Patriots Could Take Advantage of Cameron Heyward’s Sliding Draft Stock
Apr 3rd
Patriots Could Take Advantage of Cameron Heyward’s Sliding Draft Stock
Every draft has at least one of them — a player with limitless talent that is matched by a perceived lack of desire.
Ohio State defensive lineman Cameron Heyward might be the defensive prototype in that regard for the 2011 draft class. There’s almost no chance he’ll get taken in the top half of the first round, and that means his future team will get a bargain on talent. It’s just unclear how he’ll put that talent to use.
The Patriots will have a decision to make on Heyward — at least once, if not three times early in the draft — because he’ll surely be there when they’re on the clock. Since they have a need at defensive end, Heyward will be an intriguing option.
Key Stats
The 6-foot-5, 294-pounder finished his four-year career with 14.5 sacks, 34 tackles for loss and 157 total tackles.
Why the Patriots Would Want Him
Heyward could play defensive end in the Patriots’ 3-4 scheme, and he could also play inside on four-man fronts in substitution packages. He can be a tenacious player, and he could single-handedly take over big games for Ohio State. Heyward probably should have been the Sugar Bowl MVP, as his tenacity at the line disrupted Arkansas quarterback Ryan Mallett‘s rhythm all game. More impressive, Heyward tore an elbow ligament in the second quarter in the Sugar Bowl, and his play never suffered.
Why the Patriots Might Stay Away
Heyward’s work ethic has been criticized, and he doesn’t bring it every play. There is no doubt that Heyward has the talent to be a top-10 pick, but he doesn’t play at that level often enough because of his desire.
Potential Impact in 2011
Heyward might get off to a slow start in camp while he continues to recover from elbow surgery, but when he gets to full strength, he’s got the ability to be a menace every week in the NFL. The problem is that teams don’t know what they’ll get from him. With the right coaching and leadership — the Patriots have both — Heyward could turn out to be a very valuable player from the start.
What The Locals Are Saying
Heyward believes he’s back after undergoing Tommy John surgery in January.
Where Can the Patriots Expect to Draft Heyward?
The Patriots could take Heyward at No. 17 if they wanted, but after that, it’s completely unclear. Heyward would fit with seven teams between Nos. 18-27, so there’s no telling whether or not he’ll be around when the Patriots are next up at No. 28. Those percentages would suggest otherwise, but it’s hard to tell how teams perceive Heyward, who could even fall into the second round.
Every day through April 28, NESN.com will spotlight one player the Patriots could draft with one of their first three picks.
Friday, April 1: California defensive end Cameron Jordan (http://www.nesn.com/2011/04/cals-cameron-jordan-fits-patriots-system-could-immediately-make-impact-alongside-vince-wilafork.html)
Saturday, April 2: North Carolina defensive end/outside linebacker Robert Quinn
Monday, April 4: Alabama wide receiver Julio Jones
From www.nesn.com
Silverman: Stock market likely to deliver punches in the gut at times
Apr 3rd
This is the fourth installment of my three-part series on why you should include stocks in your retirement savings. Fourth part of three? Don’t worry; I am actually good with numbers. The last three columns discussed why buying stocks makes sense when preparing for and living through retirement. This fourth article is different. Instead of saying why you should include stocks, I’m looking at why a whole bunch of folks can’t seem to hold onto them.
In almost everything we buy, low prices seem like a good thing. If a computer I was going to buy for $2,000 was priced at $1,700, I wouldn’t worry about buying it. Sure, the price may come down more, but I am getting a heck of a deal if I scoop it up now.
I like cooking fish (the fish, on the other hand, aren’t as thrilled about this). When I was picking up some salmon, cod and halibut the other day, I noticed that the salmon was on sale. I put back some of the cod and halibut and picked up more salmon. If it was good the day before at one price, it seemed even better for a dollar off.
When it comes to investments, however, folks don’t like it when they are on sale. Since the stock market has averaged one 30 percent down year for every five since World War II, folks see sales quite regularly. That the stock market has grown to 50 times its value since then is no consolation when you’re watching your portfolio plummet that one year out of five.
