UNEMPLOYMENT INS WEEKLY CLAIMS REPORT SEASONALLY ADJUSTED DATA
In the week ending Jan. 24, the advance figure for seasonally adjusted initial claims was 588,000, an increase of 3,000 from the previous week's revised figure of 585,000. The 4-week moving average was 542,500, an increase of 24,250 from the previous week's revised average of 518,250.
The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending Jan. 17, an increase of 0.2 percentage point from the prior week's unrevised rate of 3.4 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Jan. 17 was 4,776,000, an increase of 159,000 from the preceding week's revised level of 4,617,000. The 4-week moving average was 4,630,000, an increase of 66,500 from the preceding week's revised average of 4,563,500.
Statistics on persons receiving unemployment insurance benefits (sometimes called insured unemployment) in the United States are collected as a byproduct of unemployment insurance programs. Workers who lose their jobs and are covered by these programs typically file claims which serve as notice that they are beginning a period of unemployment. Claimants who qualify for benefits are counted in the insured unemployment figures.
Thursday, January 29, 2009
Wednesday, January 28, 2009
Hanesbrands 4th Quarter 2008 Earnings
Hanesbrands Inc. Reports Fourth-Quarter 2008 Results
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- Hanesbrands Inc. (NYSE: HBI), a leading marketer of innerwear, outerwear and hosiery apparel, today reported results for the 2008 fourth quarter.
Total net sales in the fourth quarter declined by $124 million to $1.04 billion, and net sales for the full fiscal year declined by 5 percent to $4.25 billion. GAAP earnings per diluted share in the quarter were $0.19, and for the full year were $1.34, up slightly from a year ago.
Excluding actions, non-GAAP earnings per diluted share in the fourth quarter increased by 32 percent to $0.50, and for the full year non-GAAP EPS increased by 27 percent to $2.09.
Hanesbrands prepaid $139 million of long-term debt in the fourth quarter, compared with its goal of $75 million to $125 million. The company ended the year with inventory of $1.3 billion, approximately $50 million better than its goal. And the company ended the year with a similar level of cushion in its bank covenant debt-to-EBITDA ratio as it had at the end of the third quarter.
“We are pleased with our accomplishments in a year in which we faced rising commodity costs and an unprecedented collapse in the consumer retail sales environment,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll. “We successfully controlled year-end inventories, paid down debt, reduced costs, executed our supply chain strategy ahead of schedule, announced a price increase, and we delivered EPS growth of more than 25 percent for the year despite sales declines.
“We are now sharply focused on execution, conservative inventory and cost management and using available cash to pay down debt over the next 12 months. Our goal is to come out of this economic environment with momentum and as an even stronger company.”
Noteworthy Financial Highlights
The fourth quarter and full fiscal year, which ended Jan. 3, 2009, contained one additional week than the previous quarter and fiscal year ended Dec. 29, 2007. Selected highlights include:
Total net sales in the quarter declined by 11 percent to $1.04 billion, compared with $1.16 billion a year ago. Sales declined in each business segment. For the full year, total net sales were down by 5 percent to $4.25 billion, compared with $4.47 billion a year ago. By the end of the fourth quarter, sales weakness was broad-based, although a few of the bright spots for the year were men’s underwear, Champion brand sales, Playtex brand intimate apparel sales, and the International segment. For the rolling 12-month period through November 2008, consumer panel data showed that Hanesbrands increased its market share for total innerwear by 1 share point, including a men’s underwear market share increase of 3 share points, women’s intimate apparel increase of 1 share point, and a socks increase of one-half of a share point.
GAAP earnings per diluted share in the quarter decreased by $0.33 to $0.19, which included a $0.31 reduction per diluted share for restructuring and related charges. For the year, GAAP diluted EPS was $1.34 versus $1.30 a year ago.
Excluding actions, non-GAAP diluted EPS for the full year increased by 27 percent to $2.09, which exceeded the company’s growth goal for the year despite severe economic conditions, particularly the consumer market collapse in the fourth quarter. The earnings growth was driven by strategic execution that reduced costs, lowered base interest rates, lowered income tax expense, and reduced long-term debt. For the quarter, which also benefited from favorable selling, general and administrative expense timing and one-time retroactive duty refunds, non-GAAP diluted EPS increased by 32 percent to $0.50, up from $0.38 a year ago.
GAAP operating profit was $58.4 million in the quarter, down $67.5 million, and was $317.5 million for the year, down $71.1 million. Both comparisons include a one-time $32.1 million gain in last year’s periods.Excluding actions, Hanesbrands was able to protect its margins through cost-reduction efforts despite sales declines. For the full year, the operating profit margin was the same as last year at 9.7 percent of sales.
By prepaying $139 million in long-term debt in the quarter, the company ended the year with long-term debt of $2.18 billion. Since its spinoff in September 2006, Hanesbrands has reduced long-term debt by $423 million.
(Diluted EPS excluding actions, operating profit excluding actions, and operating profit margin excluding actions are non-GAAP measures used to better assess underlying business performance because they exclude the effect of unusual actions that are not directly related to operations. The unusual actions in the current or year-ago periods were restructuring and related charges, gain on curtailment of postretirement benefits, amortization of gain on postretirement benefits, separation of pension plan assets and liabilities, nonrecurring spinoff and related charges, other income and expense, and the tax effect on these items. See Table 4 for details and reconciliation with reported operating results consistent with generally accepted accounting principles.)
Other Comments
Hanesbrands made significant progress in its sell more, spend less and generate cash strategic initiatives in 2008.
Brand Strength. The company invested in its brands, announced an average domestic gross price increase of 4 percent, drove market share growth in a down economy, and achieved superior consumer preference for its brands.
In 2008, Hanes was No. 1 for the fifth consecutive year on the Women’s Wear Daily “Top 100 Brands Survey” for apparel and accessory brands that women know best and was No. 1 for the fifth consecutive year as the most preferred men’s, women’s and children’s apparel brand of consumers in Retailing Today magazine’s “Top Brands Study.” Additionally, the company had five of the top 10 intimate apparel brands preferred by consumers in the Retailing Today study - Hanes, Playtex, Bali, Just My Size and L’eggs.
Significant Supply Chain Progress. In executing its global supply chain strategy of operating fewer, larger facilities in lower-cost countries, Hanesbrands reduced the number of company-owned and operated manufacturing and distribution facilities in 2008 from 102 to 88. The company expanded its operations in Asia, adding three sewing plants in Thailand and Vietnam and increasing employment in Asia from approximately 2,000 to 5,500.
In the fourth quarter, the company also acquired an embroidery and screen-print facility in Honduras and began production at its new sock knitting and finishing plant in El Salvador. Earlier this month, the company announced that it will close its Barnwell, S.C., sock knitting plant by the end of April, moving production to the new sock facility in El Salvador. Approximately 310 jobs will be eliminated.
Additionally, the company improved its product quality by 27 percent and reduced complexity by eliminating 12 percent of its product SKUs.
Cost Reduction Progress. Hanesbrands made significant progress in its multiyear goal of generating gross savings that could approach or exceed $200 million. The company recognized approximately $76 million of the incremental gross savings in 2008.
The company is close to completing its cumulative $250 million of restructuring expected in the three years ending in 2009. With the Barnwell plant closure plan, the company has announced 89 percent of its expected restructuring charges, or $222 million.
Strategic Debt Structure. Hanesbrands strategically improved its debt structure by increasing the percentage of its debt that is capped or at fixed-rates to 82 percent for 2009. The company ended the year with a bank covenant defined debt-to-EBITDA ratio of 3.3 times, affording the company similar cushion of meeting this covenant measure as it had at the end of the third quarter. Hanesbrands has been exploring and will continue to explore the multiple options available, including amendments to its credit facility, to ensure that it remains in compliance with its bank covenants in this uncertain economic environment.
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- Hanesbrands Inc. (NYSE: HBI), a leading marketer of innerwear, outerwear and hosiery apparel, today reported results for the 2008 fourth quarter.
Total net sales in the fourth quarter declined by $124 million to $1.04 billion, and net sales for the full fiscal year declined by 5 percent to $4.25 billion. GAAP earnings per diluted share in the quarter were $0.19, and for the full year were $1.34, up slightly from a year ago.
Excluding actions, non-GAAP earnings per diluted share in the fourth quarter increased by 32 percent to $0.50, and for the full year non-GAAP EPS increased by 27 percent to $2.09.
Hanesbrands prepaid $139 million of long-term debt in the fourth quarter, compared with its goal of $75 million to $125 million. The company ended the year with inventory of $1.3 billion, approximately $50 million better than its goal. And the company ended the year with a similar level of cushion in its bank covenant debt-to-EBITDA ratio as it had at the end of the third quarter.
“We are pleased with our accomplishments in a year in which we faced rising commodity costs and an unprecedented collapse in the consumer retail sales environment,” Hanesbrands Chairman and Chief Executive Officer Richard A. Noll. “We successfully controlled year-end inventories, paid down debt, reduced costs, executed our supply chain strategy ahead of schedule, announced a price increase, and we delivered EPS growth of more than 25 percent for the year despite sales declines.
“We are now sharply focused on execution, conservative inventory and cost management and using available cash to pay down debt over the next 12 months. Our goal is to come out of this economic environment with momentum and as an even stronger company.”
Noteworthy Financial Highlights
The fourth quarter and full fiscal year, which ended Jan. 3, 2009, contained one additional week than the previous quarter and fiscal year ended Dec. 29, 2007. Selected highlights include:
Total net sales in the quarter declined by 11 percent to $1.04 billion, compared with $1.16 billion a year ago. Sales declined in each business segment. For the full year, total net sales were down by 5 percent to $4.25 billion, compared with $4.47 billion a year ago. By the end of the fourth quarter, sales weakness was broad-based, although a few of the bright spots for the year were men’s underwear, Champion brand sales, Playtex brand intimate apparel sales, and the International segment. For the rolling 12-month period through November 2008, consumer panel data showed that Hanesbrands increased its market share for total innerwear by 1 share point, including a men’s underwear market share increase of 3 share points, women’s intimate apparel increase of 1 share point, and a socks increase of one-half of a share point.
GAAP earnings per diluted share in the quarter decreased by $0.33 to $0.19, which included a $0.31 reduction per diluted share for restructuring and related charges. For the year, GAAP diluted EPS was $1.34 versus $1.30 a year ago.
Excluding actions, non-GAAP diluted EPS for the full year increased by 27 percent to $2.09, which exceeded the company’s growth goal for the year despite severe economic conditions, particularly the consumer market collapse in the fourth quarter. The earnings growth was driven by strategic execution that reduced costs, lowered base interest rates, lowered income tax expense, and reduced long-term debt. For the quarter, which also benefited from favorable selling, general and administrative expense timing and one-time retroactive duty refunds, non-GAAP diluted EPS increased by 32 percent to $0.50, up from $0.38 a year ago.
GAAP operating profit was $58.4 million in the quarter, down $67.5 million, and was $317.5 million for the year, down $71.1 million. Both comparisons include a one-time $32.1 million gain in last year’s periods.Excluding actions, Hanesbrands was able to protect its margins through cost-reduction efforts despite sales declines. For the full year, the operating profit margin was the same as last year at 9.7 percent of sales.
By prepaying $139 million in long-term debt in the quarter, the company ended the year with long-term debt of $2.18 billion. Since its spinoff in September 2006, Hanesbrands has reduced long-term debt by $423 million.
(Diluted EPS excluding actions, operating profit excluding actions, and operating profit margin excluding actions are non-GAAP measures used to better assess underlying business performance because they exclude the effect of unusual actions that are not directly related to operations. The unusual actions in the current or year-ago periods were restructuring and related charges, gain on curtailment of postretirement benefits, amortization of gain on postretirement benefits, separation of pension plan assets and liabilities, nonrecurring spinoff and related charges, other income and expense, and the tax effect on these items. See Table 4 for details and reconciliation with reported operating results consistent with generally accepted accounting principles.)
Other Comments
Hanesbrands made significant progress in its sell more, spend less and generate cash strategic initiatives in 2008.
Brand Strength. The company invested in its brands, announced an average domestic gross price increase of 4 percent, drove market share growth in a down economy, and achieved superior consumer preference for its brands.
In 2008, Hanes was No. 1 for the fifth consecutive year on the Women’s Wear Daily “Top 100 Brands Survey” for apparel and accessory brands that women know best and was No. 1 for the fifth consecutive year as the most preferred men’s, women’s and children’s apparel brand of consumers in Retailing Today magazine’s “Top Brands Study.” Additionally, the company had five of the top 10 intimate apparel brands preferred by consumers in the Retailing Today study - Hanes, Playtex, Bali, Just My Size and L’eggs.
Significant Supply Chain Progress. In executing its global supply chain strategy of operating fewer, larger facilities in lower-cost countries, Hanesbrands reduced the number of company-owned and operated manufacturing and distribution facilities in 2008 from 102 to 88. The company expanded its operations in Asia, adding three sewing plants in Thailand and Vietnam and increasing employment in Asia from approximately 2,000 to 5,500.
In the fourth quarter, the company also acquired an embroidery and screen-print facility in Honduras and began production at its new sock knitting and finishing plant in El Salvador. Earlier this month, the company announced that it will close its Barnwell, S.C., sock knitting plant by the end of April, moving production to the new sock facility in El Salvador. Approximately 310 jobs will be eliminated.
Additionally, the company improved its product quality by 27 percent and reduced complexity by eliminating 12 percent of its product SKUs.
Cost Reduction Progress. Hanesbrands made significant progress in its multiyear goal of generating gross savings that could approach or exceed $200 million. The company recognized approximately $76 million of the incremental gross savings in 2008.
The company is close to completing its cumulative $250 million of restructuring expected in the three years ending in 2009. With the Barnwell plant closure plan, the company has announced 89 percent of its expected restructuring charges, or $222 million.
Strategic Debt Structure. Hanesbrands strategically improved its debt structure by increasing the percentage of its debt that is capped or at fixed-rates to 82 percent for 2009. The company ended the year with a bank covenant defined debt-to-EBITDA ratio of 3.3 times, affording the company similar cushion of meeting this covenant measure as it had at the end of the third quarter. Hanesbrands has been exploring and will continue to explore the multiple options available, including amendments to its credit facility, to ensure that it remains in compliance with its bank covenants in this uncertain economic environment.
Exxon Declares 1st Qtr Dividend
Exxon Mobil Corporation Declares First Quarter Dividend
IRVING, Texas--(BUSINESS WIRE1)--The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) today declared a cash dividend of 40 cents per share on the Common Stock, payable on March 10, 2009, to shareholders of record of Common Stock at the close of business on February 10, 2009.
This first quarter dividend is at the same level as the dividend paid in the fourth quarter of 2008.
