jobless. "The American family is really trying to stretch the dollar" to survive, he says.

DailyFinance chatted with Gibbons, who is blind, about how donations are holding up in a tough economy, Goodwill's job-training services and the benefits of bringing people with disabilities into the workforce. Here are some excerpts from our conversation:

DailyFinance: How has Goodwill been affected by the economic downturn?
Gibbons: We have more and more people knocking on the Goodwill door for help, [and there's] a huge demand placed on the Goodwill network for job training and employment services.

The two big indicators, if you want to put it into categories, are services, which is what our organization is all about, why we exist. . .[and] the retail program, which really is a social enterprise that allows not only the employment platform for transitional employment, first-time opportunities and on-the-job training, but also funding other additional programs for our communities. The Goodwill donations and retail are doing pretty well in this economy. We're up a little over 10% in both donations and sales, and that is fueling the services and the employment generation for Goodwill.

Can you elaborate on some of the job-training services Goodwill provides?
Well, I think that the unique thing about the core model is all of the training that is provided on the local level is developed based on that community's opportunities. [One day] you can have extensive programs in construction, and [later the] training programs have moved on to health care. You have to morph to the needs of the community. We also have programs in retail and financial services. And for the 2 million people a year that we serve, we have a fundamental value that basic financial strengthening is important.

We have programs in the financial services center to support the banking industry. The banking industry is strong in our communities. We are working a lot with people who have skill sets that aren't necessary in their community anymore. Like the rest of this society, we're finding that people like an auto worker who was making really good money may not have any skill sets with Microsoft Office, Word, PowerPoint. Your 21st-century workforce has to be able to maneuver in a technological environment.

From your perspective, do you think that U.S. employers are doing enough to accommodate people with disabilities?
Only 32% of working-age adults with disabilities are employed. That statistic demonstrates that employers could be doing more.

The greatest employment obstacle facing people with disabilities is the misconception that they can't do the work adequately or that they need special considerations that come at a great expense. In fact, most employers report that it costs little or nothing to accommodate people with disabilities in the workplace. Additionally, these teammates have above-average records of job performance and dependability -- which improves productivity and lowers the cost of hiring and training.

If these reasons aren't enough, there may also be tax incentives to hiring people with disabilities, depending on where the business is operated. So the costs of accommodating employees with disabilities is more than made up for by the benefits they bring to the workplace. It's up to employers to take that first step and give workers with disabilities an opportunity.

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Back to the retail operations: Have you noticed a shift in the type of consumer entering Goodwill stores?
We are definitely seeing new faces in Goodwills across the country, and the economy definitely drives that. In recent history, I would characterize our shoppers and our donors as [having] pretty similar demographics. I would say it's the green shopper that's probably the newest face that we're seeing -- people that are really trying to do their part in society in terms of [reusing products].

We don't have strong data, but anecdotally, [the customers range from] the fashion diva to the person that just wants to be a little more nostalgic. But definitely across the socioeconomic spectrum: real people who work hard, who want to stretch the dollar, want to look good and want to have a positive shopping experience.

For the past decade, you've been offering an online shopping service that in many ways is similar to eBay. Can you tell us a little more about shopgoodwill.com?
Shopgoodwill.com, [which is the largest auction site run by a nonprofit], grows at a run-rate of about 33% a year. Currently through our shopgoodwill program, we've done about $100 million worth of sales of unique, novel, nostalgic items. At any given time, there are 30,000 items on shopgoodwill. To make the holiday experience that much more meaningful, not only is it a good shopping experience, but shopgoodwill alone has allowed us to serve 33,000 people over its 10-year existence, on top of the other people that we serve in each local community. I think it's a good opportunity to be both practical and purposeful at the same time.

Of all of the nonprofits out there, why should someone choose to support Goodwill?
I think what everybody cares about when they write a check [for a charity] is that check being put to good use. And when you donate a closet of clothing, what we're finding is people care about convenience. We have more than 2,500 stores and another 2,000 donation centers around the country. So convenience definitely matters.