This, I believe, is because of a phenomenon involving investments. If fish or computer prices are down, we realize that they may go lower. But we also know, with a fair amount of certainty, that prices are not going down to zero. Not so with stocks. People know there is a chance for a stock to completely lose all of its value.
While that is a valid point if we talk about a single stock, it is not when we talk about the stock market. A single stock can go bankrupt. Barring the U.S. government nationalizing all public companies, a successful invasion of a foreign power or the caldera under Yellowstone erupting and ending all life in the United States, it isn’t likely that the companies in the S&P 500 or any other stock index are all heading to zero at the same time.
And if any of those events happen, trust me; your retirement portfolio won’t be on the top of your mind.
So, with my encouragement, and your own study, you may start adding or increasing your holdings of stocks in your investment mix. But please don’t do so if you can’t stand what might happen next. 2008 wasn’t that long ago. You’ve seen how dire the market can look. You’ve seen fear in the eyes of many investors, amateurs and professionals alike. The stock market will punch you in the gut now and then. Toughen up, be ready for it and make sure you have a good defense in case of this inevitability.
That, or stay out of the fight.
From www.timesrecordnews.com
TSMCG’s Blood Donation Drive Helps Stock Up Blood Bank
Apr 3rd
April 03, 2011 16:11 PM
TSMCG’s Blood Donation Drive Helps Stock Up Blood Bank
KUALA LUMPUR, April 3 (Bernama) — The Tan Sri Muhyiddin Charity Golf (TSMCG) traded their golf sticks for the needles today in a blood donation drive to help stock up the blood bank.
Deputy Prime Minister Tan Sri Muhyiddin Yassin, when opening the one-day event, said the blood donation drive had expanded the role of TSMCG as a non-profit, non-governmental organisation, in helping the people through its charity programmes.
“We are aware that it is a very big challenge to ensure that the blood bank will continue to have sufficient blood supply. That is why we organise the campaign.
“I’m happy with the extraordinary response shown by blood donors, proving that Malaysians are generous and care about other people, especially patients in need of blood transfusions,” said Muhyiddin who is also the TSMCG founder.
Present were his wife Puan Sri Norainee Abdul Rahman, National Blood Centre director Dr Roshida Hassan and TSMCG president Tan Sri Megat Najmuddin Megat Khas.
The blood donation drive, held at the East Entrance Atrium of the Mid Valley Megamall, also saw 120 TSMCG volunteers from Universiti Malaya, Universiti Teknologi Mara, Universiti Perguruan Sultan Idris, Universiti Kebangsaan Malaysia and Kuala Lumpur Infrastructure University College donating their blood.
Meanwhile, Dr Roshida said the cooperation from non-governmental organisations was most welcomed in increasing public awareness and promote blood donations to prevent ‘draught’ at the blood bank.
She also called on university students to inculcate the spirit of donating blood, besides promoting the campaign on behalf of the National Blood Centre.
Twenty-nine per cent of the 144,648 units of blood collected in the Klang Valley last year, were donated by students, she added.
— BERNAMA
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news coverage in our Newswire service.
From www.bernama.com
Weekly review: KSE-100 climbs 3% amidst renewed interest
Apr 3rd
KARACHI:
The stock market finally managed to break its bearish trend as the KSE-100 index climbed 3.05 per cent (333 points) during the week ended April 1, on the back of renewed investor interest.
Activity in the banking, cement and fertiliser sectors paved the way for the market’s resurgence, while continued foreign inflows and positive macroeconomic data also contributed to the market’s gains.
The week started off slowly, but on a positive note, after the State Bank of Pakistan announced that the discount rate was being maintained at 14 per cent due to reduced inflationary pressures and limited government borrowing since the last review two months ago.
The following day, the market gained pace, led by interest in the cement sector. Cement prices have increased on average by Rs35 per bag in the last two weeks, which has resulted in a comeback for the sector.
