(Times Union (Albany, NY) Via Acquire Media NewsEdge) Dec. 3--COLONIE -- You're standing at Osborne and Albany Shaker roads, in tony Loudonville.To the southwest is a Rite Aid drugstore. To the northeast is another Rite Aid. And to the northwest is the corner where Walgreen Co. has been buying land, including a $2 million purchase in October.One intersection. Two existing drugstores. One planned drugstore.Overkill? Perhaps.But the intersection is not unique. You'll come across similar corners in much of the Capital Region, following the drugstore building boom of recent years.

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Identical Supermarket Sales Rose 5.6% without Fuel Company Confirms Fiscal 2008 Identical Supermarket Sales Guidance; Raises Fiscal 2008 Earnings Per Share Guidance and Outlines Fiscal 2009 Identical Supermarket Sales Guidance of 3% to 5% without Fuel

CINCINNATI, Dec 09, 2008 /PRNewswire-FirstCall via COMTEX/ -- The Kroger Co. (KR:
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KR 25.59, +0.18, +0.7%) today reported total sales of $17.6 billion for the third quarter ended November 8, 2008, an increase of 9.0% over the same period last year. Identical supermarket sales increased 5.6% without fuel and 7.8% with fuel compared with the same quarter last year.
Net earnings in the third quarter totaled $237.7 million, or $0.36 per diluted share. These results include an after-tax charge of $15.9 million, or $0.03 per diluted share, related to Kroger's $25 million insurance deductible for disruption and damage caused by Hurricane Ike. Excluding this charge from Hurricane Ike, third quarter net earnings were $253.6 million, or $0.39 per diluted share (Table 6).

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Despite a stalling economy and unemployment on the rise, two major companies are hiring by the hundreds.

Target is about to open its first two Hawaii stores and needs up to 1,200 workers. Costco is opening its seventh site, and needs up to 200 there.

Target is about to breathe new life into this long-vacant commercial building -- and into the Hawaii job market.

"It's going to be a great way for folks to kick off '09 with us coming to Hawaii," says Roger Thomas, Target.

Between the Salt Lake site and one in Kapolei, Target will be hiring up to 1,200 people for a march opening. when it opens a Kona location next July, it'll hire another 400.

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They jointly bid $6.25 million for the bankrupt retailer’s locations. The move gives Kohl’s access to ‘under-penetrated markets’ and enables Forever 21 to begin big-box expansions.

By Andrea ChangDecember 13, 2008

Retailers Forever 21 Inc. and Kohl’s Corp. won a joint bid to take over 46 stores from bankrupt Mervyn’s for $6.25 million, the chains said Friday.

The deal gives Kohl’s the leasing rights to 31 stores; Forever 21 will assume the other 15 locations. The agreement is still pending approval by the court overseeing the bankruptcy proceedings for Mervyn’s.

“We got exactly the stores that we wanted,” said Christopher Lee, senior vice president at Forever 21. “We’ve waited a long time for this and it finally came for us. This is just the beginning for us for big-box expansions.”

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BALDWYN, Miss., Dec 12, 2008 (BUSINESS WIRE) -- Hancock Fabrics, Inc. (OTC symbol: HKFI) today reported net sales for the third quarter increased 1.3% to $70.6 million from $69.7 million last year, with same-store sales increasing 2.1%. Sales for the year-to-date period increased 0.7% to $198.2 million for the nine months ended November 1, 2008 from $196.9 million for the corresponding period of the prior year. Same-store sales increased 2.8% for the year-to-date period.

The 2.1% increase in same-store sales for the quarter was primarily the result of an increase in the number of store transactions. For the year-to-date period, the 2.8% increase in same store sales was primarily due to increases in average transactions and increases in the number of customer transactions.

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WinCo Foods Inc. is one retailer that’s increasing its sales in the recession.

The discount warehouse grocery chain, which has five stores in Greater Sacramento, expects to boost its sales by $500 million for the fiscal year ending in late March, said Mike Read, vice president of legal and public affairs. WinCo projects sales of $4 billion, up from $3.5 billion for last fiscal year.

A rumor has WinCo scouting around the region for possible expansion sites — the retailer’s typical store is about 94,000 square feet. The grocer is always looking in the five Western states for possible sites, Read said. He said he wasn’t aware of any particular site being considered or any specific growth plans here.

But, he added, “We’ve had great success in the Sacramento market.”

The Boise, Idaho-based grocer last added a Sacramento-area store almost three years ago, in Orangevale. Its other stores are in Roseville, Antelope, Folsom and Elk Grove.

The retailer has been adding six to seven stores a year for the past several years, for a 10 percent growth rate. The company has 64 stores, including 27 in California.

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Dec. 24 (Bloomberg) -- U.S. stocks gained for the first time in three days as consumer spending and orders for durable goods topped economists’ forecasts, easing concern that the recession will cause corporate revenue to plummet.

Deere & Co., Bank of America Corp. and Abercrombie & Fitch Co. rose at least 2 percent following the Commerce Department data. Micron Technology Inc., the largest U.S. producer of memory chips, climbed 9.8 percent after reporting sales that topped projections. Prologis, the world’s biggest warehouse owner, rallied 31 percent as analysts advised buying the shares after the company sold assets to shore up its balance sheet.