But people also care about the whys. Not only are we efficient in how we operate so that every dollar is optimized for that community, but I think Goodwill is an intersection point between caring and the community -- especially in an economy right now where job creation is of utmost importance. So the convenience and knowing that your contribution is being used responsibly are very important.

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]]>9.8 percent jobless rateceos cornercharitable givingcharityChristmasdonatedonationseconomygoodwill ceogoodwill ceo jim gibbonsgoodwill industries internationalgreen shoppersholidaysjob trainingjobless raterecessionretailshopgoodwill.comshoppersshoppingunemployment rateLatif Lewis WilliamsTue, 14 Dec 2010 10:45:00 ESTCEO's Corner: Comic Book Icon Stan Lee on Superheroes, POW! and Morehttp://www.dailyfinance.com/2010/07/22/ceos-corner-comic-book-icon-stan-lee-superheroes-pow-disney/http://www.dailyfinance.com/2010/07/22/ceos-corner-comic-book-icon-stan-lee-superheroes-pow-disney/http://www.dailyfinance.com/2010/07/22/ceos-corner-comic-book-icon-stan-lee-superheroes-pow-disney/#commentsFiled under: , , , , ,

Stan LeeDie-hard comic fans are flocking to San Diego this week for the Comic-Con conference -- an annual convention featuring comic books, A-list Hollywood actors and trailers for upcoming feature films.

Also on hand will be none other than POW! Entertainment (POWN) Chairman and CCO Stan Lee. Often referred to as the "father of the superhero," Lee, 87, is responsible for co-creating iconic favorites including Spider-Man, the X-Men and The Hulk. And he's just unveiled three new superheroes at Comic-Con:The Traveler, Starborn and Soldier Zero.

The comic-book writer/producer and former president and CEO of Marvel Comics has touched millions across the globe and has made a lasting mark on the multibillion dollar comic industry. His signature "This is Stan Lee" sign-off to the Hulk animated TV series, which begin airing during the late 1970s, even made him a household name.

Lee and POW! COO Gill Champion opened up to DailyFinance about comic books, the company's recent investment from Disney (DIS) and what investors can look forward to in the coming months.


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]]>ceos cornerColumnscomic bookscomic-con 2010Marvel ComicsPow Entertainmentsan diego comic-conspider-manspidermanstan leeStan Lee at comic-constan lee at comiconsuperheroesthe incredible hulkx-menLatif Lewis WilliamsThu, 22 Jul 2010 11:00:00 ESTGas Prices Around the World: What It Costs to Fill 'Er Uphttp://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/http://www.dailyfinance.com/2010/07/22/gas-prices-around-the-world/#commentsFiled under: ,

gas prices$43.52: That's what Americans now pay, on average, to fill a midsize car's 16-gallon tank, with prices for unleaded regular gasoline at $2.72 a gallon, according to AAA. All in all, it's been a relatively good summer for U.S. drivers as fuel costs continue to remain well below $3, even if they're still currently about 25 cents higher than a year ago.

And after Labor Day, Fred Rozell, director of Retail Pricing at the Oil Price Information Service (OPIS), sees prices retreating from summer levels. Because crude prices remain relatively steady and the economy looks like it's "going to be in malaise for quite some time," Rozell says, "I would suspect after the hurricane season you'll see prices decrease. I don't think they'll get as low as $2, but they could get down to around $2.20 or $2.30."

Still, whether costs dip or not, gasoline is a downright bargain for Americans compared to what many of our overseas neighbors pay. Even in the Western U.S., where gas prices are now running at nearly $3.50 a gallon, they'd still be the envy of many drivers in big cities across the globe.

One Benefit of Living in Caracas

Take Asmara, Eritrea. Drivers in the East African nation's capital city pay $9.59 for a gallon of regular. You read that right. That's the highest price in any of the 34 cities surveyed by Associates for International Research (AIRINC), a Cambridge, Mass.-based research firm that provided new global gas price data exclusively to DailyFinance.

