09/02/2010 (6:03 pm)

Cox gets social with Digi contest

Filed under: money |

Cox Communications is embracing its social media side with a contest that could give someone a free year of cable, Internet and phone service.

Cox in Arizona has developed a Digi’s Summer Vacation application on Facebook that allows users to upload their photos and place them where the company’s jump-suited and helmeted mascots took their summer trips.

The grand prize is a year of free cable, but there are weekly prizes as well. Each week the company is giving away a “staycaction” at the Loews Ventana Canyon resort in Tucson, 10 $100 Cox gift certificates and 100 plush Digi dolls.

Cox started the social media campaign after garnering 21,000 Facebook members who like the company’s site.

“Social media has become a very important piece of our marketing mix,” said Ivan Johnson, vice president of community relations and televideo for Cox Arizona.

For more: www.facebook.com/CoxArizona.

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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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07/04/2010 (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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06/19/2010 (1:39 pm)

Oil spill victims get a break on mortgage payments

Filed under: management |

Mortgage borrowers hurt by the Gulf oil spill may qualify for temporary relief from paying their mortgages, without fear of losing their homes.

Citigroup’s (C, Fortune 500) CitiMortgage unit announced Wednesday that it would suspend all foreclosure sales and filings for 90 days, through Sept. 17, on its Gulf properties. The policy applies only to first mortgages that Citi owns on homes that are within 25 miles of the coast.

Fannie Mae, the government-supported mortgage company, also touted its own relief policy Wednesday, saying that servicers of Fannie-backed loans may immediately suspend or lower payments on mortgages for borrowers whose income or property were affected by the spill.

"This was a reiteration of special relief policies that Fannie Mae has had for a while," said Janis Smith, a spokeswoman for Fannie.

"Borrowers who hope to obtain relief under this policy should call their servicers right away," Smith said. "They should not sit around waiting for a call."

Under the Fannie Mae program, servicers can offer to postpone or lower payments for up to 90 days, during which the servicer is expected to verify the borrower’s income loss or the damage the oil spill may have done to their property.

Freddie Mac, the other government-supported mortgage giant, will grant up to six months forbearance to victims of the oil spill.

Other lenders have similar policies in place; all of them are trying to get the word out so that borrowers hit by the disaster know that these options are available.

During these forbearance periods interest continues to accrue, so borrowers aren’t exactly getting a free lunch.

It is, however, an opportunity for these homeowners to avoid laying out cash when they can least afford to do so.

They’ll eventually have to pay the money back — if they keep their homes. 

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06/08/2010 (5:20 pm)

The Fox Co. wins $79K N.C. contract

Filed under: online |

The Fox Co. has been awarded a $78,925 contract to supply sewing equipment to the state of North Carolina.

The Charlotte-based company manufactures cloth spreaders, cutting and measuring machines.

It won the contract as part of the new N.C. Preference program, which gives N.C. companies whose bids are within 5 percent or $10,000 of the lowest out-of-state bidder the opportunity to match the out-of-state price and be awarded the contract.

“It’s critical that we do everything we can to support our home-grown businesses,” says N.C. Gov. Bev Perdue. “The preference for in-state businesses will save jobs and help North Carolina businesses grow and create new jobs.”

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05/04/2010 (7:06 pm)

CPUC OK’s PG&E solar photovoltaic program

Filed under: marketing |

The California Public Utilities Commission Thursday authorized a five-year solar photovoltaic program to develop up to 500 megawatts of solar photovoltaic facilities in the range of 1 to 20 megawatts in Pacific Gas and Electric Co.’s service area.

The photovoltaic program allows for development of solar facilities owned by PG&E and also owned by third parties.

Under the utility-owned portion of the photovoltaic program, PG&E is authorized to install up to 250 megawatts of photovoltaic facilities from 1 to 20 megawatts in size in its service area at a rate of 50 megawatts per year.

Similarly, under the third-party owned portion of the program, PG&E can solicit energy from 250 megawatts of photovoltaic facilities from 1 to 20 megawatts in size located in its service area, also at a rate of 50 megawatts a year.

“This solar development program has many benefits and can help the state meet its aggressive renewable power goals,” said CPUC President Michael Peevey. “Smaller scale projects can avoid many of the pitfalls that have plagued larger renewable projects in California, including permitting and transmission challenges. Because of this, programs targeting these resources can serve as a valuable complement to the existing Renewables Portfolio Standard program.”

The CPUC authorized expenditures of up to $1.45 billion for the capital costs associated with the utility-owned portion of the photovoltaic program.

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03/30/2010 (1:06 pm)

Apps to curb texting while driving have tough task

Filed under: technology |

NEW YORK — Cars use lights, bells and buzzers to remind drivers to fasten their seat belts as they start their engines.

