san

Ronald R. Maudsley Joins Corinthian Title as President

November 10, 2010

SAN DIEGO, CA–(Marketwire – November 9, 2010) –  Corinthian Title Insurance Company, a leading San Diego based title insurance company, announced that Ronald R. Maudsley has joined the company as president. A seasoned veteran with more than 30 years of title industry experience, Ron will be leading Corinthian’s growth into new regional markets.

Read the full article →

Virtual PBX Names Lon Baker Vice President of Product Development and Vincent Escamilla Director of Operations

November 9, 2010

SAN JOSE, CA–(Marketwire – November 9, 2010) –  Virtual PBX® ( www.virtualpbx.com/index.asp ), the inventor and leading supplier of hosted business phone services, today announced the promotions of Lon Baker and Vincent Escamilla. Baker will serve as the company’s vice president of product development and Escamilla will hold the position of director of operations.

Read the full article →

One Source Networks Hires Industry Veteran Gina Nomellini as Chief Marketing Officer

November 8, 2010

SAN ANTONIO, TX–(Marketwire – November 8, 2010) –   One Source Networks (OSN) , a facilities-based carrier agnostic solutions provider, announces the appointment of Gina Nomellini as Chief Marketing Officer, effective November 1, 2010.

Read the full article →

Xsigo Announces Chief Financial Officer, Karen Willem

November 8, 2010

SAN JOSE, CA–(Marketwire – November 8, 2010) –   Xsigo Systems , Inc., the leader in data center I/O virtualization , today announced that Karen Willem has joined the company as CFO. As Chief Financial Officer, Karen Willem oversees Xsigo’s finance, human resources, legal and facilities operations. Karen Willem is a veteran of the technology industry, with more than 25 years of experience in finance, sales, and general management.

Read the full article →

American Gaming Systems (AGS) Announces Appointment of Olaf Vancura, Ph.D., as Vice President of Game Development

October 19, 2010

SAN FRANCISCO, CA–(Marketwire – October 19, 2010) –  American Gaming Systems (AGS), a leading designer, manufacturer and operator of gaming machines with more than 7,000 units in operation, announced today it has appointed innovative gaming industry veteran Dr. Olaf Vancura as its Vice President of Game Development.

Read the full article →

SpectraScience Names New Chairman of the Board

October 13, 2010

SAN DIEGO, CA–(Marketwire – October 13, 2010) –  SpectraScience, Inc. ( OTCBB : SCIE ), a San Diego based medical device company, today announced that Jim Hitchin, the Company’s current Chairman and CEO, resigned as Chairman effective October 8, 2010 and that the Board elected Mark McWilliams to assume the duties of Chairman of the Board of Directors.

Read the full article →

American Gaming Systems (AGS) Announces Appointment of Paul A. Lofgren as Vice President of Business Development

October 7, 2010

SAN FRANCISCO, CA–(Marketwire – October 7, 2010) – American Gaming Systems (AGS), a leading designer, manufacturer and operator of gaming machines with more than 7,000 units in operation, announced today it has appointed gaming industry veteran Paul A. Lofgren as its Vice President of Business Development.

Read the full article →

Stage Two Expands Its Executive Leadership Team With the Appointment of Industry Vet Marie Domingo

October 4, 2010

SAN FRANCISCO, CA–(Marketwire – October 4, 2010) – Stage Two, an award-winning, consumer technology product marketing and communications company, announced today that Marie Domingo has joined the firm’s executive staff as vice president of public relations. In her role, Domingo oversees all aspects of the agency’s public and media relations and provides strategic senior PR counsel for Stage Two clients.

Read the full article →

Robin Ducot Joins Eventbrite as Vice President of Engineering

September 28, 2010

SAN FRANCISCO, CA–(Marketwire – September 28, 2010) –   Eventbrite, the fastest growing event ticketing and social commerce company, today announced that Robin Ducot has joined the company as Vice President of Engineering. In this position, Robin will play an integral role in spearheading the company’s technical development as Eventbrite continues to fundamentally change the way people host, discover and attend their favorite events.

Read the full article →

CoStar’s People of Note (Sept. 19-25)

September 23, 2010

This week’s People of Note includes the following markets: East Bay, Houston, Indianapolis, Philadelphia and San Francisco. EAST BAY, SAN FRANCISCO Cassidy Turley Names New Head of S.F. Office Cassidy Turley BT Commercial appointed Greg Moss as…

Read the full article →

Tech Firms Try To Settle With DOJ Over Staff Poaching

September 18, 2010

SAN FRANCISCO — Several major Silicon Valley employers are trying to settle a government investigation focused on whether they colluded to hold down their payroll expenses by restricting the recruitment of each other’s employees. Google Inc., Apple Inc., Intel Corp., Adobe Systems Inc., Intuit Inc. and Walt Disney Corp.’s Pixar Animation Studios are among the companies seeking a truce with the Department of Justice, people with knowledge of the discussions said Friday. These people didn’t want to be identified because they weren’t authorized to speak publicly. The Wall Street Journal first reported the talks. The negotiations could still break down, catapulting the issue into court. Even as they try to avoid a high-profile court battle, the Justice Department and the targeted companies differ on how the limitations on their hiring practices affected employee wages and the competitive landscape. The dispute revolves around promises made as part of partnerships among the companies under investigation. To alleviate fears that the alliances would lead to payroll poaching, the companies agreed not to court their partners’ employees if those workers hadn’t already expressed interest in getting another job. Reaching out to workers who aren’t actively seeking other employment is commonly known as “cold calling.” The government is looking into whether this cold-calling prohibition helped employers lower their labor costs by stifling possible job offers that might have prompted them to offer raises to retain top employee. If the restrictions had that effect, it could be interpreted to be a form of price-fixing collusion that violates antitrust laws. Regulators also are assessing whether the agreements diminished competition by limiting rivals ‘ability to benefit from the knowledge and skills of elite workers. The employers argue the cold-calling ban fostered innovation and economic growth because it enabled top tech companies to work together on key projects and initiatives. These alliances are less likely to occur, the companies contend, if employers think the partnerships could open the door to their best workers being poached. What’s more, the companies targeted in the investigation say their agreements still allowed them to hire employees from one another. This could be done if workers took the first step and applied for a vacant job or by simply stating that they’re interested in pursuing other opportunities in an online forum such as LinkedIn. ____ AP Technology Writer Jordan Robertson contributed to this report.

Read the full article →

GreenHouse Holdings, Inc. Announces Key Additions to Board of Directors

September 13, 2010

SAN DIEGO, CA–(Marketwire – September 13, 2010) –  GreenHouse Holdings, Inc. ( OTCBB : GRHU ) (“GreenHouse”), a San Diego, California-based integrated energy solutions provider and developer of eco-friendly infrastructure, today announced the appointment of three new independent directors to the Board of Directors. By adding industry expertise to the board, the company will be taking active steps to capitalize on its leadership role in the governmental and infrastructure sectors. Brigadier General Floyd H. Trogdon, Mr. Seymour G. Siegel and Mr. Charles R. Allured will join the Board of Directors effective immediately.

Read the full article →

eBay Wins Lawsuit Against Craigslist

September 10, 2010

SAN JOSE, Calif. — In a skirmish between two Internet heavy hitters with a tangled relationship, eBay Inc. has convinced a court that it was wronged by antitakeover moves adopted by Craigslist after eBay started encroaching on its online classifieds turf in the U.S. A judge ruled Thursday that Craigslist founder Craig Newmark and CEO Jim Buckmaster violated their responsibilities to eBay – which bought a stake in Craigslist in 2004 – with changes they implemented that diluted eBay’s share from 28.4 percent to 24.9 percent and made it harder for eBay to sell the interest. Craigslist made the changes in 2008 after determining that eBay had changed from a partner to a threat. That shift happened after eBay launched a U.S. version of its Kijiji classifieds site – which competed directly with Craigslist – and started buying online ads steering Internet users looking for Craigslist to its own sites, Buckmaster testified in a nine-day trial. The judge, William Chandler III of Delaware’s Court of Chancery, ordered Craigslist to reverse the steps that diluted eBay’s stake in Craigslist. However, he allowed another step that Craigslist took to keep eBay at bay to stand. That move made it harder for eBay to unilaterally name a director to Craigslist’s board. “EBay brought this suit to protect its own shareholders and preserve its valuable investment in Craigslist,” Michael Jacobson, eBay’s general counsel, said in a statement. “The evidence presented at trial demonstrated that the actions were taken by Mr. Buckmaster and Mr. Newmark to benefit themselves at the expense of eBay, and we are gratified that the court recognized these actions were both unfair and unlawful and rectified the situation.” Craigslist, which is based in San Francisco, representatives did not immediately respond to a message from The Associated Press. The fight centers on whether Craigslist was justified in actions that it claimed were defensive. Craigslist accused eBay of misusing confidential information to start Kijiji, trying to seize control of Craigslist after buying the minority stake, and refusing to make good on a promise to help Craigslist expand internationally. Craigslist officials have said that former eBay CEO Meg Whitman, who is now running for California governor, assured them that Craigslist would be eBay’s exclusive partner for online classifieds in the U.S. After Kijiji launched in the U.S., Newmark and Buckmaster wrote Whitman and expressed that they weren’t happy having eBay as an investor anymore and wanted to buy back eBay’s stake or convince eBay to sell it to someone else, according to eBay’s lawsuit. Whitman replied that eBay didn’t want to unload its stake in Craigslist and in fact wanted to buy the company outright if given the chance. EBay argued that it retained the right to compete broadly with Craigslist, and that the changes Craigslist made in response to eBay’s moves went beyond the penalties allowed in the original shareholders agreement between the companies. EBay, which is based in San Jose, shares fell 0.4 percent, or 10 cents, to $24.20 in extended trading Thursday, after falling 1.1 percent, or 27 cents, to close the regular session at $24.30.

