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Monthly Archives: October 2012

ConEd Explosion

[youtube:http://www.youtube.com/watch?v=ZAqYZ433TeQ 450 300]

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Could take a week to re-open Subway

BREAKING: WSJ is now confirming that seawater has entered subway and auto tunnels. Could take a week to re-open.

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A four-story building facade has collapsed at 8th Ave and 14th Street in Manhattan.

No one was injured, though there were people inside when the facade fell, NYPD Commissioner Ray Kelly said on CNN.

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Con Ed Shuts Off Power to Lower Manhattan

As the surge of water pushed into parts of Lower Manhattan on Monday night, Consolidated Edison took the unprecedented step of cutting off power to customers because of weather.

The utility said it needed to do that to try to prevent damage to equipment stored underground so that power could be restored more quickly after the storm.


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Burger King Profits Fall 83% – $BKW


“MIAMI (AP) — Burger King said Monday its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar, but adjusted results topped expectations.

The No. 2 worldwide fast-food chain said during the quarter, its first since returning to being a public company, revenue in stores open at least one year rose 1.6 percent in the U.S. and Canada, as it lost some business from value-based customers.

Competition in the fast-food industry has been intensifying, with rivals on the one hand like McDonald’s Inc. stepping up its dollar menu and other value-oriented offerings. On the higher-end side, customers are increasingly flocking to newer chains such as Panera Bread Co. and Chipotle Mexican Grill Inc., which offer higher-quality food for a little more money.”

Full report

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Frankenstorm Sandy Causes Some Companies to Postpone Earnings Reports

“NEW YORK (AP) — With Hurricane Sandy bearing down on the East Coast Monday, a number of major U.S. companies have postponed quarterly earnings as financial markets shut down for the first time since 2001.

Acorda Therapeutics Inc., Pfizer Inc., Thomson Reuters and NRG Energy Inc. have already delayed earnings reports. Pfizer and NRG Energy made the decision early, as they were not set to report earnings until Tuesday and Wednesday, respectively.

Acorda will now announce its third-quarter results on Wednesday, while Pfizer and Radian Group Inc. will now report earnings on Thursday. Thomson Reuters and NRG Energy will report their third-quarter results on Friday. Entergy Corp. will report on Nov. 5.”

Full article

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Paper Gets Sold as Italian Bond Yields Fall

“Italian borrowing costs dropped at an auction of 8 billion euros ($10.3 billion) of six-month Treasury bills as investors view the country as a safer bet than Spain even amid rising political tension.

The Treasury in Rome sold the 181-day bills at 1.347 percent, the lowest since March 28 and down from 1.503 percent at the last auction on Sept. 26. Investors bid for 1.52 times the amount of bills offered today, up from 1.39 times last month. Italy returns to the market tomorrow with the sale of as much as 7 billion of five and 10-year bonds.”

Full article

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Spain Expected to Post Horrible Economic Data, Increasing Investor Scrutiny

“Spanish data this week will reveal the extent of damage wrought on the euro-area’s fourth-biggest economy as the government fights to cap a swelling deficit that is propelling the country toward requiring international aid.

Retail sales fell 11 percent in September from a year ago, the National Statistics Institute said today. Figures on public finances, consumer prices, and gross domestic product tomorrow may confirm a deteriorating economy and debt profile amid the toughest austerity in its democratic history. The Bank of Spain estimated last week that GDP fell for a fifth quarter.”

Full article

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The Aussie Dollar Falls on U.S. Election Prospects

Australia’s dollar fell as declines in Asian shares and concern over the outcome of the U.S. presidential election sapped demand for higher-yielding assets.

New Zealand’s dollar weakened against most major peers as U.S. President Barack Obamaand Republican Mitt Romney entered the final stretch of the presidential contest, where opinion polls have tightened. Losses in the so-called Aussie were limited as traders reduced bets that the Reserve Bank of Australia will cut interest rates at a meeting next week.

“If we get polls that still show that Romney and Obama look to be pretty neck-and-neck, then I think that leads to uncertainty,” said Ray Attrill, Sydney-based global co-head of currency strategy at National Australia Bank Ltd. “There is potential for some negative price action in the risk market. In that case I can see the Aussie heading back down towards $1.03.”

Full article

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