News Topic - Wholesale
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US economy: Lacklustre Google and Microsoft results puncture Wall Street's fragile good cheer
American stocks completed their best two-day percentage gain since 2002 today but Wall Street's fragile good cheer subsided after the bell as earnings from Google and Microsoft failed to live up to investors' expectations. A fall of more than $5 in the price of oil sent shares soaring on hopes that the cost of crude may have passed its peak. The Dow Jones Industrial Average leapt by 207 points to 11,446 bringing its two-day gain to more than 400 points. But after the close of trading, Google released earnings which showed weakness in the number of "paid clicks" as internet users choose advertising links. Although Google's profits were up by 35% to $1.25bn, the figures did not deliver the blowaway gains which investors have grown accustomed to seeing at the internet search company. "It's hard to love the numbers," said Colin Gillis, an analyst at Canaccord Adams. "There's the initial shock of this being the best company in the space and it just fell short." Google insists that it can weather the economic storm crossing the US on the grounds that key advertisers in areas such as household consumer goods tend to maintain spending on promotions even in tough circumstances. Google's chief executive, Eric Schmidt, said: "Traffic and revenue have held up well despite uncertain economic conditions." The company boasted of making more than 100 improvements in search quality over the last three months, including work on cross-language searches which bring up results from foreign on-line documents. In unofficial after-hours trading, Google's shares dropped by 7.7% to $492.50. The software empire Microsoft took a similar beating, falling by 6.2% to $25.81 in response to its first earnings report since founder Bill Gates retired from day-to-day management. Microsoft's profits surged by 42% to $4.3bn on strong sales of Office and Windows packages but the company sounded a cautious note on challenging conditions. "It won't hurt us significantly," said chief financial officer Chris Liddell. "It's what I would described as a tough environment. It's clear other companies around us are suffering." In an evening of mixed news for the technology industry, IBM proved a bright glimmer by beating earnings forecasts with decent business in hardware and services. But the US chipmaker Intel learned that it faces new accusations from the European Commission over allegedly anti-competitive practices against rival Advanced Micro Devices. A statement of objections from the Commission alleged that Intel had paid computer retailers not to sell computers containing chips made by AMD, in addition to previous accusations that it behaved unlawfully in the wholesale market. The EU's executive body said all the different types of misbehaviour "reinforce each other and are part of a single overall anti-competitive strategy aimed at excluding AMD or limiting its access to the market".
The Guardian – Jul 17, 2008 10:34 PM [GMT] ¦ comment?
found in Technology
American stocks completed their best two-day percentage gain since 2002 today but Wall Street's fragile good cheer subsided after the bell as earnings from Google and Microsoft failed to live up to investors' expectations. A fall of more than $5 in the price of oil sent shares soaring on hopes that the cost of crude may have passed its peak. The Dow Jones Industrial Average leapt by 207 points to 11,446 bringing its two-day gain to more than 400 points. But after the close of trading, Google released earnings which showed weakness in the number of "paid clicks" as internet users choose advertising links. Although Google's profits were up by 35% to $1.25bn, the figures did not deliver the blowaway gains which investors have grown accustomed to seeing at the internet search company. "It's hard to love the numbers," said Colin Gillis, an analyst at Canaccord Adams. "There's the initial shock of this being the best company in the space and it just fell short." Google insists that it can weather the economic storm crossing the US on the grounds that key advertisers in areas such as household consumer goods tend to maintain spending on promotions even in tough circumstances. Google's chief executive, Eric Schmidt, said: "Traffic and revenue have held up well despite uncertain economic conditions." The company boasted of making more than 100 improvements in search quality over the last three months, including work on cross-language searches which bring up results from foreign on-line documents. In unofficial after-hours trading, Google's shares dropped by 7.7% to $492.50. The software empire Microsoft took a similar beating, falling by 6.2% to $25.81 in response to its first earnings report since founder Bill Gates retired from day-to-day management. Microsoft's profits surged by 42% to $4.3bn on strong sales of Office and Windows packages but the company sounded a cautious note on challenging conditions. "It won't hurt us significantly," said chief financial officer Chris Liddell. "It's what I would described as a tough environment. It's clear other companies around us are suffering." In an evening of mixed news for the technology industry, IBM proved a bright glimmer by beating earnings forecasts with decent business in hardware and services. But the US chipmaker Intel learned that it faces new accusations from the European Commission over allegedly anti-competitive practices against rival Advanced Micro Devices. A statement of objections from the Commission alleged that Intel had paid computer retailers not to sell computers containing chips made by AMD, in addition to previous accusations that it behaved unlawfully in the wholesale market. The EU's executive body said all the different types of misbehaviour "reinforce each other and are part of a single overall anti-competitive strategy aimed at excluding AMD or limiting its access to the market".