Prime Minister Syed Yousaf Raza Gilani also visited India to watch the Cricket World Cup semi-final between Pakistan and India, which led to rumours that he would lobby for lifting of the cement import ban in India. These positive developments led to the cement sector climbing 4.2 per cent during the week.
Unsurprisingly, Wednesday was the slowest day of the week, with volumes standing at a paltry 52 million shares as a result of the semi-final, which had gripped the attention of the country. The index still managed to make decent gains on that day.
Towards the end of the week, activity was witnessed in the banking and fertiliser sectors. Banks were the biggest gainers during the week on news of increased foreign buying and institutional activity. Overall, the banking sector climbed by five per cent, led by Habib Bank Limited’s 11 per cent gain.
The fertiliser sector was also in the limelight on reports of an increase in sales in February, which would translate into a strong first quarter for the sector. The sector climbed 3.6 per cent during the week, with Fauji Fertiliser leading the way with a 7.6 per cent gain.
Foreign buying remained positive, standing at $2.97 million, after net inflows of $4.8 million in the previous week. Rumours of foreign selling have been quelled by the fact that there have been net inflows for the previous three weeks.
The Margin Trading System (MTS) also continued to make steady headway, although it is yet to make a mark in improving overall volumes. MTS investment stood at Rs228 million between Monday and Thursday, compared with Rs48 million in the previous week. Average financing rate also improved to 17.48 per cent from 18.79 per cent in the previous week.
Average daily volumes jumped by 25 per cent over the previous week, but stood at a low level of 78 million shares per day. Average daily value increased by 19.9 per cent, reflecting that the jump in volumes was mostly in lower-tier stocks. The index’s market capitalisation also rose by 2.8 per cent, standing at Rs3.17 trillion.
What to expect?
The KSE-100 index has had a torrid start to the year. For the first time in 10 years, the index has stood in the red for the first quarter of the year, having shed two per cent. This has been primarily due to political tensions, both local and foreign, as well as fluctuating macro data.
Yet, this has been the fate of a majority of the markets in the region and should not be looked at very negatively. The coming weeks can be expected to be range bound, as the next round of triggers is likely to come from January-March result announcements, which are expected to start towards the end of April.
Monday, March 28
The stock market closed marginally higher in a dull trading session at the start of the week. The announcement of an unchanged monetary policy by the State Bank of Pakistan on Saturday failed to provide any impetus to the market as it was in line with expectations.
Tuesday, March 29
Bulls took over the stock market as local and foreign investors resumed buying of stocks. Buying was led by the cement sector after the All Pakistan Cement Manufacturers Association requested the prime minister to present its case in India, which has imposed a ban on import of cement from Pakistan.
Wednesday, March 30
The stock market gained in extremely thin trade as investors seemed more interested in the Pakistan-India cricket match, than the shortened trading day. Sentiment remained positive on hopes of a breakthrough in diplomatic and trade and industrial relations with Delhi, after a Pakistani delegation left for India to watch the match.
Thursday, March 31
Investor mood remained sombre but a positive close was witnessed on the back of institutional and foreign interest in blue chips. Early trading in the oil sector helped the market gain 78 points; however, a depressed mood after the loss of Wednesday’s cricket semi-final against India spilled over to the next day, leading to thin trading.
Friday, April 1
The stock market climbed in a lacklustre session as many investors preferred to stay on the sidelines. Focus continued to remain on the fertiliser and cement sectors on the back of positive earning expectations and higher product prices, respectively.
Published in The Express Tribune, April 03rd, 2011.
From tribune.com.pk
Exchange-Traded Funds Gone Wild
Apr 3rd
By DAVE KANSAS
Exchange-traded funds had such a humble start, it’s hard to believe what a crazy melange they’ve become.
Back in 1993, the Standard & Poor’s Deposit Receipt (SPDR, pronounced Spider) launched, giving investors a fresh way to invest in the Standard & Poor’s 500-stock index. And, for a long time, ETFs matched this kind of simple, index-tracking investing.
