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VOL. 126 | NO. 37 | Wednesday, February 23, 2011

Medtronic Q3 Income Up, Layoffs Coming

As Medtronic Inc. Tuesday announced an increase in its third quarter net income, the company also said it would reduce its global workforce by 1,500 to 2,000 employees, or 4 to 5 percent of its workforce, during the fourth quarter.

Election Time

Referendum not drawing many early voters

A quiet week in the schools consolidation issue is being matched by some modest numbers for early voting turnout.

Memphis Woman Indicted on 214 Counts of Health Care Fraud

Joann McGhee, 45, of Memphis has been indicted on 214 counts of submitting false and fraudulent claims to defraud a number of health care benefits programs, including Medicare, Medicaid and Tricare, Edward Stanton III, U.S. Attorney for the Western District of Tennessee, announced Wednesday.

County Commission Committee Recommends Mitsubishi Incentives

The Shelby County Commission’s economic development & tourism committee has recommended approval of the county contributing $1 million to the financial incentives for Mitsubishi Electric Power Products Inc., which is building a new transformer manufacturing plant in Memphis.

Petties Guilty Plea From 2009 Unsealed

Alleged drug kingpin Craig Petties has pleaded guilty to 19 counts of racketeering, drug and murder for hire conspiracy, drug trafficking and money laundering charges.

Local Weather
Today
Memphis, TN
59°F
Mostly Cloudy
Wind: 0 mph
Humidity: 64%

EVENTS

Talk Shoppe will host a speed networking meeting Wednesday from 9 a.m. to 10 a.m. at the Better Business Bureau, 3693 Tyndale Drive. For more information, call 482-0354.

more events »

Education Realty Trust Announces Three Projects

Memphis-based Education Realty Trust, one of the nation’s largest developers, owners and managers of college housing, has announced three projects across the U.S.

Loeb to Hold Overton Square Forum

Loeb Properties Inc. is holding a public meeting to reveal its redevelopment plans for Overton Square. Anyone interested in current renderings and site plans are encouraged to attend and give feedback.

MAAR to Honor Top Brokers with Pinnacle Awards

The Pinnacle Awards have become a benchmark for excellence in the commercial real estate industry.

Luncheon to Address Union of Biosciences, Small Business

Members of the city’s growing bioscience community will come together Thursday for a luncheon hosted by the Memphis Bioworks Business Association, a group dedicated to promoting and advancing the bioscience business community in the Memphis region through programs, events and strategic communications.

ServiceMaster Names Mullany New CEO

Hank Mullany, former executive vice president of Walmart U.S. and president of Walmart’s northern business, will become the new CEO of Memphis-based The ServiceMaster Co. at the end of March.

Accredo Again Sets Quarterly Sales Record

Memphis-based Accredo Health Group ended the fourth quarter and its fiscal year with sizable gains, continuing a record-breaking earnings streak that has lasted more than two years. The provider of specialty pharmaceuticals bested its revenue from the prior quarter by 31.3 percent to a record of nearly $3 billion.

Waddell & Associates Begins Employee Stock Ownership Plan

David Waddell, the chief executive officer of Memphis-based financial planning firm Waddell & Associates, will be on a plane later this month bound for Florida.

Memphis Closer to Electric Vehicle Technology

Memphis Light, Gas and Water Division should have 10 locations up and running by September for public charging stations for electric vehicles.

Takeuchi Joins Memphis Veterinary Specialists

Dr. Ai Takeuchi has joined Memphis Veterinary Specialists and PetMed Emergency Center as the facility’s first hospitalist.

Getting What You Pay For

You may have a well-differentiated product and a solid sales team and still not realize your company’s sales potential. How can that be?

From Zooties to Superfantastic

Can a motivational speaker really contribute to your company’s performance? The trick is to hire the right person with the right message for the right group. You’ve gotta know your audience and know your speaker. And just because a speaker is famous doesn’t mean they’re effective.

STATEWIDE

Study: Women Underrepresented in Big Tenn. Firms

NASHVILLE (AP) – A study has found that women remain underrepresented in corporate leadership posts at publicly traded companies in Tennessee.

Ohio Explosives Company to Open Plant in Tennessee

NASHVILLE (AP) – Tennessee Gov. Bill Haslam has announced an Ohio-based explosives company is planning to build a manufacturing plant in Greene County that will create 80 new jobs.

STATE LEGISLATURE

Proposal Supports Electing Tenn. Attorney General

NASHVILLE (AP) – A measure to make the office of state attorney general an elected position is advancing in the Senate despite opposition from some lawmakers who say it will breed corruption.

Senate Speaker Ron Ramsey Hires Former Blogger

NASHVILLE (AP) – Senate Speaker Ron Ramsey has hired former political blogger Adam Kleinheider as his communications director.

REAL ESTATE

Home Prices Hit Post-Bust Lows in Most Big Cities

WASHINGTON (AP) – Home prices in a majority of major U.S. cities tracked by a private trade group have fallen to their lowest levels since the housing bubble burst, and analysts expect further declines this year.

NATIONAL BUSINESS

Consumer Confidence Hits 3-Year High

NEW YORK (AP) – Consumer confidence rose in February to its highest point in three years as Americans feel more optimistic about their income prospects and the direction the economy is headed, a private research group reported Tuesday.

On the Call: Medtronic CFO Discusses Layoffs

Medtronic Inc., the world's largest medical device maker, announced Tuesday it will eliminate 4 to 5 percent of its work force to make up for anemic sales of its implants.

In Sign of Growth, Businesses are Borrowing Again

Martin Foil's company sells yarn that winds up in clothes from the Gap, Ralph Lauren and American Apparel, and business is growing. He's buying new machines and hopes to hire as many as 200 workers this year.

Barnes & Noble 3Q Net Income Falls

NEW YORK (AP) – Book seller Barnes & Noble's third-quarter revenue rose, but its net income fell 25 percent as it continued to invest in its online operations and Nook e-readers, the company said Tuesday.

Wal-Mart's 4Q Profit Rises; US Sales Still Slump

NEW YORK (AP) Wal-Mart Stores Inc. reported a 27 percent increase in fourth-quarter net income as the world's largest retailer benefited from cost-cutting and strong sales overseas.

Big Airlines Try to Raise Fares Again

DALLAS (AP) – Major U.S. airlines are trying to revive fare increases for high-end tickets after failing to impose bigger price increases last week.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 0 55 1,534
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 77 334 5,293
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 0 81 1,422

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