The Guardian – Jul 17, 2008 10:34 PM [GMT] ¦ comment?
found in Technology
Even in this heat, winter bills haunting for some
It’s not even the season for their use, but already the prices for home heating oil and natural gas have analysts worried about the winter. Major price hikes in the cost of gasoline, heating oil and natural gas made for a 6.6 percent bump in energy costs in June, according to the U.S. Labor Department; however, when oil dropped $6 a barrel Tuesday and another $4 Wednesday, futures for gasoline, natural gas and heating oil also dropped.“Certainly if you look at what’s going on with wholesale natural gas - prices this summer have been significantly higher than last year - there will be some fairly expensive natural gas this winter,” said Andrew Melnykovych, spokesman for the Kentucky Public Service Commission.The price this year doesn’t seem to be strictly dictated by supply and demand as in previous years. Market forces that include increased institutional investment (by pension plans, universities and others) in all commodities appear to be in play, Melnykovych said.The home heating oil industry is predicting prices might double this winter.Heating oil, used mostly on the East Coast, and natural gas have two completely different sources - heating oil comes from crude that is mostly imported and natural gas comes mostly from U.S. exploration - but the rise for oil is somewhat of an indicator of what natural gas might do.“Energy prices tend to rise and fall in tandem,” he said.At the end of this month, the state will learn what four of the five major gas utilities, including Atmos Energy, will ask for their gas delivery cost adjustment.“The picture isn’t completely clear at this point and we are certainly monitoring the situation very closely,” Melnykovych said. “I’m afraid there is not much good news there; it will potentially be a fairly challenging winter if we get a lot of extreme cold weather.”That has Ellie Harbaugh, associate director of Community Action of Southern Kentucky, worried.Harbaugh said her agency is already receiving numerous calls for help with cooling bills and expects calls for heating help in the winter to be higher than ever.“A receptionist at one office said she is getting anywhere from 20 to 30 calls a day requesting assistance with food, utilities or housing stability,” Harbaugh said.Between August and the middle of February, the agency distributed about $1.3 million in various aspects of the energy assistance program. That included help to 2,588 families with summer cooling, 4,149 in the crisis heating component (those in immediate danger or who have had utilities cut off) and 6,428 people seeking a subsidy for their utility bills.“Winter will be a very busy time for us,” she said. “People are faced with a lot of economic stressors and I don’t think it is going to decrease.”Both Harbaugh and Melnykovych are urging residents to start doing things now that can save them energy later.“We still have the weatherization program now, but there is a waiting list,” Harbaugh said.Even without that formal program there probably are small things that some residents can do, such as caulking around windows and doors and using draperies both to help block out heat in the summer and retain heat in the winter.“If your utility does budget billing, sign up now,” Melnykovych said.Harbaugh said residents, in general, should be making plans in their overall household budget for heavy heating bills.Even those who use electric can probably expect higher prices this winter at least in the fuel cost adjustment that is added by the Tennessee Valley Authority, according to Mark Iverson, general manager of Bowling Green Municipal Utilities.While most of TVA’s energy is generated from coal, it also uses nuclear power and hydro power and natural gas is used to power turbines. So a rise in natural gas somewhat impacts the cost of delivering fuel.“Spot prices for coal have doubled in the last eight months ... that can’t help but get reflected in the cost,” Iverson said.Also impacting TVA costs is the fact that much of its service area is still experiencing a drought, making it hard to use hydro power for the generation of electricity.“Long term, it is going to be difficult for a lot of people,” Harbaugh said. “Many are facing difficult times with gasoline at $4 a gallon and the rising cost of food but they are living on the same budget.“We are not just talking about low income; it’s affecting the middle class as well.”— For tips on how to save energy or find energy assistance, go to www.energy.ky.gov/dre3/tips.
