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Dow falls 186 in afternoon trading
by Paul J. Gough
23 May 2012 at 10:27am
The Dow Jones Industrial Average fell 186.80 points around noon as the market absorbed continued news about the European Union financial crisis, not-so-good news from computer maker Dell and relatively good housing news in the U.S.
The Dow Jones dropped to 12,317.46 at 12:10 p.m., which was a decline of 1.5 percent. The S&P 500 dropped 1.4 percent to 1,297.82, and the Nasdaq was down 1.4 percent to 2,797.73. Facebook (Nasdaq: FB) was up 3.5 percent to $32.09 a share, but a survey of many Pittsburgh-region...
Facebook lawsuit alleges unfair IPO disclosures: Report
by Frank Devlin
23 May 2012 at 10:24am
In the latest Facebook IPO-related lawsuit, shareholders are suing the company and banks with a hand in its initial public offering, saying they ?hid Facebook?s weakened growth forecasts,? Reuters reports.
The stockholders say they have been hurt by a decline in the value of Facebook (NASDAQ:FB) stock since it was issued at $38 a share. It was trading Wednesday at $31.92. The banks include Morgan Stanley (NYSE:MS).
The lawsuit in U.S. District Court in Manhattan claims forecasts were available...
6 health-related Boston firms backed by General Catalyst
by Kyle Alspach
23 May 2012 at 10:20am
Cambridge-based General Catalyst Partners, a prolific investor in Boston area startups whose portfolio is heavy on tech, is planning to make health care a key focus of its new $500 million venture capital fund, according to Dow Jones VentureWire.
Managing director John Simon told VentureWire that the firm plans to build on its handful of investments into companies in medical devices ? iWalk of Bedford, Fractyl Labs of Waltham and DC Devices of Cambridge.
General Catalyst has also invested into...
BofA's Moynihan 'comfortable' with bank's position
by Adam O'Daniel, Charlotte Business Journal
23 May 2012 at 10:12am
Brian Moynihan isn't worried about a JPMorgan-esque trading loss happening at Bank of America , the Charlotte-based bank CEO told analysts Monday.
Moynihan at an investor conference said he is "very comfortable" with BofA's corporate investment accounts, according to Reuters. Moynihan responded to questions about BofA's hedging positions by saying the bank buys insurance against some large corporate loans, but doesn't make larger hedges similar to the recent JPMorgan position that has lost at...
Fundraising roundup: Miromatrix reels in $3M more, Capital Partners launches ...
by Katharine Grayson
23 May 2012 at 9:58am
The Innovation|MN column has been out of commission for a couple weeks as I?ve been busy editing our Women in Business Awards project. To get back to speed, I?ve rounded up some notable Twin Cities fundraising news from recent weeks.
?Biotech startup Miromatrix has raised about $3 million in capital. The funding comes on top of the $2 million in financing the company raised last year. The firm, which spun out of the University of Minnesota, aims to close out the round with about $6 million...
Wells Fargo Advisors names Atul Kamra head of advice
by Greta Weiderman
23 May 2012 at 9:55am
Wells Fargo Advisors officials today announced the appointment of Atul Kamra to the newly created role of head of advice. He will be based in St. Louis and lead an expansion of the firm?s advice capabilities, the company said.
Kamra will partner with the investment strategist team working across the wealth, brokerage and retirement division.
He most recently served as president of First Clearing, a St. Louis-based affiliate of Wells Fargo & Co., where he helped grow the company into one of the...
Hilliard Lyons upgrades Republic stock to ?buy?
by Kevin Eigelbach
23 May 2012 at 9:47am
Hilliard Lyons analyst Ross Demmerle has raised his rating of Louisville-based Republic Bancorp Inc., the holding company for Republic Bank & Trust Co., from ?neutral? to ?buy,? with a price target of $27 per share.
The company?s stock has dropped from a high of $27.50 on Feb. 16 to $20.62 yesterday, which makes it an opportune time to buy, Demmerle wrote in his report. He wrote that he failed to see any reason for the recent decline in value.
Republic reported record earnings of $3.92...
Clovis? IRS office scheduled for closure
by Kathi Schroeder
23 May 2012 at 9:23am
The Internal Revenue Service said it plans to close 43 of its small offices, including one in Clovis, and consolidate others as it reduces its facilities footprint around the U.S. No IRS employees will lose their jobs, says an agency spokesman.
The moves, which will take place over the next two years, are expected to save more than $40 million in taxpayer dollars. Coupled with space reductions last year, the initiative will slash total IRS office space by more than one million square feet.
?Given...
BB&T tops in N.C. for small-business lending
by Lee Weisbecker
23 May 2012 at 9:17am
BB&T Corp. has been North Carolina?s most active small-business lender in the past six months, according to the Small Business Administration's Charlotte office.
From October through April, Winston-Salem-based BB&T (NYSE:BBT) made 63 loans valued at $10.8 million through the SBA?s 7(a) lending program.
Wells Fargo & Co. (NYSE:WFC) ranks second with 56 loans valued at $20 million. Southern Bank & Trust is third on the list, making 21 loans valued at $2.3 million. VantageSouth Bank, which is...
SunTrust SBA ?Export Lender of the Year?
by Jacques Couret
23 May 2012 at 8:56am
The U.S. Small Business Administration has named SunTrust Banks Inc. an Export Lender of the Year for the third consecutive year.
The award recognizes making the most export working capital loans to U.S. exporters in 2011.
Atlanta-based SunTrust (NYSE: STI) said its SBA Export Working Capital program provides loans to small business exporters seeking short-term working capital to fund direct export costs. Loans can be used to finance foreign account receivables, purchase finished products for export,...
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Currency Exchange Thirsk News
Currency exchange office opens at Rivercenter
22 May 2012 at 7:44pm A Foreign Currency Exchange branch buying and selling more than 70 foreign currencies opened last month at Rivercenter mall downtown. The two-employee branch, the Tampa, Fla.-based company's first in Texas, operates on the street-level corridor leading to Macy's Inc. department store and is open 10 a.m. to 9 p.m. Monday through Saturday. Branches typically grow to three to five employees, said ...Read more...
Dollar and precious metals at a glance
22 May 2012 at 1:46pm Key currency exchange rates Tuesday, compared with late Monday in New York:Read more...
Argentina: Black market grows with currency
19 May 2012 at 9:48am Associated Press (AP) The man in the brown suit doesn't need to speak above a whisper to sell his goods along a busy street in the Argentine capital: "Money change. Money ?Read more...