It would seem natural, then, to offer motorists friendly, yet stern warnings about another bad habit: holding a cell phone while driving, whether for texting or talking.

Several software and gadget companies — many of them at the country’s biggest trade show for the wireless industry last week in Las Vegas — have sprung up to address that challenge. But creating an effective, widespread solution looks a lot harder than putting in reminders for seat belts.

Furthermore, we’re only just beginning to figure out what constitutes a dangerous distraction, and how best to curb it. Are handsfree conversations dangerous? What about dictating text messages to your phone? Does everyone need help staying away from the phone while driving, or just teens and employees?

Many states ban drivers from using cell phones without handsfree devices, but a recent insurance industry study found that such laws haven’t reduced crashes. It’s not clear why, but one reason might be that drivers flout the laws.

At least a dozen startups have produced phone applications designed to curb the temptation to use the phone while driving.

But these applications work only on some phones and have a hard time figuring out if the user is actually driving. Potentially important players — wireless carriers, cell phone makers, auto manufacturers and the federal government — have yet to step in, leaving the field to smaller companies that lack the clout to put services in widespread use.

And some of the tools might not even improve safety.

“Technology without a clear vision for how it’s going to actually help drivers could end up doing more harm than good,” said John Lee, professor of industrial and systems engineering at the University of Wisconsin in Madison.

For instance, Drive Safely Corp. proposes to put software on phones to detect, using a built-in GPS chip, when a device is moving faster than 15 miles per hour. To figure out whether the phone is being used by a driver or a passenger, who can safely text in the car, Drive Safely intends to have the phone flash a series of numbers and letters that the user has to match on the keypad. The assumption is that drivers won’t be able to match the sequence while watching the road, so they won’t be able to unlock it for texting.

Lee suspects that won’t deter teens, and perhaps other motorists, from trying.

“They will try to do that task while they drive,” Lee said. “And by making that task really difficult, you make it more dangerous for them.”

A half-dozen other services are either available or in the works to use the phone’s GPS chip to figure out if the device is moving. With names such as ZoomSafer, TxtBlocker, CellSafety and Textecution, these software tools can respond in a number of ways, such as holding incoming text messages in quarantine until after the trip or by blocking the writing of new ones.

They’re expensive compared with regular downloadable applications, possibly because the startups figure that parents of teens will pay for a feeling of security. Some cost $40 to buy, then charge recurring fees of $4 or so per month.

None of them can tell, however, whether the owner is in a bus or a train rather than an automobile, or if someone in a car is just a passenger and not the driver. So most of these tools have an override option — which a determined motorist can take advantage of even while driving cash advances pay day loan.

Power consumption from constant GPS use is also a concern, possibly draining the battery twice as fast on some phones and applications.

Another approach is to dispense with using the GPS chip and rely on the car to tell the phone that it’s in a moving car.

Services such as Cellcontrol and Key2SafeDriving come with a small gadget that plugs in to a port generally found under the car’s steering column. It’s intended to help mechanics diagnose problems with the car, but it can also tell the gadget how fast the car is moving. If it’s above a certain speed, a wireless signal is sent to the phone’s Bluetooth receiver. The application then goes into “drive mode,” locking out some features.

This method avoids the battery drain of GPS. But it adds the element of hardware installation, and the cost of the Bluetooth transmitter. If the phone isn’t set up to use a particular transmitter, the software doesn’t work. That assures that you can pair your phone with a particular vehicle, but it means you’ll have to remember to turn off the phone when you’re borrowing a car.

A problem common to both GPS and Bluetooth approaches is that the applications will only run on certain phones. The phones most commonly supported by the distracted-driving apps are BlackBerrys, high-end Nokia phones and devices running Microsoft Corp.’s Windows Mobile or Google Inc.’s Android software.

Phones that lack “smart” operating systems are out of luck, as is Apple Inc.’s iPhone. Apple doesn’t allow third-party software to run “in the background,” so it can’t figure out if the iPhone is in a moving car.

“It’s going to be expensive for companies like our own to continually try to catch up with the multitude of phones,” said Joe Brennan at Trinity-Noble, which has a GPS-based app called Guardian Angel MP.

Brennan believes the only viable long-term solution is to install a radio jammer that blocks all communication between the driver’s phone and the outside world. The company has been developing such a jammer for years, but it’s illegal in the United States. Brennan says its effect is so specific that passengers can still use their phones.

Lee believes that eventually, some sort of solution will be built into cars and take advantage of their electronics, displays and controls to reduce phone distractions. Ford Motor Co.’s optional Sync system already links cell phones to the car’s controls, reads out text messages and understands spoken commands.

It’s questionable whether replacing manual manipulation of the phone with voice commands is safer, though. Research has shown that cell phone conversations are distracting to drivers whether they’re holding the phone or using a handsfree system.