Bowling Green Daily News – Jul 17, 2008 6:34 PM [GMT] ¦ comment?
found in Local: Kentucky: Bowling Green
It’s not even the season for their use, but already the prices for home heating oil and natural gas have analysts worried about the winter. Major price hikes in the cost of gasoline, heating oil and natural gas made for a 6.6 percent bump in energy costs in June, according to the U.S. Labor Department; however, when oil dropped $6 a barrel Tuesday and another $4 Wednesday, futures for gasoline, natural gas and heating oil also dropped.“Certainly if you look at what’s going on with wholesale natural gas - prices this summer have been significantly higher than last year - there will be some fairly expensive natural gas this winter,” said Andrew Melnykovych, spokesman for the Kentucky Public Service Commission.The price this year doesn’t seem to be strictly dictated by supply and demand as in previous years. Market forces that include increased institutional investment (by pension plans, universities and others) in all commodities appear to be in play, Melnykovych said.The home heating oil industry is predicting prices might double this winter.Heating oil, used mostly on the East Coast, and natural gas have two completely different sources - heating oil comes from crude that is mostly imported and natural gas comes mostly from U.S. exploration - but the rise for oil is somewhat of an indicator of what natural gas might do.“Energy prices tend to rise and fall in tandem,” he said.At the end of this month, the state will learn what four of the five major gas utilities, including Atmos Energy, will ask for their gas delivery cost adjustment.“The picture isn’t completely clear at this point and we are certainly monitoring the situation very closely,” Melnykovych said. “I’m afraid there is not much good news there; it will potentially be a fairly challenging winter if we get a lot of extreme cold weather.”That has Ellie Harbaugh, associate director of Community Action of Southern Kentucky, worried.Harbaugh said her agency is already receiving numerous calls for help with cooling bills and expects calls for heating help in the winter to be higher than ever.“A receptionist at one office said she is getting anywhere from 20 to 30 calls a day requesting assistance with food, utilities or housing stability,” Harbaugh said.Between August and the middle of February, the agency distributed about $1.3 million in various aspects of the energy assistance program. That included help to 2,588 families with summer cooling, 4,149 in the crisis heating component (those in immediate danger or who have had utilities cut off) and 6,428 people seeking a subsidy for their utility bills.“Winter will be a very busy time for us,” she said. “People are faced with a lot of economic stressors and I don’t think it is going to decrease.”Both Harbaugh and Melnykovych are urging residents to start doing things now that can save them energy later.“We still have the weatherization program now, but there is a waiting list,” Harbaugh said.Even without that formal program there probably are small things that some residents can do, such as caulking around windows and doors and using draperies both to help block out heat in the summer and retain heat in the winter.“If your utility does budget billing, sign up now,” Melnykovych said.Harbaugh said residents, in general, should be making plans in their overall household budget for heavy heating bills.Even those who use electric can probably expect higher prices this winter at least in the fuel cost adjustment that is added by the Tennessee Valley Authority, according to Mark Iverson, general manager of Bowling Green Municipal Utilities.While most of TVA’s energy is generated from coal, it also uses nuclear power and hydro power and natural gas is used to power turbines. So a rise in natural gas somewhat impacts the cost of delivering fuel.“Spot prices for coal have doubled in the last eight months ... that can’t help but get reflected in the cost,” Iverson said.Also impacting TVA costs is the fact that much of its service area is still experiencing a drought, making it hard to use hydro power for the generation of electricity.“Long term, it is going to be difficult for a lot of people,” Harbaugh said. “Many are facing difficult times with gasoline at $4 a gallon and the rising cost of food but they are living on the same budget.“We are not just talking about low income; it’s affecting the middle class as well.”— For tips on how to save energy or find energy assistance, go to www.energy.ky.gov/dre3/tips.
Bowling Green Daily News – Jul 17, 2008 6:34 PM [GMT] ¦ comment?
found in Local: Kentucky: Bowling Green
IDC Survey Results Show Growing Level of Commitment Among Small and Midsize Firms Toward Adoption of Applications To Support Green Initiatives in the
FRAMINGHAM, MA .- In a survey of 250 decision makers at small and midsize enterprises involved in the manufacturing, wholesale, and distribution industries, IDC found that there is a growing level of ... [WebWire - Thursday, July 17, 2008]
WebWire – Jul 17, 2008 4:09 PM [GMT] ¦ comment?
found in Top Stories: Press Releases
FRAMINGHAM, MA .- In a survey of 250 decision makers at small and midsize enterprises involved in the manufacturing, wholesale, and distribution industries, IDC found that there is a growing level of ... [WebWire - Thursday, July 17, 2008]
WebWire – Jul 17, 2008 4:09 PM [GMT] ¦ comment?
found in Top Stories: Press Releases
Craig Wireless Systems Ltd. announces amendment to wholesale agreement in Greece to provide for a new limited roll-out plan
Read full story for latest details.
