VOL. 37 | NO. 34 | Friday, August 23, 2013
Many Realtors are intimidated by their clients and are, to borrow a term used by Stephen Stills at Woodstock, scared witless. He actually used another term, but for today’s purposes, witless works better.
THE WORLDLY INVESTOR
Last week, we discussed the recent upshift in the global economy. The next major moment for the market will occur on Sept. 18 when 65 percent of economists expect that the Fed will announce a “tapering” of its quantitative easing program. The movement in the 10-year Treasury bond interest rate confirms this expectation as rates have now climbed to 2.84 percent, up from 1.6 percent three months ago.
Attorneys Ed Yarbrough and Alex Little have joined Bone McAllester Norton PLLC, creating a new division of criminal defense and government investigations.
The Internet has created an unprecedented power shift in the marketplace. Gone are the days where the salesperson alone carries the lion’s share of the knowledge about the products and services he’s selling and therefore holds the power in a sales exchange.
Last week, the University of Tennessee succumbed to college football’s dark side.
In an article titled "Mentally Fit" in the July 29, 2013, issue of The New Yorker, Patricia Marx writes, "[A] study of six hundred and seventy-eight elderly nuns analyzed essays they’d written in their twenties and found that the sisters who had used the most linguistically complex sentences tended to have the lowest incidence of Alzheimer’s, which is why I’ve added this unnecessary subordinate clause even though it’s been a long time since I was in my twenties."
KAY'S COOKING CORNER
Cherry, Big Boys, Grape, Beefsteak, Brandywine, Plum - homegrown tomatoes are here, and I, for one, am plum tickled. One of my favorite ways of eating one is between two slices of Wheatberry bread with nothing but mayo, salt and pepper; however, that might be a toss up with sliced on a plate sandwiched between real mozzarella, fresh basil, sea salt and freshly ground black pepper, and then drizzled with olive oil. Yum, yum!
NASHVILLE (AP) - State Rep. Kent Williams, whose election as House speaker in 2009 shocked and infuriated fellow Republicans, says he won't seek a fifth term.
BRENTWOOD (AP) - Tractor Supply, a retailer for farmers and ranchers, said Thursday it will conduct a two-for-one stock split in September.
NASHVILLE (AP) - A coalition of Vanderbilt University groups is urging people to wear green dots to the football season opener against Mississippi.
NASHVILLE (AP) - TDOT has told contractors and its own crews to knock off work at noon on Friday for the Labor Day weekend.
WASHINGTON (AP) — Driving in America has stalled, leading researchers to ask: Is the national love affair with the automobile over?
FLAT ROCK, Mich. (AP) — For the first time, Ford is making its Fusion sedan in the U.S.
YPSILANTI, Mich. (AP) — Toyota has two important vehicles coming in 2015: the next-generation Prius hybrid and the company's first hydrogen fuel cell car.
NEW YORK (AP) — The stock market rose Thursday as positive economic reports outweighed worries about escalating tensions with Syria.
NEW YORK (AP) — A federal judge signaled Thursday that he is leaning toward approving American Airlines' emergence from bankruptcy protection but wanted more time to reflect.
WASHINGTON (AP) — Average U.S. rates for fixed mortgages declined this week but stayed close to their highest levels in two years.
WASHINGTON (AP) — U.S. banks earned more from April through June than during any quarter on record, aided by a steep drop in losses from bad loans.
WASHINGTON (AP) — The number of Americans seeking unemployment benefits remained near the lowest level in more than five years last week, a sign that companies are cutting few jobs.
WASHINGTON (AP) — The U.S. economy grew at a 2.5 percent annual rate from April through June, much faster than previously estimated. The steep revision was largely because U.S. companies exported more goods and imports declined.
The price of oil fell to near $109 a barrel Thursday, easing off a two-year high, after official figures showed a rise in U.S. crude inventories.
NEW YORK (AP) — Fast-food protests are under way in cities including New York, Chicago and Detroit, with organizers expecting the biggest national walkouts yet in a demand for higher wages.
NEW YORK (AP) — It's official. J.C. Penney's biggest investor and former board member Bill Ackman is through with the retailer, selling his entire 18 percent stake to Citigroup and taking a more than $400 million bath on the deal.
WEDNESDAY, AUGUST 28
NASHVILLE (AP) - Financial services firm UBS AG on Wednesday announced it will consolidate back office functions in Nashville, creating 1,000 jobs in the city over the next five years.
NASHVILLE (AP) - Prominent business leaders and Republicans held a forum in support of immigration reform on Wednesday.
