08/31/2010 (6:54 pm)

Fry’s grocery store set for Sept. 1 re-opening

Filed under: online |

Fry’s Food Stores will open its remodeled Marketplace store at Tatum and Shea boulevards Sept. 1 with a grand re-opening celebration.

The store, 4707 E. Shea Blvd., was closed in April to begin an extensive remodeling project that has added several new features, covered parking and 30,000 square feet of additional space.

Among the store’s new features are a 24-seat cooking school, 400-square-foot wine cellar with tasting bar, drive-through pharmacy and valet parking.

Fry’s just re-opened its Rural Road location in Tempe. Located at 3255 S. Rural Road, the store has an olive and soup bar as well as a medical clinic, staffed by nurse practitioners and physician assistants, that offers treatments for minor illnesses business cards.

Meanwhile, Fry’s has closed its store at 1625 W. Camelback Road. Customers are asked to instead utilize the Fry’s location at Seventh Avenue and Camelback Road.

Fry's is one of several grocery store chains operated by Cincinnati-based Kroger Co. (NYSE: KR), a grocery retailer with 2009 sales of nearly $77 billion.

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08/27/2010 (6:30 pm)

Bidding war between HP and Dell

Filed under: online |

Hewlett-Packard said Monday it has submitted a bid to acquire data-storage company 3PAR for $1.6 billion, a 33.3% premium to the offer proposed by HP rival Dell last week.

HP offered to buy all of the outstanding common stock of 3PAR for $24 a share in cash, calling it "substantially superior" to the $18 per share offered by Dell, which is valued at $1.15 billion. Shares of 3PAR (PAR) closed at $18.04 Friday, and were up nearly 40% to $25.23 in early morning trading Monday.

In addition to upstaging Dell’s offer, HP’s bid is also higher than an earlier bid it had submitted for the company.

During a conference call with investors, HP’s executive vice president Dave Donatelli said HP had been in conversations with 3PAR about doing a deal prior to Dell’s agreement to buy the company last week, but would not comment on the original bid’s value. In its letter to 3PAR’s chief executive, HP said it is proposing "to increase our offer."

Shares of HP (HPQ, Fortune 500) were down about 1% Monday morning, while Dell’s (DELL, Fortune 500) stock was up nearly 1% quick guaranteed personal loans.

Dell spokesman David Frink said the company would not comment on HP’s offer. But the fact that 3PAR shares quickly rose above HP’s offering price of $24 a share could be a sign that investors believe Dell will sweeten its bid.

3PAR did not have a comment on HP’s offer early Monday.

The bidding war emerges as both tech giants face leadership challenges.

Earlier this month, HP said CEO Mark Hurd would be stepping down following sexual harassment claims against him and the company. HP’s chief financial officer Cathie Lesjak is serving as interim CEO but the company has made no mention yet about its CEO succession plans.

Meanwhile, a sizeable number of Dell investors showed their disdain for CEO and company founder Michael Dell by withholding their support for him at the company’s recent shareholder meeting. That meeting took place just weeks after the computer maker settled a fraud case with the SEC. 

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08/23/2010 (4:33 am)

Better ‘go green’ if you want fed’s green

Filed under: business |

In the future, you better go green if you want a federal contract.

The General Services Administration has recommended that federal agencies begin collecting greenhouse gas emissions data from their suppliers. This would be on a voluntary basis, at least at first. Eventually, however, agencies could give purchasing preferences to companies with low greenhouse gas emissions.

GSA’s report was in response to an executive order issued in 2009 by President Barack Obama, which directed agencies to make reductions of greenhouse gas emissions a priority. Besides making cuts in their own emissions, agencies also can encourage their suppliers to reduce their emissions.

Suppliers that do so “can gain a competitive advantage not only with their federal customers, but also with their commercial customers and the public, who are increasingly seeker ‘greener’ companies when making procurement decisions,” GSA’s report concluded instant payday loan.

The report acknowledged that small businesses may not have the resources to have their greenhouse gas emissions verified by third parties. The government can ease this burden by phasing in any greenhouse gas emissions reporting program and allowing small firms to use streamlined reporting tools, the report stated.