Canada NewsWire – Jul 17, 2008 2:15 PM [GMT] ¦ comment?
found in Canada
Read full story for latest details.
Canada NewsWire – Jul 17, 2008 2:15 PM [GMT] ¦ comment?
found in Canada
Key developments on inflation
AP - Reports on inflation showed big price increases at the consumer level and the wholesale level for June, driven by higher energy and food costs.
Yahoo! – Jul 16, 2008 9:51 PM [GMT] ¦ comment?
found in Business: Economy
AP - Reports on inflation showed big price increases at the consumer level and the wholesale level for June, driven by higher energy and food costs.
Yahoo! – Jul 16, 2008 9:51 PM [GMT] ¦ comment?
found in Business: Economy
Economy continues slide with no relief on horizon
The prices of everything from vegetables to car insurance rose in June, the sixth consecutive month that wholesale prices increased, and Federal Reserve Chairman Ben Bernanke warned Tuesday that consumers can expect to be pounded for a while longer.
Examiner.com – Jul 16, 2008 07:53 AM [GMT] ¦ comment?
found in Local: District of Columbia: Washington
The prices of everything from vegetables to car insurance rose in June, the sixth consecutive month that wholesale prices increased, and Federal Reserve Chairman Ben Bernanke warned Tuesday that consumers can expect to be pounded for a while longer.
Examiner.com – Jul 16, 2008 07:53 AM [GMT] ¦ comment?
found in Local: District of Columbia: Washington
Wholesale Prices Soar in June; Sales are Sluggish
WASHINGTON (AP) – The economy showed the depth of its twin problems on Tuesday, slow growth and rising inflation, as the nation wrestled with a teeter....
Memphis Daily News – Jul 16, 2008 05:57 AM [GMT] ¦ comment?
found in Local: Tennessee: Memphis
WASHINGTON (AP) – The economy showed the depth of its twin problems on Tuesday, slow growth and rising inflation, as the nation wrestled with a teeter....
Memphis Daily News – Jul 16, 2008 05:57 AM [GMT] ¦ comment?
found in Local: Tennessee: Memphis
Utahns trying to ride out the storm of the slow economy
The Chairman of the Federal Reserve went before Congress warning the economy's slow growth will continue. And inflation was on the agenda as wholesale prices climb at a rate not seen in 27 years.
KSL.com – Jul 16, 2008 04:59 AM [GMT] ¦ comment?
found in Local: Utah: Salt Lake City
The Chairman of the Federal Reserve went before Congress warning the economy's slow growth will continue. And inflation was on the agenda as wholesale prices climb at a rate not seen in 27 years.
KSL.com – Jul 16, 2008 04:59 AM [GMT] ¦ comment?
found in Local: Utah: Salt Lake City
World Business Briefing | Europe: Britain: Burberry’s First-Quarter Sales Rose 22%
The Burberry Group, a luxury goods retailer, said first-quarter sales rose 22 percent on shipments of autumn and winter goods to wholesale distributors in emerging markets.
New York Times – Jul 16, 2008 04:15 AM [GMT] ¦ comment?
found in Business
The Burberry Group, a luxury goods retailer, said first-quarter sales rose 22 percent on shipments of autumn and winter goods to wholesale distributors in emerging markets.
New York Times – Jul 16, 2008 04:15 AM [GMT] ¦ comment?
found in Business
'Stagflation' fears on rise
Nervous Americans barely able to make ends meet now face the dual threat of a faltering economy and wholesale inflation running at a 27-year high, according to new economic...
BostonHerald.com – Jul 16, 2008 02:39 AM [GMT] ¦ comment?
found in Local: Massachusetts: Boston
Nervous Americans barely able to make ends meet now face the dual threat of a faltering economy and wholesale inflation running at a 27-year high, according to new economic...
BostonHerald.com – Jul 16, 2008 02:39 AM [GMT] ¦ comment?
found in Local: Massachusetts: Boston