Read the full article →

HP SUES Ex-CEO Mark Hurd Over New Job At Rival Oracle

September 7, 2010

SAN FRANCISCO — Hewlett-Packard Co. is suing the chief executive it ousted last month, Mark Hurd, to stop him from taking a top job at rival Oracle Corp. The lawsuit, filed Tuesday in a California state court, came a day after Oracle hired Hurd as co-president to help lead the database software maker as it tries to steal business from HP. It centers on HP’s claim that Hurd won’t be able to perform his job at Oracle without spilling HP’s trade secrets and violating a confidentiality agreement. This type of complaint isn’t unusual in the technology world, nor is the confidentiality agreement Hurd had signed as part of a severance package from HP that could top $40 million. Technology companies often require such agreements because workers walk out the door with valuable technical information. But the stakes are higher with Hurd than a rank-and-file employee. As HP’s CEO for five years, Hurd was responsible for preparing HP’s strategic plans and has intimate details about HP’s profit margins and special deals it has offered customers, according to the lawsuit. HP also insisted that Hurd was privy to a “highly confidential” analysis of Oracle’s competitiveness against HP. “Hurd’s actions are a serious threat to HP’s business,” HP lawyers wrote in the lawsuit, which was filed in California Superior Court for Santa Clara County. Unless stopped, HP said, Hurd would diminish the value of HP’s trade secrets, hurt customer relationships and “give Oracle a strategic advantage as to where to allocate or not allocate resources and exploit the knowledge of HP’s strengths and weaknesses.” Hurd and Oracle declined to comment. The lawsuit shows the growing rancor between the two companies, which are longtime partners that are now competing in the market for computer servers. HP itself was on the other end of this type of case last year, after it hired David Donatelli, a veteran of the data-storage industry, from EMC Corp. HP was temporarily prohibited from letting Donatelli start work as an executive vice president because of a lawsuit by EMC. A court later ruled that Donatelli could work for HP, but under certain restrictions that split up some of his responsibilities. Shares of HP, which is based on Palo Alto, fell 36 cents, or 0.9 percent, to $39.98 in afternoon trading Tuesday. Shares of Oracle, based in Redwood City, increased $1.43, or 6 percent, to $24.35.

Read the full article →

Mark Hurd, Ex-HP CEO, In Talks With Oracle For Job, Source Says

September 6, 2010

SAN FRANCISCO — Former Hewlett-Packard Co. CEO Mark Hurd is in talks to take a top executive job at Oracle Corp., the database software maker run by his friend Larry Ellison, a person with direct knowledge of the discussions said Sunday. It wasn’t immediately clear what job Hurd would take. But the person told The Associated Press that Ellison, the only person to serve as Oracle’s CEO since he founded the company 33 years ago, wouldn’t be leaving that post. This person emphasized that the talks were not yet finalized. The person was not authorized to discuss the confidential negotiations and spoke on condition of anonymity. The possibility of Hurd landing at Oracle isn’t a surprise. Ellison was vocal in coming to Hurd’s defense after Hurd’s sudden resignation Aug. 6 in the wake of a sexual harassment investigation. Hurd’s resignation was stunning because he was widely praised on Wall Street. Investors praised his cost-cutting; HP announced about 50,000 job cuts over the five years Hurd was CEO. Wall Street also liked that he engineered more than $20 billion in acquisitions, which helped HP reduce its dependence on printer ink for the bulk of its profits. HP is now a major player in technology services and computer networking. Those traits could help Hurd at Oracle, which is also known for aggressive dealmaking and cost cuts. Hurd would also join Oracle at an interesting juncture for both companies. Oracle, the No. 1 database software maker, and HP, the No. 1 personal computer and printer maker, are longtime partners that are increasingly squaring off against each other. Oracle’s $7.4 billion acquisition of Sun Microsystems last year made it a competitor to HP in the market for computer servers. The Wall Street Journal reported on Hurd’s job talks with Oracle earlier. In coming to Hurd’s defense following his resignation, Ellison called HP’s decision to oust Hurd the worst personnel decision since Apple Inc. forced out Steve Jobs – another of Ellison’s friends – 25 years ago. Jobs later returned and lifted Apple out of a funk, turning it onto a top maker of consumer-electronics products. Ellison has said the HP board’s decision to publicly disclose the harassment claim against Hurd amounted to “cowardly corporate political correctness,” as the board had found that Hurd didn’t violate the company’s sexual harassment policies. The investigation unearthed inaccurate expense reports connected with Hurd’s outings with his eventual accuser, an actress and HP contractor named Jodie Fisher. The substance of her claim was that her work helping organize HP events dried up after she rebuffed Hurd’s advances. Hurd, 53, who is married with two children, denies making any advances on Fisher. Hurd also insists he didn’t prepare his own expenses and didn’t try to conceal his outings with Fisher, which often included dinner after the events Fisher helped organize and that Hurd attended. HP has emphasized that its board voted unanimously for Hurd’s resignation.

Read the full article →

Les Ross Joins Wholesale Trading Co-Op as Managing Partner

September 2, 2010

SAN FRANCISCO, CA–(Marketwire – September 2, 2010) –  Wholesale Trading Co-Op LLC (“WTC”) announces the addition of wholesale brokerage industry veteran Les Ross as Managing Partner in San Francisco.

Read the full article →

NileGuide Hires Technology Veterans From Netflix and Sidestep

September 2, 2010

SAN FRANCISCO, CA–(Marketwire – September 2, 2010) – NileGuide today announced the hiring of two technology leaders to their team, VP of Engineering Peter Alley and Director of Software Development Nick Atkins.

Read the full article →

Paxton Energy Appoints Stephen Spading as CFO

September 1, 2010

SAN FRANCISCO, CA–(Marketwire – September 1, 2010) –  Paxton Energy, Inc. ( OTCBB : PXTED ), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to announce that the company has appointed Mr. Stephen Spading as its Chief Financial Officer. Mr. Spading immediately assumes full financial control of the company, managing the company’s operating assets, and implementing accounting and IT systems and controls.

Read the full article →

Cubic Names New Finance Vice President for Transportation Business

September 1, 2010

SAN DIEGO, CA–(Marketwire – September 1, 2010) –  Cubic Transportation Systems, Inc., the transportation unit of Cubic Corporation ( NYSE : CUB ), announced the promotion of Min Wei to vice president of financial operations worldwide.

Read the full article →

Atheros Appoints New Vice Presidents to Lead Its Consumer and Computing Business Unit and Worldwide Sales Organization

August 31, 2010

SAN JOSE, CA–(Marketwire – August 31, 2010) –  Atheros Communications, Inc. ( NASDAQ : ATHR ), a global leader in innovative technologies for wireless and wired communications, today announced two new appointments to its executive team. Gary Szilagyi has been named vice president and general manager of Atheros’ newly-formed Consumer and Computing Business Unit (CCBU), where he will drive the company’s growing presence in fixed consumer electronics and increase its long-standing leadership in the PC industry. Additionally, Rick Hegberg has joined Atheros as vice president of worldwide sales, and will lead efforts to strengthen and expand its customer relationships around the globe. Szilagyi and Hegberg will report to Atheros’ president and chief executive officer, Craig Barratt.

Read the full article →

Gaming Veteran Greg Liggett Promoted to Casino Manager at Barona Resort & Casino

August 26, 2010

SAN DIEGO, CA–(Marketwire – August 26, 2010) –   Barona Resort & Casino announced today that Greg Liggett has been promoted to casino manager. A gaming industry veteran of more than 33 years, Liggett’s past work experience has included executive management positions at casinos across the nation. Most recently Barona’s director of special events and promotions, Liggett is now one of eight casino managers that have full responsibility for day-to-day operations at the casino and resort.

Read the full article →

Dennis Clerke Joins Software Equity Group

August 25, 2010

SAN DIEGO, CA–(Marketwire – August 25, 2010) – Software Equity Group (SEG), the software industry’s premier boutique investment bank and M&A advisory, today announced the addition of Dennis Clerke to its deal team. Clerke, who joins as Executive Vice-President, brings to SEG more than twenty years of experience and success as a software entrepreneur, dealmaker, CEO of venture-backed software companies, and executive level strategist with deep expertise in software company financing, operations, product development, sales and channel development.