Meanwhile, Obama asked federal agencies to reduce their greenhouse gas emissions from indirect sources such as employee travel and commuting by 13 percent by 2020. This builds on an earlier directive for agencies to reduce their emissions from direct sources.

See www.whitehouse.gov.

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08/18/2010 (4:36 am)

Droid 2 and BlackBerry Torch: The anti-iPhone launches

Filed under: finance |

The Motorola Droid 2 and the BlackBerry Torch went on sale Thursday — and the demand for the two new top-of-the-line smartphones was decidedly un-iPhone like.

When the iPhone 4 launched in late June, it was the single biggest consumer electronics product launch in history, according to the research firm Yankee Group, with nearly 2 million customers lining up at stores across the country to snap one up. Retailers like Wal-Mart (WMT, Fortune 500), Best Buy (BBY, Fortune 500) and RadioShack (RSH, Fortune 500) quickly blew through their inventories, with Apple (AAPL, Fortune 500) stores following suit soon after. AT&T’s preorders for the device were so massive that it didn’t even offer iPhone 4s in its stores for walk-in customers until a week after launch.

There were no lines to speak of for the Droid 2 and Torch. Calls to a handful of Best Buy locations, Verizon (VZ, Fortune 500) stores and AT&T stores showed that stock of the new devices was generally plentiful.

"We’ve got lots of them, come on by," said a Verizon store employee of the Droid 2 supply at the Atlantic Terminal location in Brooklyn.

The Droid 2, which is available exclusively on Verizon’s network, and the Torch, only on AT&T, are high-end smartphones with a lot to prove.

The Droid 2 is replacing the original Droid — a phone that quickly became a sensation when it went on sale in November 2009. The first 74 days of Droid sales outpaced that of the original iPhone, according to analytics firm Flurry.

But the Droid 2 isn’t just competing with the iPhone and other networks’ top devices, like the HTC EVO 4G on Sprint. It’s also going toe-to-toe with its Verizon Droid counterparts, the Motorola (MOT, Fortune 500) Droid X and the HTC Droid Incredible — both of which sell at the same $199 price point (with a new two-year contract). The original Droid was slower and had a far worse keyboard than the new Droid 2, but otherwise it was the same phone — and it had sold for $150 since the Droid X was unveiled in June.

The Droid 2 has a physical keyboard and ships with the latest version of Android, which will attract some users, but it’s heavier and clunkier than its peers, and it lacks their screen size, camera quality and video capturing capabilities.

The BlackBerry Torch is a different story. It’s clearly the best BlackBerry that Research In Motion (RIMM) has ever made, with a touch screen/slide-out keyboard combo and a new operating system that will make BlackBerry lovers go ga-ga.

But non-committed smartphone customers who wander into an AT&T (T, Fortune 500) store will be faced with the dilemma of paying $199 for a Torch or $199 for an iPhone 4 — with the same data plan and same [insert adjective describing your opinion of AT&T] network.

That brings us back to the issue of availability. One key thing that both the Torch and the Droid 2 have going for them is that they’re actually available for purchase. Many stores are backordered on the iPhone 4 and other Droids, and Sprint’s (S, Fortune 500) EVO can’t be found anywhere.

Online, it’s even worse: The iPhone 4 takes three weeks to ship, the Droids take one to two weeks to ship, and the EVO is completely sold out with no mention of when it will be available.

But the Droid 2 and the BlackBerry Torch ship today.  

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08/12/2010 (4:54 pm)

HP chief Hurd quits after sexual harassment claim

Filed under: legal |

Hewlett-Packard chief executive officer Mark Hurd, one of the highest-profile CEOs in America, resigned Friday following a sexual harassment claim against him and the company.

HP said an investigation found Hurd didn’t violate its sexual harassment policy. But he did violate its standards of conduct policy, the company said.

HP (HPQ, Fortune 500) shares were down more than 9% in after-hours trading following a slight decline in regular action.

Executives said Hurd, who is married, failed to tell the board about a personal relationship with a female marketing contractor who was hired by his office. He repeatedly filed inaccurate expense account reports in a bid to keep the relationship secret, HP said.