Through its dividends, the corporation has shared its success with its shareholders for more than 100 years and has increased its annual dividend payment to shareholders for 26 consecutive years.
IRVING, Texas--(BUSINESS WIRE1)--The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) today declared a cash dividend of 40 cents per share on the Common Stock, payable on March 10, 2009, to shareholders of record of Common Stock at the close of business on February 10, 2009.
This first quarter dividend is at the same level as the dividend paid in the fourth quarter of 2008.
Through its dividends, the corporation has shared its success with its shareholders for more than 100 years and has increased its annual dividend payment to shareholders for 26 consecutive years.
AT&T 4th Quarter 2008 Earnings
AT&T Reports Fourth-Quarter and Full-Year Results Highlighted by Robust Wireless Data Growth, Accelerated U-verse TV Ramp, Continued Double-Digit Growth in IP Data Services
Dallas, Texas, January 28, 2009
>Full-year reported EPS of $2.16, up from $1.94 for 2007; full-year adjusted EPS of $2.81, compared with $2.76 for 2007
>Fourth-quarter reported EPS of $0.41 versus $0.51 for the year-earlier quarter; adjusted fourth-quarter EPS of $0.64 versus $0.71
>Fourth-quarter EPS reflects the success of AT&T's iPhone 3G launch. Adjusted results exclude merger-related costs and a previously announced force reduction charge. In addition, both reported and adjusted fourth-quarter 2008 earnings include $0.07 of pressure from the company's iPhone 3G initiative, hurricane-related expenses and foreign exchange impacts
>2.1 million fourth-quarter net gain in wireless subscribers to reach 77.0 million in service, up 7.0 million over the past year
>4.3 million iPhone 3G devices activated in the second half of 2008, including 1.9 million in the fourth quarter. Approximately 40 percent of iPhone activations were for customers new to AT&T. iPhone 3G continues to deliver high-value subscribers with significantly higher ARPU (average monthly revenues per subscriber) and lower churn than AT&T's postpaid subscriber average
>Wireless postpaid subscriber ARPU growth of 3.9 percent versus the year-earlier quarter to $59.59; postpaid data ARPU up 35.7 percent versus the fourth quarter of 2007 and up 10.9 percent sequentially
>51.2 percent growth in wireless data revenues — reflecting rapid adoption of wireless integrated devices and increased usage of wireless Internet access, messaging and related services; AT&T's wireless integrated devices in service more than doubled over the past year
>Strong ramp in AT&T U-verseSM TV subscribers, with a fourth-quarter net increase of 264,000, the company's best quarterly gain to date, to reach more than 1 million in service; U-verse network deployment now reaches 17 million living units
>14.2 percent fourth-quarter growth in wireline IP data revenues driven by rapid expansion in AT&T U-verse services and growth in business products such as Virtual Private Networks (VPNs) and managed Internet services
Dallas, Texas, January 28, 2009
>Full-year reported EPS of $2.16, up from $1.94 for 2007; full-year adjusted EPS of $2.81, compared with $2.76 for 2007
>Fourth-quarter reported EPS of $0.41 versus $0.51 for the year-earlier quarter; adjusted fourth-quarter EPS of $0.64 versus $0.71
>Fourth-quarter EPS reflects the success of AT&T's iPhone 3G launch. Adjusted results exclude merger-related costs and a previously announced force reduction charge. In addition, both reported and adjusted fourth-quarter 2008 earnings include $0.07 of pressure from the company's iPhone 3G initiative, hurricane-related expenses and foreign exchange impacts
>2.1 million fourth-quarter net gain in wireless subscribers to reach 77.0 million in service, up 7.0 million over the past year
>4.3 million iPhone 3G devices activated in the second half of 2008, including 1.9 million in the fourth quarter. Approximately 40 percent of iPhone activations were for customers new to AT&T. iPhone 3G continues to deliver high-value subscribers with significantly higher ARPU (average monthly revenues per subscriber) and lower churn than AT&T's postpaid subscriber average
>Wireless postpaid subscriber ARPU growth of 3.9 percent versus the year-earlier quarter to $59.59; postpaid data ARPU up 35.7 percent versus the fourth quarter of 2007 and up 10.9 percent sequentially
>51.2 percent growth in wireless data revenues — reflecting rapid adoption of wireless integrated devices and increased usage of wireless Internet access, messaging and related services; AT&T's wireless integrated devices in service more than doubled over the past year
>Strong ramp in AT&T U-verseSM TV subscribers, with a fourth-quarter net increase of 264,000, the company's best quarterly gain to date, to reach more than 1 million in service; U-verse network deployment now reaches 17 million living units
>14.2 percent fourth-quarter growth in wireline IP data revenues driven by rapid expansion in AT&T U-verse services and growth in business products such as Virtual Private Networks (VPNs) and managed Internet services
GM, Ford, Chrysler Cut Jobs Bank
The UAW has agreed to suspend the Jobs Bank program and allow the Detroit 3 to delay making payments to a retiree health care trust in 2010 to help the automakers through their cash crisis, UAW President Ron Gettelfinger said. Gettelfinger spoke after summoning the presidents and chairmen from Detroit 3 locals for an emergency meeting in Detroit today. The union is willing to make modifications to the 2007 contracts reached with General Motors, Ford Motor Co. and Chrysler LLC, said Jeff Everett, a local Chrysler president who attended the meeting. He said concessions on wages and benefits for active workers weren’t discussed. “Times are tough, and we are going to do what we have to do,’’ said Everett, president of UAW Local 1166 in Kokomo, Ind., in an interview. Under the so-called Jobs Bank program, laid-off factory workers can receive as much as 95 percent of their regular pay. The payouts have drawn scorn from opponents of federal aid who see them as a sign of Detroit’s excess.
Boeing 4th Quarter 2008 Earnings
Boeing Posts Quarterly Loss on Strike Impact and Charges
Fourth-quarter revenues declined to $12.7 billion from $17.5 billion as labor
strike pushed airplane deliveries out of the quarter
Fourth-quarter EPS declined to loss of $0.08 per share, reduced by an estimated
total of $1.79 due to strike, 747 charge and litigation-related reserve
Backlog grew 8 percent in 2008 to a record $352 billion
2009 EPS guidance of $5.05 to $5.35 underpins a solid foundation in challenging
times
CHICAGO, Jan. 28, 2009 – The Boeing Company’s [NYSE: BA] fourth-quarter net income declined to a loss of $56 million, or $0.08 per share, reflecting the now-settled machinists' strike (EPS impact estimated at $1.09 per share), a charge related to the 747 ($0.61 per share) and a litigation-related reserve ($0.09 per share).
Revenues for the quarter declined 27 percent to $12.7 billion, due primarily to the effects of the strike which reduced commercial airplane deliveries by approximately 70 units and revenues by an estimated $4.3 billion (Table 1).
For the full year of 2008, net income fell 34 percent to $2.7 billion, EPS was $3.71 per share, and revenue fell 8 percent to $60.9 billion. Full-year results were impacted by the strike, the 747 charge, the litigation-related reserve, and higher costs for AEW&C announced in the second quarter, which together reduced full-year EPS by an estimated $2.56 per share. This was partially offset by lower pension and deferred compensation expenses.
"The progress we made in many areas of Boeing during 2008 was outweighed by the impact of the strike and our performance on some key development programs," said Chairman, President, and Chief Executive Officer Jim McNerney. "Our imperative going forward is improving execution where it needs to be improved, maintaining strong performance across all our production programs, and preserving our financial strength to grow in these challenging economic times."
Fourth-quarter operating cash outflow was $1.6 billion, primarily reflecting the effects of the strike (Table 2). Operating cash outflow for the year was $0.4 billion, and free cash flow* was negative $2.1 billion. Total company backlog at year-end was a record $352 billion, up 8 percent in 2008 driven by commercial airplane orders and new IDS contract awards.
Fourth-quarter revenues declined to $12.7 billion from $17.5 billion as labor
strike pushed airplane deliveries out of the quarter
Fourth-quarter EPS declined to loss of $0.08 per share, reduced by an estimated
total of $1.79 due to strike, 747 charge and litigation-related reserve
Backlog grew 8 percent in 2008 to a record $352 billion
2009 EPS guidance of $5.05 to $5.35 underpins a solid foundation in challenging
times
CHICAGO, Jan. 28, 2009 – The Boeing Company’s [NYSE: BA] fourth-quarter net income declined to a loss of $56 million, or $0.08 per share, reflecting the now-settled machinists' strike (EPS impact estimated at $1.09 per share), a charge related to the 747 ($0.61 per share) and a litigation-related reserve ($0.09 per share).
Revenues for the quarter declined 27 percent to $12.7 billion, due primarily to the effects of the strike which reduced commercial airplane deliveries by approximately 70 units and revenues by an estimated $4.3 billion (Table 1).
For the full year of 2008, net income fell 34 percent to $2.7 billion, EPS was $3.71 per share, and revenue fell 8 percent to $60.9 billion. Full-year results were impacted by the strike, the 747 charge, the litigation-related reserve, and higher costs for AEW&C announced in the second quarter, which together reduced full-year EPS by an estimated $2.56 per share. This was partially offset by lower pension and deferred compensation expenses.
"The progress we made in many areas of Boeing during 2008 was outweighed by the impact of the strike and our performance on some key development programs," said Chairman, President, and Chief Executive Officer Jim McNerney. "Our imperative going forward is improving execution where it needs to be improved, maintaining strong performance across all our production programs, and preserving our financial strength to grow in these challenging economic times."
Fourth-quarter operating cash outflow was $1.6 billion, primarily reflecting the effects of the strike (Table 2). Operating cash outflow for the year was $0.4 billion, and free cash flow* was negative $2.1 billion. Total company backlog at year-end was a record $352 billion, up 8 percent in 2008 driven by commercial airplane orders and new IDS contract awards.
Possible Downgrade For GE
FAIRFIELD, Conn.--(BUSINESS WIRE)
Moody’s informed us today it has placed General Electric Company's and General Electric Capital Corporation's (GECC) long-term Aaa ratings on review for possible downgrade. This review does not affect GE’s and GECC’s short-term funding ratings of Prime-1 (P-1), which were affirmed by Moody's. This action is a follow-up to Moody’s December review of GE’s 2009 operating plan. GE has outlined a plan for the year that is based on the difficult global economic environment we see. During the next few months, we will work constructively with Moody’s on its review. Our objective is to maintain our Triple-A rating but we do not anticipate any major operational impacts should that change. We expect to deliver on the 2009 financial framework that we outlined last week.
Moody’s informed us today it has placed General Electric Company's and General Electric Capital Corporation's (GECC) long-term Aaa ratings on review for possible downgrade. This review does not affect GE’s and GECC’s short-term funding ratings of Prime-1 (P-1), which were affirmed by Moody's. This action is a follow-up to Moody’s December review of GE’s 2009 operating plan. GE has outlined a plan for the year that is based on the difficult global economic environment we see. During the next few months, we will work constructively with Moody’s on its review. Our objective is to maintain our Triple-A rating but we do not anticipate any major operational impacts should that change. We expect to deliver on the 2009 financial framework that we outlined last week.
Tuesday, January 27, 2009
Hanes No. 1
Hanes Ranked No. 1 Apparel Brand for Consumers According to Women’s Wear Daily and Retailing Today Studies
Champion, Playtex, Bali and Other Brands in Hanesbrands Inc.’s Portfolio Also Score High With Consumers in Independent Studies Commissioned by the Publications
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- For the fifth consecutive year, Hanes was named consumers most preferred brand in 2008 in independent studies by Women’s Wear Daily and Retailing Today.
Consumers said Hanes, Hanesbrands Inc.’s largest brand, was the brand they preferred most in each of the men’s, women’s, children’s and intimate apparel categories, according to Retailing Today magazine’s “Top Brands Study” conducted by Leo J. Shapiro & Associates.
In the prestigious Women’s Wear Daily “Top 100 Brands Survey,” Hanes was the No. 1 apparel and accessories brand that women know best based on the results of online research that tracks consumer awareness of more than 800 brands in 12 apparel and accessories categories.
“Our commitment to comfort and innovation resonates with consumers as they look for value, quality and relevance when making their purchasing decisions,” said Kevin Hall, Hanesbrands’ chief marketing officer. “We’re pleased to be recognized by consumers as having America’s top apparel brands year in and year out. We have great brands, we invest in our brands and they deliver for consumers.”
According to the Retailing Today study, Hanes held the No. 1 preferred brand position in all of its categories, preferred by 26 percent of consumers for men’s apparel, by 17 percent of consumers for women’s apparel, by 21 percent of consumers for children’s apparel, and by 32 percent of consumers for intimate apparel.
Hanesbrands other leading apparel brands also performed well with consumers in the studies.
In all, eight company brands earned Women’s Wear Daily Top 100 recognition for awareness by women. In addition to Hanes, the rankings included:
No. 7 L’eggs
No. 18 Playtex
No. 34 Bali
No. 39 Champion
No. 76 barely there
No. 77 Wonderbra
No. 81 Just My Size
In the Retailing Today study, the company had four other brands in addition to Hanes in the top 10 preferred brands in the intimate apparel category. The results included:
No. 4 Playtex
No. 5 Bali
No. 6 Just My Size
No. 10 L’eggs.
Champion, Playtex, Bali and Other Brands in Hanesbrands Inc.’s Portfolio Also Score High With Consumers in Independent Studies Commissioned by the Publications
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- For the fifth consecutive year, Hanes was named consumers most preferred brand in 2008 in independent studies by Women’s Wear Daily and Retailing Today.
Consumers said Hanes, Hanesbrands Inc.’s largest brand, was the brand they preferred most in each of the men’s, women’s, children’s and intimate apparel categories, according to Retailing Today magazine’s “Top Brands Study” conducted by Leo J. Shapiro & Associates.
In the prestigious Women’s Wear Daily “Top 100 Brands Survey,” Hanes was the No. 1 apparel and accessories brand that women know best based on the results of online research that tracks consumer awareness of more than 800 brands in 12 apparel and accessories categories.
“Our commitment to comfort and innovation resonates with consumers as they look for value, quality and relevance when making their purchasing decisions,” said Kevin Hall, Hanesbrands’ chief marketing officer. “We’re pleased to be recognized by consumers as having America’s top apparel brands year in and year out. We have great brands, we invest in our brands and they deliver for consumers.”
According to the Retailing Today study, Hanes held the No. 1 preferred brand position in all of its categories, preferred by 26 percent of consumers for men’s apparel, by 17 percent of consumers for women’s apparel, by 21 percent of consumers for children’s apparel, and by 32 percent of consumers for intimate apparel.
Hanesbrands other leading apparel brands also performed well with consumers in the studies.