Read the full article →

Michael Dell Gets BLASTED By Shareholders

August 18, 2010

SAN FRANCISCO — Dell’s shareholders delivered a sharp rebuke of Michael S. Dell, the company’s founder and chief executive, when a fourth of the investors withheld support of Mr. Dell in a recent vote. In a regulatory filing released Tuesday, Dell disclosed that about 378 million of 1.5 billion votes opposed Mr. Dell’s continued presence on the company’s board. Dell held its annual meeting with shareholders earlier in the month.

Read the full article →

Jodie Fisher, Accuser In HP Case, Says Her Work Was Cut After Turning Down CEO’s Advances

August 18, 2010

SAN FRANCISCO — The woman whose sexual harassment allegations led to the ouster of former Hewlett-Packard Co. CEO Mark Hurd claimed her work with the company dried up because she rebuffed Hurd’s advances, a person close to the investigation told The Associated Press. The substance of the complaint that led to Hurd’s resignation from the world’s largest technology company had not been publicly known until late Tuesday. Hurd denies making any advances on Jodie Fisher, who worked as a contractor for HP’s marketing department from 2007 to 2009, according to this person, who requested anonymity because of not being authorized to discuss the case. Fisher, 50, is an actress and businesswoman who helped HP organize networking events for customers and introduced executives to each other. She and Hurd would often dine together after the events. HP determined that Hurd didn’t violate the company’s sexual harassment policies in his interactions with Fisher. But the company said it did find falsified expense reports connected to those meetings, and said those led to the board’s unanimous decision to seek Hurd’s resignation. Hurd says he didn’t prepare his own expenses and that Fisher’s name was not intentionally left off any reports. He resigned August 6 and was given a severance package that could top $40 million. Fisher’s lawyer, celebrity attorney Gloria Allred, declined to comment, as did an HP spokesman. Fisher worked more than a dozen events in her two years with HP, the bulk of which occurred in her first year, according to the person with knowledge of the investigation. She was paid up to $5,000 per event. Her work dwindled in the second year because HP’s marketing budget was cut and had nothing to do with her relationship with Hurd, the person said. Hurd settled with Fisher for an undisclosed amount before his resignation. HP had urged Hurd for weeks to settle the case, and Hurd eventually agreed because his lawyers convinced him it would be cheaper than taking the case to trial, according to the person close to the investigation. Hurd had decided to step down a week before the resignation was announced because the board wanted to publicly disclose the harassment allegation based on advice from a public relations firm and lawyers, even though the company’s investigation found the claims to be without merit, the person said. Hurd claims he still doesn’t have an accounting for all the expenses he is alleged to have falsified.

Read the full article →

Histostem Director of International Affairs, Brian Lee, Appointed to AmStem Board

August 18, 2010

SAN FRANCISCO, CA–(Marketwire – August 18, 2010) – AmStem Corporation ( OTCBB : AMST ), a leading provider of biotherapeutic and cosmetic stem cell products, stem cell collection and storage expertise and access to nanotechnology vital to stem cell research, announced today the appointment of Yong-Kil (Brian) Lee, Director of International Affairs of AmStem’s subsidiary Histostem, to the AmStem Board of Directors.

Read the full article →

Distillery No. 209 Appoints Nicole Nollette President

August 18, 2010

SAN FRANCISCO, CA–(Marketwire – August 18, 2010) –  We are pleased to announce the appointment of Nicole Nollette as President of Distillery No. 209 and Wendi Webster as the Vice President of Sales and Marketing. 

Read the full article →

Barona’s Nick Dillon Promoted to Executive Vice President/Assistant General Manager of Casino Operations

August 12, 2010

SAN DIEGO, CA–(Marketwire – August 12, 2010) –   Barona Resort & Casino announced today that Nick Dillon has been promoted to executive vice president/assistant general manager. Dillon, who began his career at Barona more than 18 years ago, most recently served as the casino’s senior vice president of gaming operations.

Read the full article →

ISE Files for Chapter 11 Bankruptcy Protection

August 10, 2010

SAN DIEGO, CA–(Marketwire – August 10, 2010) –  ISE Limited ( TSX : ISE ) announced today that its principal operating subsidiary, ISE Corporation (a California corporation) has filed a voluntary petition to reorganize its business under Chapter 11 of the United States Bankruptcy Code. The filing was made in the United States Bankruptcy Court for the Southern District of California. 

Read the full article →

Mark Hurd Settlement: Ousted HP CEO Settles With Sexual Harassment Accuser

August 8, 2010

SAN FRANCISCO — The woman at the center of the sexual harassment claim that forced the resignation of Hewlett-Packard Co. CEO Mark Hurd revealed her identity Sunday and said she is “surprised and saddened” that Hurd lost his job. Jodie Fisher, 50, knew Hurd through her contract jobs with HP’s marketing department from 2007 to 2009. She was paid up to $5,000 per event to greet people and make introductions among executives attending HP events that she helped organize. Details revealed Sunday show that she has also worked as a saleswoman, an executive at a commercial real estate company, and as an actress. She appeared in some racy R-rated movies in her 30s and most recently was on a dating show called “Age of Love,” in which women competed for the attention of tennis star Mark Philippoussis. Her lawyer, celebrity attorney Gloria Allred, said Fisher is a single mother who is “focused on raising her young son.” Fisher repeated that she and Hurd never had a sexual relationship but neither she nor Allred would discuss details of the harassment claim. That claim set off the chain of events that led to the discovery of allegedly falsified expense reports for dinners Hurd had with Fisher and culminated in Hurd’s forced resignation Friday from the world’s largest technology company. Fisher acknowledged that she and Hurd have settled the matter. A person familiar with the case told The Associated Press that Hurd agreed to pay Fisher but would not reveal the size of the payment. “I was surprised and saddened that Mark Hurd lost his job over this,” Fisher said in a statement. “That was never my intention.” Hurd settled with Fisher on Thursday, a day before he resigned. The settlement did not involve a payment from HP, the person close to the case said. This person, who spoke on a condition of anonymity, was not authorized to speak publicly about the issue. The investigation by HP’s board of directors found that Hurd listed other people as his dinner partners on expense reports when he’d been out with Fisher. HP also claimed Hurd arranged for her to be paid for work she didn’t do. There was only one instance in which that occurred, the person close to the case said, but it was for an event that was canceled at the last minute and that Fisher’s contract required that she would be paid unless an event was canceled 30 days in advance. The amount of money in question wasn’t known. Hurd, 53, insists they were legitimate business expenses. Hurd says the errors in the reports may have been entered unwittingly by an assistant, according to the person close to the case. The company determined Hurd didn’t violate its sexual harassment policy but broke its rules of conduct and irreparably harmed his credibility and integrity. Interim CEO Cathie Lesjak defended the company’s decision on Sunday. She said HP acted appropriately and that investors and big customers she has spoken with have been “extremely supportive.” “They respect how we dealt with the situation with transparency and speed. The bottom line is, the HP brand is strong,” she said on a conference call with reporters. “One thing happened in this company on Friday – that is the CEO left. The rest of the company did not change.” Lesjak declined to give details about the expenses Hurd was alleged to have doctored. HP now must find a new leader to keep it on the course Hurd mapped out. Under Hurd, HP spent more than $20 billion on acquisitions to transform itself from a computer and printer maker dependent on ink sales for profits to a well-rounded seller of hardware and lucrative business services. Hurd, who spent 25 years at ATM maker NCR Corp. before coming to HP in April 2005, became a Wall Street darling. HP’s market value nearly doubled during his five years. In recent weeks, he was in talks for a three-year contract that could have been worth $100 million, the person close to the case said. Those went off track when harassment allegations surfaced, this person said. Hurd will get about $28 million in cash and stock in severance. HP’s stock fell nearly 10 percent to $41.85 in after-hours trading, when the news was released after the close of markets Friday. The company has a deep bench in management and the stock drop was reactive and doesn’t reflect the company’s prospects, an analyst said. “I don’t view his departure as catastrophic,” said Dinesh Moorjani, an analyst with Gleacher & Co. “The strategy is working fine. The level of uncertainty for me is relatively low just given the circumstances. This wasn’t a one-man company.” Internal candidates for a successor could have an edge, given that Hurd and predecessor Carly Fiorina – who got the boot in 2005 over concern about her management style and her decision to buy Compaq Computer – both came from outside HP. Hurd’s ouster is the third in five years at HP’s top echelon. First was Fiorina’s in 2005, then former Chairwoman Patricia Dunn was ousted in 2006 amid a boardroom spying scandal that involved spying on reporters’ and directors’ phone records to suss out the source of leaks to the media. “It says they’re off track in some fundamental way,” said Stephen Diamond, associate professor at Santa Clara University School of Law and an expert on business law. “The first thing is, they have to find the right kind of CEO,” he added. “And I think what that CEO needs to do is come in and say, ‘How many board members were here during the last two scandals? If you were, please resign now.”