"It was about integrity and honesty," general counsel Michael Holston said on a conference call with analysts and investors.

Hurd conceded in the HP press release that "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," Hurd said.

The Palo Alto, Calif., company said its chief financial officer, Cathie Lesjak, will take over as CEO on an interim basis.

HP will search for a new CEO and will consider candidates from within the company as well as outsiders, the company said. It didn’t give a timeline, but said Lesjak wouldn’t take the full-time CEO job.

Hurd has been credited with reviving Hewlett-Packard since joining the company in 2005 following the tumultuous tenure of his predecessor, Carly Fiorina. Hewlett-Packard shares have more than doubled since he took the reins in April 2005.

Hurd has been held in high regard on Wall Street Payday advance. He has been extremely successful in helping to boost the company’s profit margins.

To allay fears that his departure was financially driven, HP also said in the release announcing Hurd’s resignation that it expected to exceed analysts’ earnings expectations for the fiscal year.

Asked about the timing of that statement, Lesjak said on a conference call with reporters said it was "important for people to fully appreciate the announcement today has nothing to do with the operational performance of the company." She added that the resignation was "all about Mark’s behavior and judgment."

HP said the investigation started June 30, a day after the company received a letter from a lawyer representing a marketing contractor employed by the company. The company said the investigation found a "pattern" of expense account improprieties by Hurd, but wouldn’t offer more detail except to say the amounts weren’t material.

That’s not surprising, given that HP bills itself as the world’s biggest information technology company, with fiscal 2009 revenue of $115 billion.

HP said it entered a legal agreement with Hurd "related to his exit." It didn’t say whether this agreement would preclude litigation with him.

Hurd, who has been making upwards of $30 million annually, could collect $53 million in severance pay, stock and restricted units under his separation plan with the company, HP said in its most recent proxy filing. 

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08/08/2010 (8:51 am)

Brown & Brown buys D.C.-area firm

Filed under: term |

Brown & Brown Inc. acquired the assets of Synergy Benefits Inc., an employee benefits firm in the greater Washington, D.C. metropolitan area

The purchase price was not disclosed.

Synergy Benefits has revenue of about $1.2 million, a statement said. Bernard Dombrowski and Robert Hayward, principals of Synergy, and their staff will join Brown & Brown Insurance Agency of Virginia’s existing office in Manassas, Va.

Brown & Brown (NYSE: BRO), headquartered in Tampa and in Daytona Beach, offers a broad range of insurance and reinsurance products.

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08/05/2010 (4:42 am)

Better Business Bureau gives top rating to SACU

Filed under: term |

San Antonio Federal Credit Union has been awarded an A+ rating by the Better Business Bureau.

To be rated and accredited by the BBB, a business must adhere to a comprehensive set of policies, procedures and best practices representing trustworthiness in the marketplace. The standards call for building trust, embodying integrity, advertising honestly and telling the truth, being transparent, honoring promises, being responsive and safeguarding privacy.

This marks the 14th year that SACU has been accredited by the BBB serving Central, Coastal and Southwest Texas.

“Accreditation through BBB is another way to measure our commitment to building trust with our members,” says Sharon Spring, SACU director of branches and member services. “Our employees are committed to being trusted advisors to our members and strive to maintain high ethical standards of conduct and member satisfaction.”

SACU is a $2.8 billion credit union with 19 locations in San Antonio and one in Houston. The credit union provides a full range of products and services through competitive yields on savings, lower loan rates, and reasonably priced financial services.

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08/01/2010 (12:15 pm)

Report: Kansas City-area shopping center vacancy tops 12 percent

Filed under: business |

Vacancies at Kansas City-area shopping centers stayed above 12 percent in the second quarter, according to the Orange Report, a quarterly report issued by Lane4 Property Group Inc.

The average vacancy rate for metropolitan-area shopping centers during the second quarter was 12.1 percent, just below the 12.2 percent vacancy rate recorded in the first quarter.

During the second quarter last year, the vacancy rate was 11.9 percent.

