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VOL. 128 | NO. 87 | Friday, May 3, 2013

International Paper’s Net Earnings Up

Memphis-based International Paper Co. reported net earnings Thursday, May 2, of $318 million for the first quarter of 2013, a $130 million increase from a year ago.

Test Drive

Zipcars begin pilot project in automobile-centric Memphis

When car sharing meets the parking and driving practices of Memphians on the streets of Downtown, the encounter could go so many ways between bad and good.

Smith & Nephew Profit Falls 10 Percent

Smith & Nephew PLC said it will start a $300 million share buyback program and buy an Indian orthopedic trauma company, after a first-quarter slump in profit.

Metropolitan Bank Earnings Up 43 Percent

Metropolitan Bank is starting off its fifth year by reporting another quarter of increased earnings – the 14th straight quarter in which that’s happened.

Medtronic to Cut 60 Memphis Jobs

Medtronic Spine, the Memphis-based division of Medtronic Inc., will cut about 60 local jobs as part of a strategy to reduce overall costs by 5 percent, a company spokesman confirmed.

National, Local Leaders Discuss Nonprofit Challenges

Nonprofits need multifaceted ways to inform their stakeholders in a world that has grown more volatile, uncertain and complex, Jacob Herold, the president and CEO of GuideStar, told a sold-out audience at the annual Alliance for Nonprofit Excellence conference Wednesday, May 1.

MEMPHIS STANDOUT

Harper Finds Newest Adventure at Community Foundation

When Memphis native Ashley Harper graduated from Central High School and left town, it was for the mountains.

SPORTS

Grizzlies Flip Script on Clippers Series

A quick rewind, back to those desperate days after the first two games of the Grizzlies-Clippers series in Los Angeles. You remember those days, right? Grizzlies in a 0-2 hole and, in the first game, looking totally outclassed.

Grizzlies Trying to Create Season to Remember

Disappointments past can set up unmitigated joy in the present. At its best, that’s how this whole sports fandom thing works.

LOCAL COLUMNISTS

One End to the Other

GET IT TOGETHER. Cooper is on fire. From the cougars in the zoo to the cougars in Alchemy, the viewing is best at feeding time. From the lions at the zoo to the lyonnaise salad at 1912, this is a stretch to strut in.

The No-Growth Rally

Over 200 S&P 500 companies have now reported earnings. While 70 percent or so have beaten expectations, the blended earnings growth rate has basically flat lined. Using revenues as a purer gauge adds little encouragement. Revenues have also flat lined over the last year. Without an uptick in global economic activity or the ability to pass on price increases to customers, US earnings look winded. How can the rally persist without growth?

REGIONAL

Individual Income Tax Growth Boosts Arkansas Revenue

LITTLE ROCK, Ark. (AP) – Taxpayers who shifted their income to last year to avoid higher federal tax rates boosted Arkansas' revenue above expectations, state finance officials said Thursday.

NATIONAL BUSINESS

Buffett Says Women Key to Nation’s Prosperity

OMAHA, Neb. (AP) – Billionaire Warren Buffett is optimistic about America’s economic future because the nation has begun to unleash the potential of women.

US Worker Productivity Rises 0.7 Percent in First Quarter

WASHINGTON (AP) – U.S. worker productivity barely grew from January through March after shrinking in the final three months of 2012. Weak productivity growth could prompt employers to hire more if consumers and businesses continue to increase spending.

US Trade Deficit Falls to $38.8 Billion in March

WASHINGTON (AP) – The U.S. trade deficit narrowed in March for a second month as the daily flow of imported crude oil dropped to the lowest level in 17 years. The deficit with China hit a three-year low.

NATIONAL GOVERNMENT

Obama Nominates Pritzker, Froman for Economic Jobs

WASHINGTON (AP) – President Barack Obama on Thursday chose two old friends with corporate executive experience for top posts on his economic team, naming longtime fundraiser Penny Pritzker as Commerce secretary and adviser Michael Froman as U.S. Trade Representative.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 218 10,440
MORTGAGES 91 293 13,620
FORECLOSURE NOTICES 0 43 2,687
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 184 10,076
BUSINESS LICENSES 25 62 3,798
UTILITY CONNECTIONS 90 338 14,895
MARRIAGE LICENSES 10 68 3,235

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