The Standard & Poor’s 500 Index added 0.6 percent to 868.15. The Dow Jones Industrial Average climbed 48.99 points, or 0.6 percent, to 8,468.48. The Russell 2000 Index of small companies increased 0.4 percent. About 3.63 billion shares changed hands in the U.S., the least since Dec. 26, 2003, as trading on the New York Stock Exchange and Nasdaq Stock Market ended three hours early before the Christmas holiday.

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Dec. 24 (Bloomberg) -- Jumbo mortgage shoppers in the most expensive U.S. housing markets such as New York and San Francisco aren’t getting much relief from lower borrowing costs.

The average 30-year fixed rate for home loans of more than $729,750 remains almost 2 percentage points above conforming rates and the spread between them may set a record this month, according to financial data firm BanxQuote.

Banks remain reluctant to lend after recording $678 billion in mortgage-related losses and writedowns in the past year and as house prices plunge. The collapse of the private mortgage securities market means lenders find there’s little demand for jumbo loans they want to sell. If low conventional rates entice enough homeowners to refinance, jumbo home loans may become more affordable as loan payoffs add liquidity to the banking system, said Keith Gumbinger, vice president of mortgage-research firm HSH Associates Inc. in Pompton Plains, New Jersey.

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Spike in refinancing following Fed moves leads to nearly 50% jump in Mortgage Bankers' index; home purchases also up.

NEW YORK (CNNMoney.com) -- Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.
The Mortgage Bankers Association reported that its overall Market Composite Index, a measure of mortgage loan application volume, shot up 48% on a seasonally adjusted basis for the week ending Dec. 19.

That was driven by a 62.6% leap in the group's Refinance Index. But the Conventional Purchase Index also increased 17.7%. The only component of the overall index to fall was the Government Purchase Index, which largely tracks FHA loans. It slipped 3.4%

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Manufacturing rises by highest amount in 9 years, bouncing off a dismal performance in the previous month, according to a Federal Reserve report.

NEW YORK (CNNMoney.com) -- Industrial production grew in October, after September produced the worst dropoff in factory output in 62 years, according to a report released Monday by the Federal Reserve.
Industrial production grew a seasonally adjusted 1.3% from the previous month, surpassing the economists' consensus estimate of a 0.2% increase, according to Briefing.com. It was the largest monthly increase in factory output since October 1999.
Factory output in October only increased because production in September fell by a revised 3.7%. The Fed said September's poor output was due mainly to Hurricanes Gustav and Ike's disastrous effects on the Gulf Coast industry as well as a Boeing workers' strike that month. September's was the worst month-to-month decline since February 1946.

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Amid gloom, signs of hope for economy in 2009

Msnbc.com panel says recovery could begin by midyear — if all goes well

Unemployment is soaring, consumer spending is shrinking and both the stock and housing markets are on track for one of their worst years on record. As 2008 comes to a close, the economic outlook for the coming year is pretty grim.

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Ben Bernanke & Co. cite the weakness in the economy and the reduced inflation threat as justification to cut rates to a record low range of 0% to 0.25%.

NEW YORK (CNNMoney.com) -- In its latest effort to try and stimulate the U.S. economy, the Federal Reserve cut its key interest rate to a range of between zero percent and 0.25%, and said it expects to keep rates near that unprecedented low level for some time to come.

The central bank typically sets a specific target for its federal funds rate instead of a range. The rate had previously been at 1% and this marks the first time the Fed has cut rates below 1%. Most investors were expecting the Fed to cut rates to either 0.25% or 0.5%.

The federal funds rate is an overnight lending rate used as a benchmark to set rates for a variety of loans, including adjustable rate mortgages, credit cards, home equity lines of credit and business loans. This marks the tenth time it has cut rates in the last 15 months.

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So Credit Suisse will reward investment bankers with junk bonds instead of cash? Here are some other bonuses we'd like to see.

(Fortune) -- Kudos to Credit Suisse. Drowning in red ink, the Swiss bank announced it would pay bonuses to senior investment bankers not with cash but with mortgage-backed securities, high-yield bonds, and other forms of the untradeable junk now clogging the world's banking system.

Reportedly, investment bankers at the firm are steaming mad over the plan, but we think the idea is ingenious. After all, if these toxic securities were good enough for Credit Suisse's customers, they should be good enough for the bankers who cooked them up too. Don't you think?

With a little help from my Fortune colleagues, I've compiled suggestions for how leaders at some other organizations should get their bonuses this year.

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Rates on a 30-year fixed mortgage dropped to 5.19% this week, after the Fed slashed interest rates to historic lows.

NEW YORK (CNNMoney.com) -- Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.

Government-sponsored mortgage lender Freddie Mac (FRE, Fortune 500) said Thursday that fixed rates on 30-year mortgages averaged 5.19% for the week ending Dec. 18. That's down from 5.47% last week and below the year-ago rate of 6.14%.

"Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971," said Frank Nothaft, Freddie Mac vice president and chief economist.

"The decline was supported by the Federal Reserve announcement on December 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage-related assets as conditions warrant."