NASHVILLE (AP) - The Nashville Symphony has reached agreement with the Nashville Musicians Association on a new one-year labor contract.
NASHVILLE (AP) — The Metro Nashville school board still hasn't adopted a calendar for the next school year, but members did agree to stop the yearly wrangling over one.
NASHVILLE (AP) - Gov. Bill Haslam has named Shelby County chancellor Arnold B. Goldin to fill an upcoming vacancy in the western section of the Tennessee Court of Appeals.
NASHVILLE (AP) - State business development officials say clothing retailer Gap Inc. plans to expand operations at its distribution center in Gallatin, creating about 90 jobs in the process.
LOUISVILLE, Ky. (AP) — Liquor producer Brown-Forman Corp. said Wednesday its first-quarter net income fell 3 percent, missing Wall Street forecasts, because of lower sales for a range of spirits compared with a year ago, when retailers stocked up ahead of price increases.
MILFORD, Mich. (AP) — Sometime before the end of this decade, General Motors will put a car on the road that can almost drive itself.
IRVINE, Calif. (AP) — Nissan Motor Co. says it will make cars that drive themselves by 2020.
CHICAGO (AP) - Lawyers for hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs' attorney said Wednesday.
WASHINGTON (AP) — Fewer Americans signed contracts to buy U.S. homes in July, but the level stayed close to a 6 ½-year high. The modest decline suggests higher mortgage rates have yet to sharply slow sales.
NEW YORK (AP) — The stock market edged higher Wednesday as investors continued to focus on the likelihood of a U.S.-led attack on Syria. Energy stocks rose sharply as the price of oil increased to the highest in more than two years.
The price of oil briefly surged past $112 a barrel Wednesday before giving up most of its gains while the U.S. seemed to edge closer to intervening in Syria's civil war.
WASHINGTON (AP) — Veterans and disabled workers who often struggle to find work could have an easier time landing a job under new federal regulations.
SAN JOSE, Calif. (AP) — Readers who tried to click on the New York Times' website got nothing but error messages for several hours during the site's second major disruption this month, and people also had trouble accessing Twitter. A hacker group calling itself the "Syrian Electronic Army" claimed responsibility.
TUESDAY, AUGUST 27
KANSAS CITY, Mo. (AP) - A Tennessee developer is planning the first new hotel building in downtown Kansas City since 1985.
NASHVILLE (AP) - Gov. Bill Haslam has named Robert "Rob" H. Montgomery Jr. to fill an upcoming vacancy in the eastern section of the Tennessee Court of Criminal Appeals.
NASHVILLE (AP) - The head of the Tennessee Administrative Office of the Courts is retiring by the end of the year.
HOFU, Japan (AP) — Mazda, the longtime also-ran of Japanese automakers, says it came up with innovations in nearly every step of auto manufacturing for a super-efficient assembly line that rolls off vehicles at a stunning rate of one every 54 seconds.
DALLAS (AP) — The U.S. government wants to wait until March for a trial on its lawsuit aimed at blocking the merger of American Airlines and US Airways, a deal that would create the world's biggest airline.
NEW YORK (AP) — Fears of an escalating conflict in Syria rippled across financial markets on Tuesday, sinking stocks, lifting gold and pushing the price of oil to the highest in a year and a half.
The price of oil closed above $109 a barrel, its highest level in a year and a half, as the U.S. edged closer to intervening in Syria's civil war.
WASHINGTON (AP) — Americans' confidence in the economy inched closer to a 5½-year high on growing optimism that hiring and wages could pick up in coming months.
WASHINGTON (AP) — U.S. home prices rose 12.1 percent in June from a year earlier, nearly matching a seven-year high. But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery.
NEW YORK (AP) — Sprint says it's eliminating about 800 customer service jobs because fewer people are calling its centers. With growth in other parts of the business, Sprint says it expects the company's work force to remain at about 40,000.
MADRID (AP) — A former JPMorgan Chase & Co. trader wanted by the United States for allegedly falsifying bank records to cover up $6 billion in trading losses was arrested in Madrid Tuesday, Spanish police said.
NEW YORK (AP) — Tiffany & Co.'s fiscal second-quarter net income climbed a stronger than expected 16 percent, driven by strong sales in China. The high-end jewelry company also boosted its full-year earnings forecast.
NEW YORK (AP) — J.C. Penney's biggest investor, William Ackman, plans to raise up to about $504.4 million from the sale of his entire stake in the struggling department store operator.
WASHINGTON (AP) — A conservative group is launching a radio ad challenging Senate Republican leader Mitch McConnell to oppose any money for President Barack Obama's health care law even if it means triggering a government shutdown.