But in the past few years, ETF providers (with the permission of the Securities and Exchange Commission) have sliced and diced investment ideas to such an extent that an investor can find an ETF for just about anything. According to the Investment Company Institute, a trade group, there were 956 ETFs at the end of February, with more than $1 trillion in assets in all.
While choice is generally a good thing, a good chunk of the nearly 1,000 ETFs should be avoided by most investors. They are too narrow, too risky and oftentimes simply faddish. Expect more of these mind-bending ETFs in the future.
The industry is gearing up to launch ETFs that focus on the automotive industry, bank loans and single-country sovereign bonds.
ETFs, like their mutual-fund cousins, like to chase the hot trends. The proliferation of certain types of concentrated funds are often signals that an idea is getting a bit too ripe. Think of the large number of Internet funds that blossomed just ahead of the Internet bubble bursting just over a decade ago.
Along with chasing the hot investment du jour, some ETFs are just intrinsically scary. The Direxion Daily China Bull 3X ETF (CZM) is such a fund, and there are many more like it. The “3X” (sometimes “2X”) indicates that a fund is using borrowed money to triple (3X) or double (2X) the investment bet on a specific index or investment objective. For example, the Direxion Daily China Bull 3X ETF uses borrowed money and complex “financial instruments” to try to triple the performance of the BNY ChinaSelect ADR index. China’s hot, and the fund is up 43.4% in the past year.
Conversely, the ProShares UltraShort S&P 500 (SDS), which makes a double bet against the S&P 500, is down 40% in the past year, which compares to a 13% gain for the S&P 500. That means the “double” bet against the index is doing worse than promised, highlighting another risk for such funds: They often fail to track their stated performance goals.
Emerging markets also are wildly popular, with Brazil, Russia, India and China (the so-called BRIC countries) leading the pack. You can invest in the basic PowerShares India Portfolio ETF (PIN) or you can get more granular with the EGShares India Infrastructure ETF (INXX). The former tracks the broad Indus India index, the latter focuses on India infrastructure companies, such as Tata Power. Year-to-date, the broader India ETF is down 13.5%, while the infrastructure fund is down 17.7%.
China (no surprise) offers a huge menu of ETFs, ranging from the basic iShares FTSE/Xinhua China 25 Index fund (FXI) to the complex, such as the Guggenheim/AlphaShares China Real Estate ETF (TAO).
In Brazil, the iShares MSCI Brazil Index ETF (EWZ) offers a plain-vanilla approach, while the Market Vectors Brazil Small-Cap ETF (BRF) delves into smaller parts of the market.
Want Russia? Pickings are simpler, such as the SPDR S&P Russia ETF (RBL) and the Market Vectors Russia ETF (RSX). You can even get the BRICs in one fell swoop with the iShares MSCI BRIC Index ETF (BKF).
If you’re feeling especially frisky, ETF providers are happy to give you entr[eacute]e to frontier markets — an investment arena considered even more speculative than emerging markets. Frontier markets focus on places like Lebanon, Qatar and Egypt.
One such fund, the Market Vectors Egypt ETF (EGPT), has had a wild ride — it traded even while Egypt’s stock market remained closed for nearly eight weeks. (It hasn’t done very well this year, as you might imagine.)
Closer to home, providers have ginned up all sorts of ways to play the latest crazes. The FirstTrust Nasdaq CEA SmartPhone Index (FONE), which tracks, well, smartphone companies, launched in mid-February. Its best price came on opening day, though it has rallied a bit in recent days.
Given the abundance of specific, complex, risky ETFs, investors might be tempted to do just about anything in ETFland. But it might be wiser to focus on the kinds of funds that are closer to the original SPDR fund that tracks the S&P 500, such as the iShares Russell 1000 Value Index ETF (IWD), the Vanguard Total Stock Market or Vipers ETF (VTI).
ETFs do have advantages — lower fees, tax benefits, easy access, easy exit — but they have also become an arena for outlandish notions.
Shrewd investors are also prudent investors. Don’t let the siren song of ETF marketers sway you.