In all, eight company brands earned Women’s Wear Daily Top 100 recognition for awareness by women. In addition to Hanes, the rankings included:
No. 7 L’eggs
No. 18 Playtex
No. 34 Bali
No. 39 Champion
No. 76 barely there
No. 77 Wonderbra
No. 81 Just My Size
In the Retailing Today study, the company had four other brands in addition to Hanes in the top 10 preferred brands in the intimate apparel category. The results included:
No. 4 Playtex
No. 5 Bali
No. 6 Just My Size
No. 10 L’eggs.
Visa Announces Quarterly Dividend
SAN FRANCISCO, Jan. 26 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V)announced that its Board of Directors has declared a quarterly dividend in the aggregate amount of $0.105 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on March 3, 2009 to all holders of record of Visa's class A, class B and class C common stock as of February 13, 2009.
Giddy Over Obama?
WASHINGTON (USATODAY.com) — Justin Timberlake, the pop star known to many Americans primarily for exposing Janet Jackson's breast at halftime of the Super Bowl, is tone deaf when it comes to American politics.
"Now more than ever," he told Oprah Winfrey on the eve of President Barack Obama's inauguration, "it is a call to action to every American to put your nose to the grindstone, roll up your sleeves, and get to work. Because we have some rebuilding to do."
This may come as news to you good Americans who are unemployed, working two jobs, worried about losing your job or struggling in a dead-end job you are overqualified for. You simply have not been working hard enough.
And by the way, in your spare time, get out there and volunteer. It's cool again.
Ordinarily, the banal pronouncements of pop stars are not worth time, ink, paper or a microburst in cyberspace. But Obama has embraced the Hollywood left, and vice versa. The Academy Awards could have had a quorum at Obama's inauguration.
From many of those in Hollywood, the script has been this: Americans are good again after eight years of George W. Bush.
But the message that suddenly America has become togetherland by virtue of Obama's election is such a fundamental misreading of where the country really is on some very tough questions that it will make this young president's job that much harder.
Americans are more united than they normally are on wanting him to succeed. Yet that definition of success, and how the country might get there, is nowhere universally held. As Congress begins to wrestle with the nation's tough economy, we are about to see some honest and deep differences in upcoming battles on such nuts-and-bolts topics as taxes and federal spending.
Timberlake's mini-sermon on Oprah was so arrogant and so contrary to Obama's central campaign theme that it raised questions about whether the pop star has been paying any attention at all.
In his somber inaugural address, Obama paid homage to the work ethic and values of Americans. On any scale, Americans already work harder, volunteer more and give more in charity and foreign aid than virtually any country on Earth. This did not begin with the election of Barack Obama.
The last thing Americans need right now is lectures from the playground rich about working harder.
They need more jobs.
They need saner federal fiscal policy.
They need to say no to things they, collectively, can't afford, for the sake of future generations.
They need honesty in the boardroom.
And they need less swagger, more humility — less preaching and more listening.
Yet Timberlake told Oprah that "all of a sudden" Americans have "swagger" and that America is "cool now" because of Obama's election. Timberlake said he woke up the day after the election with more "swagger in my step." He must not have been listening over the last two years to Obama's call for humility in foreign policy, and elsewhere.
More than anything, swagger damaged Bush's presidency.
Swagger enabled Timberlake to think he could do what he did before millions on that Super Bowl stage. The episode was a prime example of why many people around the globe, especially in the Muslim world, think American culture is crude and corrosive.
And since when did it take an election of anyone to make rebuilding or volunteering or working hard or rolling up their sleeves suddenly swag-cool? Was there a moratorium on any of this during the Bush administration, or the Clinton administration, or any other time?
That's enough dallying on this topic. Time to get the nose to the grindstone.
Contact GNS Political Writer Chuck Raasch
"Now more than ever," he told Oprah Winfrey on the eve of President Barack Obama's inauguration, "it is a call to action to every American to put your nose to the grindstone, roll up your sleeves, and get to work. Because we have some rebuilding to do."
This may come as news to you good Americans who are unemployed, working two jobs, worried about losing your job or struggling in a dead-end job you are overqualified for. You simply have not been working hard enough.
And by the way, in your spare time, get out there and volunteer. It's cool again.
Ordinarily, the banal pronouncements of pop stars are not worth time, ink, paper or a microburst in cyberspace. But Obama has embraced the Hollywood left, and vice versa. The Academy Awards could have had a quorum at Obama's inauguration.
From many of those in Hollywood, the script has been this: Americans are good again after eight years of George W. Bush.
But the message that suddenly America has become togetherland by virtue of Obama's election is such a fundamental misreading of where the country really is on some very tough questions that it will make this young president's job that much harder.
Americans are more united than they normally are on wanting him to succeed. Yet that definition of success, and how the country might get there, is nowhere universally held. As Congress begins to wrestle with the nation's tough economy, we are about to see some honest and deep differences in upcoming battles on such nuts-and-bolts topics as taxes and federal spending.
Timberlake's mini-sermon on Oprah was so arrogant and so contrary to Obama's central campaign theme that it raised questions about whether the pop star has been paying any attention at all.
In his somber inaugural address, Obama paid homage to the work ethic and values of Americans. On any scale, Americans already work harder, volunteer more and give more in charity and foreign aid than virtually any country on Earth. This did not begin with the election of Barack Obama.
The last thing Americans need right now is lectures from the playground rich about working harder.
They need more jobs.
They need saner federal fiscal policy.
They need to say no to things they, collectively, can't afford, for the sake of future generations.
They need honesty in the boardroom.
And they need less swagger, more humility — less preaching and more listening.
Yet Timberlake told Oprah that "all of a sudden" Americans have "swagger" and that America is "cool now" because of Obama's election. Timberlake said he woke up the day after the election with more "swagger in my step." He must not have been listening over the last two years to Obama's call for humility in foreign policy, and elsewhere.
More than anything, swagger damaged Bush's presidency.
Swagger enabled Timberlake to think he could do what he did before millions on that Super Bowl stage. The episode was a prime example of why many people around the globe, especially in the Muslim world, think American culture is crude and corrosive.
And since when did it take an election of anyone to make rebuilding or volunteering or working hard or rolling up their sleeves suddenly swag-cool? Was there a moratorium on any of this during the Bush administration, or the Clinton administration, or any other time?
That's enough dallying on this topic. Time to get the nose to the grindstone.
Contact GNS Political Writer Chuck Raasch
Friday, January 23, 2009
GE 4th Quarter 2008 Earnings Inline
GE Earned $18.1B in ‘08;
4Q ‘08 Results in Line with December Outlook;
Industrial CFOA of $16.7B up 5%;
Cash on Balance Sheet Grew from $16B in 3Q to $48B at YE;
No Change to Plan for $1.24 Dividend, ‘09 Framework,
and Running Company to be Triple-A
Fairfield, Conn., Jan. 23, 2009 – GE announced today fourth-quarter 2008 earnings from continuing operations of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners. Results included $1.5 billion of after-tax restructuring and other charges, including increased reserves in current environment, which are above the Company’s original plan and the restructuring will lower costs for 2009 and beyond.
4Q and FY 2008 Highlights (Continuing Operations)
4Q earnings per share (EPS) of $.37 before preferred dividend (including charges), or $.36 attributable to common shareowners (including charges); 4Q earnings of $3.9 billion
Full-year (FY) EPS of $1.79 before preferred dividend, or $1.78 attributable to common shareowners; FY earnings of $18.1 billion
Infrastructure and Media earnings up 3% in 4Q and 10% for year
Capital Finance earned $1 billion in 4Q and $8.6 billion for year
4Q revenues of $46.2 billion, impacted by stronger U.S. dollar and business exits; FY revenues of $183 billion, up 6%; FY Industrial organic revenue growth of 8%; global revenue growth of 13%
Recorded $1.5 billion of restructuring, including increased reserves in current environment, versus guidance of up to $1.4 billion
Through today, achieved 64% of 2009 long-term debt goal; commercial paper of $72 billion at yearend, a decrease of $29 billion year-over-year
Infrastructure 4Q orders declined 6%; Total equipment and services backlog grew to $172 billion, up 9%
Fairfield, Conn., Jan. 23, 2009 – GE announced today fourth-quarter 2008 earnings from continuing operations of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners. Results included $1.5 billion of after-tax restructuring and other charges, including increased reserves in current environment, which are above the Company’s original plan and the restructuring will lower costs for 2009 and beyond.
For the year, revenue was $183 billion, up 6%, and earnings were $18.1 billion, down 19%. This was the third highest earnings year in GE history.
“In a very tough environment, we delivered fourth quarter business results in line with expectations we provided in December,” Chairman and CEO Jeff Immelt said. “We grew Infrastructure and Media by 3% in the quarter and 10% for the year. Energy Infrastructure led the way in the quarter with 11% segment profit growth driven by continued global demand. Technology Infrastructure grew earnings by 1%, led by 21% growth in Aviation. NBC Universal segment profits declined 6% in fourth quarter as strong cable earnings were offset by declines in the local stations.
“Capital Finance earned $1 billion in the quarter and $8.6 billion for the year,” Immelt said. “We had several negative impacts to earnings in the quarter including increased loss reserves, negative marks and impairments. These charges, along with global benefits, generated a tax credit that more than offset our pre-tax loss. We also originated $48 billion of new assets in the quarter at solid margins. “We run the company to have a Triple-A credit rating, and we have significantly strengthened our liquidity position,” Immelt said. “We generated $16.7 billion of industrial cash flow from operations, up 5%. We ended the year with $48 billion in total cash, after paying down our commercial paper balance to $72 billion from $88 billion at the third quarter. We used $5.5 billion of our equity offering to meet our stated GE Capital debt-to-equity leverage goal of 7:1 by the end of 2008. Through today, we have been able to fund $29 billion of our $45 billion long-term debt needs for 2009. “The first quarter dividend is done, and we are committed to our plan for $1.24 per share for the year. We believe the GE dividend provides our investors with a solid return in this uncertain time,” Immelt said.
4Q ‘08 Results in Line with December Outlook;
Industrial CFOA of $16.7B up 5%;
Cash on Balance Sheet Grew from $16B in 3Q to $48B at YE;
No Change to Plan for $1.24 Dividend, ‘09 Framework,
and Running Company to be Triple-A
Fairfield, Conn., Jan. 23, 2009 – GE announced today fourth-quarter 2008 earnings from continuing operations of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners. Results included $1.5 billion of after-tax restructuring and other charges, including increased reserves in current environment, which are above the Company’s original plan and the restructuring will lower costs for 2009 and beyond.
4Q and FY 2008 Highlights (Continuing Operations)
4Q earnings per share (EPS) of $.37 before preferred dividend (including charges), or $.36 attributable to common shareowners (including charges); 4Q earnings of $3.9 billion
Full-year (FY) EPS of $1.79 before preferred dividend, or $1.78 attributable to common shareowners; FY earnings of $18.1 billion
Infrastructure and Media earnings up 3% in 4Q and 10% for year
Capital Finance earned $1 billion in 4Q and $8.6 billion for year
4Q revenues of $46.2 billion, impacted by stronger U.S. dollar and business exits; FY revenues of $183 billion, up 6%; FY Industrial organic revenue growth of 8%; global revenue growth of 13%
Recorded $1.5 billion of restructuring, including increased reserves in current environment, versus guidance of up to $1.4 billion
Through today, achieved 64% of 2009 long-term debt goal; commercial paper of $72 billion at yearend, a decrease of $29 billion year-over-year
Infrastructure 4Q orders declined 6%; Total equipment and services backlog grew to $172 billion, up 9%
Fairfield, Conn., Jan. 23, 2009 – GE announced today fourth-quarter 2008 earnings from continuing operations of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners. Results included $1.5 billion of after-tax restructuring and other charges, including increased reserves in current environment, which are above the Company’s original plan and the restructuring will lower costs for 2009 and beyond.
For the year, revenue was $183 billion, up 6%, and earnings were $18.1 billion, down 19%. This was the third highest earnings year in GE history.
“In a very tough environment, we delivered fourth quarter business results in line with expectations we provided in December,” Chairman and CEO Jeff Immelt said. “We grew Infrastructure and Media by 3% in the quarter and 10% for the year. Energy Infrastructure led the way in the quarter with 11% segment profit growth driven by continued global demand. Technology Infrastructure grew earnings by 1%, led by 21% growth in Aviation. NBC Universal segment profits declined 6% in fourth quarter as strong cable earnings were offset by declines in the local stations.
“Capital Finance earned $1 billion in the quarter and $8.6 billion for the year,” Immelt said. “We had several negative impacts to earnings in the quarter including increased loss reserves, negative marks and impairments. These charges, along with global benefits, generated a tax credit that more than offset our pre-tax loss. We also originated $48 billion of new assets in the quarter at solid margins. “We run the company to have a Triple-A credit rating, and we have significantly strengthened our liquidity position,” Immelt said. “We generated $16.7 billion of industrial cash flow from operations, up 5%. We ended the year with $48 billion in total cash, after paying down our commercial paper balance to $72 billion from $88 billion at the third quarter. We used $5.5 billion of our equity offering to meet our stated GE Capital debt-to-equity leverage goal of 7:1 by the end of 2008. Through today, we have been able to fund $29 billion of our $45 billion long-term debt needs for 2009. “The first quarter dividend is done, and we are committed to our plan for $1.24 per share for the year. We believe the GE dividend provides our investors with a solid return in this uncertain time,” Immelt said.
Thursday, January 22, 2009
Johnson and Johnson STELARA Approved In Europe
First and Only Biologic Approved With Infrequent, Every Twelve-Week Maintenance Dosing
BEERSE, BELGIUM, (January 22, 2009)
Janssen-Cilag announced today that STELARA™ (ustekinumab), the first in a new class of biologics, has been approved by the European Commission for use across Europe. The approved indication of ustekinumab is for the treatment of moderate to severe plaque psoriasis in adults who failed to respond to, or who have a contraindication to, or are intolerant to other systemic therapies including ciclosporin, methotrexate and PUVA (psoralen plus ultraviolet A light). With the approval by the European Commission, ustekinumab is approved in 27 countries in the EU. Psoriasis, a chronic skin disease that affects between two and three percent of the European population,1 is associated with substantial physical and emotional burdens and potentially serious co-morbidities.2,3
In clinical studies, treatment with ustekinumab demonstrated significant improvements in patients’ psoriasis, and quality of life, which were sustained with as few as four injections a year (every twelve weeks) following two starter doses at weeks 0 and 4. The approval of ustekinumab offers adults living with moderate-to-severe plaque psoriasis a new therapy which has the potential to make a considerable impact on their daily lives.
