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2 Price Waterhouse employees arrested in India
Police in India arrest 2 Price Waterhouse employees in connection with Satyam fraud
Sunday January 25, 2009, 7:19 am EST
HYDERABAD, India (AP) -- Police in India have arrested two employees of Price Waterhouse, the auditors of the troubled Indian outsourcing giant Satyam Computer Services Ltd.
S. Gopalakrishnan and T. Srinivas of the auditing firm are being investigated for fraud and criminal breach of trust, senior police official A. Siva Narayana said late Saturday.
Satyam's founder and former chairman, B. Ramalinga Raju, confessed earlier this month to perpetrating a $1 billion fraud.
Price Waterhouse subsequently said its audit reports for the last eight years relied on potentially false data provided by Satyam and should be disregarded.
In a statement Saturday, Price Waterhouse said "we do not know the basis for them being detained. Over the last fortnight, the firm has fully cooperated in all inquiries and has provided the documents called for by the Indian authorities."
It added that Price Waterhouse shares the Indian government's desire to understand the "full extent" of the fraud and will continue to cooperate with authorities.
Price Waterhouse is part of the global PricewaterhouseCoopers International Ltd. network.
Satyam's Raju, his brother B. Rama Raju, former chief executive, and Srinivas Vadlamani, former chief financial officer were arrested earlier in the month.
Car dealers try to survive as economy, sales drop
Auto dealers' convention focuses on survival as sales drop and economy keeps buyers home
Tom Krisher, AP Auto Writer
Sunday January 25, 2009, 7:17 am EST
NEW ORLEANS (AP) -- At this year's version of the National Automobile Dealers Association convention, survival has passed maximizing profits as the focus of the annual event.
So as thousands of dealers from across the U.S. gathered Saturday in New Orleans, they were greeted by workshops entitled "Selling up in a down economy: Taking the bull by the horns" and "Tough times, tougher dealers: Saving your dealership's assets."
By almost all accounts, 2009 will be among the toughest years ever faced by the roughly 20,000 new car dealerships in the U.S., with sales of cars and lightweight trucks projected to shrink by as much as 6 million vehicles from the 16.1 million sold as recently as 2007. Sales last year were 13.2 million, down 18 percent from 2007, and December sales ran at an annual rate of around 10 million. Last year's sales were the worst in 26 years.
The workshops, said convention Chairman Jeff Carlson, are designed to help dealers cope with 2009 and make it to the day when the auto market bounces back.
"It's our charge to serve the dealers and to help them do everything that they can to remain viable," said Carlson, who runs two Ford Motor Co. dealerships in Colorado.
According to the NADA, about 900 dealerships closed last year, largely due to the economy. Another 200 dealerships were opened, the association said.
Dealers selling cars made by Chrysler LLC, General Motors Corp. and Ford Motor Co. are particularly under pressure with declining sales, and the automakers are seeking to thin their ranks to make the remaining dealers more profitable.
At the convention, where attendance likely will be down at least 15 percent from the 10,000 dealers and spouses who went last year, the workshops will teach dealers how to get lean and focus on areas where they're making money, Carlson said.
"Those that are not, you still have them, but you have to make sure you're as efficient as possible so they don't eat you up," Carlson said.
That's exactly what Phil Spady, who owns Chrysler dealerships in Columbus, Neb., and Yankton, S.D., says he is doing. Because Chrysler new-car sales are were off 30 percent last year, Spady is shifting his focus.
"I'm going to pull through with the used-car business," said Spady.
Jim Farley, Ford Motor Co.'s marketing chief, said he has seen dealers make dramatic cuts in expenses and employees to survive this year.
All of the Detroit Three have been trying to cut their dealership ranks, which grew when they each had a larger share of the market. All three say they don't have targets, but they are focusing on metro areas that have too many dealers representing a particular brand. Companies have been trying to consolidate dealerships, but some have simply gone out of business.
