Investment News for WSLS 10

UPS bet on Big Brown pays off in brand exposure

Thu, 15 May 2008 15:08:00 EDT

Capitalizing on the buzz around thoroughbred racing’s biggest event, UPS has inked a sponsorship deal with Kentucky Derby winner Big Brown, who was named in honor of the shipping giant known for its distinctive brown trucks and uniforms.

Virginia and Philip Morris agree to pollution caps

Tue, 13 May 2008 17:43:00 EDT

The Chesapeake Bay Foundation says it has settled a lawsuit with Philip Morris USA and Virginia over pollution in the James River

Fed Chairman Bernanke says financial turmoil in markets easing

Tue, 13 May 2008 13:17:00 EDT

Turmoil in financial markets has eased somewhat, but the situation is still “far from normal,” Federal Reserve Chairman Ben Bernanke said Tuesday.

HP to buy EDS

Tue, 13 May 2008 11:49:00 EDT

Under the terms announced Tuesday, Palo Alto-based HP will pay $25 per share in cash for EDS, which pioneered the concept of running computer systems and providing other high-tech help for large companies and government agencies.

Yale students serve as bankers for struggling entrepreneurs

Fri, 09 May 2008 16:55:00 EDT

Elmseed Enterprise Program provides small loans and intensive technical support primarily to low income and other disadvantaged entrepreneurs.

Late cold snap puts a chill on California vineyards

Tue, 06 May 2008 09:16:00 EDT

The damage still is being assessed — it could be June before growers know the full extent — but most expect smaller-than-average harvests this year.

Fed cuts funds rate .25%

Wed, 30 Apr 2008 14:36:00 EDT

The Fed move was in line with expectations. Wall Street believes this could well wrap up the Fed’s rate cuts unless the economy threatens to fall into a worse slump than currently expected. The Fed said it stood ready to “act as needed to promote sustainable economic growth and stability.” That phrase was seen as a signal that the Fed is as worried about weak growth as it is about the risk of higher inflation.

A “sweet deal”: Candy company Mars Inc. looks to buy Wrigley

Mon, 28 Apr 2008 12:20:00 EDT

The merger of Mars, maker of M&Ms, Snickers bars and other candy, and Wrigley, which produces such gums as Extra, Eclipse, and Orbit, could force other snack companies to merge to compete with the new confectionary giant.

Media General shareholders elect new directors

Thu, 24 Apr 2008 18:21:00 EDT

Media General shareholders today elected three new directors nominated by Harbinger Capital Partners.

Philip Morris profit up 29 percent

Wed, 23 Apr 2008 11:05:00 EDT

Net income advanced 29 percent to $1.87 billion, or 89 cents a share, from $1.45 billion, or 69 cents, a year earlier, the New York-based company said. Revenue climbed 18 percent to $15.6 billion. The company said full-year profit would increase faster than it previously expected.

SunTrust profit plummets

Tue, 22 Apr 2008 10:33:00 EDT

First-quarter profit fell 45 percent as the company set aside more money to cover bad loans to homeowners and builders.

Merrill Lynch plans to cut 3,000 jobs

Fri, 18 Apr 2008 11:18:00 EDT

The cuts do not affect financial advisers or investment associates at most of the branch offices, such as the one in Richmond, a spokeswoman for the brokerage said yesterday.

Centra reworks its debt as mortgage crisis snarls markets

Tue, 15 Apr 2008 17:19:00 EDT

The long-term financial structure that Centra used to cover the cost of the new East Tower at Lynchburg General Hospital was hit by aftershocks from the subprime mortgage crisis — briefly almost tripling interest rates for the local health care system.

Dissident for Media General board gets support

Tue, 15 Apr 2008 15:16:00 EDT

Proxy firm backs one nominee as company pushes its own slate

Fed chairman to speak in Richmond

Wed, 09 Apr 2008 16:39:00 EDT

About 235 business representatives are expected to attend the sold-out luncheon at the University of Richmond on Thursday. An overflow room for students and others also will be filled, said council President Randolph Bell, former U.S. ambassador at large.

Circuit City plans to reduce size of its board

Tue, 08 Apr 2008 07:11:00 EDT

Circuit City Stores Inc. wants to reduce the size of its board of directors at the chain’s annual shareholder’s meeting in June.

Circuit City to meet with renegade investor

Fri, 04 Apr 2008 12:05:00 EDT

Circuit City Stores Inc. has agreed to meet with renegade investor Mark J. Wattles. In a letter delivered this morning, Mikael Salovaara, lead director of the Circuit City board of directors, agreed to meet with Wattles and discuss company strategy.

