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VOL. 127 | NO. 145 | Thursday, July 26, 2012

IP Profit Down $85 Million in Q2

Memphis-based International Paper Co.’s profits dropped 39 percent in the second quarter of 2012 with revenue growth lower than analysts had expected.

Making Way

Ericson looks to sell HQ as Pyramid area becomes tourist destination

The $191 million transformation of The Pyramid into a Bass Pro Shops superstore by August 2013 will have an effect not only on local tourism but also on surrounding commercial real estate.

Fuel Hedging Costs Delta $168M in Q2

Delta Air Lines Inc. lost $168 million, or 20 cents a share, on its fuel hedge strategy that the company touted when fuel prices were high.

Election Commission Admits Ballot Problems

Challenges to the conduct of the Aug. 2 election may have reached a peak Tuesday, July 24.

Baker Donelson Lawyers Support Startup Programs

The budding Memphis-area business accelerator programs Seed Hatchery and ZeroTo510 are continuing to pick up steam as they work to attract new investment and entrepreneurs with a knack for the hustle.

Local Weather
Today
Memphis, TN
62°F
Cloudy
Wind: 10 mph
Humidity: 21%

EVENTS

Women Against MS will hold its sixth annual luncheon benefiting the National Multiple Sclerosis Society Thursday, July 26, from noon to 1 p.m. at Holiday Inn University of Memphis, 3700 Central Ave. Cookbook author Ronda Giangreco will speak. Cost is $50. Contact Sherry Bramucci at sherry.bramucci@nmss.org or 755-0994.

more events »

Committee to Disband as Board Considers Next Step

The countywide school board’s ad hoc committee to review the schools consolidation plan is about to disband without acting on the plan sent to the board by the schools consolidation planning commission.

Juvenile Court Open to Charter School Proposal

Memphis-Shelby County Juvenile Court officials say a charter school proposed by former Memphis Mayor Willie Herenton for juvenile offenders including those accused of the most serious crimes would provide those children with a critical continuity they need.

MEMPHIS LAW TALK

Chance Meeting Leads Lambert to Legal Career

As an undergraduate student studying communications at the University of Mississippi, Mark Lambert was leaning toward a career in advertising, and the possibility of being an attorney had never even crossed his mind.

LOCAL COLUMNISTS

Financial Records: Shred Or Keep?

Ray’s Take Many people save all their financial records, quickly accumulating boxes and boxes of paper, and then find it nearly impossible to locate the one piece of information they need. My mom recently helped a friend move out of her home of 50 years, and found that she kept canceled checks for utility bills that dated back to the 1960s! She was afraid to get rid of them, thinking she might need them someday. I think there are a lot of files and boxes of financial records out there.

Portland Author’s Book Takes Off

Years ago V Jeffers of Portland, Ark., became fascinated with the Monarch Butterfly, the most recognizable of non-detested insects. With their orange-brown wings and black veins and borders, Monarchs are found in New Zealand, the Canary Islands, Madeira and North America. In the Southeast Arkansas hamlet that V and husband Carl call home, V raises caterpillars in her spare time.

MEMPHIS AREA

Moody's Boosts Outlook for AutoZone to ‘Positive’

NEW YORK (AP) – Moody's Investors Service on Wednesday boosted its outlook for AutoZone Inc. to "positive" from "stable," citing the auto parts retailer's stable finances and improving profitability.

Mississippi River Level Keeps Dropping in Memphis

MEMPHIS (AP) – The Mississippi River's water level keeps dropping, and the U.S. Army Corps of Engineers in Memphis said Wednesday it is using survey boats and dredges to maintain safe navigation.

STATEWIDE

TVA Considering Fuel Made From Nuclear Weapons

CHATTANOOGA, Tenn. (AP) – The Tennessee Valley Authority is preparing an environmental impact statement on the use of fuel made from surplus nuclear weapons to power its nuclear plants.

NATIONAL BUSINESS

American CEO Bashes US Airways; Calls it Desperate

BOSTON (AP) – American Airlines CEO Tom Horton wants to set the record straight: It was he who approached US Airways CEO Doug Parker about the possibility of combining the two airlines, not the other way around.

NATIONAL GOVERNMENT

GOP: Geithner Failed to Tell Congress About LIBOR

WASHINGTON (AP) – Republican lawmakers are criticizing Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks could have been manipulating a key global interest rate.

REAL ESTATE

US New-Home Sales Fall to 350K, 5-Month Low

WASHINGTON (AP) – Americans bought fewer new homes in June after sales jumped to a two-year high in May. The steep decline suggests a weaker job market and slower growth could make the housing recovery uneven.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 215 4,981
MORTGAGES 96 322 6,548
FORECLOSURE NOTICES 13 38 1,517
BUILDING PERMITS 223 541 11,800
BANKRUPTCIES 84 203 5,162
BUSINESS LICENSES 19 65 2,001
UTILITY CONNECTIONS 124 351 6,815
MARRIAGE LICENSES 21 65 1,406

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