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VOL. 126 | NO. 96 | Tuesday, May 17, 2011

Floodwaters: Be Wary of What Lurks Below

As the workweek began, the Memphis riverfront was beginning to look familiar – emphasis on beginning.

‘Yes We Can’

Obama delivers commencement speech to BTW class of 2011

President Barack Obama left the bustle of Washington politics – on a day when the U.S. hit its debt ceiling and Donald Trump said he won’t run for president – to fly to Memphis and tell the Booker T. Washington class of 2011, “I’m so proud of each and every one of you.”

Council Moves Step Closer To New Budget

The Memphis City Council moves a step closer Tuesday to setting the budgets and tax rates for city government in the coming new fiscal year.

Young Agents Join to Enhance Business Opportunities

Dustie Zvolanek got her real estate license last August when the market was still a picture of uncertainty, but these days she’s finding strength in numbers of young, new practitioners who have banded together for peer support.

Daily News Collects Five Reporting Awards

The Daily News won five awards during the 2011 Tennessee Associated Press Managing Editors contest, including three first-place finishes and a sweep of the business news category.

Local Weather
Memphis, TN
Mostly Cloudy
Wind: North at 5.8 mph
Humidity: 61%


The Memphis Rotary Club will meet Tuesday at noon at the University Club of Memphis, 1346 Central Ave. Dr. Manoj Jain will speak about health care costs. Cost is $18 per person. Advanced reservations are required. For reservations, email Taylor Hughes at taylor@memphisrotary.org.

more events »

Schools Case Moves Toward Expedited Trial

Something surprising happened in the first hearing in the schools consolidation federal lawsuit last week.

Gov. Haslam Adds Expenditures to Budget

While Tennessee Gov. Bill Haslam was in Memphis Monday for the presidential visit, his administration was filing an amendment to the state budget with the Tennessee legislature.

Habitat Preps New Headquarters, ReStore

Habitat for Humanity of Memphis is in the process of relocating to a much larger facility to accommodate its growing base of clients, programs and services.

Blues City Brewery Buys Hardy Bottling

5151 E. Raines Road, Memphis, TN 38118, Sale Amount: $10 million -
Blues City Brewery LLC, an affiliate of La Crosse, Wis.-based City Brewing Co., has bought the former Hardy Bottling plant, a 40-year-old Memphis beer brewery at 5151 E. Raines Road, from Chism Hardy Enterprises LLC for $10 million.

Earnings Vs. Confidence

P (Price) = E (Earnings) x P/E (P/E multiple). We can occasionally seem to sound like a broken record when the subject turns to the earnings and P/E multiple stories in the markets. The news of the resurgence of corporate America on the earnings front has become so commonplace that we treat good news with a yawn and look for the next news headlines to gauge our market sentiment. As first quarter earnings season sprints to the finish line, let’s take a moment to recap the highlights.

The ‘Broken Window’ Theory

Stanford University psychologist Philip Zimbardo parked a car on a street in Palo Alto, Calif., where it sat untouched for a week. After a week, as a part of the experiment, Zimbardo smashed one of the car’s windows with a sledgehammer. Within a few hours vandals stripped the car. What happened? Why did the broken window make a difference?


Memphis City Council Agenda

The Memphis City Council will meet today at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for a full agenda.


Gov: Budget to Fund More Key Services in Tenn.

NASHVILLE, Tenn. (AP) — Increased state revenues will provide millions in extra funding for flood and storm relief, mental health care, and other key projects and services in Tennessee, Gov. Bill Haslam said Monday.


Panel: Lawmakers Can Run in Current Districts

JACKSON, Miss. (AP) — A federal panel has given Mississippi lawmakers two choices: immediately craft a redistricting plan or run in the current districts in 2011.

Opening of Floodgates Empties Many Cajun Towns

BUTTE LAROSE, La. (AP) – Cajun-country towns in the path of Mississippi River floodwaters were all but deserted Monday as residents heeded warnings to seek higher ground after a major floodgate was opened for the first time in four decades.


Debt Limit Reached, US Halts Two Pension Investments

WASHINGTON (AP) — Treasury Secretary Timothy Geithner said Monday that he will immediately halt investments in two big government pension plans so the government can continue to borrow money.

White House: No Trade Deals Without Workers' Aid

WASHINGTON (AP) — The White House is threatening to hold up final passage of three coveted free trade agreements unless lawmakers agree to expand retraining assistance for American workers who lose their jobs because of foreign competition.

Debt Concerns Weigh on Stocks

NEW YORK (AP) — Stocks closed lower for a second day, dragged down by technology companies and concerns about Europe's debts.

Oil Drops Below $98; Pump Prices Fall Over Weekend

Oil prices dropped Monday, a good sign for drivers who are finally seeing a little relief at the gas pump.

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PROPERTY SALES 96 173 11,698
MORTGAGES 95 174 13,601
BUILDING PERMITS 291 387 24,551
BANKRUPTCIES 65 118 7,591

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