Raycom buys Richmond’s NBC affiliate WWBT

Wed, 02 Apr 2008 13:01:00 EDT

Raycom Media Inc., which already owns WTVR, bought WWBT. That’s generally against federal regulations, but the Federal Communications Commission agreed last week to allow the situation to stand for six months. During that time, Raycom will have to sell WTVR.

Media General, dissident weigh in on proxy battle

Wed, 02 Apr 2008 12:46:00 EDT

Investors heard from both sides yesterday in a proxy battle between Media General Inc. and a dissident shareholder over the direction of the Richmond-based media company, owner of the Richmond Times-Dispatch, and WSLS.

S&K sees potential in the uniform business

Mon, 31 Mar 2008 11:29:00 EDT

S&K Famous Brands Inc. is the latest competitor to jump into the uniform business. The Henrico County-based discount menswear retailer has created a division to design and sell uniforms and other corporate apparel to companies for their employees to buy.

Altria moves headquarters from New York to Richmond

Mon, 31 Mar 2008 10:16:00 EDT

The Fortune 500 company is coming to Richmond to join its subsidiary, Philip Morris USA, the nation’s largest cigarette maker

Bush administration proposes sweeping overhaul of financial regulation

Fri, 28 Mar 2008 23:16:00 EDT

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 26-page executive summary obtained Friday by The Associated Press.

Home sales unexpectedly rise in February

Mon, 24 Mar 2008 10:13:00 EDT

After falling for six straight months, sales of existing homes posted an unexpected increase in February. But the median home price tumbled by the largest amount on record.

Big winners in airwaves action include wireless incumbents

Thu, 20 Mar 2008 15:53:00 EDT

AT&T Inc. and Verizon Wireless, the nation’s two biggest cell phone carriers, bid a combined $16 billion of the record $19.6 billion pledged in the auction, according to an AP analysis of the results. Verizon Wireless bid $9.4 billion while AT&T Inc. bid $6.6 billion.

Jobless claims rise by larger-than-expected amount

Thu, 20 Mar 2008 11:31:00 EDT

The Labor Department said Thursday that applications for jobless benefits totaled 378,000 last week. That was an increase of 22,000 from the previous week and was a far bigger jump than had been expected.

Lawmaker looking at mandatory reserves for investment banks

Wed, 19 Mar 2008 17:42:00 EDT

The chairman of the House Financial Services Committee said Wednesday he will push for stricter federal regulation of investment banks, including making them hold reserves similar to those required of commercial banks.

Wall Street Close Wednesday, March 19th: Stocks plummet

Wed, 19 Mar 2008 16:54:00 EDT

Declining issues outpaced advancers by more than 2 to 1 on the New York Stock Exchange

U.S. Treasury could profit from $30 billion support of Bear Stearns, though it’s unlikely

Tue, 18 Mar 2008 16:56:00 EDT

If money can be made on the deal, a purely private-sector buyout could have been arranged, but “the markets right now are so opaque, and have been for so long, that investors don’t know what to believe,” Mason said.

Delta to offer voluntary severance payouts to 30,000 employees; further cut US capacity

Tue, 18 Mar 2008 14:25:01 EDT

Delta Air Lines, faced with a weak economy, dimmer hopes of a combination with Northwest Airlines and record fuel prices that are eating up profits, said Tuesday it will offer voluntary severance payouts to roughly 30,000 employees - more than half its work force - and cut U.S. capacity by an extra 5 percent.

Fed lowers funds rate 0.75%

Tue, 18 Mar 2008 14:21:00 EDT

The latest action brought the federal funds rate - the interest that banks charge each other - down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point.

CVS Caremark agrees to settle Medicaid fraud claims

Tue, 18 Mar 2008 12:26:00 EDT

Pharmacy chain CVS Caremark Corporation has agreed to pay almost $37 million to the federal government, 23 states including Virginia and the District of Columbia to settle claims it billed Medicaid programs for a more expensive formulation of an antacid.

With JPMorgan deal to rescue Bear Stearns, market wonders which investment bank may fall next

Mon, 17 Mar 2008 13:32:00 EDT

Despite the weekend agreement for JPMorgan Chase & Co. to buy Bear Stearns for a fraction of its value last week, worries that other banks had sizable exposure to troubled credit markets sent global markets tumbling

Wall Street at Midday Monday, March 17th - Stocks down, but off lows

Mon, 17 Mar 2008 12:11:00 EDT

Wall Street has seen calm today, as investors react to news that JPMorgan Chase & Co. is buying investment house Bear Stearns in a deal backed by the government.