For $153.44 -- what it would cost you to fill a 16-gallon tank in Asmara -- you could buy a plane ticket, a week's worth of groceries or possibly pay the monthly note on a modestly priced car.

The second-most-expensive gas city was Oslo, Norway, where drivers pay an average of $7.41 a gallon. Copenhagen, Denmark, came in at No. 3 with an average of $6.89 a gallon.

On the flip side, you could get by on pocket change in Caracas, Venezuela, where a long-standing government fuel subsidy means drivers there are getting by on 6 cents a gallon. Tehran, Iran, and Riyadh, Saudi Arabia, are the next cheapest, with an average per-gallon price of 38 cents and 45 cents, respectively.

Why is there such a wide spread between Venezuela and Eritrea? Rozell explains: "Some countries want to try to encourage conservation and alternative fuels, so they might tax it. Others [like Venezuela] might want to subsidize it so that their people get cheaper fuel." Also, he notes, "In Europe they tend to tax a lot. That's why a lot of people don't have vehicles, and they have better mass transit."

Other price influences may include fuel-transport costs that may be tacked on for hard-to-reach areas or places without refineries.

Here's what a gallon of gas goes for in the 34 cities around the world that AIRINC surveyed:
(As of June 30, 2010)

1. Asmara, Eritrea | $9.59

2. Oslo, Norway | $7.41

3. Copenhagen, Denmark | $6.89

4. Hong Kong | $6.87

5. Berlin, Germany, and Monaco, Monte Carlo | $6.82

6. London, U.K. | $6.60

7. Rome, Italy | $6.44

8. Paris, France | $6.04

9. Sao Paulo, Brazil | $5.69

10. Seoul, Korea | $5.55

11. Tokyo, Japan | $5.40

12. Singapore, Singapore | $4.81

13. Nairobi, Kenya | $4.31

14. Mumbai, India | $4.25

15. Santiago, Chile | $4.18

16. Johannesburg, South Africa | $4.05

17. Sydney, Australia | $3.84

18. Toronto, Canada | $3.81

19. Beijing, China | $3.71

20. Bangkok, Thailand | $3.64

21. Buenos Aires, Argentina | $3.58

22. Havana, Cuba | $3.64

23. Karachi, Pakistan | $3.02

24. New York, U.S. | $2.85

25. Moscow, Russia | $2.80

26. Mexico City, Mexico | $2.45

27. Lagos, Nigeria $1.62

28. Dubai City, United Arab Emirates $1.57

29. Cairo, Egypt | $1.17

30. Kuwait, City, Kuwait | 85 cents

31. Riyadh, Saudi Arabia | 45 cents

32. Tehran, Iran | 32 cents

33. Caracas, Venezuela | 6 cents

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]]>crude oil pricesenergyfuelfuel pricesgas pricesgas prices around the worldgasolineglobal gas pricesmost expensive gas pricesoil pricesworld gas pricesLatif Lewis WilliamsThu, 22 Jul 2010 07:00:00 ESTJPMorgan Earnings Beat Wall Street Estimateshttp://www.dailyfinance.com/2010/07/15/jpmorgan-earnings-beat-wall-street-estimates/http://www.dailyfinance.com/2010/07/15/jpmorgan-earnings-beat-wall-street-estimates/http://www.dailyfinance.com/2010/07/15/jpmorgan-earnings-beat-wall-street-estimates/#commentsFiled under: , , , ,

JPMorganJPMorgan (JPM) reported second-quarter earnings Thursday, beating analyst expectations.

The nation's second-largest bank recorded a profit of $4.8 billion, compared with $2.7 billion a year ago. Earnings per share came in at $1.09.

Analysts from Thomson Reuters were expecting the company to earn $0.70 per share on revenue of $25.6 billion, which matched estimates.

In a statement, CEO Jamie Dimon said "Although we are gratified to see consumer-lending net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable. As a result, these businesses did not meet expectations nor generate satisfactory returns on capital for our shareholders. It is too early to say how much improvement we will see from here."

