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VOL. 125 | NO. 182 | Monday, September 20, 2010

Daily Digest

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Market at Riverdale Sells for $1.8 Million

Riverdale Investors LLC has bought the Market at Riverdale shopping center from Market at Riverdale Bend HH LLC for $1.8 million. No loan documents were filed at the time of purchase.

The Market at Riverdale includes three parcels between 7114 and 7186 Winchester Road, on the north side of Winchester east of Riverdale Road.

The 7114 Winchester site is the site of a 152,735-square-foot discount department store site built in 1998. The Shelby County Assessor’s 2010 appraisal is $6.3 million. The second parcel is the site of a 6,720-square-foot franchise food restaurant appraised at $636,600. The third parcel is 1.33 acres of vacant land, according to the assessor.

The buying entity, Riverdale Investors LLC, lists an address in Weston, Fla. The company could not be reached by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

'Buy' Ratings Reaffirmed on FedEx

Several analysts applauded FedEx’s strong international growth and move to resize its struggling U.S. trucking operations on Friday, reiterating “Buy” ratings.

FedEx Corp. said Thursday that while strength in international shipments is driving its first-quarter profit, the world’s second-largest package delivery company is cutting 1,700 jobs in its U.S. freight business to offset losses there.

Stifel Nicolaus analyst David G. Ross recommends investors buy up shares, noting that the company’s move to consolidate its freight segment will be good for the industry because it will take trucks off the road, allowing the group to raise prices. The restructuring, which starts Jan. 30, is well timed with seasonal low points as well, he noted.

He thinks the stock could reach $104 within a year.

Deutsche Bank analyst Justin Yagerman told investors that the company’s outlook for the current quarter and the fiscal year could prove conservative, as FedEx saves money from its trucking restructuring.

BB&T Capital Markets analyst Kevin W. Sterling said in a note to clients that FedEx is also forecasting a likely rebound in the airfreight market, as it adds planes to its fleet to meet continuing international demand. In a conference call Thursday, the company said it’s having a hard time keeping up with demand. Sterling thinks the stock will reach $100 in the next 12 months.

– The Associated Press

Zebra Marketing Makes Best Places to Work List

Counselor magazine selected Memphis’ own Zebra Marketing in their top “Best Place to Work” list.

Zebra Marketing is ranked as No. 23 in the September issue’s list of ad specialty companies with greatest corporate cultures.

The list of 75 is a mix of large and small, geographically diverse companies identified by an in-depth survey process.

The companies were measured in 10 different areas, such as team effectiveness, employee loyalty and trust with coworkers.

“It’s an impressive feat to maintain a great workplace during difficult times,” Counselor magazine said.

The list includes distributors and suppliers, companies with hundreds of employees and small firms with only 12 staffers. To qualify, a company had to have at least 10 employees.

Every company on the list provides typical health care and financial benefits.

Sarah Baker

US Backs New Rules On Debt-Level Disclosure

Federal regulators voted Friday to propose new rules that could make it harder for financial firms to disguise their level of debt.

The Securities and Exchange Commission is proposing expanded disclosure requirements for banks’ practice of temporarily trimming their debt at the end of quarters to make their financial statements appear stronger. The practice is legal but regulators say it can give investors a distorted picture of a bank’s debt and level of risk.

The SEC proposal would require financial firms to report detailed information on their short-term borrowing every quarter. Firms currently are required to disclose that borrowing only once a year.

The SEC commissioners voted 5-0 at a brief meeting to propose the new rules and open them to public comment for 60 days. They could be formally adopted them sometime later, possibly with changes.

Under the proposed rules, banks would be required to report the amount outstanding of their short-term borrowings at the end of each quarter and the average interest rate they paid on the loans. They also would have to report the average amount of borrowings outstanding during the quarter and the average interest rate.

– The Associated Press

Imagination Library Week Proclaimed in Tennessee

Gov. Phil Bredesen has proclaimed Imagination Library Week in Tennessee through Saturday.

During the week, local Imagination Library affiliates in all 95 counties of Tennessee will bring awareness to the free book program in hopes of boosting enrollment across the state.

Imagination Library was created in 1996 by Dolly Parton and mails a new, age-appropriate book every month to registered children from birth until age 5 at no cost to the family.

Currently 57 percent of all eligible Tennessee children are registered in the Imagination Library.

For a list of Imagination Library events happening across the state this week, visit www.governorsfoundation.org.

– Taylor Shoptaw

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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