WASHINGTON (AP) — Government agents in 74 countries demanded information on about 38,000 Facebook users in the first half of this year, with about half the orders coming from authorities in the United States, the company said Tuesday.
MONDAY, AUGUST 26
LEBANON (AP) - Cracker Barrel Old Country Store Inc. said Monday that a long-time board member won't seek another term and that it plans to shrink the size of its board. The restaurant chain operator also said that its board voted against adding shareholder Sardar Biglari and his ally to its slate of director nominees.
NASHVILLE (AP) - The Tennessee Registry of Election Finance will determine whether to fine Gov. Bill Haslam and state Sen. Stacy Campfield.
BENTON (AP) — Authorities say two women have died in two days while rafting on the Ocoee River in Tennessee.
NASHVILLE (AP) — Metro Nashville Police have charged former Tennessee Titans linebacker Keith Bulluck with felony robbery after a cab driver accused him of taking money during an argument.
OMAHA, Neb. (AP) — ConAgra Foods Inc. is recalling some Kroger's Break 'N Bake chocolate chip cookie dough packages, because they contain peanuts.
NEW YORK (AP) — The biggest fiscal challenge facing the U.S. is the size of projected deficits in the 2020s and 2030s, according to a survey of business economists.
NEW YORK (AP) — The stock market is closing slightly lower after Secretary of State John Kerry ratcheted up pressure against Syria.
The price of oil dipped below $106 a barrel Monday as traders weighed disappointing U.S. orders for durable goods and the potential for international intervention in Syria.
WASHINGTON (AP) — Orders for long-lasting U.S. factory goods fell sharply last month as demand for commercial aircraft plummeted and businesses spent less on computers and electrical equipment.
ALBANY, N.Y. (AP) — New York's attorney general sued Donald Trump for $40 million Saturday, saying the real estate mogul helped run a phony "Trump University" that promised to make students rich but instead steered them into expensive and mostly useless seminars, and even failed to deliver promised apprenticeships.
NEW YORK (AP) — Muriel "Mickie" Siebert, who started as a trainee on Wall Street and became the first woman to own a seat on the New York Stock Exchange, has died of complications of cancer at age 80.
FRIDAY, AUGUST 23
NEW YORK (AP) — Stocks are ending with modest gains on Wall Street after recovering from an early stumble caused by a poor report on the housing market.
WASHINGTON (AP) — Americans cut back sharply in July on their purchases of new homes, a sign that higher mortgage rates may weigh on the housing recovery.
WASHINGTON (AP) — The latest high-tech disruption in the financial markets increases the pressure on Nasdaq and other electronic exchanges to take steps to avoid future breakdowns and manage them better if they do occur.
BANGKOK (AP) — The price of oil rose Friday ahead of house sales figures that could show further improvement in the U.S. economy.
NEW YORK (AP) — Microsoft CEO Steve Ballmer, who took over the helm of the world's largest software company from founder Bill Gates, will retire within the next 12 months.
ORLANDO, Fla. (AP) — Wal-Mart Stores Inc. spearheaded an effort Thursday to bring together retailers, suppliers and government officials so they can figure out how to bring more manufacturing jobs to the United States.
NEW YORK (AP) — The stock market rose Thursday but it was a glitch on the Nasdaq exchange that became the day's big talking point.
DALLAS (AP) — United Parcel Service Inc. is ending health-insurance benefits for U.S. nonunion employees' spouses who can get coverage elsewhere. It blames the change on the new health-care law.
NEW YORK (AP) — The Nasdaq stock exchange is saying it plans to resume trading at 3:10 p.m. after a nearly three-hour outage caused by a technical problem.
PLANO, Texas (AP) — Struggling retailer J.C. Penney is adopting a plan to prevent a takeover attempt just two days after reporting its sixth straight quarter of big losses and steep revenue declines.
WASHINGTON (AP) — A gauge of the U.S. economy's health rose in July, pointing to stronger growth in the second half of the year.
WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week after reaching the lowest level in 5 ½ years. But the broader trend suggests companies are laying off fewer workers and could step up hiring in the months ahead.
NEW YORK (AP) — The price of oil rose for a second straight day Friday. Meanwhile, gasoline prices ticked higher as the summer driving season winds down.
(AP) — The Tennessee Valley Authority's board of directors voted Thursday to increase its base rate by 1.5 percent, the first increase by the nation's largest public utility in two years.
LOUISVILLE, Ky. (AP) — Jack Daniel's is being served a $100 million-plus expansion of its rural Tennessee distillery to flex more muscle in the growing whiskey market.