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(Fortune Magazine) -- Boring is beautiful - or so it feels in this time of wild and crazy stock market swings. In this case we're talking about investment-grade corporate bonds, which are dirt-cheap right now for the same reason that stocks are: The market turmoil has pounded down their prices. The result is historic opportunities in bonds issued by blue-chip companies.

Right now investment-grade bonds maturing in ten years or longer are yielding an average 8.4%, according to Barclays, a remarkable 5.7 percentage points more than ten-year Treasuries.

"Today's spreads are the highest we've seen since 1931,"

says economist Michael Darda of MKM Partners, a trading and research firm. Or as bond guru and PIMCO chief Bill Gross keeps saying, stocks are pricing in a recession, and bonds are priced for a depression. A depression isn't likely, so it's time to pounce.


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Some companies are promising not to lay off any workers, even during times of financial hardship.

NEW YORK (CNNMoney.com) -- In the midst of a recession, job cut announcements have become a daily occurrence. But some employers have promised no pink slips, and are sticking to it.
So far this week around 40,000 job cuts have been announced by an array of companies as varied as Dow Chemical, Electronic Arts, the National Football League and Sony Corp.
But even as the number of unemployed grows, some companies say their workers have nothing to fear.
"I have never in my 13 years [at the company] felt that my job is in jeopardy due to the economy," said Jill Kronman, a flight attendant for Southwest Airlines (LUV, Fortune 500).That's because Southwest is committed to avoiding layoffs at all costs - and they're not alone.

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Cost Plus, Inc. CPWM today announced financial results for its third quarter ended November 1, 2008 and provided financial guidance for the fourth quarter of fiscal year 2008.

Third Quarter Results from Continuing Operations

Net sales for the third quarter of fiscal 2008 were $213.0 million, a 0.8% decrease from the $214.6 million for the third quarter ended November 3, 2007. Customer count and conversion continued to increase for the third consecutive quarter although same store sales decreased 3.4% due to a reduction in the average ticket. The Company reported a third quarter 2008 loss of $22.6 million from continuing operations before interest and taxes which was in the mid-range of its guidance and which compares to a $19.2 million loss for the third quarter of last year. Included in the third quarter of fiscal 2008 results was a $1.1 million asset impairment charge for five underperforming stores.

PLANO — At 6:30 a.m., the sun hasn't risen yet, and the streets in this Dallas suburb are deserted. But in a beige strip mall surrounded by newly built homes, hundreds of people are waiting in line, shuffling their feet in the cold air.

They are here for the grand opening of natural foods chain Sunflower Farmers Market's first store in Texas . With stores that are smaller than those of traditional grocers, Colorado-based Sunflower touts its rock-bottom prices, convenience and wide selection of produce.

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US shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth.

The Dow Jones index ended Monday up 299 points or 3.5% to 8,932, shrugging off Friday's grim unemployment data. The Nasdaq and S&P's 500 also gained.

In the UK, the FTSE 100 ended up 6.2%, while Germany's Dax added 7.6%, and France's Cac finished up 8.7%.Earlier in the day, stock markets around Asia also raced ahead.

"Despite bad US jobs data [announced on Friday], markets are gaining on a sense that they've hit the bottom and expectations for economic stimulus measures being put out by many governments," said Hiroake Osakabe at Chibagin Asset Management.

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For some people, bargain prices and new workplace advantages make the economic downturn a time to profit.

Stephen Lasher reads all the dire economic forecasts declaring this recession the most worrisome since the Great Depression. But life doesn't seem so bad to Lasher. In fact, his horizons have never looked brighter.

Last year, the 33-year-old Columbia Business School grad landed a great job at media company NBC Universal. Now his spending money stretches further than before, thanks to retail store sales. Last month, he closed on his first home: a one-bedroom waterfront condo in a complex with a gym, pool and doorman.

"I am feeling good," Lasher says. "The housing prices were out of control before. . . . Now I was not only able to get a good price, but I was also able to get a mortgage interest rate well below what I thought would have been possible."

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Materials costs are plunging, and contractors are begging for work. Suddenly that long-postponed remodel is looking like a smart idea.

(Money Magazine) -- If you're struggling to see a silver lining in the beaten-down real estate market, consider this one: It may be a rotten moment to sell your house, but if you've postponed a much needed renovation project on your home - replacing a rotting deck, repairing a leaky roof or updating an antiquated bathroom - now just might be the best time in years to tackle that task.

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Sears Canada reported higher operating earnings and a slight rise in same-store sales, although net profit was down to strong comparatives. For the quarter ending 1 November, net profit fell 33.8% to to C$68.9m (64 Canadian cents a share), from C$104m (97 cents) last year, when earnings were boosted by one-time gains from the sale of the company's corporate headquarters. Excluding unusual items, the company earned C$67.8m (63 cents), up from C$46m (44 cents) in 2007. Revenue rose 5.1% to C$1.44bn, while same-store sales were up 0.9%.

Canada's second-biggest department store chain vowed to remain competitive this Christmas season, and said it would continue to keep prices low. It noted, "We're certainly ready for an economy where Canadians are still not that confident about the economic outlook".

Earlier this week, the company lowered prices on a number of own-brand products in order to increase customer traffic.