JPMorgan is the first of the big U.S. banking giants to report earnings this season. Bank of America and Citigroup will both share their earnings with investors before the bell Friday.

Shares of JPMorgan rose 1.6% in premarket trading.

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]]>jpmjpmorgan earningsLatif Lewis WilliamsThu, 15 Jul 2010 06:33:00 ESTMcDonald's Global Comparable Sales Rise 4.8%http://www.dailyfinance.com/2010/06/08/mcdonalds-global-comparable-sales-rise-4-8/http://www.dailyfinance.com/2010/06/08/mcdonalds-global-comparable-sales-rise-4-8/http://www.dailyfinance.com/2010/06/08/mcdonalds-global-comparable-sales-rise-4-8/#commentsFiled under: , , ,

Shrek glassesMcDonald's (MCD), the world's largest fast food chain reported that same-store sales growth rose 4.8% in May. Europe led the charge, up 5.7%, compared to a 3.4% growth rate in the U.S. and a 3.8% boost in Asia/Pacific, Middle East and Africa.

Several items, including Frappes, McWraps and the Shrek-themed Chicken McNugget and Happy Meal promotions helped drive the growth. But a massive recall of cadmium-tainted Shrek glasses will likely reverse a bit of those gains.

With a refund of $3 a pop and 7 million of the 12 million glasses sold, McDonald's is facing a charge of up to $21 million as it returns the cost of the glasses, plus additional compensation, to consumers.

However, May still rounded out a strong month. CEO Jim Skinner said the results demonstrated "the ongoing appeal of McDonald's unique combination of convenience, value and variety."

But it's not all good.

Based on current foreign currency rates, particularly the Euro, McDonald's expects the foreign currency translation to have a negative impact on its profit for the full year.

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]]>fast foodmcdonaldssame-store salesshrek glassesLatif Lewis WilliamsTue, 08 Jun 2010 08:05:00 ESTDollar General Earnings Jump as Shoppers Hunt for Bargainshttp://www.dailyfinance.com/2010/06/08/dollar-general-earnings-jump-as-shoppers-hunt-for-bargains/http://www.dailyfinance.com/2010/06/08/dollar-general-earnings-jump-as-shoppers-hunt-for-bargains/http://www.dailyfinance.com/2010/06/08/dollar-general-earnings-jump-as-shoppers-hunt-for-bargains/#commentsFiled under: , , , ,

Dollar GeneralDiscount retailer Dollar General (DG) reported first-quarter earnings Tuesday, beating Wall Street estimates, as budget-conscious consumers continue to bargain hunt for everyday items.

The company reported net income of $136.0 million, or diluted earnings per share of $0.39, compared to net income of $83.0 million, or diluted EPS of $0.26, in the first quarter of fiscal 2009.

Analysts were expecting the company to earn $0.34 on revenue of $3.03 billion.

Dollar General's revenues increased 11.9% to $3.11 billion in the 2010 first quarter compared to $2.78 billion in the 2009 first quarter.

Discounters Thriving in Recession

The leading dollar retailer, along with rivals Family Dollar and Dollar Tree, has reaped the benefits of the economic downturn as buyers increasingly seek out more bang for the buck.

"Dollar General's first quarter performance marks a great start to the year. Our first quarter sales were ahead of our expectations. Our same-store sales growth of 6.7 percent for the quarter was on top of 13.3 percent growth in the first quarter of 2009," said CEO Rick Dreiling in a press release. The positive results also prompted the company to boost its full-year outlook for 2010.

Additionally, Dollar General said that it plans to open about 600 new stores and to remodel or relocate a total of approximately 500 stores by year's end.

Shares of Dollar General were up 3.5% in premarket trading.

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]]>bargain shoppingdollar generalearningsinvestingretailLatif Lewis WilliamsTue, 08 Jun 2010 07:50:00 ESTNasdaq Cancels Trades on 296 Companies... Continuedhttp://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies-part-ii/http://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies-part-ii/http://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies-part-ii/#commentsFiled under:

The Nasdaq, acknowledging that part of Thursday's plunge may have been related to human error, canceled trades on nearly 300 stocks that were made between 2:40 pm and 3 pm.