Read the full article →

Valley Meat Beef Recall Prompted By E. Coli Outbreak, 1 Million Pounds May Be Affected

August 6, 2010

SAN FRANCISCO — A meat processor recalled about 1 million pounds of ground beef products Friday after seven people were sickened by E. coli contamination. Valley Meat Co., of Modesto, sold the potentially contaminated beef patties and ground beef in California, Texas, Oregon, Arizona and internationally, the U.S. Department of Agriculture said. The beef was processed from Oct. 2, 2009, to Jan. 12, 2010. Most of the products were sold frozen. The company was working with the USDA to identify stores where the products were sold and remove the items from shelves. The USDA would likely have a list of retailers available in three to 10 working days, department spokesman Neil Gaffney said. “This is the first recall in our history and we will investigate the matter thoroughly and take any measures deemed necessary to further elevate our safety standards, protect consumers, and ensure confidence in our products,” Valley Meat said in a statement. All of the recalled products have the establishment number “EST. 8268″ inside the label’s USDA mark of inspection. Valley Meat said consumers should discard possibly affected meat or return it to stores for a refund. The California Department of Health notified the USDA in mid-July of a cluster of E. coli-related illnesses, leading to the recall. The department said at least seven California residents were sickened between February and June. A meat sample collected from a patient’s freezer confirmed the source of the outbreak. Most of the infected patients were in Northern California, with exposures in Marin, Mendocino, Placer, Santa Cruz, Shasta, Siskiyou and Kern counties. None of the patients required hospitalization, and all have recovered, Health Department spokesman Ralph Montano said. Tests identified the bacteria as E. coli O157:H7, the strain most commonly responsible for food poisoning. Symptoms of infection often include often include severe stomach cramps, diarrhea, vomiting and a low fever. More serious infections can lead to kidney failure, brain damage and sometimes death. ___ Online: Full list of affected products: http://tinyurl.com/valleymeat

Read the full article →

Texas, A Recession Winner?

August 2, 2010

SAN ANTONIO, TX — No state is thriving in the wake of the Great Recession. But compared to the rest of the country, Texas is experiencing something like an economic boom. Pick your category, and Texas dominates.

Read the full article →

Cubic Announces Promotions, Expanded Roles for Key Transportation Unit Executives

August 2, 2010

SAN DIEGO, CA–(Marketwire – August 2, 2010) –  Cubic Transportation Systems, Inc., a subsidiary of Cubic Corporation ( NYSE : CUB ), today announced three executive promotions that reflect the company’s commitment to build and maintain an experienced and dynamic management team.

Read the full article →

AmbiCom Names Broadcom Executive as a New Advisor

July 29, 2010

SAN JOSE, CA–(Marketwire – July 29, 2010) –  AmbiCom Holdings, Inc. ( OTCBB : ABHI ), a leader in the development of wireless products for medical equipment suppliers, today announced it has named Brian G. Bedrosian, Director of Marketing of Broadcom Corporation’s Wireless LAN Business Unit, as an advisor to the company.

Read the full article →

BilltoMobile Expands Executive Team With Return of Payments Industry Veteran Steve Klebe

July 20, 2010

SAN JOSE, CA–(Marketwire – July 20, 2010) –   BilltoMobile T welcomes the return of respected payments industry veteran Steve Klebe, naming him vice president of business development and strategy. In his new role, Steve is responsible for developing and managing BilltoMobile’s strategic relationships, guiding the company’s long-term strategy and continuing to rapidly expand the company’s online merchant partnerships. BilltoMobile launched its innovative direct mobile billing service in May 2010 with its first mobile carrier, Verizon Wireless. BilltoMobile is privately held in the U.S., with majority ownership by Danal Co., Ltd., based in South Korea. Danal is a pioneer and global leader in charging e-commerce transactions directly to mobile phone accounts.

Read the full article →

Schools Trying To Expel Junk Food

July 15, 2010

SAN FRANCISCO — It’s not hard to figure out that stocking school vending machines with sugary sodas and salty, fatty snacks is a bad idea. Replacing those culinary culprits with something more nutritious is tougher. But a growing number of school districts around the country are trying anyway. “I can’t say enough for what it does for the kids to have the junk out of the machines,” says Patricia Gray, who as former principal of San Francisco’s Balboa High School oversaw a switch to healthier snacks. “It was not an easy task,” says Gray, now an assistant superintendent with the district, “it was a re-education process.” Efforts to get empty calories out of students’ hands are being made in almost every state, according to the Centers for Disease Control. A 2008 School Health Profiles Survey found that fewer secondary schools were selling less nutritious snacks compared with two years before. Among the findings: Across 34 states, the median percent of secondary schools that ditched non-nutritious snacks increased from 46 percent in 2006 to 64 percent in 2008. Still, the report found more progress needs to be made. How big a deal is what kids eat at school? According to the Institute of Medicine and the National Center for Health Statistics, the average young person gets more than 10 percent of his or her calories from saturated fat, takes in less than two-thirds the recommended intake of calcium and more than double the recommended amount of sodium. And for boys and girls ages 9 to 13, 21 percent get more than one-fourth of their energy intake from added sugars. Food in the lunch and breakfast programs must meet nutritional standards to qualify for federal reimbursement, but food sold in other school venues, including vending machines, aren’t subject to those requirements. Some states have passed their own laws regulating vending machines, including California, which forbids some non-nutritious snacks. In San Francisco, the school board has a stricter policy, passing a wellness policy implemented in the 2003-04 year that banned sodas (this is now part of the state standard, too) and nixed snacks like baked potato chips. “It may be less bad for you, but that doesn’t mean that it’s good for you,” says Dana Woldow, a leader in the push for better snacks and co-chair of the district’s Student Nutrition and Physical Activity Committee. Things aren’t perfect now, but they’re “a million times better,” than the past when sodas, candy and fried chips were the rule, Woldow said. Starting this fall, one machine is being piloted in a San Francisco high school that will offer full, reimbursable, meals – fruit, vegetable, milk, sandwich. The “smart” machine will tally up when a student has selected enough items to qualify as reimbursable. Drinks allowed in San Francisco school vending machines include water, juice, milk and juice/water blends with no added sweeteners, caffeine or herbal supplements. Snacks include yogurt bars, tuna salad and crackers, fruit bars and sunflower seeds. Healthier snack machines are showing up all over. Jolly Backer, CEO of San Diego-based Fresh Healthy Vending, says the company has machines in 1,700 locations, including schools, across the United States. Offerings include items such as yogurts and fresh fruit. “All the top-selling drinks and snacks that you’d find in a Whole Foods Market you’ll find in our machines,” says Backer. Some, like food activist Marion Nestle, say the idea of healthier vending machines is flawed. “It depends how you define healthy,” she said. “If you define healthy as slightly better for you than junk food, they’re doing a really good job.” She advocates taking out vending machines and focusing on improving school lunch options. But Woldow notes that the school day is long with extracurricular activities that can go on for hours after the cafeteria closes, which means students might dash out to corner stores for high-fat, high-sugar snacks. “Isn’t it better to offer them healthy choices which are also convenient?” she says. For those working to boost the nutrient value of vending machines, one issue is that machines are often under independent contract, perhaps to the PE department or the English department, making it hard to centralize control. Bringing about change requires a comprehensive approach, says Gray. In addition to working on vending machine content she stopped the sale of candy for fundraisers, a very unpopular decision for a while, and curtailed bringing in junk food from home. “If you don’t have a principal that’s totally committed to (healthier snacks), it won’t work.” And be patient, she says. Passing out fresh fruit started out as a novelty and turned into a treat. “They will eat it if it’s available and you don’t have the bad stuff. Kids get hungry. They’re going to eat one way or the other.” ___ Online: San Francisco Schools: http://www.sfusdfood.org CDC: http://www.cdc.gov/healthyyouth/nutrition/index.htm http://www.freshvending.com

