Senior Sony exec retiring
Posted on November 20, 2009 at 1:23 pm
After almost three decades in the Sony Music family, Butch Waugh will ride into the sunset Dec. 31. He has spent the last 12 years of his career in Nashville and was a big part of the emergence of Kenny Chesney, Martina McBride, Brad Paisley and Carrie Underwood.
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Didn’t we just tell you this?
Posted on November 20, 2009 at 12:59 pmFor the second Friday in a row, Synovus Financial — the parent of The Bank of Nashville — has come out and told investors it has enough capital to weather the economic storm.
“While we do not believe our credit losses will reach the SCAP ‘More Adverse’ scenario levels, which would imply credit losses of almost $3.3 billion between January 1, 2009 and December 31, 2010, we believe that we have the capital and earnings capacity that would be needed under that scenario. We are pleased with our current core deposit trends as we continue to increase the core deposit funding percentage of our loan portfolio.”
SEE ALSO: Tom Brown says the stock can quintuple in two years.
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Local exec to help lead energy trade group
Posted on November 20, 2009 at 12:39 pm
Longtime oil and gas executive Gigi Lazenby has been named vice chairman of the Independent Petroleum Association of America, the trade group that represents thousands of America’s small drillers.
“These are extremely challenging times for America’s independent oil and gas producers, but I’m excited to hit the ground running and to continue our fight for expanded 21st century domestic energy exploration. Congress and the administration have made energy security and climate change top priorities, and IPAA remains committed to working with policymakers in Washington to find commonsense energy solutions that encourage responsible production of all energy resources here at home, including oil and natural gas,” said Vincent.
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What the government will do when prime mortgages go foul
Posted on November 20, 2009 at 11:10 am
Analyst David Hendler of CreditSights sees more of what got us to today’s government-supported, not-really-healthy-at-all housing and banking sectors.
“[T]he prime residential mortgage crisis is probably going to require another massive government assistance program in that range of half a trillion [dollars] or more,” Hendler said. “And if this program is extended, it will lead to more bank regulatory restrictions with more capital and higher prudential liquidity levels. This would reduce the banks’ appetite and ability to take lending risks and put pressure on profitability.”
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Analyst action: Clarcor, CVS, SunTrust
Posted on November 20, 2009 at 10:42 amBB&T analyst Kevin Maczka on Thursday raised his rating on shares of Clarcor (Ticker: CLC) from ‘hold’ to ‘buy.’ His target price for the Franklin-based filtration and packaging company is $40, 27 percent above its Wednesday close.
Two stocks with a local presence have also received votes of confidence. At Credit Suisse, Craig Siegenthaler has lifted his target for SunTrust (Ticker: STI) to $23 from $21, while UBS analyst Neil Currie has started covering CVS Caremark (Ticker: CVS) with a ‘buy’ rating and a $34 target.
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Can’t wait till 2011
Posted on November 20, 2009 at 10:08 amNo, really — some hotel owners won’t make it to 2011 for the true market upswing predicted by the folks at Hendersonville-based Smith Travel Research. And that’s not necessarily a bad thing.
“There’s a constant drain on the industry to continue to support marginal properties,” Smith said. “Properties that go bankrupt yet stay open and obsolete properties that should be demolished yet stay open are all drains on good operators of properties. Some way to close those properties would be a reward to all of the operators who perform well year after year.”
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What can brown do to FedEx?
Posted on November 20, 2009 at 9:41 am
The team at the Tennessee Center for Policy Research take issue with UPS’ efforts to introduce labor law changes that would hurt one of Tennessee’s largest employers.
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Let’s compare our mortgage malaises, shall we?
Posted on November 20, 2009 at 9:19 amFrom the BERC’s latest Housing Brief:
Oh, by the way: The national numbers have gotten quite a bit worse in a rather short time.
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Consortium featuring Ingram Barge nets grant
Posted on November 20, 2009 at 8:28 am
The Environmental Protection Agency has approved a $2 million grant from the Recovery Act kitty for the Mississippi River Corridor Tennessee to retrofit Ingram Barge diesel engines. The program is expected to remove particulates equivalent to 200 trucks.
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NHI buys five facilities
Posted on November 20, 2009 at 8:08 amNational Health Investors has acquired four assisted-living centers in Michigan and another in Illinois for about $28 million. The seller, Kansas-based Bickford Senior Living, is leasing back the buildings for 15 years. NHI (Ticker: NHI) has shelled out nearly $90 million on acquisitions so far this year.
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We’re part of the Terrible 10
Posted on November 20, 2009 at 7:54 am
The Institute on Taxation & Economic Policy puts Tennessee on its list with the most regressive tax systems. The lack of a broad income tax and a heavy reliance on sales and excise taxes are two of the main culprits.
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These guys are hot
Posted on November 20, 2009 at 7:31 am
I’ve been remiss in not yet linking to this year’s list of the Hot 100 compiled by my colleagues at BusinessTN. More than 50 Nashville-area companies — names as diverse as OHL, American Music Channel and TrackPoint Systems — are on this year’s list of Tennessee ventures that are “fast-growing, emerging and brimming with promise.”
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Metro General CEO in running for Memphis job
Posted on November 19, 2009 at 4:39 pm
Reginald Coopwood, CEO of the Metropolitan Nashville Hospital Authority, is one of two finalists for the job of leading the Regional Medical Center at Memphis, better known as the MED. Here’s the basic job description:
Board members are looking for someone to navigate the hospital through severe financial troubles, galvanize public commitment to the institution, shepherd a campaign for a new facility and establish stable leadership.
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State jobless rate stays put
Posted on November 19, 2009 at 3:09 pmTennessee’s unemployment rate was 10.5 percent in October, even with September’s number and almost 4 points higher than that of a year ago. The biggest gainers and losers during the month were seasonal sectors: Schools added jobs, leisure and hospitality companies shed them.
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Pioneering 12South eatery on the block
Posted on November 19, 2009 at 2:05 pmOur housemate Dana Franklin has the scoop on the state of Mirror, which is for sale now that two of its three owners plan to relocate to Florida.
Bolsom says that until the recent recession, Mirror was a consistently profitable business. The restaurant witnessed dramatic changes in the neighborhood as 12South turned into a thriving retail and residential neighborhood. “It’s been a heck of a 10 years,” he says.
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