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VOL. 126 | NO. 154 | Tuesday, August 9, 2011

Dallas Co. Pays $35M for Depot

The Memphis Depot Business Park has sold for $35.8 million after being on the market for less than six months.

History on the Block

Landmark Downtown building for sale at Aug. 18 auction

If the walls of the commercial building at 371 Carroll Ave. could talk, what a story they could tell.

GTx Reports Q2 Loss of $10.7M

Memphis-based pharmaceutical company GTx Inc. reported Tuesday, Aug. 9, the company saw a net loss of $10.7 million in the second quarter, compared with a net loss of $12.9 million for the same period in 2010.

IP Extends Temple-Inland Tender Offer

Memphis-based International Paper Co. has extended by another month its tender offer to Temple-Inland Inc. shareholders.

Shelby County School Board Meets Wed. On Schools Case

Shelby County school board members meet Wed., Aug. 10 at 3 p.m. in special session to weigh their next move now that a federal judge has ruled in the schools consolidation lawsuit.

Local Weather
Memphis, TN
Partly Cloudy
Wind: North at 16.1 mph
Humidity: 53%


The National Association of Women Business Owners will meet Tuesday, Aug. 9, from 11 a.m. to 12:45 p.m. at the Crescent Club, 6075 Poplar Ave. A networking session will be held from 11 a.m. to 11:30 p.m. Local businessman Jon Thompson will speak on “Passion, Persistence and Patience.” Registration cost is $28. To register, visit nawbomemphis0809.eventbrite.com.

more events »

American Queen Seals GASC Move to Memphis

The sale of the American Queen to the Great American Steamboat Co. for $15.5 million has cleared federal maritime regulators and the CEO of the company said today the first cruise from the Memphis homeport will be in April.

New World Follows US Debt Downgrade

Here we go again. Markets opened Monday, Aug. 8, with the world irreversibly changed, thanks to last week’s downgrade of U.S. debt by Standard & Poor’s from AAA to AA+. It follows last week’s wild ride for the stock market, which included stomach-churning swings for investors up through Friday, the day S&P issued the press release heard round the world after markets closed.

Smith & Nephew Reports 12 Percent Revenue Growth

Smith & Nephew Inc. on Friday reported its second quarter revenues totaled $1.08 billion, a 12 percent growth compared with $959 million in the same quarter last year.

Downtown Sunshade to be Used at U of M

Pieces of the aluminum sun shading that made a Downtown building look like a prison to many longtime Memphians will have a second life in several locations around the city.

Millington Probe Highlights Volatile Relationship

The relationship between Millington Mayor Richard Hodges and the police chief he appointed, Ray Douglas, has been brief and volatile.

Downtown Restaurants Looking for New Life

Two popular Downtown Memphis hotspots – Escape Alley - Sundry and Bon Ton Café – are both undergoing major transformations while also working to preserve the area’s history.

Plans Move Ahead For Cordova Staples

1.7 acres in, Galleria of Memphis, Sale Amount: $850,000 -
Plans for a Staples office-supply store in Cordova are moving forward.


Cool Method For Organization

Recently, I experienced yet another birthday. Sure, that’s better than the alternative; however, even by boomer-adjusted standards (such as “60 is the new 40”, or whatever) I am getting old. When you get older, three things happen: One, you forget things more often. Two, uhhh – I can’t remember the second or third things. Anyhow, this week I’m going to share a very simple idea that I believe will help you in many ways, including easily retrieving information that might prove to be useful.

The More Things Change …

Change of Plans Like a car requires gas, forecasts require data. Two weeks ago, the data stack indicated that we had continued global growth, providing ample revenue opportunities for global corporations. Low earnings multiples paired with global growth indicated defensible value within the S&P 500. With current earnings trending toward $100, applying a simple conservative P/E of 13 presented 1300 as a stable base. The S&P 500 fumbled near this level frequently but seemed to find footing. On Friday of last week, however, the data stack changed.


TN Driver's License Offices Seek to Cut Wait Times

NASHVILLE (AP) – A new requirement that Tennessee voters must have photo identification is putting more pressure on driver's license examining stations to cut wait times.

Tenn. May Soon Get Requested School Test Waiver

NASHVILLE (AP) – Tennessee's request for a waiver to use its reformed education standards to measure schools instead of those mandated by No Child Left Behind is falling in line with a plan by U.S. Education Secretary Arne Duncan.

Consumer Affairs Warns of Employment Service Scams

NASHVILLE (AP) – Tennessee's Division of Consumer Affairs is warning job seekers to be wary of employment service firms that charge a fee to help clients find a job.


S&P Downgrade of Long-Term US Debt Divides Experts

WASHINGTON (AP) – Standard & Poor's decision to downgrade the credit rating of long-term U.S. debt has unleashed a flood of responses from critics and defenders.

Morgan Stanley: US Debt Rating Drop Poses Risk

NEW YORK (AP) – Standard & Poor's downgrade of U.S. debt could end up hurting Morgan Stanley's business should the lower debt rating further erode confidence in the financial markets and economy, the investment bank said in a regulatory filing on Monday.

US Debt Downgrade Could Mean Rate Hikes for All

NEW YORK (AP) – Lawmakers weren't able to prevent the country from losing its coveted AAA debt rating.

S&P's Beers: No 2nd Thoughts on US Downgrade

NEW YORK (AP) – A managing director at Standard & Poor's said Monday that he has absolutely no second thoughts about the credit ratings agency's decision to cut the U.S. debt rating.


Fed Takes Spotlight as Recession Fears Loom

WASHINGTON (AP) – When it meets Tuesday, the Federal Reserve could signal what it can or will do to help the nation avoid another recession.

Dem: US Credit Down Because of Military Spending

WASHINGTON (AP) – The senior Democrat on the House Financial Services Committee says the biggest reason the United States is seeing its credit downgraded is that it spends too much money being "the military policemen of the world."


S&P Downgrades Fannie and Freddie, US-Backed Debt

WASHINGTON (AP) — Standard & Poor's Ratings Services on Monday downgraded the credit ratings of mortgage lenders Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.

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MORTGAGES 90 443 13,870
BUILDING PERMITS 191 975 25,139
BANKRUPTCIES 56 289 7,762

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