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Wall Street bounces back Monday
by Patty Tascarella
21 May 2012 at 2:26pm
Wall Street snapped its losing streak Monday. The Dow Jones Industrial Average ended trading at 12,504.48, up 135.10 points, or 1.09 percent. Nasdaq rose 68.42 points, or 2.46 percent, to 2,847.21. American Eagle Outfitters Inc. (NYSE:AEO) led a sampling of Pittsburgh companies with a 10.49 percent, or $1.93, surge upward to finish at $20.33 per share, 80 cents short of its 52-week high. Early Monday, the company said it was exiting the kids? apparel business. Here?s how others fared: GNC...
PSM declares 373% revenue hike for FY Q3
by Dennis Domrzalski
21 May 2012 at 2:05pm
Roswell-based PSM Holdings, Inc., a mortgage banking and brokerage company, said Monday its quarterly revenue for the period that ended March 31 had increased by 373 percent over the same period last year. The firm said revenue for its fiscal year third quarter grew to $3.6 million over the previous year?s quarter. For the first nine months of its fiscal year, revenue increased 189 percent, to $9.2 million. The firm said in a statement that the revenue increases were a result of five acquisitions...
A nickname for the BMO Harris Bradley Center?
by Rich Kirchen
21 May 2012 at 2:00pm
The Bradley Center has been known in Milwaukee sports circles by the nickname ?The BC? after its initials, but what will sports fans call the new BMO Harris Bradley Center? The naming-rights announcement is significant for the Bradley Center, the Milwaukee Bucks and naming-rights holder BMO Harris Bank. It is a serious commitment to the community by BMO Harris and is expected to literally give the Bucks a new lease on life at the downtown facility. But sports venues frequently get nicknames...
Zeller: Newly refinanced LaSalle Plaza is not for sale
by Sam Black
21 May 2012 at 1:47pm
Zeller Realty isn't selling LaSalle Plaza. The Chicago-based commercial real estate company recently completed a refinancing of LaSalle Plaza with U.S. Bank Commercial Real Estate, a unit of Minneapolis-based U.S. Bancorp. Neither Zeller or US Bank would disclose terms of the deal, but sources estimated the loan was worth about $92 million. The refinancing will enable Zeller to reduce its borrowing costs, reinvest cash-flow in the property and complete the leasing and construction of some remaining...
Washington Federal's surprising strategy for those super-low mortgage rates
by Greg Lamm
21 May 2012 at 1:43pm
The average interest rate for a 30-year home loan in April was 3.91 percent, according to Freddie Mac. That?s just a blip higher than the 3.89 percent rate in February, which was the lowest monthly average in the past 41 years. Cheap money has been a one bright spot for potential homeowners. But not all bankers see the low interest rates as an opportunity. In an article this week in the Puget Sound Business Journal (subscription required), I wrote about how those low rates are affecting strategies...
Shareholder tells Radian to consider sale, stock jumps
by Jeff Blumenthal
21 May 2012 at 1:31pm
One of the biggest shareholders of mortgage insurer Radian Group has asked the board to either release detailed information about its legacy mortgage insurance and financial guarantee books or simply sell the company. New York-based money manager Clinton Group said it believes Philadelphia-based Radian is a great franchise. ?However, our fellow shareholders appear to be skeptical that the company has sufficient reserves against future claims and are worried about the magnitude of future defaults,?...
JPMorgan Chase suspends $15B stock-buyback program
by Lance Murray
21 May 2012 at 1:26pm
JPMorgan Chase & Co. has suspended its $15 billion share-buyback program in the wake of the bank's $2 billion-plus trading loss. The Wall Street Journal reports that CEO Jamie Dimon said the loss inhibited the bank's ability to strengthen its capitalization. Dimon said Monday that the bank has made progress on risk reduction, the Journal reported. "We're going to wrestle this problem down, and hopefully by the end of the year we will make this something we don't need to talk about," he said. The...
Ballston Spa Bancorp taps BBL CFO for board seat
21 May 2012 at 12:56pm
Ballston Spa Bancorp Inc., the parent company of Ballston Spa National Bank, has elected Stephen J. Obermayer, to its board of directors. Obermayer is filling the seat vacated by Ronald G. Harrington who recently retired after 24 years. Obermayer is the chief financial officer of BBL Construction Services LLC and president of BBL Hospitality. Obermayer also serves on the boards of Junior Achievement, St. Peter?s Hospital Foundation, and the Capital District YMCA.
Fed: Minnesota banking conditions 'mixed' in Q1
by Jim Hammerand
21 May 2012 at 12:43pm
Minnesota banks reported mixed performance in the first quarter, the Federal Reserve Bank of Minneapolis said on Monday. Profits and loan growth improved while asset quality declined, according to data from the state's 366 commercial banks. "Compared with last year at this time, Minnesota banks reported stronger asset quality, improved profitability and continued capital growth," Ron Feldman, the Minneapolis Fed's senior vice president of supervision, regulation and credit, said in a news release....
Activist investor buys more Nautilus shares
by Matthew Kish
21 May 2012 at 12:20pm
Activist investor Norman H. Pessin has purchased more shares of Vancouver's Nautilus Inc., according to a regulatory filing he made Friday. Pessin and his wife, Sandra F. Pessin, now own 7 percent of the company. Norman Pessin purchased more than 350,000 shares between March 22 and May 8 for prices between $2.31 and $2.80 per share, adding to a previously disclosed 5.5 percent joint stake in the company. Norman Pessin did not immediately return a call for comment. In a previous regulatory filing,...
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