Write to Dave Kansas at dave.kansas@wsj.com
From online.wsj.com
Goldman CEO’s pay package skyrockets to $14.1M from $1M
Apr 2nd
NEW YORK (AP) – Lloyd Blankfein, the CEO of Goldman Sachs, saw his 2010 compensation rise to $14.1 million from just over $1 million in 2009, according to an Associated Press analysis of data filed with regulators on Friday.
At Goldman (GS), Blankfein received a salary of $600,000, a cash bonus of $5.4 million and stock awards of $7.65 million for the year. He also received perks worth $464,067, including $185,110 for the use of a car, $62,020 for medical and dental coverage and the rest for life insurance, tax planning and retirement contributions. In addition, he was granted restricted stock valued at $12.6 million, up from $9 million in 2009, which is not counted in the total annual package because the grants are paid out over a period of three years.
- USA TODAY EXCLUSIVE: CEO pay soars while workers’ stalls; see charts
Though his salary is among the top-tier for U.S. executives, it is a fraction of what it was just a few years ago.
Blankfein was known as one of the highest paid CEOs, taking home a package worth $42.9 million in 2008. However, Goldman’s reputation took a beating during the financial crisis. Considered the leading Wall Street bank, Goldman has usually outdistanced its rivals with its trading and investment banking operations. But it was sharply criticized for its high compensation levels after it accepted a $10 billion government bailout during the financial crisis in 2008.
In 2009, Blankfein’s compensation dropped to $1.03 million – his $600,000 salary, plus perks.
Goldman continued to face scrutiny in 2010 when the Securities and Exchange Commission brought a civil fraud lawsuit against the bank, charging it with misleading investors about securities based on risky mortgages. The investors lost close to $1 billion on the securities, while a Goldman client, Paulson & Co., profited from the investments, the government said. Goldman paid $550 million to settle the lawsuit.
In 2010, the bank’s net income fell 37% to $7.71 billion due to sharp declines in its bond trading and investment banking businesses. Revenue slid 13% to $39.16 billion. The stock remained flat at about $168.
Goldman employees were paid $15.38 billion in salaries and bonuses, or 39.3% of its annual revenue, for 2010. That marked a 5% drop year-over-year. However, Goldman also allows employees to invest in private funds that it manages, the returns from which can dwarf their actual official pay. In 2010, Blankfein received $27.2 million from his investments in these funds. Other top executives including Chief Operating Officer Gary Cohn, Chief Financial Officer David Viniar and Vice Chairman Michael Evans received returns ranging between $13 million and $20 million.
The bank said in January that its board has more than tripled Blankfein’s salary to $2 million for 2011, and also tripled salaries to $1.85 million for four others including Cohn, Viniar, Evans and fellow Vice Chairman John Weinberg. The salaries don’t include stock, options and other compensation that executives typically receive as part of their pay package.
The bank earlier this month received regulators’ permission to repay Warren Buffett’s Berkshire Hathaway Inc. for the $5 billion investment it made at the height of the financial crisis in the fall of 2008. The Federal Reserve also approved Goldman’s overall capital spending plan for 2011, including the repurchase of common stock and a possible increase in the bank’s quarterly dividend.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
The value that a company assigned to an executive’s stock and option awards for 2010 was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company’s stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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From www.wtsp.com
Goldman CEO 2010 pay package rises to $14.1 million
Apr 2nd
NEW YORK (AP) – Lloyd Blankfein, the CEO of Goldman Sachs Group Inc., saw his 2010 compensation rise to $14.1 million from just over $1 million in 2009, according to an Associated Press analysis of data filed with regulators on Friday.
Blankfein received a salary of $600,000, a cash bonus of $5.4 million and stock awards of $7.65 million for the year. He also received perks worth $464,067, including $185,110 for the use of a car, $62,020 for medical and dental coverage and the rest for life insurance, tax planning and retirement contributions. In addition, he was granted restricted stock valued at $12.6 million, up from $9 million in 2009, which is not counted in the total annual package because the grants are paid out over a period of three years.
Though his salary is among the top-tier for U.S. executives, it is a fraction of what it was just a few years ago.