For the first part of the list, click here.

Source: NASDAQOMXtrader.com




For the first part of the list, click here.

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]]>investingnasdaqwall streetLatif Lewis WilliamsFri, 07 May 2010 10:46:00 ESTNasdaq Cancels Trades on 296 Companieshttp://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies/http://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies/http://www.dailyfinance.com/2010/05/07/nasdaq-cancels-trades-on-296-companies/#commentsFiled under:

The Nasdaq, acknowledging that part of Thursday's plunge may have been related to human error, canceled trades on nearly 300 stocks that were made between 2:40 pm and 3 pm. View the chart below to see if any of your stocks were affected.

Source: NASDAQOMXtrader.com






Continue to more Nasdaq Trade Cancellations

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]]>investingnasdaqwall streetLatif Lewis WilliamsFri, 07 May 2010 10:03:00 ESTBerkshire Investors Remain Skittish on Stocks and the U.S. Economyhttp://www.dailyfinance.com/2010/05/03/berkshire-hathaway-buffett/http://www.dailyfinance.com/2010/05/03/berkshire-hathaway-buffett/http://www.dailyfinance.com/2010/05/03/berkshire-hathaway-buffett/#commentsFiled under: , , , ,

Berkshire Hathaway shareholders returned home from the company's annual meeting this weekend with a much more upbeat report on the company's fortunes during the first quarter compared to the same time last year.

To a cheering crowd, CEO Warren Buffett announced that Berkshire recorded a $3.6 billion profit during the first three months of this year -- a sharp contrast to a year-ago loss of $1.5 billion. The gains reported by the insurance and investment giant, which owns stock in dozens of U.S. firms, were generally linked to improvements in the economy and the company's acquisition of Burlington Northern Santa Fe railroad.

But despite the profit turnaround, Berkshire stockholders from around the globe are still nervous about the direction of the stock market and the U.S. economy.

"Terrible Storm Ahead"

Hendrik Leber, a Frankfurt, Germany-based investment manager who traveled to Omaha, Neb., with his wife for the meeting, notes that he's still very concerned about troubles in the real estate market, and as a result, he's very negative on the stock market. "I believe that we will have a second wave of write-downs, especially in prime and commercial real estate," Leber says, also making a grim prediction that there's a "terrible storm ahead of us -- about the same size as the one we've seen so far."



Others aren't quite as pessimistic as Leber, but still skittish nonetheless. Simran Suri, an individual investor from California's Bay area, has been a Berkshire shareholder for about four years. On the economy, he says his "biggest concern would probably be that the economy is extremely consumer-driven. It probably needs to get stronger at its core." And until it gains more traction, he's not ready to jump into any more stocks just yet. "There's a huge mess that still needs to be cleaned up," he believes. Over the next six months, he says he'd be more inclined to hold his position before buying or selling any stocks.

Ronald Chan, author of Behind the Berkshire Hathaway Curtain: Lessons From Warren Buffett's Top Business Leaders and CEO of Chartwell Capital, a Hong-Kong based asset management firm, is also very cautious, but he applauds what he's seen with Berkshire.

Chartwell has held Berkshire Hathaway since launching in 2007, and Chan says "it has outperformed all other stocks [in its portfolio] even during the crisis." Berkshire has also been a part of Chan's personal holdings for more than 10 years.

"A Bit Cautious"

As for the overall U.S. stock market, Chan observes that "as a value investment manager myself, I think everything is fairly priced. I cannot find a lot of value stocks now. . . . Everything is trading almost a little above their historical P/E. And so I'm a bit cautious." In the meantime, Chan would rather hold a little more cash than normal right now.

As Suri sees it, many people seem to be "more concerned about the face of the economy, which is the stock market, rather than the guts of the economy."