Verizon upgrades DSL speed in Lynchburg

Mon, 17 Mar 2008 11:12:00 EDT

Verizon has upgraded equipment in several Lynchburg-area locations to more than double the download speed available to some DSL users

Lynchburg hotel owners step up renovations to compete with new hotels

Mon, 17 Mar 2008 11:10:00 EDT

The increasing number of rooms means hotels could have to compete more for market share, and they might have to struggle to keep rooms full in other times of the year.

Gretna company named to prestigious list of top privately-held businesses

Mon, 17 Mar 2008 10:57:00 EDT

Fire tankers, tanker trucks that haul propane and gasoline, septic system trucks, waste oil tankers - if it has wheels and a tank on it, odds are the tank was built at Amthor International in Gretna.

U.S. stocks head for sharply lower open as markets are left reeling by Bear Stearns buyout

Mon, 17 Mar 2008 08:52:00 EDT

The stunning implosion of Bear Stearns stirred fear among investors worldwide that other banks had sizable exposure to troubled credit markets. Stocks fell sharply in Asia and Europe and oil prices set fresh records in Asian trading.

JPMorgan Close To Buying Bear Stearns

Sun, 16 Mar 2008 19:10:00 EDT

JPMorgan close to deal to buy Bear

United Airlines increases fares by up to $50 round-trip to cover fuel; Continental matches

Fri, 14 Mar 2008 15:13:00 EDT

United Airlines said Friday it boosted its ticket prices by as much as much as $50 round-trip, raising the stakes in the airline industry’s battle against rapidly rising fuel costs.

Paulson says U.S. blueprint calls for stronger oversight of mortgage lenders

Thu, 13 Mar 2008 09:42:00 EDT

“The objective here is to get the balance right — regulation needs to catch up with innovation and help restore investors confidence but not go so far as to create new problems, make our markets less efficient or cut off credit to those who need it,” Treasury Secretary Henry Paulson said.

Kroger 4th-quarter profit drops; results top estimates

Tue, 11 Mar 2008 15:33:00 EDT

The grocery chain Kroger Company says its fourth-quarter profits slipped 16 percent, partly because of one fewer week in the period than the previous year.

Altria looks to growth in Marlboro brand, smokeless products

Tue, 11 Mar 2008 12:22:00 EDT

In an investor presentation today, Altria projected that cigarette sales volume will fall between 2.5 percent to 3 percent in the U.S. over the next few years.

Verizon’s new $99 unlimited calling plan boosting subscribers

Mon, 10 Mar 2008 18:26:00 EDT

After Verizon unveiled the plan three weeks ago, AT&T matched it within hours, followed by T-Mobile USA

Wall Street Close, Monday March 10th: Stocks stumble as oil reaches another high

Mon, 10 Mar 2008 18:24:00 EDT

It was the third straight triple-digit decline for the Dow, which has lost a total of more than 530 points in three days.

Sprint Phone First to Use Fast Network

Mon, 10 Mar 2008 14:12:00 EDT

Sprint said Monday it was releasing a software update for the Mogul phone, made by HTC Corp. of Taiwan, that will enable the phone to connect at Rev. A speeds. Downloads speeds should be 600 kilobits per second to 1,400 kbps. It will be capable of uploads of 350 to 500 kbps.

Volkswagen outlines big plans for U.S.

Sat, 08 Mar 2008 13:09:00 EDT

Stefan Jacoby, chief executive of Volkswagen Group of America, said yesterday that his goal is to sell 1 million vehicles annually by 2018—800,000 from the Volkswagen brand and 200,000 from the Audi brand.

2 Circuit City leaders out

Fri, 07 Mar 2008 13:32:00 EDT

The departure of two high-level executives at Circuit City Stores Inc. had nothing to do with recent rumblings from disgruntled shareholder Mark Wattles, a company spokesman said

Apple tweaks iPhone for business uses, seeking competitive edge

Thu, 06 Mar 2008 18:52:01 EDT

To help fuel that transformation, the company is teaming with a prominent venture capital firm to offer $100 million to lure developers to the iPhone to create the next generation of applications.

Circuit City extends HD-DVD player return time as Blu-ray wins

Thu, 06 Mar 2008 18:28:00 EDT

A spokesman for the nation’s No. 2 electronics retailer says the company’s stores are accepting returns of HD DVD players within 90 days of purchase, instead of 30 days. The policy doesn’t apply to HD DVD movie discs.