Monday, referred to as Cyber Monday by online retailers, capped off a successful Thanksgiving holiday weekend for the industry, which overall saw spending jump 13 percent.

It's a welcome relief for an industry that was mostly bracing for the worst.

"Consumers are clearly responding positively to retailers' aggressive online discounts," ComScore Chairman Gian Fulgoni said in a statement. "With Cyber Monday promotions beginning in earnest over the Thanksgiving weekend, consumers have finally begun to open their wallets, setting off a streak of four consecutive days of extremely strong growth..."

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Ingles Markets, Inc. yesterday posted a net sales increase of 13.0 percent, to $842.8 million for the quarter ended Sept. 27, 2008, vs. $746.0 million for the year-ago period.

Grocery segment comparable-store sales climbed 13.0 percent in the quarter thanks to a rise in average weekly customer visits and the average purchase amount, Ingles said. Excluding gas, comps were up 7.8 percent compared with last year's fourth quarter.

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Buying a home might be out right now, but you might have the cash to make improvements to the place you have.

Major upgrades requiring a contractor might give you pause, but a simple faucet upgrade, paint job or switch to energy-efficient lighting probably is manageable Ace Hardware, a fixture in nearly every neighborhood, is benefiting from that trend.

As home construction has declined, so have sales at big-box home-improvement stores.
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But Ace Hardware Corp., with its smaller-store format and focus on building long-term relationships with customers who do their own home repairs, reported revenues that were even with the year before in its most recent quarterly earnings statement. And Ace's quarterly net income was up 13.2 percent, to $33.4 million.


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Wage pressures also increased; developments silence inflation fears.

WASHINGTON (AP) -- Worker productivity slowed in the summer while wage pressures increased, but both developments were better than expected and are unlikely to raise inflation alarms at the Federal Reserve.

The Labor Department reported Wednesday that productivity, the key ingredient for rising living standards, rose at an annual rate of 1.3% in the July-September quarter. That's down from the 3.6% growth rate in the second quarter, but slightly higher than the 1.1% increase initially reported a month ago and better than the 0.9% rise economists expected.

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The markets may be in turmoil. But not all the news is bad.
The editors of Kiplinger's Personal Finance and Kiplinger's Forecasting came up with ten things
going right these days. See if you agree:

1.Oil Loses Its Swagger: With the U.S. and global economy hurting, oil prices have dropped more
than 50% in just three months, from $147 a barrel in July to the $65-70 range. .
2. A Tipping Point for the Auto Industry: After years of talk and false starts, finally, all the major
carmakers are furiously developing hybrid and alternative-fuel vehicles that could lessen our dependence on foreign oil. Meanwhile, desperate dealers are offering unheard-of incentives on new, gas-fired models.
3. Interest Rates Are Low and Headed Lower: The prime rate is at 4.5%, which is driving down
interest rates on home-equity lines of credit and some consumer loans.
4. Homes Are More Affordable: Real estate, which was overpriced during the housing bubble, has
returned to earth. That's especially good news for first-time home buyers who were priced out of the
market.
5. Bank Savings Have Never Been Safer: The $700-billion federal rescue plan more than doubles
the amount of federal deposit insurance on individual bank accounts, to $250,000 from $100,000. Uncle Sam is also now providing providing unlimited FDIC insurance on non-interest-bearing accounts, covering virtually all of the nation's small businesses.
6. Stocks Are on Sale, and Many Bonds Offer Terrific Yields: For example, shares of AT&T
(symbol T) sell for about eight times estimated 2009 earnings and yield 6%. Networking giant Cisco
Systems (CSCO) sells for only ten times earnings estimates for its July 2009 fiscal year. Johnson &
Johnson (JNJ), as steady an Eddie as you'll find, sells for just 13 times '09 forecasts.
7. The Miracle of Technological Innovation Continues: Been to Best Buy, Sam's or Costco
lately? For $799, you can now buy a 42-inch, high-definition flat-panel TV that will knock your socks off. Throw in another $200, and you can get a surround-sound system to truly transform your den into a home theater.
8. Prosperity Reigns in the Heartland: The fall harvest is shaping up as one of the best ever,
despite the destructive weather and floods in the Mississippi River corridor since last spring. Exports of U.S. farm products will increase more than 40% by value this year. And recent years of high profits have allowed farmers to pay down debt so low that it accounts for a measly 9% of their assets providing all the credit they'll need for 2009 operations.
9. A New Tone and Direction in Washington: As we are starting to see, the election of a new
chief executive should provide at least 100 days of galvanizing certainty for markets, and a new direction and sense of purpose for the country.
10. Shoppers Can Expect Great Gift Buys This Holiday Season: Retailers depend on robust
end-of-year sales to turn a profit, but for 2008, the National Federation of Retailers forecasts
holiday spending will increase only 2.2% from last year. That won't beat inflation, butt's good
news for bargain hunters.

By Nicole Maestri
NEW YORK (Reuters) - Discount retailer Dollar Tree Inc (DLTR.O: Quote, Profile, Research, Stock Buzz) said on Tuesday quarterly profit rose 20 percent as more customers came into its stores for low prices on basic items like food and cleaning supplies.
While other retailers have cut their sales and profit forecast for the crucial year-end holiday quarter, Dollar Tree, which sells most of its merchandise for $1, expects its momentum to continue into the fourth quarter as shoppers look to stretch limited budgets.