GM ended last year with 6,721 dealers, down 401 from December of 2007, while Chrysler saw its dealer ranks drop by 287 to about 3,300. Ford ended the year with about 3,700 dealers, about 300 less than in 2007.
At each company, dealers sell far fewer vehicles on average than Toyota Motor Corp. dealers. Detroit automakers would like to change that so the remaining dealers have more capital to invest in their facilities and in hiring the best sales and service people.
Automakers and analysts say that thinning dealer ranks shouldn't hurt consumers because there still are a number of brands to keep the market competitive.
At GM, dealers are anxious because the company told Congress in an effort to get government loans that it intended to cut about 1,700 dealers by 2012. The company has put its Saab and Hummer brands up for sale, and it is talking to dealers about buying the Saturn brand, among other options. Pontiac will be reduced to just a few models.
GM is to get $13.4 billion in loans, while Chrysler is trying for $7 billion.
Mark LaNeve, GM's marketing chief, said Saturday the company is trying to manage the natural attrition that's occurring due to the economy. But he concedes dealers are still anxious, mainly about when auto sales might recover.
"There's nothing we can say that is going to calm the dealers down right now," he said.
With the U.S. market slumping, Chrysler has backed away from its plans to consolidate single dealerships into dealers that sell all three Chrysler brands -- Chrysler, Dodge and Jeep.
Steven Manley, executive vice president of sales and marketing, said the company will still try to merge weaker dealers with stronger ones when they get into financial trouble, but it's not aggressively cutting dealerships now for fear of losing sales.
"We don't want to do it at a risk of losing volume," he said.
Sales in January are either about the same as a dismal December, or a little better, depending on the manufacturer.
So dealers like Spady are just trying to hold on until things get better. The publicity over Chrysler and GM requesting government loans has hurt sales, but he expects that to improve as time passes.
"We need them to stay out of the news for a while. It's hard to sell to a customer when 30-60 days ago they're screaming all over the news that the companies are broke," Spady said.
Carlson expects things to get better, or at least stabilize, in the third quarter of the year. But if sales don't return by then, good dealers still will survive, as they did in the early 1980s when U.S. sales tanked in a recession.
"Some of us older dealers have seen this before," said Carlson, who bought into the dealerships in 1982. "I will assure you that we can survive this."
Good morning . What's on your otcbb/pink PAB radar for the week Tina ? Lets get some charts up here.
Hototc.com <info@hototc.com>
Saturday, January 24, 2009 10:08 PM
Weekend Update
I will be announcing a new big pick Sunday night.
There were a few good hits this week. If you use the appropriate stops and risk management you can still do extremely well even if you're wrong half the time.
ACTC hit a new high of $0.17 this week representing a gain of roughly 400% since my Dec. 17th alert.
EESO hit a high of $.01 on Friday representing a gain of roughly 450% since my initial alert on Jan 14th.
STEM closed up 17.67% on Friday after my mid day alert on Thursday.
PNC closed up roughly 4 points from my Wednesday mid day bounce alert.
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8 years old, amazing ...
It's all legitimate, lol, like hell it is. They sign an independent contractors agreement to protect the club owners from the law. I actually know a few girls over there as well as some other clubs in Tampa. If you have the cash most of them will do anything. They are like sharks in the ocean searching for prey.
"It's all legitimate,'' Outland said. "All my girls sign a seven-page contract saying they won't do anything illegal."
I thought it was open, you can remove my picks then. It's not fun to play along without something rewarding on the line. See you next season, thanks for all of your work.
1 4 5 7 10 11 13 16 18 20 22 23 25 27 31 34 36 37 40 27-24 Steelers
Steelers 27 Arizona 24
Crystal ball seems to be working well.
Marked, have a great weekend.
Probably not enough to marry it :)
It's been a good plan today, that's for sure.
On your mark, get MCET, go. .018 + .0137
MCET .018 new high of the day .