Economy Watch: Factory orders drop, service sector activity shrinks

Wed, 05 Mar 2008 16:36:00 EDT

U.S. factories saw demand for their products drop sharply, while the country’s service sector contracted, fresh evidence of an economy hobbled by housing and credit crises.

Fed Chairman says more needs to be done to prevent home foreclosures

Tue, 04 Mar 2008 10:35:00 EDT

Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer,” Ben Bernanke warned.

Wall Street Close Monday, March 3rd: Stocks settle mostly lower

Mon, 03 Mar 2008 17:16:00 EDT

Declining issues led advancers by a 17-to-14 margin on the New York Stock Exchange

Car sales slump in U.S.

Mon, 03 Mar 2008 15:20:00 EDT

General Motors Corp. and Ford Motor Co. said Monday they would cut second quarter production in the face of falling U.S. sales and weakened consumer confidence, while Toyota Motor Corp. said plummeting sales of sport utility vehicles and large sedans contributed to its 3 percent drop in U.S. sales for February.

Wall Street at midday Monday: Stocks lower at midday

Mon, 03 Mar 2008 12:13:00 EDT

Decliners on the New York Stock Exchange hold an 8 to 7 lead over advancers.

Survey shows manufacturing activity falling in February

Mon, 03 Mar 2008 11:03:00 EDT

U.S. manufacturing activity declined in February to its weakest level in nearly five years, an industry group survey showed Monday, heralding more instability in the job market and further frailty in the overall economy.

Construction spending plunges in January by most in 14 years

Mon, 03 Mar 2008 11:02:00 EDT

Construction spending took its biggest nosedive in 14 years and manufacturing activity contracted, fresh trouble signs for a struggling economy.

FNB to change name to StellarOne Bank

Fri, 29 Feb 2008 17:22:00 EDT

StellarOne Corp. has completed a merger of equals between Virginia Financial Group Inc. and FNB Corp. The combined companies adopted the StellarOne name, and the new company began trading yesterday on the Nasdaq market under the symbol STEL.

Investor calls for new Circuit City directors

Fri, 29 Feb 2008 17:16:00 EDT

Disgruntled investor Mark Wattles, who owns 6.5 percent of the chain, submitted a proposal that each board member besides the five nominated by the firm should be removed, according to a statement distributed this morning.

Transportation Department investigators find lax oversight of aircraft parts suppliers

Fri, 29 Feb 2008 16:58:00 EDT

Regulators and aircraft manufacturers are not keeping adequate tabs on the quality of plane parts made domestically and abroad, potentially raising risks for fliers, government investigators said in a report released Friday.

Fed announces March auctions to banks combat credit crisis

Fri, 29 Feb 2008 12:29:00 EDT

The Federal Reserve announced Friday that it will auction another $60 billion in March as it continues to combat the effects of a severe credit crisis. It repeated a pledge to keep holding the auctions “for as long as necessary.”

GM temporarily shuts 3 more plants as impact widens from strike at parts maker

Fri, 29 Feb 2008 12:07:00 EDT

General Motors Corp. says it will temporarily shut down three more pickup truck factories due to a strike at a key parts supplier

Oil prices jump to records above $102

Thu, 28 Feb 2008 15:39:00 EDT

Crude prices extended their march into record high territory Thursday, shooting up more than $2 a barrel as a falling dollar and the prospect of lower interest rates attracted more investors to the oil market. Retail gas prices, meanwhile, rose closer to records above $3 a gallon.

Fed chairman learning to navigate treacherous economic and political waters

Thu, 28 Feb 2008 15:27:01 EDT

Federal Reserve Chairman Ben Bernanke is proving to be a quick study in navigating a treacherous housing slump and credit crisis that could push the economy into a recession. He also seems to be learning fast on an equally perilous course - avoiding political land mines in Washington.

Fed chief dismisses worries about US economy returning to 1970’s style “stagflation”

Thu, 28 Feb 2008 13:26:00 EDT

High energy prices and rising inflation do complicate the Fed’s job of trying to keep the economy growing and inflation contained, Ben Bernanke acknowledged.

Treasury Secretary says various housing proposals would do more harm than good

Thu, 28 Feb 2008 13:25:00 EDT

While he said that while the housing problem remains the biggest downside risk to the economy, the issue needed to be put in perspective. Paulson said that 93 percent of all mortgages are being paid on time and that less than 2 percent are in foreclosure.