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MEMPHIS, Tenn., Nov 26, 2008 (BUSINESS WIRE) -- Fred's, Inc. (FRED:
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FRED 11.10, -0.40, -3.5%) today reported financial results for the third quarter and nine months ended November 1, 2008.
For the third quarter of 2008, Fred's reported net income of $6.1 million or $0.15 per diluted share, up 32% from net income of $4.6 million or $0.12 per diluted share in the year-earlier quarter.
For the nine months ended November 1, 2008, net income totaled $14.4 million or $0.36 per diluted share, inclusive of net costs associated with the closing of 74 stores and 22 pharmacies, pursuant to the Company's previously announced program to close 75 underperforming stores and 22 underperforming pharmacies in 2008. Excluding net costs associated with the store restructuring program, net income was $18.9 million or $0.47 per diluted share for the first nine months of 2008. In the year-earlier period, Fred's net income totaled $15.1 million or $0.38 per diluted share.

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The holiday shopping season got off to a surprisingly solid start, according to data released Saturday by a research firm. But the sales boost during the post-Thanksgiving shopathon came at the expense of profits as the nation's retailers had to slash prices to attract the crowds in a season that is expected to be the weakest in decades.

Sales during the day after Thanksgiving rose 3 percent to $10.6 billion, according to preliminary figures released Saturday by ShopperTrak RCT Corp., a Chicago-based research firm that tracks sales at more than 50,000 retail outlets. Last year, shoppers spent about $10.3 billion on the day after Thanksgiving, dubbed Black Friday because it was historically the sales-packed day when retailers would become profitable for the year.

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The construction industry, beset by one of the biggest drops in employment in the current economic downturn, could be poised for a rebound under President-elect Barack Obama's expected stimulus package.

Mr. Obama hasn't offered details, but anticipating a surge in public-works spending, investors bid up construction and engineering stocks. URS Corp., a San Francisco-based engineering and construction company, rose 34%, global giant Fluor Corp. rose nearly 17% and Granite Construction Inc., a domestic engineering company, rose 22%.

Steven Fisher, an equity analyst for UBS in New York, said that 11 engineering firms he tracks had lost, on average, two-thirds of their market value this year through Friday as big construction projects were delayed due to state and local budget concerns. But Monday, share prices for that group rose by an average of 16%, far outperforming the broader market.

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The Federal Reserve's attempt to stabilize the housing market set off a chain reaction across the U.S. on Tuesday, dropping interest rates and quickly spurring a burst of refinancing activity by borrowers eager to lower their mortgage costs.
Some brokers said it was the most activity they've seen in at least one year, although there was no way to determine the volume of refinancing.

At Bank of America Corp., call volume was roughly twice what was expected at call centers and via the Internet, said Matt Vernon, national sales executive.

"It's the folks who have been sitting on the sideline. They're jumping in with this news."

Rates on 30-year fixed-rate mortgages dropped by roughly half a percentage point to about 5.5%, for borrowers with good credit scores and substantial equity in their homes, say mortgage brokers and lenders.

While the initial flurry of calls came from people seeking to refinance, economists predicted lower rates also will spur some home buying among bargain-seekers. The surge in refinancing will help the overall economy by putting more cash in consumers' pockets and reducing the pressure on some borrowers struggling to make payments.

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Why all those Great Depression analogies are wrong.

By Daniel GrossPosted Saturday, Nov. 22, 2008, at 7:35 AM ET
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Over the last few days, I've had numerous emails from you asking: is the global financial system actually going to melt down? Will the various bailout packages on the table work?
Let's use those questions to dive into two of the five steps in the next-gen business construction kit we discussed here recently: how the macro landscape is changing, and what new DNA is.

Here's the good news. We're probably not in for a full-blown depression - one characterized by 25% unemployment, for example. We're probably in for a protracted period of stagnation and malaise. Japan's been going through one for the last two decades, and the Japanese banking crisis is the closest parallel to today's global pandemic.

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Agency to guarantee up to $1.4 trillion in banks' debt for more than 3 years, to add up to $500 billion to FDIC-backed deposits.WASHINGTON (AP) -- The FDIC will guarantee up to $1.4 trillion in U.S. bank s' debt for more than three years as part of the government's financial rescue plan.

The directors of the Federal Deposit Insurance Corp. voted Friday to approve the plan, which is meant to break the crippling logjam in

bank-to-bank lending.

The FDIC will provide temporary insurance for loans between banks - except for those for 30 days or less - guaranteeing the new debt in the event of payment default by the issuing bank.

The FDIC also will guarantee deposits in non-interest-bearing "transaction" accounts by removing the current $250,000 insurance limit on them through the end of next year. That could add as much as $500 billion to FDIC-backed deposits.

New York (CNN) -- Saying that moving quickly is imperative, President-elect Barack Obama on Saturday offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, saying American workers will rebuild the nation's roads and bridges, modernize its schools and create more sources of alternative energy.

