October 17, 2007
NEWS AT A GLANCE
A good night for Intel and Yahoo!
Shares in tech bellwethers Intel and Yahoo! shot up in after-hours trading, after the firms reported better-than-expected earnings. (Reuters) Intel shares rose more than 5 percent after the company said its third-quarter profits jumped 43 percent on booming demand for microprocessors. (AP in Yahoo! Finance) Yahoo’s profits dropped 5 percent, but its earnings beat expectations, sending shares up nearly 9 percent. (MarketWatch) IBM also had a strong quarter. “In the end, unemployment is low and job growth is decent,” said Intel CFO Andy Bryant, who was promoted to chief administrative officer. “When people are employed they spend.” (BusinessWeek.com)
Cablevision buyout in doubt
The Dolan family’s $10.6 billion buyout of Cablevision hit a snag when the firm’s largest shareholder signaled it will vote against the deal. (Reuters) ClearBridge Advisors, which owns 13.6 percent of Cablevision, said the Dolans’ $36.36-a-share bid is too low. Other large shareholders have already come out against the deal. Cablevision CEO James Dolan said he won’t raise the offer. (The New York Times, free registration required) The banks are already “being dragged kicking and screaming” to finish the deal, said Sanford Bernstein analyst Craig Moffett. “And it doesn’t look like the Dolans have any more equity to sweeten it with.” (Bloomberg)
Not your father’s Better Business Bureau
The 95-year-old Better Business Bureau is recasting itself as a proactive consumer advocacy group, rather than just being the “complaint people.” In a $1 million media campaign being unfurled today, the BBB is encouraging people to come to it for advice on purchases, scams, and trustworthy businesses and charities. The overhaul includes a revamped logo and a new slogan. With the Internet, especially sites like Angie’s List, “consumers now have an infinite number of resources and we have to make sure no grass is growing under our feet,” said Charlie Mattingly of the Louisville, Ky., BBB office. (The New York Times, free registration required)
To catch a fallen Broadway star
The best show on Broadway might just be a free one, but you have to wait until a star dies to catch it. Memorial performances for dead singers, actors, writers, and other beloved Broadway personalities draw a devoted group of groupie-cum-mourners. Lining up for hours to see the shows can be a way to pay your respects, but it also lets you see living celebrities. Gerald Schoenfeld, chairman of the Schubert’s Majestic Theater, says his and other theaters “have become a new kind of memorial chapel.” But “it’s not a funeral,” says show habitué Francine Greene, 78. “It’s one of the best shows you’ll ever see.” (The Wall Street Journal)
of The Week magazine.