07/25/2010 (3:30 am)

Deepwater Horizon alarm was ‘inhibited,’ technician says

Filed under: online |

Federal testimony on the Gulf of Mexico oil spill Friday revealed that an alarm system on the Deepwater Horizon rig had been “inhibited” for about a year before the rig exploded and sank in April.

Sensors that detect combustible or toxic gases were still active, relaying the message to the computer system, but the trigger for an audible or visual alarm was disabled.

According to numerous media reports, the platform’s chief electronics technician Mike Williams told the six-member federal inquiry panel that he had asked about the alarm being partially disabled about a year before the accident and was told by supervisors that it was done to prevent false alarms waking crews up at all hours of the night no faxing payday loan.

Williams told the committee that no audio or visual alarms were activated the night of the April 20 fire.

The joint hearing, held by the U.S. Coast Guard and the Bureau of Ocean Energy Management, Regulation and Enforcement, was held near New Orleans Friday.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

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07/22/2010 (9:54 am)

Emergent boosts business outlook

Filed under: management |

Rockville-based Emergent BioSolutions Inc., which supplies the government with the only regulator-approved vaccine for Anthrax, boosted its full-year forecast for sales and earnings based on rising sales of that vaccine.

The company now forecasts full-year revenue of between $275 million and $300 million, up from a forecast in May of between $235 million and $255 million. It expects 2010 net income of between $40 million and $50 million, compared to its previous forecast of between $20 million and $30 million.

As much as $190 million in 2010 revenue will come in the second half of the year, it says, after a contract modification that increases the number of doses of BioThrax the government will buy for its stockpile this year.

“We are extremely pleased with the results of our continuous process improvement program for BioThrax and expect this program to drive the maintenance of positive production metrics going forward,” said Emergent BioSolutions (NYSE: EBS) Chief Operating Officer Daniel Abdun-Nabi.

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07/18/2010 (4:16 am)

Stocks plummet, McClatchy and SureWest follow

Filed under: Uncategorized |

Banking giants and a global search engine’s disappointing second-quarter earnings sent stocks tumbling Friday, ending a seven-day rally.

All three major stock indexes dropped at least 2.5 percent, with the Dow Jones industrial average falling 261 points to 10,097. Four of every five stocks lost, including large declines for three Sacramento-area stocks.

Shares of The McClatchy Co. (NYSE) — publisher of The Sacramento Bee and 29 other daily newspapers — dropped 32 cents, or 8.5 percent, to $3.44. The company’s stock has dropped 27 percent during the past month. The Sacramento-based company, which endured a disappointing second-quarter report by media giant Gannett Co. Inc. (NYSE: GCI), will release its earnings July 29.

Shares of SureWest Communications (Nasdaq: SURW) also dropped 32 cents — or 5.1 percent — to $5.99. The Roseville telecommunications company also will announce earnings July 29. And shares of GenCorp Inc no faxing 1 hour payday loans. (NYSE: GY) of Rancho Cordova fell 24 cents — or 4.6 percent — to $5.04.

Bank of America (NYSE: BAC) and Citigroup’s (NYSE: C) second-quarter performances disappointed investors, with both companies’ stock falling more than 5 percent. And Google (Nasdaq: GOOG) stock dropped 7 percent, after the search engine giant’s second-quarter earnings failed to find analyst estimates.

But the biggest concern was possibly a University of Michigan and Reuters twice-monthly consumer sentiment survey that fell to 66.5 in early July, from a previous 76. Analysts had expected much stronger showing, according to media reports.

The Nasdaq Composite Index lost 70.03 points, or 3.1 percent, while the Standard & Poor’s 500 index dropped 31.60 points, or 2.9 percent.

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07/16/2010 (6:03 am)

Another suit gets in Zuckerberg’s Facebook

Filed under: money |

Yet another claim is being made in court about how Facebook Inc. founder Mark Zuckerberg started the company, this time by a New York man who says he is owed 84 percent ownership of the company.

Paul Ceglia says in his lawsuit in an Allegheny County court that he has a signed contract with Zuckerberg in 2003 to design and develop thefacebook.com.