He has a point. While the U.S. economy isn't out of the woods yet, the latest government report on GDP showed that growth at a brisk 3.2% pace in the first quarter, lower than estimates, but still on an upward trend. However, it's easy to see how other mixed signals, including on the housing front, might give some pause. Berkshire investors aren't the only ones looking for better days ahead.

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]]>berkshire hathawayeconomyhousinginvestingwarren buffettLatif Lewis WilliamsMon, 03 May 2010 08:30:00 ESTBuffett on His Goldman Investment: 'I'd Absolutely Do It Again'http://www.dailyfinance.com/2010/05/01/buffett-goldman-investment-absolutely-do-it-again/http://www.dailyfinance.com/2010/05/01/buffett-goldman-investment-absolutely-do-it-again/http://www.dailyfinance.com/2010/05/01/buffett-goldman-investment-absolutely-do-it-again/#commentsFiled under: , , , ,

warren buffettOMAHA - Just after dawn today, tens of thousands of Berkshire Hathaway (BRK.A) shareholders began gathering at Omaha's Qwest Center for the company's annual shareholder meeting. And billionaire investor Warren Buffett didn't waste any time answering questions on a range of topics including the economy, the stock market and Berkshire's holdings.

And while Berkshire takes center stage this weekend, it's still hard to draw attention away from Goldman Sachs (GS), currently facing a Securities and Exchange Commission fraud investigation into its mortgage-related securities. Even Buffett himself acknowledged with his signature chuckle that he expected to be flooded with questions about the controversial investment bank.

In late 2008, Buffett invested a whopping $5 billion in Goldman, purchasing a block of "perpetual" preferred shares in the bank. His move during the depths of the financial meltdown was seen as a major vote of confidence in the U.S. economy and financial system.

"Misreporting" on Abacus

Earlier this week, my colleague James Altucher presented 10 questions that he'd like Buffett to answer, including whether Buffett would make the same decision now on Goldman if he was aware of the headline risk associated with their derivatives structuring. So I decided to put Buffett to the test.

Buffett was unwavering in his response: "Oh, I'd absolutely do it again. It's a great investment and a great institution, and we're collecting $500 million a year on a $5 billion investment.... That's not a bad deal."

Berkshire's CEO said there has been "misreporting" on the nature of the Abacus deal at the center of the SEC fraud investigation into the bank, according to The Wall Street Journal. Buffett noted the Abacus deal is no different from a standard bond-insurance transaction and shouldn't reflect poorly on Goldman.

Buffett seemed unfazed by how the SEC investigation would affect his Goldman investment: "I have no worries about collecting that dividend. I have no worries about our warrants being worth money. So I would do it all over again. No question about it!"


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]]>annual meetingberkshire hathawaybrk.aGoldman SachsGoldman Sachs fraudGSomahaSECwarren buffettLatif Lewis WilliamsSat, 01 May 2010 10:45:00 ESTWarren Buffett Gives Kids Early Start on Investing Smarts via Cartoonhttp://www.dailyfinance.com/2010/05/01/new-warren-buffett-cartoon-teaches-kids-investing/http://www.dailyfinance.com/2010/05/01/new-warren-buffett-cartoon-teaches-kids-investing/http://www.dailyfinance.com/2010/05/01/new-warren-buffett-cartoon-teaches-kids-investing/#commentsFiled under: ,

Secret Millionaires ClubOMAHA - It's never too early to learn the basics of investing, right?

Famed investor Warren Buffett doesn't think so. He bought his first stock at the tender age of 11, and his first bet sparked an interest that set the stage for a lucrative career that made him one of the world's most influential investors.

Today, all grown up, the CEO of Berkshire Hathaway (BRK.A) is sharing some of his financial tips with children through the Secret Millionaires Club -- a partnership arranged by AOL (AOL) and A(2) Entertainment.

Kids can tune in to a new animated series on SMCKids.com -- where Buffett lends his voice to a cartoon character to teach children valuable financial lessons. "It's important that children become knowledgeable about finances and understand the value of basic business skills," Buffett said in a statement.