"These aren't just steps to pull ourselves out of this immediate crisis," Obama said in the weekly Democratic address, posted on his Web site. "These are the long-term investments in our economic future that have been ignored for far too long."

Details of the plan are still being worked out by his economic team, Obama said, but he hopes to sign the two-year, nationwide plan shortly after taking office January 20.

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Metro Inc. said on Wednesday fourth-quarter profit climbed more than 25% as the grocer benefited from fully integrated and rebranded stores in the highly competitive Ontario market.

Montreal-based Metro (MRU.A/TSX) said net earnings rose to $73.2-million (64 cents a share) in the three months ended Sept. 27, compared with profit of $57.6-million (49 cents) in the year-earlier quarter.

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DOW JONES NEWSWIRES
Ross Stores Inc. (ROST) posted an 18% rise in fiscal third-quarter net income, as inventory and cost reductions offset the impact of softening sales tied to the economic slump.

The discount retailer lowered its fourth-quarter and full-year outlooks, citing the deteriorating economic outlook, and said it expects heavy discounting during the holiday shopping season.

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NEW YORK (Reuters) – BJ's Wholesale Club Inc (BJ.N) posted a 24 percent rise in quarterly profit on Wednesday, helped by an increase in shoppers coming to its stores and stronger-than-expected results from its gasoline stations.

The No. 3 U.S. warehouse club operator forecast earnings for the current quarter, which includes the crucial holiday season, that could beat current Wall Street estimates.

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PHOENIX, AZ, Nov 19, 2008 (MARKET WIRE via COMTEX) -- PETM Quote Chart News PowerRating -- PetSmart, Inc. (NASDAQ: PETM Quote Chart News PowerRating) today reported net income of $35.8 million, or $0.28 per share, for the third quarter of 2008. That compares with net income of $29.5 million, or $0.23 per share, for the third quarter of 2007.

Net sales for the third quarter of 2008 increased 12.1 percent to $1.3 billion, compared to the third quarter of 2007. Comparable store sales -- or sales in stores open at least a year -- grew 5.4 percent in the third quarter, on top of 1.4 percent growth in the same period in 2007. During the third quarter, pet services sales were $127.8 million, up 15.2 percent from the third quarter of last year.

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GameStop (GME) proved that not even video games are immune to the economic turmoil slamming retailers, as it posted a 10% decline in third-quarter earnings and weighed in with disappointing guidance for the current quarter.

The company earned $46.7 million, or 28 cents per share, in the third quarter, down from $52 million, or 31 cents per share, a year ago.

GameStop’s revenue rose 5.2% in the third quarter to $1.7 billion, falling short of the $1.82 billion analysts had forecasted.

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Americans are eating out less, driving down restaurant profits

around the country.

But some eateries are doing better.

The first is McDonald’s, where profits grew 11 percent last quarter. A recession would seem to be good news for inexpensive food.

The second is a plucky, five-year-old community kitchen in Salt Lake City called the One World Cafe. Thanks in part to its pay-as-you-wish pricing policy, One World has seen its traffic grow by 15 percent this quarter.

Prices aren’t the only negotiable thing at One World. There’s no set menu, and diners choose whatever size portion they’d like. The restaurant also lets customers work off the cost of their meal by volunteering.

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Wal-Mart Stores Inc. reported that third quarter profits rose 6.6 percent compared to the same quarter a year ago, as the big-box retailer is one of the few in its industry not hurt by sagging consumer spending.
But Wal-Mart did say its fourth quarter projections could be hit by the stronger U.S. dollar, which could take away from international profits.

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Maybe Galen Weston is a better salesman than people thought.
Loblaw Companies Ltd. posted a 32.5 per cent jump in its third-quarter earnings, thanks in part to a 3.5 per cent rise in sales, the company said Thursday.
And part of the credit for that strong quarterly performance might be due to the bespectacled billionaire and his "aw shucks" television ads, trying to lure customers back to the grocery chain.
"Third-quarter performance showed some signs of progress towards our goal of becoming an effective selling organization," said Weston, who doubles as Loblaw's executive chairman.

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In a presidential campaign marked by bitter and often gratuitous negativity, Barack Obama campaigned on hope, painting the possibility of a better future. Millions across the U.S. and abroad were moved by his message.

Even amidst economic crisis and international turmoil, a shared sense of hope lifted and opened people's hearts, seeding their better dreams.

And with Obama's decisive win on November 4th, hope erupted into effusive joy. For millions of his supporters, dreams came true. "Yes, we can" morphed into "Yes, we did." Those highs will fade. Life goes on. Our daily routines - commuting, work, buying groceries, paying bills - eventually flatten such emotional peaks into foggy memories. Sobering us up further, we're told that economic times will get worse before they get better. Millions face or fear joblessness, lost homes, and more

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By Jim Christie
SAN FRANCISCO (Reuters) - California Democrats who control the state Assembly said on Tuesday they would push for a 120-day moratorium on foreclosures after mortgage default notices have been filed, compared with a 90-day stay proposed by Gov. Arnold Schwarzenegger.
The rival plans will be debated during special session of the state legislature that Schwarzenegger called last week to tackle a state budget shortfall that has widened to more than $11 billion because revenues have plunged amid recent financial market turmoil and the state's housing slump.
Some areas of California, the most populous U.S. state, are among the hardest hit in the nation by foreclosures stemming from risky mortgages such as subprime loans taken on during the state's booming homes market earlier this decade.