Read the full article →

Intel Profit: Chipmaker Posts Biggest Quarterly Profit In A Decade

July 13, 2010

SAN FRANCISCO — Intel Corp. has booked its largest quarterly net income in a decade as the chipmaker benefits from a stronger computer market and more sophisticated factories. Large corporations bought more computers that use Intel’s most expensive chips, an encouraging sign for the economy that emerged from Intel’s second-quarter numbers, reported Tuesday after the stock market closed. Corporations have been stingy on upgrading their workers’ personal computers, a trend Intel is now seeing reverse. Intel gets most of its profit from the sale of chips that go into PCs. Intel CEO Paul Otellini said companies are starting to replace 4- and 5-year-old PCs now that they have some “breathing room in the economy and their budgets.” Intel has unique insight because it owns 80 percent of the worldwide market for microprocessors, the “brains” of PCs and servers. The numbers offer further evidence that companies are freeing their technology budgets, which should have helped other big technology companies. Intel’s main rival, Advanced Micro Devices Inc., reports its quarterly results on Thursday, while IBM Corp. and Microsoft Corp. issue their numbers next week. Intel’s results topped Wall Street’s forecasts, and the company raised its guidance. Its shares rose more than 7 percent in extended trading. Intel’s net income was $2.89 billion, or 51 cents per share, in the quarter ended June 26. Analysts expected 43 cents per share. The last time Intel’s quarterly net income topped $2.5 billion was in 2000 during the dot-com heyday, when Internet fever fueled spectacular computer sales. In the year-ago period, Intel lost $398 million, or 7 cents per share, when it paid a $1.45 billion fine in Europe over antitrust violations. Revenue was $10.77 billion in the latest period, above the $10.25 billion expected by analysts surveyed by Thomson Reuters. Intel’s third-quarter forecast was stronger than expected. It said it expects revenue of $11.20 billion to $12 billion. Analysts were projecting $10.92 billion. Intel’s profit forecast also got a lift. Intel now expects gross profit margin – a key measure of a company’s ability to control costs – of 64 percent to 68 percent of revenue for the full year. Its previous forecast was for 62 percent to 66 percent. Technological upgrades to its factories have made Intel’s chips more powerful and cheaper to make. That’s a major factor in Intel’s ability to increase its profit margins. Its business has improved over the past year and a half largely on robust consumer spending on discounted PCs. Corporate spending on PCs has been a troubled corner of the market. Many companies have resisted upgrading their workers’ PCs amid lingering fears about the health of their businesses. It has been more than a year since Intel CEO Paul Otellini declared that PC sales had “bottomed out” and were starting to recover after their worst stretch in six years. His analysis was accurate, but the semiconductor business is highly cyclical and now many analysts worry that another slowdown could be around the corner. The fears are being stoked by economic wobbliness in Europe and signs of slowing demand in China. More than half of Intel’s revenue comes from Europe and the Asia-Pacific region. On a conference call with analysts, Otellini said business in China and Europe was slow when the quarter started but “settled down” by the end of the quarter and were “nicely up” in both regions. Market research firms IDC and Gartner Inc. predict that PC shipments will grow a robust 20 percent this year. Shares of Intel, which is based in Santa Clara, rose $1.54, or 7.3 percent, to $22.55 in extended trading. In regular trading earlier, it jumped 44 cents, or 2.1 percent, to close at $21.01.

Read the full article →

Intel Profit: Chipmaker Posts Biggest Quarterly Profit In A Decade

July 13, 2010

SAN FRANCISCO — Intel Corp. has booked its largest quarterly net income in a decade as the chipmaker benefits from a stronger computer market and more sophisticated factories. Large corporations bought more computers that use Intel’s most expensive chips, an encouraging sign for the economy that emerged from Intel’s second-quarter numbers, reported Tuesday after the stock market closed. Corporations have been stingy on upgrading their workers’ personal computers, a trend Intel is now seeing reverse. Intel gets most of its profit from the sale of chips that go into PCs. Intel CEO Paul Otellini said companies are starting to replace 4- and 5-year-old PCs now that they have some “breathing room in the economy and their budgets.” Intel has unique insight because it owns 80 percent of the worldwide market for microprocessors, the “brains” of PCs and servers. The numbers offer further evidence that companies are freeing their technology budgets, which should have helped other big technology companies. Intel’s main rival, Advanced Micro Devices Inc., reports its quarterly results on Thursday, while IBM Corp. and Microsoft Corp. issue their numbers next week. Intel’s results topped Wall Street’s forecasts, and the company raised its guidance. Its shares rose more than 7 percent in extended trading. Intel’s net income was $2.89 billion, or 51 cents per share, in the quarter ended June 26. Analysts expected 43 cents per share. The last time Intel’s quarterly net income topped $2.5 billion was in 2000 during the dot-com heyday, when Internet fever fueled spectacular computer sales. In the year-ago period, Intel lost $398 million, or 7 cents per share, when it paid a $1.45 billion fine in Europe over antitrust violations. Revenue was $10.77 billion in the latest period, above the $10.25 billion expected by analysts surveyed by Thomson Reuters. Intel’s third-quarter forecast was stronger than expected. It said it expects revenue of $11.20 billion to $12 billion. Analysts were projecting $10.92 billion. Intel’s profit forecast also got a lift. Intel now expects gross profit margin – a key measure of a company’s ability to control costs – of 64 percent to 68 percent of revenue for the full year. Its previous forecast was for 62 percent to 66 percent. Technological upgrades to its factories have made Intel’s chips more powerful and cheaper to make. That’s a major factor in Intel’s ability to increase its profit margins. Its business has improved over the past year and a half largely on robust consumer spending on discounted PCs. Corporate spending on PCs has been a troubled corner of the market. Many companies have resisted upgrading their workers’ PCs amid lingering fears about the health of their businesses. It has been more than a year since Intel CEO Paul Otellini declared that PC sales had “bottomed out” and were starting to recover after their worst stretch in six years. His analysis was accurate, but the semiconductor business is highly cyclical and now many analysts worry that another slowdown could be around the corner. The fears are being stoked by economic wobbliness in Europe and signs of slowing demand in China. More than half of Intel’s revenue comes from Europe and the Asia-Pacific region. On a conference call with analysts, Otellini said business in China and Europe was slow when the quarter started but “settled down” by the end of the quarter and were “nicely up” in both regions. Market research firms IDC and Gartner Inc. predict that PC shipments will grow a robust 20 percent this year. Shares of Intel, which is based in Santa Clara, rose $1.54, or 7.3 percent, to $22.55 in extended trading. In regular trading earlier, it jumped 44 cents, or 2.1 percent, to close at $21.01.

Read the full article →

Intel Profit: Chipmaker Posts Biggest Quarterly Profit In A Decade

July 13, 2010

SAN FRANCISCO — Intel Corp. has booked its largest quarterly net income in a decade as the chipmaker benefits from a stronger computer market and more sophisticated factories. Large corporations bought more computers that use Intel’s most expensive chips, an encouraging sign for the economy that emerged from Intel’s second-quarter numbers, reported Tuesday after the stock market closed. Corporations have been stingy on upgrading their workers’ personal computers, a trend Intel is now seeing reverse. Intel gets most of its profit from the sale of chips that go into PCs. Intel CEO Paul Otellini said companies are starting to replace 4- and 5-year-old PCs now that they have some “breathing room in the economy and their budgets.” Intel has unique insight because it owns 80 percent of the worldwide market for microprocessors, the “brains” of PCs and servers. The numbers offer further evidence that companies are freeing their technology budgets, which should have helped other big technology companies. Intel’s main rival, Advanced Micro Devices Inc., reports its quarterly results on Thursday, while IBM Corp. and Microsoft Corp. issue their numbers next week. Intel’s results topped Wall Street’s forecasts, and the company raised its guidance. Its shares rose more than 7 percent in extended trading. Intel’s net income was $2.89 billion, or 51 cents per share, in the quarter ended June 26. Analysts expected 43 cents per share. The last time Intel’s quarterly net income topped $2.5 billion was in 2000 during the dot-com heyday, when Internet fever fueled spectacular computer sales. In the year-ago period, Intel lost $398 million, or 7 cents per share, when it paid a $1.45 billion fine in Europe over antitrust violations. Revenue was $10.77 billion in the latest period, above the $10.25 billion expected by analysts surveyed by Thomson Reuters. Intel’s third-quarter forecast was stronger than expected. It said it expects revenue of $11.20 billion to $12 billion. Analysts were projecting $10.92 billion. Intel’s profit forecast also got a lift. Intel now expects gross profit margin – a key measure of a company’s ability to control costs – of 64 percent to 68 percent of revenue for the full year. Its previous forecast was for 62 percent to 66 percent. Technological upgrades to its factories have made Intel’s chips more powerful and cheaper to make. That’s a major factor in Intel’s ability to increase its profit margins. Its business has improved over the past year and a half largely on robust consumer spending on discounted PCs. Corporate spending on PCs has been a troubled corner of the market. Many companies have resisted upgrading their workers’ PCs amid lingering fears about the health of their businesses. It has been more than a year since Intel CEO Paul Otellini declared that PC sales had “bottomed out” and were starting to recover after their worst stretch in six years. His analysis was accurate, but the semiconductor business is highly cyclical and now many analysts worry that another slowdown could be around the corner. The fears are being stoked by economic wobbliness in Europe and signs of slowing demand in China. More than half of Intel’s revenue comes from Europe and the Asia-Pacific region. On a conference call with analysts, Otellini said business in China and Europe was slow when the quarter started but “settled down” by the end of the quarter and were “nicely up” in both regions. Market research firms IDC and Gartner Inc. predict that PC shipments will grow a robust 20 percent this year. Shares of Intel, which is based in Santa Clara, rose $1.54, or 7.3 percent, to $22.55 in extended trading. In regular trading earlier, it jumped 44 cents, or 2.1 percent, to close at $21.01.

