Stock Preacher

Dell disclosed yesterday that it was preparing to enter the Smart Phone business, adding to the escalating competition as mobile handset and computer makers converge on one of the only parts of the personal technology market still showing strong growth and profits. Confirmation of Dell’s long-rumored intentions in the mobile market came as China Mobile showed off a model of a Dell Smart Phone running Google’s Android operating system. Dell described the handset as a “proof-of-concept prototype” and said that the company was working with the Chinese mobile operator on launch plans. Dell did not disclose further details or timing.

Popularity: 2% [?]

European shares hit a 10-month high last week but fell back on Friday, tracking losses on Wall Street. Talk that LVMH could sell its coveted Moët Hennessy division to long-time suitor Diageo sent the luxury brand group’s shares higher. LVMH has repeatedly denied it is planning to sell, in spite of rumors that Diageo is a willing buyer. It ended the week up 3.2% at €65.62. Nestlé shares fell 4.3% at SFr42.20 after the Swiss food group reported a slide in profits and sales in its interim results. Read more

Popularity: 1% [?]

China’s carbon emissions will start falling by 2050, its top climate change policymaker said, and the 1st time the world’s largest emitter has given such a time-frame. Whether China will agree to some kind of cap on its emissions is a critical question ahead of global climate change talks in December in Copenhagen. Beijing argues, as do most developing countries, that developed nations should take responsibility for cutting emissions first, since global warming originated with their industrialization. China and India have been resisting pressure from developed nations to agree to a target of reducing emissions by an overall average of 50% by 2050. Beijing’s view is this; that as China still needs to grow its economy to help its people escape poverty, it is too early to discuss emissions caps. The Chinese Academy of Sciences has said that with major technological support from developed nations, China could see its emissions peak between 2030 and 2040. Other Chinese experts say carbon output will keep rising until 2050 unless radical controls are adopted. No radical programs are under way at this time.

Popularity: 1% [?]

Colonial BancGroup Inc., the Alabama lender facing a criminal probe, had its banking operations closed by regulators and taken over by BB&T Corp. in the biggest failure since Washington Mutual Inc. collapsed last year. Regulators also shut two companies in Arizona, one in Las Vegas and one in Pittsburgh on Friday, pushing the tally of failed banks this year to 77. Branches and deposits of Colonial Bank, ranked second in its home state, were turned over to BB&T in a deal brokered by the Federal Deposit Insurance Corp., the regulator said in a statement. The failure of Montgomery-based Colonial followed a Florida expansion that left the company with more than US$1.7B in soured real-estate loans. Regulators are closing banks at the fastest pace in 17 years. Read more

Popularity: 1% [?]

US carmaker Ford Motor Co. announced yesterday that it is boosting Q-3 production in North America by another 10,000 units to meet increased demand for its vehicles. According to Ford Americas President Mark Fields, the company’s third-quarter production goal is now 495,000 units, about 18% higher than a year ago. Ford also increased its production targets for the fourth quarter to 570,000 vehicles, a 33% increase over the same period last year. Ford is one of the biggest beneficiaries of the federal government’s “cash for clunkers” program. Its Ford Focus compact has been one of the most popular choices for customers taking advantage of the program, which provides up to US$4,500 to motorists trading in gass guzzlers for new, more fuel-efficient vehicles. Recently US President Barack Obama signed into law a US$2B extension of cash for clunkers program after Transportation Secretary Ray LaHood warned Congress the program was about to use up the initial US$1B allocated by lawmakers.

Popularity: 2% [?]

Wal-Mart Stores Inc. reported Q-2 earnings Thursday that beat Wall Street expectations, and they said that they are preparing for the US consumers’ newly adopted frugality to be the “new normal” as they do not expect consumer spending to recover in the near term. Lower-priced stores may be suffering less than other retailers during the recession, but that still presents big challenges. Wal-Mart saw an unexpected drop in same-store sales at its U.S. stores for the quarter. Spokesman John Simley said the quarterly decline is believed to be Wal-Mart’s first ever, but noted that same-store sales would have been flat without food price drops. Same-store sales is a Key industry indicator comparing year-over-year sales at stores open more than a year. Customers at Wal-Mart, the world’s largest retailer, are paying for more of their purchases in cash or with debit cards than with credit cards, and they keep buying less expensive products and smaller amounts.

Popularity: 2% [?]