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Paulson says Treasury will broaden reach to include non-bank financial firms and seek out private capital to match U.S. funds.

NEW YORK(CNNMoney.com) -- Treasury Secretary Henry Paulson said Wednesday the government would broaden the reach of the $700 billion bailout plan to support non-bank financial institutions that provide consumer credit, such as credit cards and auto loans.

In this second stage of the bailout, officials also hope to attract private capital, possibly through matching investments, to give the government's injections more heft.

Paulson also said the government is no longer planning to buy troubled mortgage assets, the original goal of the plan. And officials are continuing to examine ways to help homeowners and slow the tide of foreclosures.

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SANTA CLARA, Calif. - Intel stock has fallen by half since its December high, so you’d expect the mood in the executive suite to be less than buoyant these days. But during a chat this week at the chip giant’s headquarters, Intel sales and marketing chief Sean Maloney seemed unmistakably upbeat.

“We’ve been through downturns multiple times, so we’re sort of genetically set up to handle it,” Maloney said. “We accumulate cash in the good years, and that means we can then invest in the down times.”

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A new program aimed at homeowners who haven't defaulted yet could help 130,000 mortgage borrowers stay in their homes.

NEW YORK (CNNMoney.com) -- Citigroup says it will expand its foreclosure prevention efforts and try to keep 130,000 troubled borrowers with $20 billion in mortgages in their homes.

The news follows similar initiatives announced earlier this year by IndyMac Bank, which was seized by the Federal Deposit Insurance Corp. last summer, as well as Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) each of which heralded enhanced housing rescue efforts.

Banks are undoubtedly feeling pressured to be more aggressive in aiding home owners, given how many billions of taxpayer dollars have poured into the industry to stem the credit crisis.

More......

There are surely a lot of ways to answer “yes” to the question posed in the headline. The people who hate the financial industry, for instance, must be happy to see the bloodletting on Wall Street, as must those who simply enjoy a dose of schadenfreude now and again.
But I am thinking of a different kind of silver lining, one that may reach far and wide and have lasting positive effects.
First, let’s step back for a minute and look at a different kind of labor shakeup that happened more than 50 years ago. At the time, about 55 percent of all white female college graduates worked as schoolteachers. Why? Because teaching was one of the few professions that educated women had good access to.

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1.  Forget the myth that happiness is elusive and unattainable, and that it’s something that either happens or it doesn’t.  Being happy is a choice.
2.  Expand your understanding of health to include happiness.  Here’s a quote from Deepak Chopra, one of the world’s foremost experts on the mind-body connection:

“Health is not just the absence of disease.  It’s an inner joyfulness that should be ours all the time - a state of positive well-being.”

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SIDNEY, Neb.--(BUSINESS WIRE)--Oct. 30, 2008--Cabela's Incorporated (NYSE: CAB), the World's Foremost Outfitter(R) of hunting, fishing and outdoor gear, today reported financial results for its third fiscal quarter ended September 27, 2008.

Total revenue for the third quarter of 2008 increased 11.9% to $611.8 million compared to $546.8 million for the third quarter of 2007. Net income for the third quarter of 2008 was $9.7 million, or $0.15 per diluted share, compared to $13.2 million, or $0.20 per diluted share, for the third quarter of 2007.

In the third quarter of 2008, retail store revenue increased 27.5% to $328.0 million with a same store sales decrease of 9.0%; direct revenue was $241.2 million; and financial services revenue was $41.9 million.

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CHICAGO, Oct 30 (Reuters) - CVS Caremark Corp (CVS.N: Quote, Profile, Research, Stock Buzz) posted a higher third-quarter profit on Thursday and said it expects growth this quarter as consumers continue to buy medications even if they skip doctor visits to save money.

CVS, which was also closing its acquisition of Longs Drug Stores Corp LDG.N on Thursday, said it would launch a generic savings program in November to hold onto consumers, especially those with little or no health insurance.

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A friend of Know News sent me an email with the following message and video;

You’ve probably seen this short film, it’s just a few minutes long.  I’m not sending this because it’s cute or makes people feel good.  I think it’s a critical bit of advice and especially relevant at this time.  Take the time.

Enjoy life regardless of the circumstances
Lindon

What a great message!

By JEREMY HERRON, AP Business Write

NEW YORK – Archer Daniels Midland Co. said Tuesday its fiscal first-quarter earnings more than doubled, beating Wall Street estimates as the company benefited from lower commodity prices and higher selling prices.
Its shares rose $3.41, or 16.2 percent, to $24.52 in afternoon trading.
The Decatur, Ill., based food processor and ethanol producer said profit in the quarter ended Sept. 30 rose to $1.05 billion, or $1.63 per share, up from $441 million, or 68 cents per share, last year.
The result beat the 69 cents per share expected by analysts in a Thomson Reuters poll.
Sales rose 65 percent to $21.16 billion, easily surpassing Wall Street's estimate of $15.98 billion. The gain came mostly from higher average selling prices, which ADM said arose from increases in underlying commodity costs.
Higher corn prices and energy costs sent ADM's corn-processing unit's operating profit lower by more than half. That was more than offset by the oilseeds-processing unit, where the company realized higher selling prices because it was one of the few suppliers of soy-bean crush when the U.S. harvest was delayed.