Smithfield Foods profit dips, but beats Wall Street expectations

Thu, 28 Feb 2008 11:46:00 EDT

Virginia pork producer Smithfield Foods said today that third-quarter profits fell about 10 percent on lower live hog prices and a higher tax rate, but results beat expectations handily.

More people sign up for unemployment benefits

Thu, 28 Feb 2008 10:34:00 EDT

The Labor Department reported Thursday that new applications for unemployment benefits rose by 19,000 to 373,000 last week. The increase was larger than many economists were expecting.

Huge 4th quarter loss for Sprint-Nextel

Thu, 28 Feb 2008 10:32:00 EDT

The Virginia based company says much of the loss came from writing down most of the remaining value of its 2005 purchase of Nextel Communications.

Dollar sinks to new low in Europe as U.S. economy slows to near halt

Thu, 28 Feb 2008 10:30:00 EDT

The 15-nation euro bought $1.5150 in early European trading - up from $1.5120 in New York the previous night and above a record $1.5143 reached earlier Wednesday. The euro gave up a little ground and was trading at $1.5122, still above Wednesday’s close.

Economy skids to near halt in final quarter of 2007

Thu, 28 Feb 2008 10:29:00 EDT

The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly.

Wall Street Close Wednesday, February 27th: Stocks end little changed from open

Wed, 27 Feb 2008 16:39:00 EDT

Stocks rallied after Federal Reserve Chairman Ben Bernanke signaled a willingness to lower interest rates further. But the market settled narrowly mixed.

Dodge & Cox builds a buzz with creation of new fund

Wed, 27 Feb 2008 12:39:00 EDT

Dodge & Cox Global Stock fund will follow the firm’s valueand team-oriented strategy to pick stocks from around the world. It will invest in midto large-sized companies from at least three different countries and will keep at least 40 percent of its assets in non-U.S. stocks

New home sales fall for third straight month

Wed, 27 Feb 2008 10:29:00 EDT

In more bad news for the beleaguered housing industry, sales of new homes fell in January for a third straight month, pushing activity down to the slowest pace in nearly 13 years.

Fed chief signals rate cut to help wobbly economy, must keep eye on inflation

Wed, 27 Feb 2008 10:27:00 EDT

Federal Reserve Chairman Ben Bernanke sent a fresh signal Wednesday that the central bank will again lower interest rates to steady the teetering economy.

Wall Street rises despite downbeat economic news

Tue, 26 Feb 2008 19:06:00 EDT

The market found some traction when IBM announced a 15 billion dollar stock buyback.

Media General urges shareholders to oppose hedge fund’s directors

Tue, 26 Feb 2008 19:02:01 EDT

Richmond-based Media General says it’s urging shareholders not to sign proxy cards sent by Harbinger because it says that’s not in the company’s best interest. The proxy statement comes ahead of its annual meeting April 24th

Economic twin evils

Tue, 26 Feb 2008 18:29:00 EDT

It’s worrisome math: Slowing economic growth plus soaring prices could eventually equal “stagflation.” That’s a toxic economic brew the nation hasn’t tasted in three decades.

Consumer confidence plunges while wholesale inflation rises at fastest pace in 26 years

Tue, 26 Feb 2008 18:25:00 EDT

The new reports Tuesday documented the latest in a series of blows to the economy as a prolonged housing downturn has pushed the country close to a recession.

Consol to resume production at Virginia mine

Tue, 26 Feb 2008 17:48:01 EDT

Consol Energy says that full production is expected to resume in mid-to-late March. That is even though repairs to a 5,000-ton underground coal storage bunker have not been completed in the mine near Mavisdale, Virginia.

Brink’s to spin off home security

Mon, 25 Feb 2008 13:50:00 EDT

The Brink’s Co. said Monday it will spin off its namesake home security unit, following months of pressure from shareholders, and expand its board to accommodate the nominees of a shareholder firm

Visa IPO could be largest in U.S. history

Mon, 25 Feb 2008 11:04:00 EDT

Visa Inc. said Monday its initial public offering could raise up to $19 billion - making it the largest in U.S. history - even though the credit card processor is entering the market at a difficult time

Wall Street Close Friday: Stocks recover before closing bell

Fri, 22 Feb 2008 18:08:00 EDT

Investors were encouraged by a report suggesting that a bailout plan for troubled bond insurer Ambac Financial could be announced next week

Royal Chevrolet Cadillac buys Jim Martin Pontiac Buick GMC

Fri, 22 Feb 2008 15:33:00 EDT

Royal Chevrolet has hired Martin’s service manager and several technicians, and hopes to hire all of the dealership’s sales representatives as well

Wall Street before the bell Friday: Stocks seen opening little changed amid fears about recession

Fri, 22 Feb 2008 07:26:00 EDT

With no major economic reports due during the session, Wall Street will look to next week for more clues about the economy - including reports on existing home sales and durable goods.