Ceglia said he was owed a $1,000 fee and ownership of 50 percent of Facebook, plus 1 percent for each day beyond the original terms until the site was finished, adding up to an 84 percent stake.

The judge in the case has put a temporary restraining order on Zuckerberg and Facebook, preventing the Palo Alto social networking company from transferring any of its assets online payday loans.

Facebook has denied the charges made by Ceglia and is attempting to move the case to a federal court.

Ceglia was sued last year by New York Attorney Gen. Andrew Cuomo for allegedly taking $200,000-worth in pre-orders for wood pellets and then failing to deliver them.

His lawsuit follows a more celebrated case involving ownership claims made by Zuckerberg's Harvard University classmates, the subject of a movie due for release this fall.

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07/10/2010 (5:12 pm)

County takes precaution with O’Donnell Park

Filed under: money |

A concrete panel on the facade of the O’Donnell Park parking structure has been ordered removed as a precautionary measure to ensure public safety.

The panel is adjacent to a spot from where a 30-foot, 27,000-pound concrete slab fell from the structure, killing a 15-year-old boy and injuring three others as the made their way to Summerfest.

The order came at the recommendation of County Executive Scott Walker, in conjunction with on-site engineers, the Sheriff’s Department, the District Attorney’s Office and Milwaukee County corporation counsel.

Since the June 24 accident, access to the parking structure has been limited and Milwaukee County has been inspecting the remaining facade panels to determine whether they are securely attached to the structure.

Based on the ongoing inspection, it has been determined that it is necessary to remove the concrete facade panel that is currently in place over the entrance into the parking structure from Lincoln Memorial Drive, according to a statement from the county no fax payday advance.

Steps have been taken to secure the precast concrete section until its removal, the county said. The facade removal will be done at the direction of the Milwaukee County District Attorney’s office. The date and time of the removal has not been determined, but will take place “as soon as arrangements can be made,” county officials said.

Once the piece is removed, it will be placed in secure storage as potential evidence in the ongoing investigation, according to the statement.

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07/07/2010 (7:00 pm)

Venrock raises $350M fund

Filed under: technology |

Venrock has announced the closing of a $350 million diversified venture capital fund.

The fund will focus on investments in early-stage technology, health-care and energy companies.

With the close of Venrock VI, the firm has approximately $2.2 billion under management payday loan.

Venrock, which has an office in Palo Alto, was originally the venture capital arm of the Rockefeller family.

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07/04/2010 (12:54 pm)

U.S. Global ends Friday as local stock market leader

Filed under: legal, term |

U.S. Global Investors’ concluded Friday with a slight increase in the investment company’s stock price.

U.S. Global (NASDAQ: GROW) posted a 1.86 percent increase in its stock price to close at $5.49. The company was the only local stock to post an increase.

Eight San Antonio stocks recorded decreases in their prices on July 2, compared to the previous trading day.

Seven local stocks did not register any significant percentage increase or decrease over the previous trading day.

The Dow Jones Industrial Average fell 46 points to close at 9,686.

Friday’s closing tally:

Abraxas Petroleum Corp.’s (NASDAQ: AXAS) — $2.72, down 1 percent.

Alamo Group Inc.’s (NYSE: ALG) — $20.97, unchanged.

CC Media Holdings’ (Pink Sheets: CCMO) — $6.65, unchanged.

Cullen/Frost Bankers Inc.’s (NYSE: CFR) — $50.68, unchanged.

GlobalSCAPE Inc.’s (AMEX: GSB) — $2.44, down 1.2 percent.

Harte-Hanks Inc.’s (NYSE: HHS) — $10 check cash advance.72, down 4.54 percent.

Kinetic Concepts Inc.’s (NYSE: KCI) — $35.92, unchanged.

NuStar Energy LP’s (NYSE: NS) — $56.04, unchanged.

NuStar GP Holdings LLC’s (NYSE: NSH) — $30.48, unchanged.

Pioneer Drilling Co.’s (AMEX: PDC) — $5.74, unchanged.

• Rackspace Hosting’s (NYSE: RAX) — $17.15, down 5.35 percent.