Read the full article →

iPhone Class Action: Judge Approves Lawsuit Against Apple, AT&T

July 12, 2010

SAN JOSE, Calif. — A federal judge says a monopoly abuse lawsuit against Apple Inc. and AT&T Inc.’s mobile phone unit can move forward as a class action. The lawsuit consolidates several filed by iPhone buyers starting in late 2007, a few months after the first generation of Apple’s smart phone went on sale. An amended complaint filed in June 2008 takes issue with Apple’s practice of “locking” iPhones so they can only be used on AT&T’s network, and its absolute control over what applications iPhone owners can and cannot install on the gadgets. The lawsuit also says Apple secretly made AT&T its exclusive iPhone partner in the U.S. for five years. Consumers agreed to two-year contracts with the Dallas-based wireless carrier when they purchased their phones, but were in effect locked into a five-year relationship with AT&T, the lawsuit argued. The actions hurt competition and drove up prices for consumers, the lawsuit claims. Apple and AT&T have not commented on the terms of their deal. In its response to the complaint, Cupertino, California-based Apple said it did not hurt competition. In court documents filed July 8, Judge James Ware of the U.S. District Court for the Northern District of California said parts of the lawsuit that deal with violations to antitrust law can continue as a class action. The class includes anyone who bought an iPhone with a two-year AT&T agreement since the device first went on sale in June 2007. Apple has sold more than 50 million iPhones in the last three years. The company does not specify how many have gone to U.S. customers. Ware dismissed other claims against Apple, among them allegations that the company broke laws when an update to the iPhone’s operating software caused some phones to stop working and deleted programs that users had purchased. The lawsuit seeks an injunction to keep Apple from selling locked iPhones in the U.S. and from determining what iPhone programs people can install. It also seeks damages to cover legal fees and other costs.

Read the full article →

American Gaming Systems (AGS) Announces Appointment of Robert L. Miodunski as Chairman, Interim President and CEO

July 7, 2010

SAN FRANCISCO, CA–(Marketwire – July 7, 2010) –  American Gaming Systems (AGS), a leading designer, manufacturer and operator of gaming machines with more than 7,000 units in operation, announced today it has appointed gaming industry veteran Robert L. Miodunski as its Chairman and Interim President and Chief Executive Officer.

Read the full article →

Urigen FDA and Management Update

July 6, 2010

SAN FRANCISCO, CA–(Marketwire – July 6, 2010) –  Urigen Pharmaceuticals, Inc. ( OTCBB : URGP ), a specialty pharmaceutical company focused on the development of treatments for urological disorders and pain, announced an expansion of its management team and an FDA update. The FDA denied the company’s request for an End of Phase 2 meeting at this time, but has signaled its willingness to meet with the company as it moves forward with the URG101 program for Painful Bladder Syndrome/Interstitial cystitis. The Company plans to conduct Phase IIb studies for URG101. The Company believes that successful phase IIb studies may provide sufficient evidence of safety and efficacy to form the clinical basis of an NDA submission and that this plan will not delay our ultimate NDA filing. 

Read the full article →

CoStar’s People of Note (June 27-July 3)

July 1, 2010

This week’s People of Note includes the following markets: Chicago, Kansas City, National, San Francisco and Southern California SAN FRANCISCO, NATIONAL Walter Shorenstein, Real Estate Mogul, Dies at 95 Commercial real estate entrepreneur Walter…

Read the full article →

Former Catalina Marketing Executive Joins YOU Technology as Executive Vice President of Sales and Business Development

June 29, 2010

SAN FRANCISCO, CA–(Marketwire – June 29, 2010) –  YOU Technology, a leading innovator in personalized marketing solutions, today announced the addition of Kevin McGovern as Executive Vice President of Sales & Business Development. An industry veteran with 20 years of retail and consumer packaged goods experience, McGovern will have responsibility for building YOU Technology’s consumer packaged goods sales organization and retailer network. In his new role, he will spearhead the company’s expansion into the growing market for paperless coupon programs, digital shopper marketing, and interactive promotions.

Read the full article →

Sullivan International Welcomes New President

June 28, 2010

SAN DIEGO, CA–(Marketwire – June 28, 2010) – Sullivan International Group, Inc. announced that they have hired a key industry leader to support the company’s continued nationwide expansion. On the 24th of May, 2010, Bruce A. Quattrone was hired as Sullivan’s new President. Mr. Quattrone brings over 30 years of exceptional leadership in the engineering and environmental technology industry. He will be responsible for leading all company operations and will report directly to the CEO. Mr. Quattrone comes to Sullivan at a time when the firm has experienced exponential growth over the past several years and will now be able to leverage his proven experience and talent in helping the firm become a world class engineering and environmental firm. “Bruce’s vision and expertise will contribute significantly to taking Sullivan International Group to the next level,” said Steven E. Sullivan, CEO & Chairman of The Board. He continued, “His success in growing companies makes him a

Read the full article →

Jumpstart Automotive Group Announces Personnel Changes to Serve More Complex Customer Needs

June 25, 2010

SAN FRANCISCO, CA–(Marketwire – June 25, 2010) –  To better serve the needs of automotive marketers’ vastly evolving advertising strategies, Jumpstart Automotive Group ( www.jumpstartautomotivegroup.com ), part of Hachette Filipacchi Media U.S. (HFMUS), today announced a number of personnel changes within its organization. These role shifts reflect the company’s increased focus and commitment following the recent appointment of Nick Matarazzo as Chief Executive Officer of Jumpstart Automotive Group.

Read the full article →

Global Stocks Cap Nine-Day Gain Gold Rises, Treasuries Fall

June 18, 2010

By Rita Nazareth and Stephen Kirkland June 18 (Bloomberg) — The MSCI World Index of stocks rose for the ninth day, the longest rally in 11 months, and Spanish bonds jumped on speculation efforts to contain Europe’s debt crisis will succeed. Treasuries fell, while gold climbed to a record. Oil reversed losses to rebound above $77 a barrel. The global index increased 0.2 percent and extended its rally since June 7 to 7.1 percent. The Standard & Poor’s 500 Index rose 0.1 percent to 1,117.51, capping its biggest back-to- back weekly gain since November. The Stoxx Europe 600 Index climbed to a five-week high, while the euro traded near $1.24 after its biggest weekly gain since May 2009. Gold for August delivery rose 0.8 percent to $1,258.30 an ounce. Spain’s 10-year bond yield lost 18 basis points. Spanish banks rallied as European leaders pledged to publish stress tests to boost transparency in the financial industry. Emerging-market equity and bond funds received net inflows in the week to June 16 as concerns over European deficits eased, boosting appetite for higher-yielding assets, EPFR Global data showed. “The stock gains are very comforting,” said David Kelly , who helps oversee $445 billion as chief market strategist for JPMorgan Funds in New York. “They suggest this is still a bull market. There’s a realization that the measures put in place by European governments and the IMF to deal with the debt issues are sufficient to do the job. It’s likely that the global economic recovery will be able to overcome the speed of the European crisis.” One-Month High Shares of commodity producers and financial firms led gains in the S&P 500 among 10 groups, while health-care and telephone companies had the biggest declines. JPMorgan Chase & Co., DuPont Co., Caterpillar Inc. and Cisco Systems Inc. climbed more than 1.3 percent for the top advances in the Dow Jones Industrial Average. Both gauges are trading near their highest levels in a month. U.S. equities closed higher after drifting between gains and losses for most of the day as the expiration of futures and options, coupled with the quarterly rebalancing of the S&P 500, triggered price swings. The S&P 500 rose 2.4 percent this week, building on last week’s 2.5 percent rally. About three stocks rose for every two that fell on Europe’s benchmark Stoxx Europe 600 . Banco Santander SA , Spain’s largest lender, rallied 3.5 percent in Madrid while smaller rival Banco Bilbao Vizcaya Argentaria SA climbed 5.6 percent. Spain’s IBEX 35 Index and Portugal’s PSI-20 increased at least 2.2 percent, the most among western European benchmark gauges. ‘Sentiment Has Changed’ “Sentiment has changed to the positive after investors saw that the European debt crisis hasn’t spiralled out of control,” said Daphne Roth , Singapore-based head of Asian equity research at ABN Amro Private Banking. Spain’s 10-year bond yield dropped to 4.59 percent and the premium investors demand to own the debt instead of benchmark German bunds narrowed by 25 basis points to 186 basis points. European Union leaders agreed yesterday to disclose how banks perform on stress tests, seeking to show investors that the financial system can withstand shocks. The decision came after Spanish officials unexpectedly pledged to publish results on individual banks, the first European government to do so. European Central Bank President Jean-Claude Trichet said broader regional stress tests will be published in the second half of July “at the latest.” Emerging Markets Developing-nation stocks rose for a ninth day, the longest stretch of gains in two months. Emerging-equity funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging-bond funds received $659 million, EPFR said in a statement. The MSCI Asia Pacific Index gained 0.3 percent. Softbank Corp., the exclusive seller of the iPhone in Japan, climbed 2.7 percent in Tokyo as orders for a new model outstripped supply. Newcrest Mining Ltd., Australia’s biggest gold producer gained 1.7 percent in Sydney. The yen gained for a fifth day to 90.74 per dollar, and appreciated 0.4 percent against the euro after the nation’s leaders pledged to reduce public debt. Japanese Prime Minister Naoto Kan said he would consider an opposition party proposal to raise the consumption tax. Credit-default swaps on the Markit iTraxx Crossover Index of 50 mostly junk-rated European companies dropped 21.5 basis points to a one-month low of 521, according to Markit Group Ltd. Copper fell to a one-week low on concern the U.S. recovery may be weaker than forecast. The metal dropped 0.8 percent to $2.9015 a pound in New York. The Reuters/Jefferies CRB Index of commodities slipped 0.1 percent, paring its five-day advance to 2.7 percent. —-With assistance from Paul Armstrong , Matthew Brown , Claudia Carpenter , David Merritt and Michael Patterson in London. Editor: Michael P. Regan . To contact the reporters on this story: Rita Nazareth at rnazareth@bloomberg.net ; Stephen Kirkland in London at skirkland@bloomberg.net ;

