Downtown to host statewide pubco conference
Posted on February 8, 2010 at 3:07 pm
Accounting firm Crowe Horwath and investor relations specialists Corporate Communications are the title sponsors of the first Invest Tennessee Equity Conference to showcase Volunteer State public companies to investors and analysts. The one-day event, modeled after others held in nearby states, will take place in late May at the Nashville Convention Center.
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AT&T, union try again
Posted on February 8, 2010 at 1:01 pmAfter a December labor agreement was voted down by workers, AT&T and the Communications Workers of America have hammered out another deal proposal that tweaks some benefit provisions.
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Maury plant closing as parent is acquired
Posted on February 8, 2010 at 12:37 pmThe Mapa Spontex plastic glove plant in Columbia will be shut down this spring, costing more than 130 people their jobs. The factory and Mapa Spontex as a whole are in the process of being bought for $500 million by New York-based global player Jarden Corp. The layoffs start March 19.
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Houston airport extends Central Parking deal
Posted on February 8, 2010 at 12:07 pmCentral Parking and its joint-venture partner Global Parking has been awarded a five-year extension to their management contracts at Houston’s Hobby and Bush airports. As part of the deal, the companies will upgrade their fleet to run only on compressed natural gas.
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Chamber’s new Web digs
Posted on February 8, 2010 at 11:33 amThe Nashville Area Chamber of Commerce launched its new website today. The five-month revamp project by Nashville’s Atiba looks well worth it.
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Spheris’ bankruptcy a year in the making
Posted on February 8, 2010 at 10:51 amJefferies & Co. has been working with bankrupt Spheris since February of last year, according to court documents filed Friday. The financial advisory and investment banking firm has been analyzing the medical transcription company’s business, identifying and evaluating potential acquirers, negotiating with interested parties, etc. In total, Jefferies has received more than $880,000 from Spheris prior to the petition date.
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Everyone’s thinking M&A
Posted on February 8, 2010 at 10:04 amAt least it seems that way. On this morning’s Q4 conference call, HealthSpring executives discussed the possibility of acquisitions this year:
“We continue to think in this environment there will be M&A opportunities,” said Chairman and CEO Herb Fritch. “We continue to think it’s a preferred way to expand geographies rather than de novo expansions, so we’re continuing to explore the options out there.”
Karey Witty, CFO, said getting more clarity on health reform might “free up some opportunities,” but in terms of timing there’s “no magic catalyst, necessarily.”
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Local named partner at interactive marketing firm
Posted on February 8, 2010 at 9:53 amRosetta Marketing Group has promoted Nashville-based Steve Gustafson to partner. Gustafson has been with the interactive marketing agency — which counts Tractor Supply and LifeWay among its local clients — since the latter acquired Brulant in 2008.
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CHS sued by former Florida contractor
Posted on February 8, 2010 at 9:21 amA Florida-based insurance claims management firm has accused Community Health Systems of improperly ending the companies’ contract five years ago. The case could be worth as much as $18 million.
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Nissan’s marketing VP Brazil-bound
Posted on February 8, 2010 at 8:47 am
As part of a broader executive shuffle, Nissan has promoted its North American Vice President of Marketing Christian Meunier to run its Brazil unit. There’s no replacement yet and North America sales chief Brian Carolin will fill the gap for now.
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D1 recruits big names in Birmingham
Posted on February 8, 2010 at 8:25 am
Cool Springs-based D1 Sports is preparing to open a 14,000-square-foot facility near Samford University in Birmingham. On board as co-owners are ex-Crimson Tide QB Brody Croyle and teammate DeMeco Ryans as well as a bobsled Olympic medal winner. It’s D1’s ninth facility.
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Nashville gets a D- for drinking
Posted on February 8, 2010 at 8:03 am
And in this Men’s Health ranking, that doesn’t mean we need to work on our boozing: We’re the 14th-drunkest city in the country.
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Four in a row for Reliant
Posted on February 8, 2010 at 7:53 amBrentwood-based Reliant Bank posted a fourth-quarter profit of about $300,000, its fourth straight quarter in the black. For the year, the bank — which last summer bought a Maryland Farms branch from Magna Bank — earned $2.3 million.
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Crunching the labor numbers
Posted on February 8, 2010 at 7:46 amThere are a number of different ways to interpret Friday’s release of the latest labor data, which showed a 0.3 percentage point drop in the national unemployment rate. Here are a few.
From Barry Ritholtz: ‘A closer look suggests that many people may be underestimating the recovery.’
From Planet Yelnick: ‘It appears we are rapidly creating a huge chunk of the workforce that will be chronically unemployed.’
From David Altig at the Atlanta Fed: ‘Have businesses in the United States found ways to permanently enhance efficiency, locking relatively high productivity growth?’
From Donald Marron: ‘The most encouraging item in today’s jobs report was the sharp drop in underemployment.’
From Andrea Coombes at MarketWatch: ‘Talk about mixed signals. The construction industry lost 75,000 jobs in January, while the manufacturing sector grew for the first time since January 2007.’
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CVS Caremark is Fast Money panelist’s best idea
Posted on February 8, 2010 at 7:20 am
Karen Finerman, a regular contributor to CNBC’s Fast Money roundtable, says investors should take a look at CVS Caremark, which she says has 50 percent upside.
“You’re getting the PBM side of the business for about 7 times earnings,” she said, “and that is just way, way too cheap.”
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