Blankfein was known as one of the highest paid CEOs, taking home a package worth $42.9 million in 2008. However, Goldman’s reputation took a beating during the financial crisis. Considered the leading Wall Street bank, Goldman has usually outdistanced its rivals with its trading and investment banking operations. But it was sharply criticized for its high compensation levels after it accepted a $10 billion government bailout during the financial crisis in 2008.
In 2009, Blankfein’s compensation dropped to $1.03 million – his $600,000 salary, plus perks.
Goldman continued to face scrutiny in 2010 when the Securities and Exchange Commission brought a civil fraud lawsuit against the bank, charging it with misleading investors about securities based on risky mortgages. The investors lost close to $1 billion on the securities, while a Goldman client, Paulson & Co., profited from the investments, the government said. Goldman paid $550 million to settle the lawsuit.
In 2010, the bank’s net income fell 37 percent to $7.71 billion due to sharp declines in its bond trading and investment banking businesses. Revenue slid 13 percent to $39.16 billion. The stock remained flat at about $168.
Goldman employees were paid $15.38 billion in salaries and bonuses, or 39.3 percent of its annual revenue, for 2010. That marked a 5 percent drop year-over-year. However, Goldman also allows employees to invest in private funds that it manages, the returns from which can dwarf their actual official pay. In 2010, Blankfein received $27.2 million from his investments in these funds. Other top executives including Chief Operating Officer Gary Cohn, Chief Financial Officer David Viniar and Vice Chairman Michael Evans received returns ranging between $13 million and $20 million.
The bank said in January that its board has more than tripled Blankfein’s salary to $2 million for 2011, and also tripled salaries to $1.85 million for four others including Cohn, Viniar, Evans and fellow Vice Chairman John Weinberg. The salaries don’t include stock, options and other compensation that executives typically receive as part of their pay package.
The bank earlier this month received regulators’ permission to repay Warren Buffett’s Berkshire Hathaway Inc. for the $5 billion investment it made at the height of the financial crisis in the fall of 2008. The Federal Reserve also approved Goldman’s overall capital spending plan for 2011, including the repurchase of common stock and a possible increase in the bank’s quarterly dividend.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
The value that a company assigned to an executive’s stock and option awards for 2010 was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company’s stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options.
From www.klewtv.com
Twitter tax deal creates San Francisco row
Apr 2nd
SAN FRANCISCO – In the shadow of San Francisco’s stately City Hall, sidewalks abound with transients, drugs and crime. Into this neighbourhood, one of the world’s hottest social media companies has promised to stride, offering urban rebirth in exchange for a tax break.
Tax incentives to bring businesses to blighted streets are not unusual. But this is San Francisco. And Twitter. The mayor supports the plan, but progressive politicians — and now the city’s largest public employee union — call the proposal a poorly crafted giveaway to the rich.
The conflict comes at a time when the city’s high tech economy teems with energy not seen since before the first Internet bubble burst more than a decade ago.
At issue is the city’s payroll tax. San Francisco is the only city in California to levy its business tax based on how much companies pay workers, rather than how much money they take in.
Since Twitter emerged as a side project of a San Francisco podcasting company in 2006, the business has grown from a handful of employees to a few hundred. With investors pouring money into Twitter, the company expects to grow to more than 3,000.
To do that, Twitter needs a lot more space. One option would be to flee to a sprawling suburban campus in Silicon Valley, where adding more employees would not mean adding to the tax bill.
But earlier this month, recently appointed Mayor Ed Lee announced what seemed like a winning solution for everyone. Twitter had signed a letter of intent to sign a six-year lease on several hundred thousand square feet of office space in a historic building in the struggling Mid-Market neighbourhood. The only condition: The city must agree to exempt Twitter from paying any new payroll taxes on any additional hires.
For a company that expects to add thousands of new of employees in the next few years, the savings would add up quickly.
“This is the moment we have been waiting for,” Lee said of the proposed deal. “The transformative nature of an anchor tenant like Twitter will revitalize this community.”