Rush Enterprises’ (NASDAQ: RUSHA) — Class A stock closed at $13.17, down 2.15 percent.

• Rush Enterprises’ (NASDAQ: RUSHB) — Class B stock closed at $11.24, down 2.35 percent.

Tesoro Corp.’s (NYSE: TSO) — $10.75, down 2.8 percent.

• U.S. Global Investors’ (NASDAQ: GROW) — $5.49, up 1.86 percent.

Valero Energy Corp.’s (NYSE: VLO) — $16.90, down 2 percent.

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07/01/2010 (8:21 am)

Savvis unveils new cloud computing service

Filed under: online |

Seeking to capitalize on the migration to Internet-based computing services, Town and Country-based Savvis Inc. released on Monday a new product that allows customers to better manage their information technology systems online.

The practice of moving away from hardware and software to programs and data storage on shared networks, known as cloud computing, is an accelerating trend.

A study commissioned by Savvis this year estimated that the number of companies that rely mostly on in-house IT infrastructure will drop to 49 percent in 2020 from 82 percent today.

However, many applications cannot easily communicate with one another in "the cloud," and customizing them so they can is often an expensive endeavor.
Savvis’ newest cloud computing product, the Symphony Virtual Private Data Center, lets customers ratchet up or down resources they need rather than buying a one-size-fits-all service.

It also lets customers easily combine applications within a cloud to organize their own data centers, Bryan Doerr, Savvis’ chief technology officer, said during a Monday conference call no teletrack payday loan.

For instance, a company could combine security, marketing and data-sharing applications within its own data cloud hosted by Savvis, Doerr said.

That type of application integration has not been readily accessible in cloud computing, said Steve Powell, president of Delta Systems, an IT, Internet and network hosting company in Columbia, Mo. Getting applications to communicate with each other on a cloud platform is generally expensive and hard to coordinate.

Savvis’ new offering is "definitely upping the ante," he said.

"If I were running an IT department in a medium to large company, I’d definitely give it a look," Powell said.

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06/27/2010 (2:27 am)

Trucking industry freight hits a pothole in May; remains up for year

Filed under: online |

The trucking industry took a step back in May, with tonnage slipping for the first time since February but still up from a year ago. The American Trucking Associations, a trade group, on Friday said its advance index of for-hire truck tonnage fell 0.6 percent in May, down from a revised 1 percent increase in April. The index is adjusted for seasonal variations. With the May decline, the index moved to 109.6. The base year of 2000 equals 100. ATA Chief Economist Bob Costello said that despite the dip, he saw industry trends continuing to improve. “There is no way that freight can increase every month, and we should expect periodic decreases,” he said in a release. “This doesn’t take away from the fact that freight volumes are quite good, especially considering the reduction in truck supply over the last couple of years.” Compared with May 2009, tonnage was up 7.2 percent, the sixth straight year-to-year improvement. For the first five months of the year, tonnage was 6.2 percent better than during the same period last year. Not seasonally adjusted, the ATA index fell 2.8 percent to 108.3 between April and May. Earlier this month, Overland Park-based trucking giant YRC Worldwide Inc. (Nasdaq: YRCW) said freight volumes continued to rise in June and it probably would report positive unadjusted earnings for the second quarter. http://kansascity.bizjournals.com/kansascity/stories/2010/06/14/daily1.html Trucking has been a leading indicator of the U.S. economy’s health, hauling 68 percent of tonnage carried by domestic modes of freight transportation.

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06/22/2010 (5:21 pm)

High court lifts ban on Monsanto alfalfa

Filed under: economics |

The U.S. Supreme Court on Monday lifted a 2007 ban on Monsanto Co.’s Roundup Ready alfalfa that was supposed to protect conventional and organic growers from having their crops tainted by cross-pollination.

The court’s 7-1 vote reversed a lower court ruling and makes it possible for the U.S. Department of Agriculture to approve planting of genetically engineered alfalfa seeds on an interim basis until a final decision is made next spring.

Perhaps more importantly, Monday’s ruling may have broader implications for the approval of other biotech crops, including Monsanto’s Roundup Ready sugar beets, which are the subject of another court battle.