The approval is based on data from two large, pivotal Phase III, multi-centre, randomised, double-blind, placebo controlled trials (PHOENIX 1 & 2) involving nearly 2,000 patients in whom the efficacy and safety of ustekinumab in the treatment of moderate-to-severe plaque psoriasis were evaluated.4,5 Two-thirds or more of patients achieved the primary endpoint of each trial, at least 75% improvement in psoriasis using the Psoriasis Area and Severity Index (PASI 75) at week 12, after receiving just two doses of ustekinumab 45 mg or 90 mg, respectively, at weeks 0 and 4. At week 12, 66 percent to 76 percent of patients receiving ustekinumab 45 mg or 90 mg doses, respectively, achieved PASI 75 compared with 3 to 4 per cent of patients receiving placebo (p<0.001). The majority of responders receiving injections every 12 weeks maintained PASI 75 response through up to 18 months
Rates of serious adverse events, including serious infections, malignancies and cardiovascular events, were low and consistent with the expected background rates. The most common adverse reactions in Phase III clinical trials were arthralgia, cough, headache, injection site erythema, nasopharyngitis and upper respiratory tract infection. Most were considered to be mild and did not necessitate discontinuation of therapy.
About Psoriasis
Psoriasis is a chronic, immune-mediated inflammatory disease, which results from the over-production of skin cells resulting in their accumulation on the surface of the skin, which causes red, scaly plaques that may itch and bleed. It is estimated that between two and three percent of the European population have psoriasis.1 Twenty to thirty percent of people with psoriasis have cases that are considered severe.
About STELARA (ustekinumab)
Ustekinumab is a new, human monoclonal antibody with a novel mechanism of action that targets the p40 sub-unit of cytokines interleukin-12 (IL-12) and interleukin-23 (IL-23), naturally occurring proteins that are important in regulating immune responses and that are thought to be associated with some immune-mediated inflammatory disorders, including plaque psoriasis.
Centocor Ortho Biotech Inc. discovered STELARA and has exclusive marketing rights to the product in the United States. Janssen-Cilag companies have exclusive marketing rights in all countries outside of the United States.
Important Safety Information
STELARA is a selective immunosuppressant and may have the potential to increase the risk of infections and reactivate latent infections. Serious infections have been observed in patients receiving STELARA in clinical trials. Do not start STELARA during an active infection. If a serious infection develops, monitor patients carefully and stop STELARA until the infection resolves. Patients should be evaluated for tuberculosis (TB) infection prior to initiating treatment with STELARA.
STELARA is a selective immunosuppressant. Immunosuppressive agents have the potential to increase the risk of malignancy. Malignancies have been observed in patients receiving STELARA in clinical trials. Caution should be exercised when considering the use of STELARA in patients with a history of malignancy or when considering continuing treatment in patients who develop a malignancy.
BEERSE, BELGIUM, (January 22, 2009)
Janssen-Cilag announced today that STELARA™ (ustekinumab), the first in a new class of biologics, has been approved by the European Commission for use across Europe. The approved indication of ustekinumab is for the treatment of moderate to severe plaque psoriasis in adults who failed to respond to, or who have a contraindication to, or are intolerant to other systemic therapies including ciclosporin, methotrexate and PUVA (psoralen plus ultraviolet A light). With the approval by the European Commission, ustekinumab is approved in 27 countries in the EU. Psoriasis, a chronic skin disease that affects between two and three percent of the European population,1 is associated with substantial physical and emotional burdens and potentially serious co-morbidities.2,3
In clinical studies, treatment with ustekinumab demonstrated significant improvements in patients’ psoriasis, and quality of life, which were sustained with as few as four injections a year (every twelve weeks) following two starter doses at weeks 0 and 4. The approval of ustekinumab offers adults living with moderate-to-severe plaque psoriasis a new therapy which has the potential to make a considerable impact on their daily lives.
The approval is based on data from two large, pivotal Phase III, multi-centre, randomised, double-blind, placebo controlled trials (PHOENIX 1 & 2) involving nearly 2,000 patients in whom the efficacy and safety of ustekinumab in the treatment of moderate-to-severe plaque psoriasis were evaluated.4,5 Two-thirds or more of patients achieved the primary endpoint of each trial, at least 75% improvement in psoriasis using the Psoriasis Area and Severity Index (PASI 75) at week 12, after receiving just two doses of ustekinumab 45 mg or 90 mg, respectively, at weeks 0 and 4. At week 12, 66 percent to 76 percent of patients receiving ustekinumab 45 mg or 90 mg doses, respectively, achieved PASI 75 compared with 3 to 4 per cent of patients receiving placebo (p<0.001). The majority of responders receiving injections every 12 weeks maintained PASI 75 response through up to 18 months
Rates of serious adverse events, including serious infections, malignancies and cardiovascular events, were low and consistent with the expected background rates. The most common adverse reactions in Phase III clinical trials were arthralgia, cough, headache, injection site erythema, nasopharyngitis and upper respiratory tract infection. Most were considered to be mild and did not necessitate discontinuation of therapy.
About Psoriasis
Psoriasis is a chronic, immune-mediated inflammatory disease, which results from the over-production of skin cells resulting in their accumulation on the surface of the skin, which causes red, scaly plaques that may itch and bleed. It is estimated that between two and three percent of the European population have psoriasis.1 Twenty to thirty percent of people with psoriasis have cases that are considered severe.
About STELARA (ustekinumab)
Ustekinumab is a new, human monoclonal antibody with a novel mechanism of action that targets the p40 sub-unit of cytokines interleukin-12 (IL-12) and interleukin-23 (IL-23), naturally occurring proteins that are important in regulating immune responses and that are thought to be associated with some immune-mediated inflammatory disorders, including plaque psoriasis.
Centocor Ortho Biotech Inc. discovered STELARA and has exclusive marketing rights to the product in the United States. Janssen-Cilag companies have exclusive marketing rights in all countries outside of the United States.
Important Safety Information
STELARA is a selective immunosuppressant and may have the potential to increase the risk of infections and reactivate latent infections. Serious infections have been observed in patients receiving STELARA in clinical trials. Do not start STELARA during an active infection. If a serious infection develops, monitor patients carefully and stop STELARA until the infection resolves. Patients should be evaluated for tuberculosis (TB) infection prior to initiating treatment with STELARA.
STELARA is a selective immunosuppressant. Immunosuppressive agents have the potential to increase the risk of malignancy. Malignancies have been observed in patients receiving STELARA in clinical trials. Caution should be exercised when considering the use of STELARA in patients with a history of malignancy or when considering continuing treatment in patients who develop a malignancy.
Initial Unemployment Claims Leap
In the week ending Jan. 17, the advance figure for seasonally adjusted initial claims was 589,000, an increase of 62,000 from the previous week's revised figure of 527,000. The 4-week moving average was 519,250, unchanged from the previous week's revised average of 519,250.
The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending Jan. 10, unchanged from the prior week's unrevised rate of 3.4 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Jan. 10 was 4,607,000, an increase of 97,000 from the preceding week's revised level of 4,510,000. The 4-week moving average was 4,559,750, an increase of 58,750 from the preceding week's revised average of 4,501,000.
The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending Jan. 10, unchanged from the prior week's unrevised rate of 3.4 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Jan. 10 was 4,607,000, an increase of 97,000 from the preceding week's revised level of 4,510,000. The 4-week moving average was 4,559,750, an increase of 58,750 from the preceding week's revised average of 4,501,000.
Tuesday, January 20, 2009
Johnson&Johnson 4th Qtr 2008 Earnings
2008 Full-Year Sales of $63.7 Billion increased 4.3%;
Full-Year EPS was $4.57 2008 Fourth-Quarter Sales of $15.2 Billion decreased 4.9%;
EPS was $0.97 Excluding Special Items,
2008 Full-Year EPS was $4.55, an increase of 9.6% and
Fourth-Quarter EPS was $0.94, an increase of 6.8%*
New Brunswick, NJ (January 20, 2009) – Johnson & Johnson today announced sales for the year 2008 of $63.7 billion, an increase of 4.3% over 2007. Operational growth was 1.9% with currency contributing 2.4%. Domestic sales decreased 0.4%, while international sales increased 9.7%, reflecting operational growth of 4.6% and a positive currency impact of 5.1%. Worldwide sales in the fourth quarter of 2008 were $15.2 billion, a decrease of 4.9% as compared to the fourth quarter of 2007. Operational results declined 1.0% and the negative impact of currency was 3.9%. Domestic sales decreased 6.9%, while international sales decreased 2.7%, reflecting operational growth of 5.4% and a negative currency impact of 8.1%.
Net earnings and diluted earnings per share for the year 2008 were $12.9 billion and $4.57. Full-year 2008 net earnings included special items related to in-process research and development charges of $181 million with no tax benefit and an after-tax gain of $229 million representing the net impact of litigation settlements in the fourth quarter. Full-year 2007 net earnings included special items related to an in-process research and development charge of $807 million with no tax benefit, an after-tax charge of $528 million for restructuring, an after-tax non-cash charge of $441 million for the NATRECOR® intangible asset write-down, and a tax gain of $267 million associated with the restructuring of certain international subsidiaries. Excluding these special items, net earnings for 2008 were $12.9 billion and earnings per share were $4.55, representing increases of 6.8% and 9.6%, respectively, as compared with the same period in 2007.*
Net earnings and diluted earnings per share for the fourth quarter of 2008 were $2.7 billion and $0.97, respectively. Fourth quarter 2008 net earnings included special items related to in-process research and development charges of $141 million with no tax benefit and an after-tax gain of $229 million representing the net impact of litigation settlements. Fourth quarter 2007 net earnings included special items related to an after-tax non-cash charge of $441 million for the NATRECOR® asset write-down and a tax gain of $267 million associated with the restructuring of certain international subsidiaries. Excluding these special items, net earnings for the current quarter were $2.6 billion and diluted earnings per share were $0.94, representing increases of 3.1% and 6.8%, respectively, as compared to the same period in 2007.*
The Company announced earnings guidance for full-year 2009 of $4.45 to $4.55 per share, which excludes the impact of special items. This guidance includes anticipated dilution of $.03 to $.05 from the acquisition of Mentor Corporation, which is expected to close in January 2009.
Full-Year EPS was $4.57 2008 Fourth-Quarter Sales of $15.2 Billion decreased 4.9%;
EPS was $0.97 Excluding Special Items,
2008 Full-Year EPS was $4.55, an increase of 9.6% and
Fourth-Quarter EPS was $0.94, an increase of 6.8%*
New Brunswick, NJ (January 20, 2009) – Johnson & Johnson today announced sales for the year 2008 of $63.7 billion, an increase of 4.3% over 2007. Operational growth was 1.9% with currency contributing 2.4%. Domestic sales decreased 0.4%, while international sales increased 9.7%, reflecting operational growth of 4.6% and a positive currency impact of 5.1%. Worldwide sales in the fourth quarter of 2008 were $15.2 billion, a decrease of 4.9% as compared to the fourth quarter of 2007. Operational results declined 1.0% and the negative impact of currency was 3.9%. Domestic sales decreased 6.9%, while international sales decreased 2.7%, reflecting operational growth of 5.4% and a negative currency impact of 8.1%.
Net earnings and diluted earnings per share for the year 2008 were $12.9 billion and $4.57. Full-year 2008 net earnings included special items related to in-process research and development charges of $181 million with no tax benefit and an after-tax gain of $229 million representing the net impact of litigation settlements in the fourth quarter. Full-year 2007 net earnings included special items related to an in-process research and development charge of $807 million with no tax benefit, an after-tax charge of $528 million for restructuring, an after-tax non-cash charge of $441 million for the NATRECOR® intangible asset write-down, and a tax gain of $267 million associated with the restructuring of certain international subsidiaries. Excluding these special items, net earnings for 2008 were $12.9 billion and earnings per share were $4.55, representing increases of 6.8% and 9.6%, respectively, as compared with the same period in 2007.*
Net earnings and diluted earnings per share for the fourth quarter of 2008 were $2.7 billion and $0.97, respectively. Fourth quarter 2008 net earnings included special items related to in-process research and development charges of $141 million with no tax benefit and an after-tax gain of $229 million representing the net impact of litigation settlements. Fourth quarter 2007 net earnings included special items related to an after-tax non-cash charge of $441 million for the NATRECOR® asset write-down and a tax gain of $267 million associated with the restructuring of certain international subsidiaries. Excluding these special items, net earnings for the current quarter were $2.6 billion and diluted earnings per share were $0.94, representing increases of 3.1% and 6.8%, respectively, as compared to the same period in 2007.*
The Company announced earnings guidance for full-year 2009 of $4.45 to $4.55 per share, which excludes the impact of special items. This guidance includes anticipated dilution of $.03 to $.05 from the acquisition of Mentor Corporation, which is expected to close in January 2009.
Friday, January 16, 2009
JOLTS - Job Openings
What is JOLTS?
The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the Bureau of Labor Statistics of the U.S. Department of Labor. The program involves the monthly collection, processing, and dissemination of job openings and labor turnover data. The data, collected from sampled establishments on a voluntary basis, include employment, job openings, hires, quits, layoffs and discharges, and other separations.
The number of unfilled jobs—used to calculate the job openings rate—is an important measure of the unmet demand for labor. With that statistic, it is possible to paint a more complete picture of the U.S. labor market than by looking solely at the unemployment rate, a measure of the excess supply of labor.
Information on labor turnover is valuable in the proper analysis and interpretation of labor market developments and as a complement to the unemployment rate.
The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the Bureau of Labor Statistics of the U.S. Department of Labor. The program involves the monthly collection, processing, and dissemination of job openings and labor turnover data. The data, collected from sampled establishments on a voluntary basis, include employment, job openings, hires, quits, layoffs and discharges, and other separations.
The number of unfilled jobs—used to calculate the job openings rate—is an important measure of the unmet demand for labor. With that statistic, it is possible to paint a more complete picture of the U.S. labor market than by looking solely at the unemployment rate, a measure of the excess supply of labor.
Information on labor turnover is valuable in the proper analysis and interpretation of labor market developments and as a complement to the unemployment rate.
There Are Actual Jobs Out There - 2.8M
JOB OPENINGS AND LABOR TURNOVER: NOVEMBER 2008
On the last business day of November, there were 2.8 million job openings in the United States, and the job openings rate was 2.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate declined in November, matching the series low set in 2003. The hires rate fell sharply in November to a series low of 2.6 percent. The total separations rate was little changed in November, but the quits rate declined further to 1.4 percent, also a series low. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.
Job Openings
The number of job openings declined in November 2008, continuing the downward trend begun over a year ago. At 2.8 million in November, openings were down 1.2 million, or 30 percent, from a year ago. The job openings rate was 2.0 percent in November, matching the series lowset in September 2003. The job openings rate fell at the total nonfarm level, and in manufacturing, accommodation and food services, and government. The rate increased significantly in November only in retail trade.
On the last business day of November, there were 2.8 million job openings in the United States, and the job openings rate was 2.0 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The job openings rate declined in November, matching the series low set in 2003. The hires rate fell sharply in November to a series low of 2.6 percent. The total separations rate was little changed in November, but the quits rate declined further to 1.4 percent, also a series low. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.