The Department of Transportation’s Research and Innovative Technology Administration is looking at ways to reduce phone distractions, but it wants to make sure that technology promising better safety won’t also create an additional distraction.

Peter Appel, the agency’s head, warned against waiting for technology to solve what’s really a problem of behavior: “The real challenge that we face is: How do you get drivers to just drive?”

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03/16/2010 (10:00 pm)

Timothy Barabe new CFO at Affymetrix

Filed under: economics |

Affymetrix Inc. on Monday named Timothy Barabe executive vice president and chief financial officer.

Santa Clara-based Affymetrix (NASDAQ:AFFX) said Barabe will lead the company’s financial functions as well as the treasury, investor relations and information technology departments.

Since 2006, Barabe has held the same role at Human Genome Sciences, and before that he was CFO at Regent Medical Ltd.

For more than 20 years, he held senior executive roles in finance, general management, and strategic planning at Novartis AG.

Barabe replaces John Batty, who worked for three years at Affymetrix.

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03/11/2010 (11:36 am)

New Prius crash, new concerns

Filed under: management |

The crash of a Toyota Prius in New York caught the attention of federal regulators Wednesday after the driver said it accelerated on its own, then lurched down a driveway, across a road and into a stone wall.

The Department of Transportation is looking into the New York crash, spokeswoman Olivia Alair said Wednesday.

Capt. Anthony Marraccini of the police department in Harrison, north of New York City, said a Toyota official asked to collect the Prius involved in the crash but that the police are "not prepared to release it just yet." He said he wanted to see first if a federal agency wants to join or take over the investigation.

When police release the Prius, Toyota will evaluate it to determine the cause of the accident, company spokesman Brian Lyons said.

The 2005 model was taken to a police parking lot. Its front end was severely pushed in, the hood was buckled and the front bumper and one front headlight were broken.

Police believe the vehicle was on Toyota’s recall list for the sticky accelerator problem, but they had no immediate proof that this one had the problem, Marraccini said free credit report and score. The vehicle had been serviced by Toyota for the floor mat problem, he said.

The driver, a 56-year-old housekeeper, was going forward in the car on Tuesday, down a curving driveway several hundred feet long, when the accident happened, he said.

He said police did not yet know how fast the car was going.

The captain said police would consider the possibility that the driver, who was not identified, was at fault. But he added, "There’s nothing at this particular time that would indicate driver error."

The air bags deployed when the car hit the stone wall across the street. Broken glass, plastic headlight pieces and metal that looked like part of a window frame were nearby.

On Monday, California police stopped a runaway 2008 Prius going nearly 95 mph after the driver said the pedal jammed. Toyota and the National Highway Traffic Safety Administration are investigating.

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02/23/2010 (6:35 pm)

Schlumberger to buy Smith Intl. in $11B deal

Filed under: marketing |

After days of speculation, Houston oil service companies Schlumberger Ltd. and Smith International Inc. jointly announced today plans to merger in a stock transaction valued at about $11 billion.

Smith shareholders will receive 0.6966 shares of Schlumberger in exchange for each Smith share. Based on the closing stock prices for both companies on Feb. 18, the agreement places a value of $45.84 per Smith share – 37.5 percent higher than Smith’s Feb. 18 closing price of $33.35.

Upon closing, Smith stockholders collectively will own approximately 12.8 percent of Schlumberger's outstanding shares of common stock.

Andrew Gould, Schlumberger’s chairman and chief executive officer, said that Smith’s drilling technologies, other products and expertise complement those of Schlumberger.

Smith CEO John Yearwood predicts accelerated technology development for the combined company’s customers.

Said Yearwood: “Schlumberger offers Smith's various segments enhanced engineering and design capability to place our products and expertise at the center of the total drilling system of the future.”

The deal, which is subject to regulatory and Smith stockholder approvals, is expected to close in the latter part of the year. It will create an industry giant with revenues double that of rival Halliburton Co. (NYSE: HAL).

For 2009, Schlumberger (NYSE: SLB) and Smith (NYSE: SII) reported revenue of $22.7 billion and $8.2 billion, respectively.

Meanwhile, Halliburton posted 2009 revenue of $14.7 billion.

Schlumberger expects to realize incremental pretax synergies — after integration costs –of approximately $160 million in 2011 and approximately $320 million in 2012. Schlumberger expects the combination to be accretive to earnings per share in 2012.

On Feb. 19, Smith’s stock shot up by more than 14 percent to a new 52-week-high of $38.16 in heavy trading after The Wall Street Journal reported that the company was in advanced talks to be acquired by Schlumberger.

There was no word yet as to how many jobs might be impacted by the transaction.

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