Read the full article →

Stocks Worldwide Post Longest Rally in 11 Months Gold Climbs to a Record

June 18, 2010

By Rita Nazareth and Stephen Kirkland June 18 (Bloomberg) — The MSCI World Index of stocks rose for the ninth day, the longest rally in 11 months, and Spanish bonds jumped on speculation efforts to contain Europe’s debt crisis will succeed. Treasuries fell, while gold climbed to a record. Oil reversed losses to rebound above $77 a barrel. The global index increased 0.2 percent and extended its rally since June 7 to 7.1 percent. The Standard & Poor’s 500 Index rose 0.1 percent to 1,117.51, capping its biggest back-to- back weekly gain since November. The Stoxx Europe 600 Index climbed to a five-week high, while the euro traded near $1.24 after its biggest weekly gain since May 2009. Gold for August delivery rose 0.8 percent to $1,258.30 an ounce. Spain’s 10-year bond yield lost 18 basis points. Spanish banks rallied as European leaders pledged to publish stress tests to boost transparency in the financial industry. Emerging-market equity and bond funds received net inflows in the week to June 16 as concerns over European deficits eased, boosting appetite for higher-yielding assets, EPFR Global data showed. “The stock gains are very comforting,” said David Kelly , who helps oversee $445 billion as chief market strategist for JPMorgan Funds in New York. “They suggest this is still a bull market. There’s a realization that the measures put in place by European governments and the IMF to deal with the debt issues are sufficient to do the job. It’s likely that the global economic recovery will be able to overcome the speed of the European crisis.” One-Month High Shares of commodity producers and financial firms led gains in the S&P 500 among 10 groups, while health-care and telephone companies had the biggest declines. JPMorgan Chase & Co., DuPont Co., Caterpillar Inc. and Cisco Systems Inc. climbed more than 1.3 percent for the top advances in the Dow Jones Industrial Average. Both gauges are trading near their highest levels in a month. U.S. equities closed higher after drifting between gains and losses for most of the day as the expiration of futures and options, coupled with the quarterly rebalancing of the S&P 500, triggered price swings. The S&P 500 rose 2.4 percent this week, building on last week’s 2.5 percent rally. About three stocks rose for every two that fell on Europe’s benchmark Stoxx Europe 600 . Banco Santander SA , Spain’s largest lender, rallied 3.5 percent in Madrid while smaller rival Banco Bilbao Vizcaya Argentaria SA climbed 5.6 percent. Spain’s IBEX 35 Index and Portugal’s PSI-20 increased at least 2.2 percent, the most among western European benchmark gauges. ‘Sentiment Has Changed’ “Sentiment has changed to the positive after investors saw that the European debt crisis hasn’t spiralled out of control,” said Daphne Roth , Singapore-based head of Asian equity research at ABN Amro Private Banking. Spain’s 10-year bond yield dropped to 4.59 percent and the premium investors demand to own the debt instead of benchmark German bunds narrowed by 25 basis points to 186 basis points. European Union leaders agreed yesterday to disclose how banks perform on stress tests, seeking to show investors that the financial system can withstand shocks. The decision came after Spanish officials unexpectedly pledged to publish results on individual banks, the first European government to do so. European Central Bank President Jean-Claude Trichet said broader regional stress tests will be published in the second half of July “at the latest.” Emerging Markets Developing-nation stocks rose for a ninth day, the longest stretch of gains in two months. Emerging-equity funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging-bond funds received $659 million, EPFR said in a statement. The MSCI Asia Pacific Index gained 0.3 percent. Softbank Corp., the exclusive seller of the iPhone in Japan, climbed 2.7 percent in Tokyo as orders for a new model outstripped supply. Newcrest Mining Ltd., Australia’s biggest gold producer gained 1.7 percent in Sydney. The yen gained for a fifth day to 90.74 per dollar, and appreciated 0.4 percent against the euro after the nation’s leaders pledged to reduce public debt. Japanese Prime Minister Naoto Kan said he would consider an opposition party proposal to raise the consumption tax. Credit-default swaps on the Markit iTraxx Crossover Index of 50 mostly junk-rated European companies dropped 21.5 basis points to a one-month low of 521, according to Markit Group Ltd. Copper fell to a one-week low on concern the U.S. recovery may be weaker than forecast. The metal dropped 0.8 percent to $2.9015 a pound in New York. The Reuters/Jefferies CRB Index of commodities slipped 0.1 percent, paring its five-day advance to 2.7 percent. —-With assistance from Paul Armstrong , Matthew Brown , Claudia Carpenter , David Merritt and Michael Patterson in London. Editor: Michael P. Regan . To contact the reporters on this story: Rita Nazareth at rnazareth@bloomberg.net ; Stephen Kirkland in London at skirkland@bloomberg.net ;

Read the full article →

Global Stocks Rise as S&ampP 500 Fluctuates Gold Reaches Record

June 18, 2010

By Rita Nazareth and Stephen Kirkland June 18 (Bloomberg) — The MSCI World Index of stocks rose for the ninth day, the longest rally in 11 months, and Spanish bonds jumped on speculation efforts to contain Europe’s debt crisis will succeed. Treasuries fell, while gold climbed to a record. Oil reversed losses to rebound above $77 a barrel. The global index increased 0.2 percent at 12:47 p.m. in New York. The Stoxx Europe 600 Index also climbed for a ninth day, rising 0.2 percent to the highest level in five weeks. The Standard & Poor’s 500 Index drifted between gains and losses as the expiration of futures and options triggered price swings. Spot gold rose as high as $1,262.50 an ounce. Spain’s 10-year bond yield lost 19 basis points. Spanish banks rallied as European leaders pledged to publish stress tests to boost transparency in the financial industry. Emerging-market equity and bond funds received net inflows in the week to June 16 as concerns over European deficits eased, boosting appetite for higher-yielding assets, EPFR Global data showed. “The stock gains are very comforting,” said David Kelly , who helps oversee $445 billion as chief market strategist for JPMorgan Funds in New York. “They suggest this is still a bull market. There’s a realization that the measures put in place by European governments and the IMF to deal with the debt issues are sufficient to do the job. It’s likely that the global economic recovery will be able to overcome the speed of the European crisis.” One-Month High Shares of commodity producers and financial firms led gains in the S&P 500 among 10 groups, while health-care and telephone companies had the biggest declines. Cisco Systems Inc., DuPont Co. and Exxon Mobil Corp. climbed more than 1 percent for the top advances in the Dow Jones Industrial Average higher. Both gauges are trading near their highest levels in a month. About three stocks rose for every two that fell on Europe’s benchmark Stoxx Europe 600 . Banco Santander SA , Spain’s largest lender, rallied 3.5 percent in Madrid while smaller rival Banco Bilbao Vizcaya Argentaria SA climbed 5.6 percent. Spain’s IBEX 35 Index and Portugal’s PSI-20 increased 2.2 percent, the most among western European benchmark gauges. “Sentiment has changed to the positive after investors saw that the European debt crisis hasn’t spiralled out of control,” said Daphne Roth , Singapore-based head of Asian equity research at ABN Amro Private Banking. Spain’s 10-year bond yield dropped to 4.58 percent and the premium investors demand to own the debt instead of benchmark German bunds narrowed by 26 basis points to 185 basis points. Stress Tests European Union leaders agreed yesterday to disclose how banks perform on stress tests, seeking to show investors that the financial system can withstand shocks. The decision came after Spanish officials unexpectedly pledged to publish results on individual banks, the first European government to do so. European Central Bank President Jean-Claude Trichet said broader regional stress tests will be published in the second half of July “at the latest.” Developing-nation stocks rose for a ninth day, the longest stretch of gains in two months. Emerging-equity funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging-bond funds received $659 million, EPFR said in a statement. The MSCI Asia Pacific Index gained 0.3 percent. Softbank Corp., the exclusive seller of the iPhone in Japan, climbed 2.7 percent in Tokyo as orders for a new model outstripped supply. Newcrest Mining Ltd., Australia’s biggest gold producer gained 1.7 percent in Sydney. Yen Gains The yen gained for a fifth day to 90.78 per dollar, and appreciated 0.5 percent against the euro after the nation’s leaders pledged to reduce public debt. Japanese Prime Minister Naoto Kan said he would consider an opposition party proposal to raise the consumption tax. Credit-default swaps on the Markit iTraxx Crossover Index of 50 mostly junk-rated European companies dropped 21.5 basis points to a one-month low of 522, according to Markit Group Ltd. Copper pared earlier losses, slipping 0.3 percent to $2.9155 a pound in New York after earlier sinking as much as 2.1 percent. The Reuters/Jefferies CRB Index of commodities rose 0.3 percent, erasing an early 0.7 percent slump and extending its five-day advance to 3.2 percent, on pace for its best week since the beginning of April. —-With assistance from Paul Armstrong , Matthew Brown , Claudia Carpenter , David Merritt and Michael Patterson in London. Editor: Michael P. Regan . To contact the reporters on this story: Rita Nazareth at rnazareth@bloomberg.net ; Stephen Kirkland in London at skirkland@bloomberg.net ;