Job Openings
The number of job openings declined in November 2008, continuing the downward trend begun over a year ago. At 2.8 million in November, openings were down 1.2 million, or 30 percent, from a year ago. The job openings rate was 2.0 percent in November, matching the series lowset in September 2003. The job openings rate fell at the total nonfarm level, and in manufacturing, accommodation and food services, and government. The rate increased significantly in November only in retail trade.
Wednesday, January 14, 2009
The Signal For The End Of The Recession
The endless commentators and guests on CNBC or the hardly watched Fox Business channel all have predictions on how and when the recession will end. Here are my thoughts.
A lasting recovery will not begin until the housing market recovers. There is only two indicators to watch and that is the months of supply of new homes and the months of supply of existing homes for sale. As of 11/08 there is a 11.5 months supply of new homes and a 11.2 month supply of existing homes. These two indicators are at or near all time highs. And what will spur the purchase of a new or existing home?
1) Consumer Confidence - consumer confidence is directly related to how secure people feel in their jobs. People defintely cannot buy a house if they are unemployed and will be reluctant to buy a house if they fear losing their job. Consumer confidence will not rebound until the job picture stabilizes.
2) We need first time home buyers to return to the market. Right now people are simply swapping houses. The only way the supply of inventory come down is if new, first home buyers enter the market. What's stopping this? It's not the price (prices are coming down), and it's not the interest rate (rates are coming down). The tightening of credit is limiting the number of new buyers into the market. People will actually have to have a down payment; 5-10-maybe 20%.
3) We're still building too many new homes. Unfortunately new housing construction is still too high to eliminate the backlog of new housing. New housing starts for 2009 are estimated to be 646,000 units, still too high.
Keep your eye on the months of housing supply as an indicator of a lasting recovery. (Tim)
A lasting recovery will not begin until the housing market recovers. There is only two indicators to watch and that is the months of supply of new homes and the months of supply of existing homes for sale. As of 11/08 there is a 11.5 months supply of new homes and a 11.2 month supply of existing homes. These two indicators are at or near all time highs. And what will spur the purchase of a new or existing home?
1) Consumer Confidence - consumer confidence is directly related to how secure people feel in their jobs. People defintely cannot buy a house if they are unemployed and will be reluctant to buy a house if they fear losing their job. Consumer confidence will not rebound until the job picture stabilizes.
2) We need first time home buyers to return to the market. Right now people are simply swapping houses. The only way the supply of inventory come down is if new, first home buyers enter the market. What's stopping this? It's not the price (prices are coming down), and it's not the interest rate (rates are coming down). The tightening of credit is limiting the number of new buyers into the market. People will actually have to have a down payment; 5-10-maybe 20%.
3) We're still building too many new homes. Unfortunately new housing construction is still too high to eliminate the backlog of new housing. New housing starts for 2009 are estimated to be 646,000 units, still too high.
Keep your eye on the months of housing supply as an indicator of a lasting recovery. (Tim)
Friday, January 9, 2009
Hanesbrands Make A T-Shirt At Disney
Hanesbrands Inc. and Walt Disney Parks and Resorts Introduce Cutting Edge Custom T-Shirt Design and Printing Store at Walt Disney World Resort
Disney Design-A-Tee Presented by Hanes Store Opens at Downtown Disney Allowing Guests to Design, Personalize and Immediately Purchase Their Special Vacation T-Shirts
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- Hanesbrands Inc. (NYSE:HBI) and The Walt Disney Company (NYSE:DIS) today officially opened Disney Design-a-Tee presented by Hanes, an innovative next-generation store for apparel souvenirs at the Walt Disney World Resort in Orlando, Fla.
The first-of-its-kind interactive T-shirt design and printing store enables Disney guests to enhance their magical Disney experience with a personalized custom-designed Hanes T-shirt printed while they wait that is as easy to buy as souvenir apparel off the rack. And much more fun!
Guests at Disney Design-a-Tee presented by Hanes, which is located in Downtown Disney, use touch-screen kiosks for an interactive experience to design their custom shirts, selecting long-sleeve or short-sleeve T-shirts, choosing from multiple colors, picking artwork from more than 100 selections featuring Disney animation and movie characters, and crafting their own text message using a wide selection of type fonts and colors.
The design possibilities are infinite, and the shirts are printed on site while guests wait using premium environmentally friendly water-based ink. Art selections include multiple designs featuring not only famous characters such as Mickey and Minnie Mouse, Snow White and others from classic Disney films, but also characters such as Crush from Finding Nemo, Princess Belle from Beauty and the Beast, and Tow Mater from Cars.
“At the Design-a-Tee store, visitors can dream it, design it and watch their custom Hanes T-shirts being made,” said Sidney Falken, senior vice president of the Hanes brand. “The store combines all the magic of Disney and Hanes to create immediate one-of-a-kind keepsakes and souvenirs of their visit to Walt Disney World.”
The grand opening event was attended by guests who were treated to a festive décor, confetti cannons, a giant T-shirt cake and a visit from Disney’s most famous star, Mickey Mouse.
Kevin Lansberry, vice president, Downtown Disney operations, and Falken spoke at the event and invited guests to try their hand at designing their own special T-shirts.
“We are thrilled to create another exciting new Downtown Disney venue for our guests,” Lansberry said. “The Disney Design-a-Tee store fits perfectly with our What Will You Celebrate 2009 campaign. Whether guests are celebrating an anniversary, a birthday or a special reunion, they can create a special Hanes t-shirt to show how they feel.”
Disney Design-a-Tee uses a unique application of state-of-the-art technology and printing equipment in a process designed by Hanesbrands’ research and development team. This is the first application of printing technology that allows consumers to walk up, design and print a custom message on a T-shirt of any color with screen-print quality.
Disney Design A Tee presented by Hanes is one of several critical brand investments for Hanes as part of a 10-year strategic marketing alliance with Disney.
“Hanes is consistently ranked as one of the most recognized and loved apparel brands in the world, and that brand equity increases when the brand is partnered with the equally strong Disney brand,” Falken said. “Our alliance with Disney provides a broad range of new and exciting consumer interactions for Hanes and allows this iconic brand to grow and reach new audiences.”
Disney Design-a-Tee is open every day from 9:30 a.m. to 11 p.m. and is located at 1790 East Buena Vista Drive. Downtown Disney is open to the general public and resort guests and is accessible by car and by the Walt Disney World Resort guest shuttle system.
T-shirts are available in a wide variety of colors and styles, including long and short sleeve versions, and come in infant, toddler, youth and adult sizes. Prices range from $18 to $31. The company expects to add additional apparel product offerings at a later date at the store.
In addition to Disney Design-a-Tee presented by Hanes, the Hanesbrands marketing alliance with Disney includes category exclusivity for select Hanes and Champion apparel at Walt Disney World Resort, Disneyland Resort in Anaheim, Calif., and ESPN Zone stores across the country. Naming rights include the Rock ‘n’ Roller Coaster Starring Aerosmith presented by Hanes and Champion Stadium located in Disney’s Wide World of Sports Complex.
Disney Design-A-Tee Presented by Hanes Store Opens at Downtown Disney Allowing Guests to Design, Personalize and Immediately Purchase Their Special Vacation T-Shirts
WINSTON-SALEM, N.C.--(BUSINESS WIRE)-- Hanesbrands Inc. (NYSE:HBI) and The Walt Disney Company (NYSE:DIS) today officially opened Disney Design-a-Tee presented by Hanes, an innovative next-generation store for apparel souvenirs at the Walt Disney World Resort in Orlando, Fla.
The first-of-its-kind interactive T-shirt design and printing store enables Disney guests to enhance their magical Disney experience with a personalized custom-designed Hanes T-shirt printed while they wait that is as easy to buy as souvenir apparel off the rack. And much more fun!
Guests at Disney Design-a-Tee presented by Hanes, which is located in Downtown Disney, use touch-screen kiosks for an interactive experience to design their custom shirts, selecting long-sleeve or short-sleeve T-shirts, choosing from multiple colors, picking artwork from more than 100 selections featuring Disney animation and movie characters, and crafting their own text message using a wide selection of type fonts and colors.
The design possibilities are infinite, and the shirts are printed on site while guests wait using premium environmentally friendly water-based ink. Art selections include multiple designs featuring not only famous characters such as Mickey and Minnie Mouse, Snow White and others from classic Disney films, but also characters such as Crush from Finding Nemo, Princess Belle from Beauty and the Beast, and Tow Mater from Cars.
“At the Design-a-Tee store, visitors can dream it, design it and watch their custom Hanes T-shirts being made,” said Sidney Falken, senior vice president of the Hanes brand. “The store combines all the magic of Disney and Hanes to create immediate one-of-a-kind keepsakes and souvenirs of their visit to Walt Disney World.”
The grand opening event was attended by guests who were treated to a festive décor, confetti cannons, a giant T-shirt cake and a visit from Disney’s most famous star, Mickey Mouse.
Kevin Lansberry, vice president, Downtown Disney operations, and Falken spoke at the event and invited guests to try their hand at designing their own special T-shirts.
“We are thrilled to create another exciting new Downtown Disney venue for our guests,” Lansberry said. “The Disney Design-a-Tee store fits perfectly with our What Will You Celebrate 2009 campaign. Whether guests are celebrating an anniversary, a birthday or a special reunion, they can create a special Hanes t-shirt to show how they feel.”
Disney Design-a-Tee uses a unique application of state-of-the-art technology and printing equipment in a process designed by Hanesbrands’ research and development team. This is the first application of printing technology that allows consumers to walk up, design and print a custom message on a T-shirt of any color with screen-print quality.
Disney Design A Tee presented by Hanes is one of several critical brand investments for Hanes as part of a 10-year strategic marketing alliance with Disney.
“Hanes is consistently ranked as one of the most recognized and loved apparel brands in the world, and that brand equity increases when the brand is partnered with the equally strong Disney brand,” Falken said. “Our alliance with Disney provides a broad range of new and exciting consumer interactions for Hanes and allows this iconic brand to grow and reach new audiences.”
Disney Design-a-Tee is open every day from 9:30 a.m. to 11 p.m. and is located at 1790 East Buena Vista Drive. Downtown Disney is open to the general public and resort guests and is accessible by car and by the Walt Disney World Resort guest shuttle system.
T-shirts are available in a wide variety of colors and styles, including long and short sleeve versions, and come in infant, toddler, youth and adult sizes. Prices range from $18 to $31. The company expects to add additional apparel product offerings at a later date at the store.
In addition to Disney Design-a-Tee presented by Hanes, the Hanesbrands marketing alliance with Disney includes category exclusivity for select Hanes and Champion apparel at Walt Disney World Resort, Disneyland Resort in Anaheim, Calif., and ESPN Zone stores across the country. Naming rights include the Rock ‘n’ Roller Coaster Starring Aerosmith presented by Hanes and Champion Stadium located in Disney’s Wide World of Sports Complex.
Thursday, January 8, 2009
Start The Year With Whole Foods, "The Whole Deal"
AUSTIN, TX. January 7, 2008 – Whole Foods Market invites shoppers to check out The Whole Deal, available now in stores and at www.wholefoodsmarket.com/wholedeal.
The latest quarterly value guide shares tried-and-true ways to cut costs but not corners when shopping for natural and organic groceries. It also delivers healthy ideas to help ensure New Year’s resolutions become long-term solutions. The Whole Deal recommends to those who are watching their wallets, waistlines and overall wellness to:
Look for store coupons and “Sure Deals!” The winter issue of The Whole Deal value guide has more than $30 in coupons and lots of “Sure Deals!” — high-quality, popular pantry items with great prices all year long — such as 365 Everyday Value® Whey Protein Powder for $11.99 (just 75 cents per serving), or 32 ounces of 365 Everyday Value organic yogurt for only $2.99.
Learn to cook and learn to save. Cooking is one of the easiest ways to enjoy delicious, healthy food on a budget. The Whole Deal offers step-by-step instructions for preparing meals for one, two or four, as well as how to add a few prepared foods when time is tight.
Make a weekly meal plan. Create a week’s worth of meals based on what is already in the pantry and in-store product specials. Each issue of The Whole Deal value guides offers 7-day meal plans. With Whole Foods Market’s volume discounts, customers can save money and stock the freezer for future meals. The bulk section is ideal for spices or snacks needed for the week. Frozen fruits and vegetables, as well as value-sized lean meats, offer no waste and high nutrient content.
Make the most of your good cents for healthy good sense. Select nutrient-dense and affordable winter foods such as whole grains and greens for delicious, filling and healthy meals. Whole Foods Market takes the guesswork out of how to prepare grains and greens, offering serving and cooking suggestions for these healthy and very affordable foods.
Take a Value Tour. The start of a new year is time for new beginnings, so get reacquainted with your Whole Foods Market. Local “value gurus” show customers how to shop the store on a budget without sacrificing quality. “The Whole Deal is focused on helping customers meet their wellness goals while watching their wallets and waistlines,” says Whole Foods Market Value Guru, Barry Hirsch. “This latest edition includes more than a dozen great-tasting recipes with cost per serving and nutritional information including some gluten-free, dairy-free and vegetarian options.” Featured recipes include roasted salmon with lemon relish from Martha Stewart’s Everyday Food magazine, and sweet potato and black bean enchiladas, which is Karina’s Kitchen’s winning recipe from Whole Food Market’s first-ever “Food Blogger Budget Recipe Challenge.” Shoppers can get more cooking tips from “The Martha Stewart Show” (check local listings) and budget-conscious recipes with customer ratings at http://wholefoodsmarket.com/wholedeal and can sign up online for The Whole Deal e-newsletter to be notified of the best store specials.
The latest quarterly value guide shares tried-and-true ways to cut costs but not corners when shopping for natural and organic groceries. It also delivers healthy ideas to help ensure New Year’s resolutions become long-term solutions. The Whole Deal recommends to those who are watching their wallets, waistlines and overall wellness to:
Look for store coupons and “Sure Deals!” The winter issue of The Whole Deal value guide has more than $30 in coupons and lots of “Sure Deals!” — high-quality, popular pantry items with great prices all year long — such as 365 Everyday Value® Whey Protein Powder for $11.99 (just 75 cents per serving), or 32 ounces of 365 Everyday Value organic yogurt for only $2.99.
Learn to cook and learn to save. Cooking is one of the easiest ways to enjoy delicious, healthy food on a budget. The Whole Deal offers step-by-step instructions for preparing meals for one, two or four, as well as how to add a few prepared foods when time is tight.