Yet in San Francisco, where an overall economy largely untouched by the recession has kept real estate prices among the highest in the country, some low-income residents worry that revitalization will just lead to higher rents. And city employees facing layoffs and contract concessions thanks to a massive budget shortfall resent what they see as a giveaway to venture capitalists and a bailout for landlords.
“Who are the (Twitter) investors?” Supervisor John Avalos told The San Francisco Examiner. “Probably some of the wealthiest people in this country. And we are giving them more wealth.”
Last Tuesday, members of a neighbourhood group protested outside Twitter’s current headquarters, about a mile from the proposed new offices.
They accused Twitter of not living up to its pledge to be a good neighbour. They complained neither the city nor the company have considered the low-income residents who would be adversely impacted by rising rents spurred by the prosperity Twitter could bring.
“The residents are feeling that if they’re not going to benefit from this revitalization that the city is pushing for, it really doesn’t make sense for these companies to stay in San Francisco,” said Angelica Cabande, director of South of Market Community Action Network.
Twitter declined to comment on the tax-break fracas.
As a result of the controversy, a lawmaker on the Board of Supervisors’ progressive wing, Ross Mirkarimi, has proposed an alternative measure he says will fix an underlying legal flaw that has led to anxiety among hot tech companies looking to grow.
San Francisco’s payroll tax is unusual enough, but one provision makes it even more unique. The city in 2004 added language to the tax code to make clear that tax collectors considered stock options a part of employees’ compensation and hence taxable as part of the payroll.
For tech startups, stock options are one of the most common ways to hold onto employees, especially when a lack of funds doesn’t allow them to offer competitive salaries. When lucky companies reach a point where they can make their initial public offering of stock, those options can turn into a major windfall for workers.
But for companies in San Francisco, that windfall sticks employers with a huge tax increase right at the time they’ve issued the stock in an effort to expand. Mirkarimi’s proposal would place a two-year moratorium on taxing any company’s stock options to ease the fears not just of Twitter, but other San Francisco-based startups like social gaming leader Zynga and consumer review website Yelp.
“You don’t want to write law in a way that only helps one company or one neighbourhood in one part of the city,” Mirkarimi said.
The Board of Supervisors is scheduled to vote Tuesday on the Twitter package, and Mirkarimi predicts it will pass even without his vote. If that happens, Service Employees International Union Local 1021, the public employees union, may seek a ballot measure that could delay the deal until voters weigh in.
City economic officials paint any failure of the deal not as a loss to Twitter but as a loss for the neighbourhood, where more than half of the available commercial real estate sits vacant. While Twitter is the big fish the city is seeking to catch, any businesses within the geographic zone defined by the legislation would get a similar tax break.
“The benefit we want, which is jobs in this area, is not happening without some incentive,” said Jennifer Matz, director of the city’s Office of Economic and Workforce Development. Without such incentives, she said, the neighbourhood has not seen improvement for a generation. “It resisted the last dot-com boom.”
From www.metronews.ca
Amex Rallied; AdCare Health Systems Ends $2.1 Million Convertible Note Placement
Apr 2nd
AdCare Health Systems, Inc. (AMEX:ADK) a major skilled nursing and assisted living provider, performed an initial closing of $2.1 million on a private placement of subordinated convertible notes due March 2014.
The notes, which are not secured and subordinated in right of payment to existing and potential senior indebtedness, will pay interest quarterly at an annual rate of 10.0% and are convertible into shares of common stock of AdCare at an initial conversion price equivalent to 115% of the smaller of the volume-weighted average price of AdCare’s common stock for the ten trading day phases before and following the submission of AdCare’s Annual Report on Form 10-K for the year ended December 31, 2010.
If after six months from the closing of the deal AdCare’s common stock trades at or over 200% of the conversion price for 20 out of 30 successive trading days, with an average every day trading volume of above 50,000 shares, then AdCare may compel conversion at its option.
Amex Composite Index (XAX.X) opened the day at 2,367.41, added +29.41 points or +1.24% and closed at 2,396.82 however its 52 week range firmed at 1,689.19 – 2,867.23.