Read the full article →

Global Stocks Rise as S&ampP 500 Fluctuates Treasuries Fall, Gold Advances

June 18, 2010

By Rita Nazareth and Stephen Kirkland June 18 (Bloomberg) — The MSCI World Index of stocks rose for the ninth day, the longest rally in 11 months, and Spanish bonds jumped on speculation efforts to contain Europe’s debt crisis will succeed. Treasuries fell, while gold climbed to a record. Oil reversed losses to rebound above $77 a barrel. The global index increased 0.2 percent at 12:47 p.m. in New York. The Stoxx Europe 600 Index also climbed for a ninth day, rising 0.2 percent to the highest level in five weeks. The Standard & Poor’s 500 Index drifted between gains and losses as the expiration of futures and options triggered price swings. Spot gold rose as high as $1,262.50 an ounce. Spain’s 10-year bond yield lost 19 basis points. Spanish banks rallied as European leaders pledged to publish stress tests to boost transparency in the financial industry. Emerging-market equity and bond funds received net inflows in the week to June 16 as concerns over European deficits eased, boosting appetite for higher-yielding assets, EPFR Global data showed. “The stock gains are very comforting,” said David Kelly , who helps oversee $445 billion as chief market strategist for JPMorgan Funds in New York. “They suggest this is still a bull market. There’s a realization that the measures put in place by European governments and the IMF to deal with the debt issues are sufficient to do the job. It’s likely that the global economic recovery will be able to overcome the speed of the European crisis.” One-Month High Shares of commodity producers and financial firms led gains in the S&P 500 among 10 groups, while health-care and telephone companies had the biggest declines. Cisco Systems Inc., DuPont Co. and Exxon Mobil Corp. climbed more than 1 percent for the top advances in the Dow Jones Industrial Average higher. Both gauges are trading near their highest levels in a month. About three stocks rose for every two that fell on Europe’s benchmark Stoxx Europe 600 . Banco Santander SA , Spain’s largest lender, rallied 3.5 percent in Madrid while smaller rival Banco Bilbao Vizcaya Argentaria SA climbed 5.6 percent. Spain’s IBEX 35 Index and Portugal’s PSI-20 increased 2.2 percent, the most among western European benchmark gauges. “Sentiment has changed to the positive after investors saw that the European debt crisis hasn’t spiralled out of control,” said Daphne Roth , Singapore-based head of Asian equity research at ABN Amro Private Banking. Spain’s 10-year bond yield dropped to 4.58 percent and the premium investors demand to own the debt instead of benchmark German bunds narrowed by 26 basis points to 185 basis points. Stress Tests European Union leaders agreed yesterday to disclose how banks perform on stress tests, seeking to show investors that the financial system can withstand shocks. The decision came after Spanish officials unexpectedly pledged to publish results on individual banks, the first European government to do so. European Central Bank President Jean-Claude Trichet said broader regional stress tests will be published in the second half of July “at the latest.” Developing-nation stocks rose for a ninth day, the longest stretch of gains in two months. Emerging-equity funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging-bond funds received $659 million, EPFR said in a statement. The MSCI Asia Pacific Index gained 0.3 percent. Softbank Corp., the exclusive seller of the iPhone in Japan, climbed 2.7 percent in Tokyo as orders for a new model outstripped supply. Newcrest Mining Ltd., Australia’s biggest gold producer gained 1.7 percent in Sydney. Yen Gains The yen gained for a fifth day to 90.78 per dollar, and appreciated 0.5 percent against the euro after the nation’s leaders pledged to reduce public debt. Japanese Prime Minister Naoto Kan said he would consider an opposition party proposal to raise the consumption tax. Credit-default swaps on the Markit iTraxx Crossover Index of 50 mostly junk-rated European companies dropped 21.5 basis points to a one-month low of 522, according to Markit Group Ltd. Copper pared earlier losses, slipping 0.3 percent to $2.9155 a pound in New York after earlier sinking as much as 2.1 percent. The Reuters/Jefferies CRB Index of commodities rose 0.3 percent, erasing an early 0.7 percent slump and extending its five-day advance to 3.2 percent, on pace for its best week since the beginning of April. —-With assistance from Paul Armstrong , Matthew Brown , Claudia Carpenter , David Merritt and Michael Patterson in London. Editor: Michael P. Regan . To contact the reporters on this story: Rita Nazareth at rnazareth@bloomberg.net ; Stephen Kirkland in London at skirkland@bloomberg.net ;

Read the full article →

Stocks Climb Worldwide as Spanish Banks Rally Gold Strengthens to Record

June 18, 2010

By Stephen Kirkland June 18 (Bloomberg) — The MSCI World Index of stocks rose for the ninth day, the longest rally in 11 months, and Spanish bonds rallied on speculation efforts to contain Europe’s debt crisis will succeed. The yen strengthened against the dollar and gold climbed to a record. The world index increased 0.1 percent at 9:57 a.m. in New York. The Stoxx Europe 600 Index advanced 0.2 percent to its highest level in five weeks. The Standard & Poor’s 500 Index fluctuated as the expiration of U.S. futures and options triggered greater price swings. The MSCI Emerging Markets Index climbed 0.4 percent. The yen strengthened 0.3 percent versus the dollar, and gold rose as high as $1,258.25 an ounce. Oil fell a second day. Spain’s 10-year bond yield lost 17 basis points. Spanish banks rallied as European leaders pledged to publish stress tests to boost transparency in the financial industry. Emerging-market equity and bond funds received net inflows in the week to June 16 as concerns over European deficits eased, boosting appetite for higher-yielding assets, EPFR Global data showed. “Sentiment has changed to the positive after investors saw that the European debt crisis hasn’t spiralled out of control,” said Daphne Roth , Singapore-based head of Asian equity research at ABN Amro Private Banking. European Shares About three stocks rose for every two that fell on Europe’s benchmark Stoxx 600 . Banco Santander SA , Spain’s largest lender, rallied 2.5 percent in Madrid while smaller rival Banco Bilbao Vizcaya Argentaria SA climbed 4.4 percent. Spain’s IBEX 35 Index increased 1.2 percent, the most among 18 western European benchmark gauges. The cost of protecting against a debt default by Banco Santander dropped, with credit-default swaps tumbling 16 basis points to 170, according to CMA DataVision. Spain’s 10-year bond yield dropped 17 basis points to 4.6 percent and the premium investors demand to own the debt instead of benchmark German bunds tumbled by 23 basis points to 188 basis points. European Union leaders agreed yesterday to disclose how banks perform on stress tests, seeking to show investors that the financial system can withstand shocks. The decision came after Spanish officials unexpectedly pledged to publish results on individual banks, the first European government to do so. European Central Bank President Jean-Claude Trichet said broader regional stress tests will be published in the second half of July “at the latest.” Asian Stocks The MSCI Asia Pacific Index gained 0.3 percent. Softbank Corp., the exclusive seller of the iPhone in Japan, climbed 2.7 percent in Tokyo as orders for a new model outstripped supply. Newcrest Mining Ltd., Australia’s biggest gold producer gained 1.7 percent in Sydney. Developing-nation stocks rose for a ninth day, the longest stretch of gains in two months. Hungary’s BUX Index climbed for the first time in four days, rising 0.2 percent, after Templeton Asset Management Ltd.’s Mark Mobius said in his blog that the nation’s stocks are attractive. Emerging-equity funds took in $2.5 billion in the past week, the second-largest inflow this year, while emerging-bond funds received $659 million, EPFR said in a statement. The yen gained for a fifth day to 90.77 per dollar, and appreciated 0.5 percent versus euro after the nation’s leaders pledged to reduce public debt. Japanese Prime Minister Naoto Kan said he would consider an opposition party proposal to raise the consumption tax. The dollar strengthened 0.2 percent to $1.2365 per euro. Default Swaps Credit-default swaps on the Markit iTraxx Crossover Index of 50 mostly junk-rated European companies dropped 6.3 basis points to a one-month low of 537.3, according to Markit Group Ltd. Copper fell 1.1 percent to $6,375 a metric ton on the London Metal Exchange, the third consecutive decline. Crude oil slid for a second day, dropping 0.7 percent to $76.29 in electronic trading on the New York Mercantile Exchange. —-With assistance from Paul Armstrong , Matthew Brown , Claudia Carpenter , David Merritt and Michael Patterson in London. Editors: Stephen Kirkland , Michael P. Regan To contact the reporter on this story: Stephen Kirkland in London at skirkland@bloomberg.net ;

Read the full article →