MCET .018 new high of the day .
A great way to end the week Ronnie.
MCET .0135 another new high for the day
MCET .0131 a new high of the day
A little pat on the back I see. :)
MCET high of day .013 +.0087
MCET .0121 x .013
MCET partnerships ...
From company website :
http://www.multicelltech.com/partnerships.html
MCET partnerships ...
From company website :
http://www.multicelltech.com/partnerships.html
MCET .011 + .0067
MCET .011 + .0067
MCET ...
MCET .009 +.0047
MCET .009 +.0047
GVHR 2.03 + .06
Get ready, get MCET, go ! .0084 + .0041
And also on lower volume when it started off in November 2008.
Gold ends at 3-month high at Rs 13,765Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Press Trust of India
Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Gold prices ended at an all-time high of Rs 14,105 on October ten, 2008.
Silver also firmed up on good industrial buying on the back of higher global advices.
Weak equity markets forced investors to shift their funds to bullion and also boosted the prices of precious metals to some extent, a dealer said.
Gold jumped by two per cent in London to a near three-week high as volatility on the currency markets drove investors to opt for buying bullion.
The other main external driver of gold, oil prices, softened on Friday, falling below $43 a barrel after a larger than expected rise in US crude stocks and with bearish economic data dampening hopes for a resurgence in demand.
Spot gold was quoted at 873.30/874.90 an ounce against $855.55 late New York yesterday. Spot silver also climbed to USD 11.53/11.61 an ounce from $11.38 an ounce previously.
Gold futures rose in New York as grim economic data, falling US equities and ongoing concerns about the financial sector increased the metal's appeal as a safe haven.
Turning to the domestic market, standard gold (99.5 purity) shot up by Rs 280 per ten grams to Rs 13,765 from
Thursday’s close of Rs 13,485.
Pure gold (99.9 purity) also hardened by Rs 270 per ten grams to Rs 13,820 from Rs 13,550. Silver ready (.999 fineness) flared up by Rs 235 per kilo to Rs 19,055 from Rs 18,820 previously.
Copyright © 2008 NDTVProfit Media All Rights Reserved
Gold ends at 3-month high at Rs 13,765Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Press Trust of India
Gold prices ended at more than a three-month high at Rs 13,765 per ten grams on the bullion market in Mumbai on Friday on fresh stockists enquiries on the back of higher global advices amidst fall in equity markets.
Gold prices ended at an all-time high of Rs 14,105 on October ten, 2008.
Silver also firmed up on good industrial buying on the back of higher global advices.
Weak equity markets forced investors to shift their funds to bullion and also boosted the prices of precious metals to some extent, a dealer said.
Gold jumped by two per cent in London to a near three-week high as volatility on the currency markets drove investors to opt for buying bullion.
The other main external driver of gold, oil prices, softened on Friday, falling below $43 a barrel after a larger than expected rise in US crude stocks and with bearish economic data dampening hopes for a resurgence in demand.
Spot gold was quoted at 873.30/874.90 an ounce against $855.55 late New York yesterday. Spot silver also climbed to USD 11.53/11.61 an ounce from $11.38 an ounce previously.
Gold futures rose in New York as grim economic data, falling US equities and ongoing concerns about the financial sector increased the metal's appeal as a safe haven.
Turning to the domestic market, standard gold (99.5 purity) shot up by Rs 280 per ten grams to Rs 13,765 from
Thursday’s close of Rs 13,485.
Pure gold (99.9 purity) also hardened by Rs 270 per ten grams to Rs 13,820 from Rs 13,550. Silver ready (.999 fineness) flared up by Rs 235 per kilo to Rs 19,055 from Rs 18,820 previously.
Copyright © 2008 NDTVProfit Media All Rights Reserved
It's usually AUTO now, in the past it's been UBSS.
What stock?
GVHR 2.00 + .03
MCET .0089 + .0046
MCET .0083 + .004
MCET .0083 + .004