The debut episode launched today at Berkshire Hathaway's shareholder meeting. In total, there'll be 26 weekly webisodes, and a television series is also in the works.

Below is a preview of the debut episode where Buffett helps a child raise money for her school trip. Click here to view the complete episode.


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]]>childrenfinancial educationSecret Millionaires Clubwarren buffettLatif Lewis WilliamsSat, 01 May 2010 09:40:00 ESTEx-Merrill Lynch Chief Thain Named as New CIT CEOhttp://www.dailyfinance.com/2010/02/08/ex-merrill-lynch-chief-thain-named-as-new-cit-chief/http://www.dailyfinance.com/2010/02/08/ex-merrill-lynch-chief-thain-named-as-new-cit-chief/http://www.dailyfinance.com/2010/02/08/ex-merrill-lynch-chief-thain-named-as-new-cit-chief/#commentsFiled under: ,

John ThainIt's official. After numerous reports that he was a leading candidate, former Merrill Lynch CEO John Thain clinches the top job at struggling lender CIT. CIT ran into trouble a year ago as its investment in subprime mortgage paper and other derivatives damaged the value of its balance sheet so badly that it had to file for Chapter 11 bankruptcy. According to The Wall Street Journal, Thain will make a $500,000 base salary and get $5.5 million in restricted stock.

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]]>Latif Lewis WilliamsMon, 08 Feb 2010 06:22:00 ESTToyota Chief Breaks Silence, Apologizes for Recallshttp://www.dailyfinance.com/2010/02/05/toyota-chief-breaks-silence-apologizes-for-recalls/http://www.dailyfinance.com/2010/02/05/toyota-chief-breaks-silence-apologizes-for-recalls/http://www.dailyfinance.com/2010/02/05/toyota-chief-breaks-silence-apologizes-for-recalls/#commentsFiled under: , ,

Toyota Motor Corp. President Akio ToyodaToyota Motor Corp. (TM) President Akio Toyoda finally broke his silence as the Japanese automaker struggles with massive recalls and serious damage to its reputation. At a Friday news conference, Toyoda, apologized to customers for recalls involving some of its most popular models.

Continue reading Toyota Chief Breaks Silence, Apologizes for Recalls


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]]>Latif Lewis WilliamsFri, 05 Feb 2010 07:05:00 ESTCommerce Secretary Locke on the New U.S. Exports and Jobs Pushhttp://www.dailyfinance.com/2010/02/04/commerce-secretary-locke-on-the-new-u-s-exports-and-jobs-push/http://www.dailyfinance.com/2010/02/04/commerce-secretary-locke-on-the-new-u-s-exports-and-jobs-push/http://www.dailyfinance.com/2010/02/04/commerce-secretary-locke-on-the-new-u-s-exports-and-jobs-push/#commentsFiled under:

Commerce Secretary Gary LockeCommerce Secretary Gary Locke on Thursday outlined an ambitious plan -- called the National Export Initiative -- that aims to double U.S. exports to $2 trillion by 2015. And it expects to create 2 million new American jobs. In an exclusive interview with DailyFinance Thursday morning, Locke stressed that "the key to our economic prosperity is to export more. While there are rosy signs of economic recovery," he says President Obama won't be satisfied "until every American who wants a job can get a job."

Continue reading Commerce Secretary Locke on the New U.S. Exports and Jobs Push


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]]>Latif Lewis WilliamsThu, 04 Feb 2010 14:50:00 ESTObama Plans to Create Millions of Jobs by Doubling Exportshttp://www.dailyfinance.com/2010/02/04/the-u-s-will-unveil-a-major-exports-driven-jobs-initiative/http://www.dailyfinance.com/2010/02/04/the-u-s-will-unveil-a-major-exports-driven-jobs-initiative/http://www.dailyfinance.com/2010/02/04/the-u-s-will-unveil-a-major-exports-driven-jobs-initiative/#commentsFiled under: , ,

cargo ship Commerce Secretary Gary Locke on Thursday is expected to outline details of an ambitious plan to double U.S. exports to $2 trillion by 2015. The goal, first highlighted in President Barack Obama's State of the Union address, aims to help struggling farmers and small businesses distribute more of their goods and to add 2 million jobs to the depressed U.S. labor market.