Among the Highly Traded Stocks at AMEX, Avalon Rare Metals, Semiconductor HOLDRs recorded among the top.
Avalon Rare Metals (US listing) (AMEX:AVL) showed a positive weekly performance of +20.13% associated to its rate of return which for the month was +18.86%. Similarly the performance for a quarter continued to remain up with +43.43% and settled at +256.57% for a year however YTD performance firmed at +43.43%.
Semiconductor HOLDRs (ETF) (NYSE:SMH) total traded volume of 13.01 million shares beating the average volume of 7.82 million. Its shares were trading within the range of $33.92-$34.93 while its opening price was $34.89. Its market capitalization is $651.01 million. Its stock price 52 weeks low was $24.14 and 52 weeks high price was $36.78.
The Stocks that gained the most during the last session of trade at AMEX were Lucas Energy and Tri-Valley.
Lucas Energy, Inc. (AMEX:LEI) had engaged into a joint venture deal with Marathon Oil (East Texas) LP to continue with the growth of new wells in Wilson County, aiming the Eagle Ford and Buda geologic formations. Autonomous and main oil and gas companies progressively had been targeting the Eagle Ford Shale play in South Texas for the reason that some state it could be one of the biggest domestic crude oil and natural gas discoveries in more than 40 years.
Tri-Valley Corporation (AMEX:TIV) price to sales ratio ended at 4.31 and its price to cash per share was $36.21. Its market capitalization is $21.00 million. The stock owned by the Financial Institutions was 6.85% while by insiders was 0.40%.
Wizzard Software Corporation (AMEX:WZE) came forward as the most declining stock at AMEX with the dropped percentage change of -5.77% and closed the day at $0.24, however traded an overall volume of 1.46 million shares less than its average volume of 1.60 million shares.
Oil hovered once again by 1.14% yesterday and settled the day near $107.94 a barrel. However the Energy sector surged by +1.02% during yesterday business. Cleantech Transit, CLNO.OB and GreenHouse Holdings, GRHU.OB are the prominent business commencers in the Energy sector.
CLNO increased 2.00% to $0.127 however GRHU slightly reduced by 3.01% during yesterday trade and with an optimistic business it settled near $2.90.
Cleantech Transit Corporation is in the business of producing and conserving power. Company produces and sells clean electricity globally, with a focus on sustainable energies using renewable resources such as Geothermal, Solar and Wind. Company works on its goal to use innovative technologies to reduce electricity consumption and dependence on carbon based energy. A prominent portion of the world’s fossil fuels come from the world’s most volatile places. By reducing the use of oil derivatives, the dependence on foreign energy sources can be reduced.
Cleantech Transit Corp is in the business of producing and conserving power. Company produces and sells clean electricity globally, with a focus on sustainable energies using renewable resources such as Geothermal, Solar and Wind. CLNO is targeted on goal to use innovative technologies to reduce electricity consumption and dependence on carbon based energy.
A huge percentage of the world’s fossil fuels come from the world’s most volatile places. By reducing your use of oil derivatives, you reduce dependence on foreign energy sources, increasing our country’s energy security by converting energy from waste.
GreenHouse Holdings is a one-source integrator of energy management services. Company employs both short- and long-term solutions to help meet its clients’ energy-savings goals through programs that become more cost-effective year after year. Company’s programs are recognized for exemplary achievements in energy efficiency and demand reduction. The GreenHouse integrated approach offers customers effective energy program design, implementation, management and administration.
The GreenHouse Residential Services team provides construction and project management, real estate acquisition, pro forma, and land planning services all with a focus on using eco-friendly building products and technologies. GreenHouse empowers homeowners to reduce their energy use, save money and contribute to lasting change in our environment. Allow GreenHouse to turn your home into a high-efficiency machine. We have helped thousands of homeowners green their homes and reduce their monthly utility costs by up to 20-30%.
To sum up the situation, total 491 stocks are listed on AMEX out of which 244 remained up for the day and 192 remained down for the day, rest remained unchanged whereas 6 marked New Highs and 2 logged New Lows.
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