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NEW YORK (Reuters) - Los Angeles home foreclosures fell sharply in October from September as a new California law came into effect, while the number of foreclosures in Miami continued to grow at a slower rate, real estate research website PropertyShark.com said on Tuesday.
The number of newly scheduled auctions on foreclosed properties in Los Angeles county fell 51 percent, the greatest monthly decline in two years.
The law, passed on July 8, requires lenders to contact homeowners and explore options to avoid foreclosure before initiating the process. Some sections of the law became effective on Sept 8.


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Stumble It!

ZURICH -- UBS AG Tuesday confirmed that it swung to a third-quarter net profit, its first following four consecutive quarterly losses after booking more than $46 billion in mortgage-related write-downs.

The Zurich-based bank said net profit for the period ended Sept. 30 was 296 million Swiss francs ($251.9 million), aided by a tax credit and gains on own credit, after a year-ago net loss of 858 million francs.


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Strength outside the financial services industry helps bolster the Conference Board measure.

NEW YORK (CNNMoney.com) -- A broad measure of the economy's health rose unexpectedly in September after declining for two consecutive months, the Conference Board announced Monday.

The New York-based business research group said its index of leading economic indicators rose 0.3% in September. Economists were expecting the index to have declined 0.1%, according to a survey conducted by Briefing.com.
In August, the index fell a revised 0.9% after a 0.7% decline in July.

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Wall Street prefers Republicans, McCain supporters argue. But stocks have done better under Democratic presidents, Obama supporters fire back. When it comes to the stock market - especially this turbulent market - does it really matter who is elected president?
Yes and no. Politicians do influence the economy - and they'll play a big role in how the country emerges from this current crisis. But analysts say neither presidential candidate can be a cure for what's ailing Wall Street.

"The economy is a big, big machine, and the president is one government bureaucrat," said Ron Florance, Wells Fargo Private Bank Director of Asset Allocation.

Moreover, most analysts believe the battered stock market has nowhere to go but up next year, no matter who ends up in the White House - and history will probably give the victor credit even if he actually had little to do with the rally.

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What is happiness, and how can we all get some? Biochemist turned Buddhist monk Matthieu Ricard says we can train our minds in habits of well-being, to generate a true sense of serenity and fulfillment.

NEW YORK (Reuters) - Naysayers who predicted the U.S. dollar's demise as the world reserve currency of choice have been silent of late given the greenback's meteoric recovery in recent months.

Slammed over the last several years as U.S. government budget and trade deficits mounted, the greenback was seen ceding its status as the predominant currency to the euro.

Talk of nations reducing their dollar reserves in favor of the euro prompted talk the dollar would also lose favor as the medium of exchange for commodities.

Read more about the dollar......

J.P. Morgan Chase & Co. launched an ambitious plan Friday to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments or soon could be.

The move by the New York bank will cover as many as 400,000 borrowers. They'll be moved into loans carrying lower interest rates, smaller principal amounts or other more-affordable terms.

The changes will particularly focus on a type of loan structured in such a way that the borrower's outstanding balance sometimes grows month after month. J.P. Morgan inherited $54 billion of such loans with its takeover of the beleaguered thrift Washington Mutual Inc. in September.

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7 Ways to Slash Stress

Chronic stress seems to be our national disease, especially these days. Millions suffer from symptoms of stress: nervous tension, restless sleep, difficulty focusing and remembering, irritability, and health complications. Generally speaking, stress speeds up aging. Learn the ways to manage stress, and you will look and feel younger.


Relax with the rest of the story....

 By TIM PARADIS, AP Business Writer

NEW YORK – Wall Street was feeling more upbeat Thursday after a government report showed the economy contracted in the third quarter by less than expected and after the Federal Reserve's second interest rate cut in a month. The major stock indexes jumped more than 1.5 percent, including the Dow Jones industrials, which rose 135 points.

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NEW YORK (Reuters) - Wal-Mart Stores Inc's (WMT.N: Quote, Profile, Research, Stock Buzz) Sam's Club division is opening a new type of warehouse club aimed at attracting Hispanic shoppers with an expanded selection of products from Mexico.

The club, to be called Mas Club, will be opened in Houston the first half of 2009.

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(CNN) -- For Liz McCartney, selection as one of the Top 10 CNN Heroes of 2008 could not have come at a better time.

"While other areas need help, this recognition is letting the American people know that the New Orleans area still matters," McCartney said.

The diverse group of honorees includes a Cambodian activist who offers free schooling to children who work in Phnom Penh's trash dump; a Georgia prosthetist-orthotist who provides limbs and braces to hundreds of people in Mexico; and a Virginia woman who tapes video messages from incarcerated parents for their children.

CNN's Anderson Cooper announced the 10 honorees Thursday on "American Morning."

Read the story and watch the video here

By JENNIFER LOVEN, AP White House Correspondent Jennifer Loven, Ap White House Correspondent

WASHINGTON – An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.

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