"This Supreme Court ruling is important for every American farmer, not just alfalfa growers," David F. Snively, Monsanto senior vice president and general counsel, said in a statement.

"All growers can rely on the expertise of USDA, and trust that future challenges to biotech approvals must now be based on scientific facts, not speculation."

The Center for Food Safety, a Washington-based group opposed to genetically modified crops, said the victory was a hollow one for Monsanto and other backers of genetically engineered crops because the USDA must still complete an environmental impact statement before it can deregulate Roundup Ready alfalfa.

Biotech crop developers favor a more streamlined regulatory process to get products to market without having to wait the several years it takes to complete a more thorough environmental analysis.

"The bottom line for us is that planting is still illegal, as it was," George Kimbrell, a senior staff attorney for the Center for Food Safety, said in an interview. "The Department of Agriculture can take further action that will allow planting, but the court held that it would require an (environmental impact statement), and our right to challenge it has been preserved."

Based on Monday’s ruling, the USDA is now free to allow farmers to plant genetically modified alfalfa seeds with restrictions designed to limit cross-pollination and contamination of conventional alfalfa crops.

The USDA said it was moving forward with plans to complete the regulatory review of Roundup Ready alfalfa in time for the planting season next spring. The agency issued a 1,476-page draft environmental impact statement in December that reported no significant effect from the seeds on the environment or human health.

The alfalfa case represents the Supreme Court’s foray into the debate over genetically engineered crops, which have been available since Monsanto began selling Roundup Ready soybeans in 1996.

Like those first biotech soybeans, Monsanto’s alfalfa is genetically modified to withstand applications of glyphosate, the active ingredient in Roundup weed killer.

While Roundup-resistant crops make it easier for growers to combat weeds because they can spray entire fields without damaging the primary crop, organic and conventional alfalfa growers fear contamination by pollen from the genetically modified plants that can be carried between fields by bees.

Two conventional alfalfa growers and several environmental groups, including the Center for Food Safety, filed a lawsuit in 2006 that challenged the USDA’s decision a year earlier to deregulate biotech alfalfa.

In 2007, a federal district court ordered that USDA’s Animal Plant Health Inspection Service erred by deregulating Roundup Ready alfalfa without preparing an environmental impact study. The court banned distribution of the genetically modified alfalfa but allowed farmers who had already purchased seeds to plant. The 9th U.S. Circuit Court of Appeals upheld the ruling.

Monday’s majority opinion, written by Justice Samuel Alito, said the district court "abused its discretion" by imposing the sweeping ban on biotech alfalfa, and should have allowed the USDA to partially deregulate the crop while the environmental study was ongoing.

Justice John Paul Stevens was the lone dissenter. Justice Stephen Breyer didn’t take part in the decision. His brother is the district court judge who ordered the 2007 ban.

Before the ban took effect, Roundup Ready alfalfa was planted on about 220,000 acres — less than 1 percent of the 23 million acres of alfalfa grown nationwide.

Alfalfa is the fourth-most widely grown U.S. crop behind corn, soybeans and wheat, according to the USDA. It is mainly used for livestock feed, and much of what is grown is exported.

Creve Coeur-based Monsanto, the world’s largest seed company, developed Roundup Ready alfalfa but licenses the technology to Forage Genetics, an alfalfa breeder.

The biotech alfalfa case has been closely watched by the agriculture industry, biotechnology groups and environmentalists because of the potential ripple effect of any decision affecting genetically modified crops. In a brief filed in the Monsanto case, for instance, rice growers contended that contamination of long-grain rice had already cost their industry $1 billion.

Meanwhile, the next legal skirmish over genetically modified crops shifts back to the West Coast next month.

That’s when a federal district court will consider the next steps after ruling last year that the USDA erred by approving Monsanto’s Roundup Ready sugar beets without an environmental impact statement.

In that case, U.S. District Judge Jeffrey White decided not to implement a nationwide injunction similar to the ban on alfalfa. But he didn’t rule out ordering a permanent ban later this year.

—–

Georgina Gustin of the Post-Dispatch contributed to this report.

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