Make a weekly meal plan. Create a week’s worth of meals based on what is already in the pantry and in-store product specials. Each issue of The Whole Deal value guides offers 7-day meal plans. With Whole Foods Market’s volume discounts, customers can save money and stock the freezer for future meals. The bulk section is ideal for spices or snacks needed for the week. Frozen fruits and vegetables, as well as value-sized lean meats, offer no waste and high nutrient content.
Make the most of your good cents for healthy good sense. Select nutrient-dense and affordable winter foods such as whole grains and greens for delicious, filling and healthy meals. Whole Foods Market takes the guesswork out of how to prepare grains and greens, offering serving and cooking suggestions for these healthy and very affordable foods.
Take a Value Tour. The start of a new year is time for new beginnings, so get reacquainted with your Whole Foods Market. Local “value gurus” show customers how to shop the store on a budget without sacrificing quality. “The Whole Deal is focused on helping customers meet their wellness goals while watching their wallets and waistlines,” says Whole Foods Market Value Guru, Barry Hirsch. “This latest edition includes more than a dozen great-tasting recipes with cost per serving and nutritional information including some gluten-free, dairy-free and vegetarian options.” Featured recipes include roasted salmon with lemon relish from Martha Stewart’s Everyday Food magazine, and sweet potato and black bean enchiladas, which is Karina’s Kitchen’s winning recipe from Whole Food Market’s first-ever “Food Blogger Budget Recipe Challenge.” Shoppers can get more cooking tips from “The Martha Stewart Show” (check local listings) and budget-conscious recipes with customer ratings at http://wholefoodsmarket.com/wholedeal and can sign up online for The Whole Deal e-newsletter to be notified of the best store specials.
Costco December 2008 Sales Decline
Costco Wholesale Corporation Reports December Sales Results
ISSAQUAH, WA, Jan 08, 2009 (MARKET WIRE via COMTEX News Network) -- Costco Wholesale Corporation ("Costco") (NASDAQ: COST) today reported net sales of $7.40 billion for the month of December, the five weeks ended January 4, 2009, a decrease of two percent from $7.55 billion in the same five-week period last year.
For the first eighteen weeks of its reporting period ended January 4, 2009, the Company reported net sales of $24.92 billion, an increase of two percent from $24.53 billion during the similar period last year.
ISSAQUAH, WA, Jan 08, 2009 (MARKET WIRE via COMTEX News Network) -- Costco Wholesale Corporation ("Costco") (NASDAQ: COST) today reported net sales of $7.40 billion for the month of December, the five weeks ended January 4, 2009, a decrease of two percent from $7.55 billion in the same five-week period last year.
For the first eighteen weeks of its reporting period ended January 4, 2009, the Company reported net sales of $24.92 billion, an increase of two percent from $24.53 billion during the similar period last year.
Target December 2008 Same Store Sales Decline
MINNEAPOLIS, Jan 08, 2009 (BUSINESS WIRE) -- Target Corporation (NYSE:TGT) today reported that its net retail sales for the five weeks ended January 3, 2009 increased 0.2 percent to $9,280 million from $9,262 million for the five weeks ended January 5, 2008. On this same basis, December comparable-store sales declined 4.1 percent.
"The decline in our December comparable store sales was in line with our planned range, reflecting stronger results in the last two weeks of the month," said Gregg Steinhafel, president and chief executive officer of Target Corporation. "During the month we reduced prices to gain market share and to end the year with very clean inventories. These markdowns, combined with additions to our accounts receivable allowance, will put additional pressure on our profitability in the fourth quarter. We continue to focus on appropriately balancing short-term tactics with long-term strategy in ways that will preserve our brand, deliver a superior guest experience and fuel Target's continued success."
"The decline in our December comparable store sales was in line with our planned range, reflecting stronger results in the last two weeks of the month," said Gregg Steinhafel, president and chief executive officer of Target Corporation. "During the month we reduced prices to gain market share and to end the year with very clean inventories. These markdowns, combined with additions to our accounts receivable allowance, will put additional pressure on our profitability in the fourth quarter. We continue to focus on appropriately balancing short-term tactics with long-term strategy in ways that will preserve our brand, deliver a superior guest experience and fuel Target's continued success."
Value Line 2009 Outlook For Verizon
Verizon seemed set to ring up a solid double-digit earnings advance in 2008.
During the third quarter, the company reported a 5% share-net improvement on a 4% year-over-year sales advance. Growth drivers during the interim included Verizon Wireless, which reported 1.5 million net organic customer additions during the quarter. What’s more, the division’s total revenues were up 12.5%, thanks to an uptick in ARPU (average revenue per
user). Separately, the Wireline division generated solid financial results, thanks to accelerated growth of FiOS sales and continued increased sales of enterprise strategic services. Notably, VZ added 233,000 FiOS TV subscribers and 225,000 FiOS Internet subscribers during the uarter. As such, penetration for FiOS TV is now at 20%, while FiOS Internet penetration hit the 24% mark. The ongoing rollout of FiOS services across New York City augur wells for FiOS results going forward.
But there may be a bit of trouble on the horizon. Earlier this year, Verizon inked
an agreement to acquire Alltel for an aggregate value of about $28.1 billion. Once the deal is completed, the new entity will be the largest wireless provider in the United States. However, as part of agreement, Verizon must refinance approximately $22 billion in Alltel debt to complete
the transaction. Given the overall state of the capital markets, the cost of doing so has increased considerably since the deal was announced during the second quarter. As a result, management has warned that it will be difficult to achieve its prior guidance of $0.10 a share in Alltel-related accretion in 2009. Separately, we would not be surprised to see Verizon’s Business segment come under a bit of pressure going forward, as the overall business community feels the effects of the downturn in the economy and a bleak employment picture. As a result, we have pared our earnings estimates for this year and next by $0.08 and $0.20, to $2.57 and $2.70, respectively.
Based on recent price and earnings momentum, this stock is now ranked to outperform the year-ahead market averages. Yet, at the current quotation, the issue displays below average 3- to 5- year price-appreciation potential.
Kenneth A. Nugent December 26, 2008
During the third quarter, the company reported a 5% share-net improvement on a 4% year-over-year sales advance. Growth drivers during the interim included Verizon Wireless, which reported 1.5 million net organic customer additions during the quarter. What’s more, the division’s total revenues were up 12.5%, thanks to an uptick in ARPU (average revenue per
user). Separately, the Wireline division generated solid financial results, thanks to accelerated growth of FiOS sales and continued increased sales of enterprise strategic services. Notably, VZ added 233,000 FiOS TV subscribers and 225,000 FiOS Internet subscribers during the uarter. As such, penetration for FiOS TV is now at 20%, while FiOS Internet penetration hit the 24% mark. The ongoing rollout of FiOS services across New York City augur wells for FiOS results going forward.
But there may be a bit of trouble on the horizon. Earlier this year, Verizon inked
an agreement to acquire Alltel for an aggregate value of about $28.1 billion. Once the deal is completed, the new entity will be the largest wireless provider in the United States. However, as part of agreement, Verizon must refinance approximately $22 billion in Alltel debt to complete
the transaction. Given the overall state of the capital markets, the cost of doing so has increased considerably since the deal was announced during the second quarter. As a result, management has warned that it will be difficult to achieve its prior guidance of $0.10 a share in Alltel-related accretion in 2009. Separately, we would not be surprised to see Verizon’s Business segment come under a bit of pressure going forward, as the overall business community feels the effects of the downturn in the economy and a bleak employment picture. As a result, we have pared our earnings estimates for this year and next by $0.08 and $0.20, to $2.57 and $2.70, respectively.
Based on recent price and earnings momentum, this stock is now ranked to outperform the year-ahead market averages. Yet, at the current quotation, the issue displays below average 3- to 5- year price-appreciation potential.
Kenneth A. Nugent December 26, 2008
Tuesday, January 6, 2009
Get Healthy With Yum Brands
LOUISVILLE, KY, December 29, 2008 – Yum! Brands, Inc. (NYSE:YUM), KFC, Pizza Hut, Taco Bell, Long John Silver's and A&W Restaurants today announced that it is launching a free online fitness program starting January 1, 2009, to help people jumpstart their 2009 New Year's resolution to exercise more and get in shape.
As part of the Company's overall Health and Wellness "Keep It Balanced" effort, Yum! and its brands are offering consumers around the world a free, month-long trial membership to an online wellness and fitness training tool called eFIT4Me on their websites. eFIT4Me is an interactive and easy to use complete lifestyle management system that features customized fitness programs, identifies eating patterns, recommends nutritional habits and includes motivational and goal tracking tools that constantly evolve as members update their progress.
Yum! is also partnering with renowned University of Louisville's men's basketball Coach Rick Pitino to educate consumers about the importance of fitness in a balanced lifestyle. Coach Pitino is working with Yum! to help promote physical activity by participating in a public service announcement as well as monthly online exercise tips featured on the Company's Keep It Balanced website, www.keepitbalanced.com.
"We are committed to continue offering 'Better for You' menu options, educate consumers about the foods they eat, and promote exercise so they can maintain a balanced lifestyle," said Jonathan Blum, Yum! Brands chief public affairs officer. "We are proud of our partnership with Coach Rick Pitino and our free online exercise program, and our goal is to help reinforce the importance of physical activity as part of a healthy lifestyle."
Created by fitness experts, eFIT4Me's exercise programs span strength-building, flexibility, cardiovascular, weight loss and more. Starting January 1, consumers that visit Yum! or any of the Company's five brand websites, can obtain a free, month-long trial membership to eFIT4Me. The free month-long offer starts as soon as consumers logon to eFIT4Me. After the month-long trial is over, consumers can continue the program with eFIT4Me at a 50 percent discount of $5.99 per month.
Each of Yum's brands currently offers lower calorie "Better For You" menu options. Taco Bell restaurants offer a Fresco Menu, including nine items with nine grams of fat or less, many of which are lower calorie options. KFC currently offers lower calorie Sandwiches, Snackers, side items, salads and Tender Roast Chicken, and plans to introduce Kentucky Grilled Chicken early next year. Pizza Hut offers a number of lower calorie menu options, including Fit 'N Delicious lower fat pizzas, and The Natural, a pizza made with all natural ingredients, including a multigrain crust, all natural old world sauce, all natural mozzarella cheese and natural toppings free from artificial colors, flavors or preservatives such as naturally-preserved Italian sausage, pepperoni without added nitrates and nitrites and 100% real beef with no fillers. Long John Silver's offers a new Freshside Grille menu, which features grilled shrimp, salmon and tilapia, along with mixed vegetables and rice.
As part of the Company's overall Health and Wellness "Keep It Balanced" effort, Yum! and its brands are offering consumers around the world a free, month-long trial membership to an online wellness and fitness training tool called eFIT4Me on their websites. eFIT4Me is an interactive and easy to use complete lifestyle management system that features customized fitness programs, identifies eating patterns, recommends nutritional habits and includes motivational and goal tracking tools that constantly evolve as members update their progress.
Yum! is also partnering with renowned University of Louisville's men's basketball Coach Rick Pitino to educate consumers about the importance of fitness in a balanced lifestyle. Coach Pitino is working with Yum! to help promote physical activity by participating in a public service announcement as well as monthly online exercise tips featured on the Company's Keep It Balanced website, www.keepitbalanced.com.
"We are committed to continue offering 'Better for You' menu options, educate consumers about the foods they eat, and promote exercise so they can maintain a balanced lifestyle," said Jonathan Blum, Yum! Brands chief public affairs officer. "We are proud of our partnership with Coach Rick Pitino and our free online exercise program, and our goal is to help reinforce the importance of physical activity as part of a healthy lifestyle."
Created by fitness experts, eFIT4Me's exercise programs span strength-building, flexibility, cardiovascular, weight loss and more. Starting January 1, consumers that visit Yum! or any of the Company's five brand websites, can obtain a free, month-long trial membership to eFIT4Me. The free month-long offer starts as soon as consumers logon to eFIT4Me. After the month-long trial is over, consumers can continue the program with eFIT4Me at a 50 percent discount of $5.99 per month.
Each of Yum's brands currently offers lower calorie "Better For You" menu options. Taco Bell restaurants offer a Fresco Menu, including nine items with nine grams of fat or less, many of which are lower calorie options. KFC currently offers lower calorie Sandwiches, Snackers, side items, salads and Tender Roast Chicken, and plans to introduce Kentucky Grilled Chicken early next year. Pizza Hut offers a number of lower calorie menu options, including Fit 'N Delicious lower fat pizzas, and The Natural, a pizza made with all natural ingredients, including a multigrain crust, all natural old world sauce, all natural mozzarella cheese and natural toppings free from artificial colors, flavors or preservatives such as naturally-preserved Italian sausage, pepperoni without added nitrates and nitrites and 100% real beef with no fillers. Long John Silver's offers a new Freshside Grille menu, which features grilled shrimp, salmon and tilapia, along with mixed vegetables and rice.
Monday, January 5, 2009
AT&T U-Verse
AT&T Inc. (NYSE:T) today announced that AT&T U-verseSM TV has reached its 1 millionth customer. The subscriber milestone comes less than two and a half years after AT&T Mobility and Consumer Markets introduced the only 100-percent Internet Protocol (IP) TV service offered by a national service provider.
IP technology enables state of the art features and functionality, and integration across TV, broadband, wireless and home phone services. Since its market introduction, U-verse TV has received industry acclaim for customer satisfaction, service excellence and innovation. AT&T U-verse TV ranked "Highest in Residential Television Service Satisfaction in the North Central, South, and West Regions," according to the J.D. Power and Associates 2008 Residential Television Service Provider Satisfaction StudySM. Industry analyst group Frost & Sullivan named AT&T U-verse the 2009 North American Consumer Communications Service Product of the Year, and U-verse Total Home DVR was recognized with a 2008 TelcoTV Vision Award for Service Provider Innovation.
AT&T U-verse TV has been deployed in 79 major markets across 16 states, where policy makers have enacted forward-looking policy through legislation, municipal support and other decisions to encourage investment and competition by streamlining the process for providers to enter the video marketplace. The deployment of AT&T U-verse is rapidly introducing competitive choice and next-generation services to more consumers.
"Reaching this milestone, in this short time period, further validates our video strategy and shows that we're providing customers with a better choice and a better experience than cable," said Ralph de la Vega, chief executive officer of AT&T Mobility and Consumer Markets. "We're using our all-IP U-verse platform and our wireless assets to give customers what they want, in a way that no one else can."
AT&T U-verse customers enjoy quadruple-play integration, enhanced features and greater value, all made possible by IP technology. IP technology allows AT&T U-verse to easily and constantly evolve with new features and services to match consumer needs. In 2008, AT&T Mobility and Consumer Markets introduced several U-verse TV enhancements to its subscriber base that helped customer growth and satisfaction. The list of differentiating U-verse TV features includes:
Total Home DVR, which lets you watch recorded High Definition (HD) and Standard Definition shows from a single DVR on any connected TV in the home.