Hotel planned for Bedford

Fri, 22 Feb 2008 05:15:00 EDT

A Lynchburg hotel owner revealed plans Thursday night for a four-story, 85-room Hampton Inn on Burks Hill Road in the City of Bedford

U.S. economic slowdown beginning to look like eve of past recession, group says

Thu, 21 Feb 2008 17:24:00 EDT

The slowdown in the U.S. economy, coupled with a steady drip of bleak economic data, is starting to echo the conditions that presaged the country’s most recent recession.

GMAC to shrink 20 US, Canadian offices to 5 regional centers, cut about 930 auto finance jobs

Wed, 20 Feb 2008 16:01:00 EDT

GMAC LLC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year.

Fed sees slower growth, higher unemployment and higher inflation this year

Wed, 20 Feb 2008 14:02:00 EDT

In documents released Wednesday, the Fed said it believes that the gross domestic product will grow between 1.3 percent and 2 percent this year. That’s lower than a previous Fed forecast for growth - which was estimated then to be between 1.8 percent and 2.5 percent.

Consumer prices post another big gain in January

Wed, 20 Feb 2008 13:23:01 EDT

Consumer prices rose by a bigger-than-expected amount in January, reflecting big increases in the cost of food and health care, the government reported Wednesday

Supreme Court allows retirement plan participants to sue over losses

Wed, 20 Feb 2008 13:22:00 EDT

In a unanimous ruling, the justices are allowing participants in 401(k) retirement plans to sue. The decision has implications for 50 million workers with $2.7 trillion invested in such plans.

Food giants expecting higher profits

Wed, 20 Feb 2008 11:12:00 EDT

Food companies General Mills and ConAgra raised their profit estimates yesterday, shrugging off higher costs for grain, energy and other raw materials thanks to cost cutting, rising sales and higher prices.

T-bill interest rates hit 3-year low

Wed, 20 Feb 2008 11:11:00 EDT

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 2.200 percent, down from 2.250 percent last week. An additional $22 billion in six-month bills was auctioned at a discount rate of 2.040 percent, down from 2.080 percent last week

If tax bill irks you, it may be time to change portfolio

Wed, 20 Feb 2008 11:09:00 EDT

Many fund investors will get an unpleasant surprise from their tax preparer this year, a bill for the distributions they got from their funds, even though those funds may have had a disappointing year. Year-end numbers for 2007 are not available yet, but it is clear that distributions will amount to a record of more than $500 billion. You read that right: a half-trillion dollars, nearly $100 billion more than in 2006, and that was a record.

Lillian Vernon, Sharper Image file for bankruptcy

Wed, 20 Feb 2008 10:54:00 EDT

Sharper Image, known for its high-tech novelty gadgets, and Lillian Vernon, which sells low-cost gifts and gadgets through its catalog and website, have long been plagued with falling sales.

Smithfield Foods cutting U.S. sow herd

Tue, 19 Feb 2008 18:26:00 EDT

Pork processor Smithfield Foods said it is reducing its U.S. sow herd because of record-level grain costs

Wall Street Close Tuesday: Stocks tumble after higher opening

Tue, 19 Feb 2008 18:24:00 EDT

Stocks opened with a head of steam, but lost that momentum as oil closed above $100 for the first time

Borrowing Against Retirement

Tue, 19 Feb 2008 16:28:00 EDT

More Americans tap retirement accounts to make ends meet; withdrawals carry risks

Circuit City service rating goes up

Tue, 19 Feb 2008 12:14:00 EDT

Rise on customer satisfaction index is first in four years

Entrepreneurship numbers on the rise across Virginia

Tue, 19 Feb 2008 11:36:00 EDT

The challenge of starting a small business is rapidly becoming a popular option in Virginia. According to the U.S. Small Business Administration, small businesses in the commonwealth have increased from 165,185 in 2002 to 643,600 in 2007.

Wall Street Tuesday: Stocks rally in early trading

Tue, 19 Feb 2008 10:09:00 EDT

Stocks rallied Tuesday as investors found some relief in an earnings report from Wal-Mart Stores Inc., which saw improvement in sales in the United States and abroad. The Dow Jones industrial average rose more than 120 points.