Continue reading Obama Plans to Create Millions of Jobs by Doubling Exports


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]]>chinaexportexport pricesexportsgary lockegooglejobsobamaObama Administrationtradetrade agreementtradingLatif Lewis WilliamsThu, 04 Feb 2010 07:00:00 ESTFord Posts First Annual Profit Since 2005http://www.dailyfinance.com/2010/01/28/ford-posts-first-annual-profit-since-2005/http://www.dailyfinance.com/2010/01/28/ford-posts-first-annual-profit-since-2005/http://www.dailyfinance.com/2010/01/28/ford-posts-first-annual-profit-since-2005/#commentsFiled under: , , ,

FordU.S. automaker Ford (F), viewed as the healthiest of the nation's automakers, says it earned $2.7 billion last year -- its first annual profit since 2005.

The news drove shares 4% higher before the opening bell but most of those gains were lost by the end of trading Thursday.

Ford, which remains the only big U.S. automaker to avoid a government bailout, has benefited by smart cost-cutting moves and sales of popular car and truck models.

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]]>Latif Lewis WilliamsThu, 28 Jan 2010 07:10:00 ESTCEO's Corner: Why Health Care Reform Makes Dialysis Firm DaVita 'Nervous'http://www.dailyfinance.com/2009/12/26/ceos-corner-why-health-care-reform-makes-dialysis-firm-davita/http://www.dailyfinance.com/2009/12/26/ceos-corner-why-health-care-reform-makes-dialysis-firm-davita/http://www.dailyfinance.com/2009/12/26/ceos-corner-why-health-care-reform-makes-dialysis-firm-davita/#commentsFiled under:

Kent ThiryNow that President Obama's landmark health-care legislation has cleared both the U.S. Senate and House, many patients and businesses are seeking clues on how the final outcome could hit their wallets. With key differences in each bill, the legislation must be merged before Obama can sign off on it.

Continue reading CEO's Corner: Why Health Care Reform Makes Dialysis Firm DaVita 'Nervous'


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]]>cardiovascularCardiovascularDiseaseceos cornerdavitadiabetesdialysishealth carehealth care reformhealth care reform billhealth reformkidneymedicareLatif Lewis WilliamsSat, 26 Dec 2009 10:00:00 ESTCEO's Corner: Edward Jones' Jim Weddle offers post-recession advicehttp://www.dailyfinance.com/2009/12/01/ceos-corner-edward-jones-jim-weddle-offers-post-recession-adv/http://www.dailyfinance.com/2009/12/01/ceos-corner-edward-jones-jim-weddle-offers-post-recession-adv/http://www.dailyfinance.com/2009/12/01/ceos-corner-edward-jones-jim-weddle-offers-post-recession-adv/#commentsFiled under: , , ,

Jim WeddleRanked as the No. 2 company to work for by Fortune magazine, St. Louis-based financial services firm Edward Jones, which has continued to expand during the economic downturn has no plans to slow growth anytime soon. In fact, with about 11,000 branches, serving more than 7 million individual investors primarily in the U.S., the privately held partnership is looking to grow nationwide.

Managing partner Jim Weddle spoke to DailyFinance about the company's growth, how Edward Jones has managed to avoid layoffs since the 1960s, and who they're hiring. He also offers a few year-end tax tips and shares his outlook on the U.S. economy.

Continue reading CEO's Corner: Edward Jones' Jim Weddle offers post-recession advice


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]]>advicebonusceos cornerColumnsedward jonesfinancialfinancial servicesgrowthInvestmentinvestmentsJim Weddlelayoffsportfoliorecessiontaxeswall streetLatif Lewis WilliamsTue, 01 Dec 2009 13:00:00 EST