An extensive lineup, including more than 85 HD channels and several international channels.
The ability to record up to four programs at once and schedule recordings from a PC or wireless device.
YELLOWPAGES.COM TV, for fast and easy searches to find local businesses and other information via your TV screen.
AT&T U-bar, which brings customizable weather, stock, sports and traffic information to the U-verse TV screen, without interrupting the current program.
AT&T Online Photos from Flickr, which allows AT&T High Speed Internet customers to browse the photos you've uploaded to flickr.com and watch slide shows on your U-verse TV screen from the comfort of your couch.
Yahoo! Sports Fantasy Football, which allows you to track the progress of your fantasy team — including current team matchups and league standings — directly from your TV screen through the AT&T U-bar.
AT&T Yahoo! Games, so you can play your favorite online games — including Sudoku, Solitaire, JT's Blocks, Mah-jongg Tiles and Chess — on the TV screen.
Built-in Picture-in-Picture, which lets you channel-surf on any television without leaving the program you're watching.
Fast channel changing, reducing the delay experienced with other digital video services.
An expanded Video On Demand (VOD) library, including HD VOD titles and more than 1,000 full-length movies.
The ability to watch and record up to two HD programs at once.
IP technology enables state of the art features and functionality, and integration across TV, broadband, wireless and home phone services. Since its market introduction, U-verse TV has received industry acclaim for customer satisfaction, service excellence and innovation. AT&T U-verse TV ranked "Highest in Residential Television Service Satisfaction in the North Central, South, and West Regions," according to the J.D. Power and Associates 2008 Residential Television Service Provider Satisfaction StudySM. Industry analyst group Frost & Sullivan named AT&T U-verse the 2009 North American Consumer Communications Service Product of the Year, and U-verse Total Home DVR was recognized with a 2008 TelcoTV Vision Award for Service Provider Innovation.
AT&T U-verse TV has been deployed in 79 major markets across 16 states, where policy makers have enacted forward-looking policy through legislation, municipal support and other decisions to encourage investment and competition by streamlining the process for providers to enter the video marketplace. The deployment of AT&T U-verse is rapidly introducing competitive choice and next-generation services to more consumers.
"Reaching this milestone, in this short time period, further validates our video strategy and shows that we're providing customers with a better choice and a better experience than cable," said Ralph de la Vega, chief executive officer of AT&T Mobility and Consumer Markets. "We're using our all-IP U-verse platform and our wireless assets to give customers what they want, in a way that no one else can."
AT&T U-verse customers enjoy quadruple-play integration, enhanced features and greater value, all made possible by IP technology. IP technology allows AT&T U-verse to easily and constantly evolve with new features and services to match consumer needs. In 2008, AT&T Mobility and Consumer Markets introduced several U-verse TV enhancements to its subscriber base that helped customer growth and satisfaction. The list of differentiating U-verse TV features includes:
Total Home DVR, which lets you watch recorded High Definition (HD) and Standard Definition shows from a single DVR on any connected TV in the home.
An extensive lineup, including more than 85 HD channels and several international channels.
The ability to record up to four programs at once and schedule recordings from a PC or wireless device.
YELLOWPAGES.COM TV, for fast and easy searches to find local businesses and other information via your TV screen.
AT&T U-bar, which brings customizable weather, stock, sports and traffic information to the U-verse TV screen, without interrupting the current program.
AT&T Online Photos from Flickr, which allows AT&T High Speed Internet customers to browse the photos you've uploaded to flickr.com and watch slide shows on your U-verse TV screen from the comfort of your couch.
Yahoo! Sports Fantasy Football, which allows you to track the progress of your fantasy team — including current team matchups and league standings — directly from your TV screen through the AT&T U-bar.
AT&T Yahoo! Games, so you can play your favorite online games — including Sudoku, Solitaire, JT's Blocks, Mah-jongg Tiles and Chess — on the TV screen.
Built-in Picture-in-Picture, which lets you channel-surf on any television without leaving the program you're watching.
Fast channel changing, reducing the delay experienced with other digital video services.
An expanded Video On Demand (VOD) library, including HD VOD titles and more than 1,000 full-length movies.
The ability to watch and record up to two HD programs at once.
GE Collaborates With Turkey
GE Transportation and Tülomsaş Combine Expertise To Supply Markets with GE’s PowerHaul™ Series Locomotives
GE Transportation, a unit of General Electric Company (NYSE: GE), and Tülomsaş have announced the signing of a Memorandum of Understanding (MOU) for a strategic relationship in which GE Transportation and Tülomsaş have agreed to collaborate to supply the market with GE’s PowerHaul™ locomotives.
Under the terms of the agreement, GE will supply Tülomsaş with the necessary technology and material to assemble GE’s PowerHaul series locomotives in Turkey for the European, Middle East and North African markets. "Our strategic approach is to bring to the market advanced technology from GE, a world leader in diesel electric locomotives, with Tülomsaş’s manufacturing expertise, while remaining a productive, profitable and competitive enterprise,” said Hayri Avci, General Director and Chairman of Board of Directors of Tülomsaş,. “Our strategic relationship with GE will be beneficial to both companies and help Tülomsaş expand its footprint and increase its technological prowess and profitability. This relationship brings two companies together, each of which has over 100 years of locomotive manufacturing experience.” “GE Transportation is committed to growth by focusing on technical leadership, deep enduring customer relationships and global competitiveness,” said Lorenzo Simonelli, President and CEO of GE Transportation. “We are very pleased to be working with Tülomsaş on this MOU as it is a natural step along the path to regional localization of our capabilities.” Added Simonelli: “We're investing in Turkey because of its strategic proximity to the customers we wish to serve and its advanced technology and manufacturing skills. Finally, we hope to leverage GE’s longstanding expertise and global reach to be a true partner in the economic development of the country. “ GE’s PowerHaul series locomotives are driven by the 16-cylinder PowerHaul engine, which is GE’s most technologically advanced locomotive engine to-date. This new engine combined with other technologies from GE is projected to reduce PowerHaul Locomotive fuel use by up to 9% compared to current operating fleet averages. The 3,700 GHP engine is European Stage IIIa compliant and Ecomagination certified. Ecomagination is a GE-wide commitment to developing technology designed to help GE customers satisfy environmental challenges, while maximizing performance and reducing cost. GE Transportation’s PowerHaul Locomotive is based on the company’s global Evolution® Series locomotive platform introduced in 2005. With close to 3,000 units in use today, the Evolution Series locomotive is one of GE Transportation’s best-selling products worldwide. “The PowerHaul engine used in these locomotives significantly increases fuel efficiency while lowering emissions, said Simonelli. “PowerHaul Locomotives are designed for cost-effective long-haul operating range, high pulling power, long-term emissions compliance and reduced life-cycle cost.” GE Transportation received an order for 30 locomotives, powered by GE’s PowerHaul engine, from UK-based Freightliner Group Ltd. in November 2007. The purchase represented the largest order of freight locomotives in Freightliner’s history and the PowerHaul engine’s debut into the UK and European market place. More than 16,500 GE locomotives are currently in use in more than 50 countries around the world. GE Transportation has evolved from a supplier to the North American rail industry to a global transportation leader. Through the end of 2008, international locomotive orders will contribute more than 40% of the company’s locomotive-related revenue.
GE Transportation, a unit of General Electric Company (NYSE: GE), and Tülomsaş have announced the signing of a Memorandum of Understanding (MOU) for a strategic relationship in which GE Transportation and Tülomsaş have agreed to collaborate to supply the market with GE’s PowerHaul™ locomotives.
Under the terms of the agreement, GE will supply Tülomsaş with the necessary technology and material to assemble GE’s PowerHaul series locomotives in Turkey for the European, Middle East and North African markets. "Our strategic approach is to bring to the market advanced technology from GE, a world leader in diesel electric locomotives, with Tülomsaş’s manufacturing expertise, while remaining a productive, profitable and competitive enterprise,” said Hayri Avci, General Director and Chairman of Board of Directors of Tülomsaş,. “Our strategic relationship with GE will be beneficial to both companies and help Tülomsaş expand its footprint and increase its technological prowess and profitability. This relationship brings two companies together, each of which has over 100 years of locomotive manufacturing experience.” “GE Transportation is committed to growth by focusing on technical leadership, deep enduring customer relationships and global competitiveness,” said Lorenzo Simonelli, President and CEO of GE Transportation. “We are very pleased to be working with Tülomsaş on this MOU as it is a natural step along the path to regional localization of our capabilities.” Added Simonelli: “We're investing in Turkey because of its strategic proximity to the customers we wish to serve and its advanced technology and manufacturing skills. Finally, we hope to leverage GE’s longstanding expertise and global reach to be a true partner in the economic development of the country. “ GE’s PowerHaul series locomotives are driven by the 16-cylinder PowerHaul engine, which is GE’s most technologically advanced locomotive engine to-date. This new engine combined with other technologies from GE is projected to reduce PowerHaul Locomotive fuel use by up to 9% compared to current operating fleet averages. The 3,700 GHP engine is European Stage IIIa compliant and Ecomagination certified. Ecomagination is a GE-wide commitment to developing technology designed to help GE customers satisfy environmental challenges, while maximizing performance and reducing cost. GE Transportation’s PowerHaul Locomotive is based on the company’s global Evolution® Series locomotive platform introduced in 2005. With close to 3,000 units in use today, the Evolution Series locomotive is one of GE Transportation’s best-selling products worldwide. “The PowerHaul engine used in these locomotives significantly increases fuel efficiency while lowering emissions, said Simonelli. “PowerHaul Locomotives are designed for cost-effective long-haul operating range, high pulling power, long-term emissions compliance and reduced life-cycle cost.” GE Transportation received an order for 30 locomotives, powered by GE’s PowerHaul engine, from UK-based Freightliner Group Ltd. in November 2007. The purchase represented the largest order of freight locomotives in Freightliner’s history and the PowerHaul engine’s debut into the UK and European market place. More than 16,500 GE locomotives are currently in use in more than 50 countries around the world. GE Transportation has evolved from a supplier to the North American rail industry to a global transportation leader. Through the end of 2008, international locomotive orders will contribute more than 40% of the company’s locomotive-related revenue.
Friday, January 2, 2009
Aetna To Underwrite Pets Best Insurance
Pets Best Announces New Underwriter For Pet Insurance Policies
BOISE, Idaho, December 16, 2008 — Pets Best Insurance LLC (Pets Best) announced today that effective December 12, 2008, new policies will be underwritten by Aetna Insurance Company of Connecticut (AICC) in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas. The change will strengthen Pets Best's overall position in the industry and provide a better platform for the continued growth of its mission to protect pets throughout the U.S. Existing policy holders will be automatically notified when policies roll over to AICC-underwritten coverage.
"This will be a seamless transition for our existing customers and will allow us to provide more options for pet owners, including increased coverage and additional deductible levels," said Jack Stephens DVM, President of Pets Best Insurance. "In these uncertain economic times, we want pet owners to know that they don't have to deal with pet accidents and illnesses alone. Now more than ever, we want people to know about their options for protection."
Pets Best plans will remain competitively priced, with reimbursements based on a straightforward 80 percent of veterinary bills after the deductible. Premium rates with AICC will be based on experience by breed, pet age and the typical veterinary costs within each policy holder's local area.
Pets Best and AICC will work together to extend outreach to pet owners, communicating the value of budgeting for unexpected accidents and illness through reliable, affordable insurance. Plans will include a choice of higher deductibles for pet owners who want to lower the cost of their premiums. The expanded range of options will give policyholders the ability to design plans around their budget and risk tolerance.
Importantly, Pets Best plans underwritten by AICC have earned the exclusive recommendation of the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). "The veterinary profession is a trusted source of information and education for pet owners. Increasing awareness and usage of pet insurance will increase the overall health of pets by providing an additional financial resource so that needed care can be affordably delivered," said Gary R. Holfinger DVM, Chairman of the Board of Trustees of the AVMA GHLIT."As the new underwriter for Pets Best policies, we look forward to working closely with Pets Best and the AVMA GHLIT to extend the reach of the pet insurance industry to bring trusted, affordable pet health insurance products to pet owners nationwide," said Gretchen Spann, Aetna's head of pet insurance.
About Pets Best Insurance
Pets Best Insurance administers an insurance plan that reimburses pet owners for a straightforward 80 percent of veterinary services after a deductible, with no benefit schedules or fee restrictions. Pets Best plans do not include age restrictions and allow the pet owner to choose their veterinarian. Any pet can have guaranteed acceptance for accident-only policies so that even seriously ill pets can be insured against unexpected costs from accidental injury. The Pets Best Insurance team is a group of pet lovers who strive to deliver quality customer service and value. As the creator of the oldest and largest pet insurer in the United States, Jack Stephens DVM is the pioneer of pet health insurance and brings 26 years of experience in helping pet owners afford quality care for their pets. Insurance plans offered and administered by Pets Best are underwritten by Aetna Insurance Company of Connecticut (AICC) and recommended by the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). Visit Pets Best Insurance at petsbest.com or phone 877-PetsBest (738-7237).
BOISE, Idaho, December 16, 2008 — Pets Best Insurance LLC (Pets Best) announced today that effective December 12, 2008, new policies will be underwritten by Aetna Insurance Company of Connecticut (AICC) in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas. The change will strengthen Pets Best's overall position in the industry and provide a better platform for the continued growth of its mission to protect pets throughout the U.S. Existing policy holders will be automatically notified when policies roll over to AICC-underwritten coverage.
"This will be a seamless transition for our existing customers and will allow us to provide more options for pet owners, including increased coverage and additional deductible levels," said Jack Stephens DVM, President of Pets Best Insurance. "In these uncertain economic times, we want pet owners to know that they don't have to deal with pet accidents and illnesses alone. Now more than ever, we want people to know about their options for protection."
Pets Best plans will remain competitively priced, with reimbursements based on a straightforward 80 percent of veterinary bills after the deductible. Premium rates with AICC will be based on experience by breed, pet age and the typical veterinary costs within each policy holder's local area.
Pets Best and AICC will work together to extend outreach to pet owners, communicating the value of budgeting for unexpected accidents and illness through reliable, affordable insurance. Plans will include a choice of higher deductibles for pet owners who want to lower the cost of their premiums. The expanded range of options will give policyholders the ability to design plans around their budget and risk tolerance.
Importantly, Pets Best plans underwritten by AICC have earned the exclusive recommendation of the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). "The veterinary profession is a trusted source of information and education for pet owners. Increasing awareness and usage of pet insurance will increase the overall health of pets by providing an additional financial resource so that needed care can be affordably delivered," said Gary R. Holfinger DVM, Chairman of the Board of Trustees of the AVMA GHLIT."As the new underwriter for Pets Best policies, we look forward to working closely with Pets Best and the AVMA GHLIT to extend the reach of the pet insurance industry to bring trusted, affordable pet health insurance products to pet owners nationwide," said Gretchen Spann, Aetna's head of pet insurance.