The reasons behind the steadying vacancy rates are twofold, said Britt Crum-Cano, director of research for Kansas City-based Lane4. During the recession, the weaker retailers went away, leaving the stronger retailers to survive.

Additionally, landlords now seem more willing to negotiate and work with their current tenants so as not to lose them.

“I think we have a lot of untraditional types of negotiations going on,” Crum-Cano said. “The landlords are working one-on-one with tenants, especially if they are having some financial difficulties.”

The report also showed that the average lease rate for shopping centers dropped from $13.23 a foot in the first quarter to $12.99 in the second quarter. But this year’s second-quarter figures were 1.5 percent higher than the $12.80 recorded in the second quarter of last year.

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07/29/2010 (5:39 am)

Amazon shares tumble despite 41% sales growth

Filed under: business |

Amazon shares plunged 13% in after-hours trading Thursday after the company’s second-quarter earnings came up far short of analyst expectations.

Amazon’s sales are still growing fast: The company had revenue of $6.6 billion in the quarter ended June 30, up 41% from a year ago. Amazon’s profit also rose, increasing 45% to $207 million.

But analysts hoped for better, and are keeping a close eye on Amazon’s bottom line to see if intensifying competitive pressures knock the e-commerce giant off its game.

Forced by Barnes & Noble (BN) into an e-reader price war, Amazon.com slashed the price of its flagship Kindle to $189 last month. It later cut its high-end Kindle DX price tag by more than $100, to $379. Meanwile, Apple’s (AAPL, Fortune 500) popular iPad — which can store thousands of e-books — could obliterate the entire stand-alone e-reader market within the next year or two No teletrack payday loans.

Amazon tried earlier this week to draw attention to its bright spots. The company announced that sales of e-books for its popular Kindle reader now outnumber Amazon’s sales of hardcover books. The company also said Kindle sales have picked up since last month’s price cut, though it once again refused to disclose how many Kindles it has actually sold.

Amazon (AMZN, Fortune 500) said it expects third-quarter revenue to come in between $6.9 billion and $7.63 billion in revenue this quarter, in line with analyst estimates. 

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07/26/2010 (8:03 pm)

‘Living wage’ proposal for city workers could be next

Filed under: news |

Baltimore City Council should require that all city workers are paid a higher living wage before it takes a second look at imposing the requiring on large retailers, a key city councilman said.

Councilman Warren Branch, chairman of City Council’s Labor subcommittee, raised the issue during a hearing on a proposed living wage bill. The bill, rejected July 22, would have required retailers grossing at least $10 million in sales a year to pay their employees an hourly wage set by the city. That amount is $10.59 and applies now to city contractors that do business with the city.

Branch said before the city considers the matter again it should ensure its own workers are being paid a living wage as well.

“Shouldn’t we clean our own houses out first before we talk about cleaning someone’s house?” Branch asked at Thursday’s hearing.

The city’s living wage bill does not apply to city employees, whose wages are negotiated by collective bargaining agreements. Temporary workers for the Department of Public Works’ Bureau of Solid Waste are not part of those agreements, department spokesman Robert Murrow said. There are 66 seasonal workers who get paid $7.90 an hour. That amount is

more than the state and federal minimum wage rates of $7.25 an hour but less than the city’s living wage for contractors no faxing payday loan. Another group of 25 tempoary workers with commercial driver’s licenses earn $11 an hour.

Those temporary workers are supposed to become city employees after two years of employment, but many are kept on beyond that date if full-time positions are not available. There are a dozen of those employees, but Murrow said the department is now trying to place them into permanent positions. He said the department has looked at the pay disparity and hopes to pay its temporary workers a living wage when finances permit.

“At this time that might not be fiscally possible but we’re aware of that,” he said.

Branch said he will try to rally City Council to increase those workers’ wages, which he said should happen before it takes another look at requiring retailers to pay a living wage to their employees. “As a collective group, that’s what we should do,” Branch said in an interview.

Council members James Kraft and Mary Pat Clarke also expressed support for the idea. Clarke, who sponsored the defeated living wage bill for retailers, said she will look to Branch to sponsor the wage increase for temporary city workers.

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