About Pets Best Insurance
Pets Best Insurance administers an insurance plan that reimburses pet owners for a straightforward 80 percent of veterinary services after a deductible, with no benefit schedules or fee restrictions. Pets Best plans do not include age restrictions and allow the pet owner to choose their veterinarian. Any pet can have guaranteed acceptance for accident-only policies so that even seriously ill pets can be insured against unexpected costs from accidental injury. The Pets Best Insurance team is a group of pet lovers who strive to deliver quality customer service and value. As the creator of the oldest and largest pet insurer in the United States, Jack Stephens DVM is the pioneer of pet health insurance and brings 26 years of experience in helping pet owners afford quality care for their pets. Insurance plans offered and administered by Pets Best are underwritten by Aetna Insurance Company of Connecticut (AICC) and recommended by the American Veterinary Medical Association Group Health and Life Insurance Trust (AVMA GHLIT). Visit Pets Best Insurance at petsbest.com or phone 877-PetsBest (738-7237).
Merck's Long-Term Outlook
Merck Outlines Long-Term Prospects and Progress on Strategic Plan at 2008 Annual Business Briefing
>Company Expects to File New Drug Applications With the FDA for Telcagepant, Rolofylline and Ezetimibe/Atorvastatin; Will Seek Approval of New Indications for GARDASIL and ISENTRESS in 2009
>Merck's Pipeline Continues to Progress with Six New Phase III Development Programs Anticipated to Start in 2009 and Seven Phase III Programs Continuing
>Merck Plans Three Phase III Programs for New Indications to Start in 2009 and Two Phase III Programs for New Indications Continuing in 2009
>JANUVIA, JANUMET and ISENTRESS Expected to Deliver Strong Growth as Worldwide Launches Continue
>Implementation of New Business Models Continue in U.S., Europe and Japan; Company Expanding Business in Emerging Markets
>Company Forms Merck BioVentures Division for Follow-on Biologics
Merck's Late-Stage Pipeline Advances
Peter S. Kim, Ph.D., executive vice president and president, Merck Research Laboratories, told analysts that in 2009, the Company anticipates submitting three New Drug Application (NDA) filings with the U.S. Food and Drug Administration (FDA): MK-0974, telcagepant, an investigational compound for the treatment of migraines; MK-7418, rolofylline, an investigational compound for the treatment of acute heart failure; and MK-0653C, ezetimibe combined with atorvastatin, an investigational medication for the treatment of dyslipidemia being developed by the Merck-Schering Plough joint venture.
The Company also anticipates regulatory action in 2009 on three supplemental filings that have been or will be submitted to the FDA and other regulatory agencies: two for GARDASIL, Merck's HPV vaccine, for an expanded indication for adult women through age 45 and for use in males; and one for ISENTRESS, a first-in-class integrase inhibitor for the treatment of HIV-1 infection, for an expanded indication for use in treatment-naïve patients. In the U.S. alone, if approved, the treatment-naïve indication would triple the number of patients for whom ISENTRESS would be indicated.
At the briefing, Dr. Kim profiled the Company's extensive and diverse research and development efforts that include 47 active clinical programs across the Company's major research franchises: bone, respiratory, immunology and endocrine; cardiovascular; diabetes and obesity; infectious diseases; neuroscience; oncology and vaccines.
Dr. Kim told analysts that as of Dec. 9, 2008, Merck's pipeline includes nine candidates in Phase III, 15 in Phase II and 23 in Phase I. And he detailed seven of the drug candidates currently in Phase III clinical development:
MK-7418, rolofylline, a potential first-in-class selective adenosine A1 antagonist, is a Phase III investigational drug being evaluated for the treatment of acute heart failure. An NDA filing with the FDA continues to be anticipated in 2009.
MK-0974, telcagepant, an investigational oral calcitonin gene-related peptide receptor antagonist, represents a new mechanism for the treatment of migraine and has demonstrated efficacy comparable to zolmitriptan, an effective triptan, in the Phase III clinical program. The Company continues to anticipate filing an NDA with the FDA in 2009.
MK-8669, deforolimus, is a novel mTor (mammalian target of rapamycin) inhibitor being evaluated for the treatment of cancer. The drug candidate is being jointly developed and commercialized with ARIAD Pharmaceuticals, Inc., under an agreement reached in 2007. A Phase III study (SUCCEED) in patients with metastatic soft-tissue or bone sarcomas is under way. The Company continues to anticipate filing an NDA with the FDA in 2010.
V503, a nine-valent HPV vaccine in development to provide broader coverage against HPV. The Phase III clinical program is underway and Merck anticipates a filing with the FDA in 2012.
MK-0822, odanacatib, is a highly selective inhibitor of the cathepsin K enzyme, which is being evaluated for the treatment of osteoporosis. The Phase III program is ongoing. Merck said that it continues to anticipate filing an NDA with the FDA in 2012.
MK-0524A is a drug candidate that combines extended-release niacin and a novel flushing inhibitor, laropiprant. MK-0524A has demonstrated the ability to lower LDL-cholesterol (LDL-C), raise HDL-cholesterol (HDL-C) and lower triglycerides with significantly less flushing than traditional extended release niacin alone. The cardiovascular outcomes trial, HPS2-THRIVE, is ongoing and expected to complete in 2012. Merck anticipates filing an NDA with the FDA for MK-0524A in 2012.
MK-0859, anacetrapib, is an inhibitor of the cholesteryl ester transfer protein (CETP) that has shown promise in lipid management by raising HDL-C and reducing LDL-C without raising blood pressure. A Phase III study was initiated in April 2008 and enrollment in a cardiovascular outcomes study is expected to begin in 2010. The Company anticipates filing an NDA with the FDA beyond 2014.
Additionally, Dr. Kim detailed the six potential 2009 Phase III candidates, notably:
V710, a novel Staphylococcus aureus (S. aureus) vaccine that targets a highly conserved antigen originally discovered by Intercell AG. A Phase II/III sequential design study in cardiothoracic surgery patients at acute risk of infection is underway and additional studies are under consideration. S. aureus infections are a major public health challenge and represent a serious unmet medical need. Merck anticipates a filing with the FDA in 2011.
MK-0633, a once-daily 5-Lipoxygenase (5-LO) inhibitor that has the potential to decrease the production of all leukotrienes, key mediators of inflammation. MK-0633 is currently being evaluated in a Phase IIb study for the treatment of asthma and a Phase IIa study for the treatment of chronic obstructive pulmonary disease (COPD). The Company anticipates filing MK-0633 for asthma in 2011.
>Company Expects to File New Drug Applications With the FDA for Telcagepant, Rolofylline and Ezetimibe/Atorvastatin; Will Seek Approval of New Indications for GARDASIL and ISENTRESS in 2009
>Merck's Pipeline Continues to Progress with Six New Phase III Development Programs Anticipated to Start in 2009 and Seven Phase III Programs Continuing
>Merck Plans Three Phase III Programs for New Indications to Start in 2009 and Two Phase III Programs for New Indications Continuing in 2009
>JANUVIA, JANUMET and ISENTRESS Expected to Deliver Strong Growth as Worldwide Launches Continue
>Implementation of New Business Models Continue in U.S., Europe and Japan; Company Expanding Business in Emerging Markets
>Company Forms Merck BioVentures Division for Follow-on Biologics
Merck's Late-Stage Pipeline Advances
Peter S. Kim, Ph.D., executive vice president and president, Merck Research Laboratories, told analysts that in 2009, the Company anticipates submitting three New Drug Application (NDA) filings with the U.S. Food and Drug Administration (FDA): MK-0974, telcagepant, an investigational compound for the treatment of migraines; MK-7418, rolofylline, an investigational compound for the treatment of acute heart failure; and MK-0653C, ezetimibe combined with atorvastatin, an investigational medication for the treatment of dyslipidemia being developed by the Merck-Schering Plough joint venture.
The Company also anticipates regulatory action in 2009 on three supplemental filings that have been or will be submitted to the FDA and other regulatory agencies: two for GARDASIL, Merck's HPV vaccine, for an expanded indication for adult women through age 45 and for use in males; and one for ISENTRESS, a first-in-class integrase inhibitor for the treatment of HIV-1 infection, for an expanded indication for use in treatment-naïve patients. In the U.S. alone, if approved, the treatment-naïve indication would triple the number of patients for whom ISENTRESS would be indicated.
At the briefing, Dr. Kim profiled the Company's extensive and diverse research and development efforts that include 47 active clinical programs across the Company's major research franchises: bone, respiratory, immunology and endocrine; cardiovascular; diabetes and obesity; infectious diseases; neuroscience; oncology and vaccines.
Dr. Kim told analysts that as of Dec. 9, 2008, Merck's pipeline includes nine candidates in Phase III, 15 in Phase II and 23 in Phase I. And he detailed seven of the drug candidates currently in Phase III clinical development:
MK-7418, rolofylline, a potential first-in-class selective adenosine A1 antagonist, is a Phase III investigational drug being evaluated for the treatment of acute heart failure. An NDA filing with the FDA continues to be anticipated in 2009.
MK-0974, telcagepant, an investigational oral calcitonin gene-related peptide receptor antagonist, represents a new mechanism for the treatment of migraine and has demonstrated efficacy comparable to zolmitriptan, an effective triptan, in the Phase III clinical program. The Company continues to anticipate filing an NDA with the FDA in 2009.
MK-8669, deforolimus, is a novel mTor (mammalian target of rapamycin) inhibitor being evaluated for the treatment of cancer. The drug candidate is being jointly developed and commercialized with ARIAD Pharmaceuticals, Inc., under an agreement reached in 2007. A Phase III study (SUCCEED) in patients with metastatic soft-tissue or bone sarcomas is under way. The Company continues to anticipate filing an NDA with the FDA in 2010.
V503, a nine-valent HPV vaccine in development to provide broader coverage against HPV. The Phase III clinical program is underway and Merck anticipates a filing with the FDA in 2012.
MK-0822, odanacatib, is a highly selective inhibitor of the cathepsin K enzyme, which is being evaluated for the treatment of osteoporosis. The Phase III program is ongoing. Merck said that it continues to anticipate filing an NDA with the FDA in 2012.
MK-0524A is a drug candidate that combines extended-release niacin and a novel flushing inhibitor, laropiprant. MK-0524A has demonstrated the ability to lower LDL-cholesterol (LDL-C), raise HDL-cholesterol (HDL-C) and lower triglycerides with significantly less flushing than traditional extended release niacin alone. The cardiovascular outcomes trial, HPS2-THRIVE, is ongoing and expected to complete in 2012. Merck anticipates filing an NDA with the FDA for MK-0524A in 2012.
MK-0859, anacetrapib, is an inhibitor of the cholesteryl ester transfer protein (CETP) that has shown promise in lipid management by raising HDL-C and reducing LDL-C without raising blood pressure. A Phase III study was initiated in April 2008 and enrollment in a cardiovascular outcomes study is expected to begin in 2010. The Company anticipates filing an NDA with the FDA beyond 2014.
Additionally, Dr. Kim detailed the six potential 2009 Phase III candidates, notably:
V710, a novel Staphylococcus aureus (S. aureus) vaccine that targets a highly conserved antigen originally discovered by Intercell AG. A Phase II/III sequential design study in cardiothoracic surgery patients at acute risk of infection is underway and additional studies are under consideration. S. aureus infections are a major public health challenge and represent a serious unmet medical need. Merck anticipates a filing with the FDA in 2011.
MK-0633, a once-daily 5-Lipoxygenase (5-LO) inhibitor that has the potential to decrease the production of all leukotrienes, key mediators of inflammation. MK-0633 is currently being evaluated in a Phase IIb study for the treatment of asthma and a Phase IIa study for the treatment of chronic obstructive pulmonary disease (COPD). The Company anticipates filing MK-0633 for asthma in 2011.
Thursday, January 1, 2009
Marcellus Shale
FEW STATES HAVE ESCAPED THE RECESSION; the nonprofit Center on Budget and Policy Priorities says 41 of the 50 are facing budget shortages in fiscal 2009.
William Waitzman for Barron's
But Pennsylvania has hit upon a novel way to help close its $1.6 billion deficit for the fiscal year ending June 30. It's started to grant leases to drill for natural gas in the Marcellus Shale -- hydrocarbon-bearing rock -- that covers about two-thirds of the state, and, thanks to modern technology, is eminently reachable.
"We have phenomenally productive wells in Pennsylvania with very few dry holes," says John Hanger, acting secretary of Pennsylvania's Department of Environmental Protection.
The state raised $190 million in September by granting licenses to drill on 74,000 acres. If the legislature approves, this will plug about 11% of the 2009 deficit. But next year could see drilling revenue swell. Chesapeake Energy alone plans to drill 200 wells then, Hanger says, and 600 more the following year.
More than 20 oil and gas companies, including Cabot Oil (ticker: COG) and XTO Energy (XTO), have already invested $700 million this year to develop the Marcellus Shale, half of which is located in Pennsylvania. Prices for mineral-rights leases recently jumped to $2,100 an acre, from just $300 in February. With good reason: There's enough gas inside the Marcellus Shale to meet the entire nation's needs for an estimated 12 to 14 years. That this energy lies in Pennsylvania, rather than, say, Texas, shouldn't be a surprise. After all, Titusville, Pa., was the site of the first oil strike in the U.S., by Edwin Drake, in 1859.
William Waitzman for Barron's
But Pennsylvania has hit upon a novel way to help close its $1.6 billion deficit for the fiscal year ending June 30. It's started to grant leases to drill for natural gas in the Marcellus Shale -- hydrocarbon-bearing rock -- that covers about two-thirds of the state, and, thanks to modern technology, is eminently reachable.
"We have phenomenally productive wells in Pennsylvania with very few dry holes," says John Hanger, acting secretary of Pennsylvania's Department of Environmental Protection.
The state raised $190 million in September by granting licenses to drill on 74,000 acres. If the legislature approves, this will plug about 11% of the 2009 deficit. But next year could see drilling revenue swell. Chesapeake Energy alone plans to drill 200 wells then, Hanger says, and 600 more the following year.
More than 20 oil and gas companies, including Cabot Oil (ticker: COG) and XTO Energy (XTO), have already invested $700 million this year to develop the Marcellus Shale, half of which is located in Pennsylvania. Prices for mineral-rights leases recently jumped to $2,100 an acre, from just $300 in February. With good reason: There's enough gas inside the Marcellus Shale to meet the entire nation's needs for an estimated 12 to 14 years. That this energy lies in Pennsylvania, rather than, say, Texas, shouldn't be a surprise. After all, Titusville, Pa., was the site of the first oil strike in the U.S., by Edwin Drake, in 1859.
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