Gas prices have increased on the Big Island, dropped on Maui, and remained steady in Honolulu.
The AAA daily fuel gauge report for Wednesday reports that a gallon of unleaded in Hilo on the Big Island was up 10 cents from Tuesday to $3.28
In Wailuku, Maui, unleaded was selling for $3.48, down 5 cents from the day before.
Honolulu gas prices averaged $3.08, roughly the same as on Tuesday.
The statewide average also remained virtually unchanged at $3.19 per gallon. A gallon of diesel, meanwhile, was selling for $3.66, down a penny from Tuesday.
The nationwide average for a gallon of unleaded was $2.77, while diesel was selling for $2.94. Both figures are up slightly from the day before.
credited by: bizjournals.com
2007-10-16
Pomeroy names new CEO
Pomeroy IT Solutions Inc. has named Keith Coogan as its president and CEO. He replaces Stephen Pomeroy, who was fired in July for undisclosed reasons.
Hebron-based Pomeroy (NASDAQ: PMRY) sells computer hardware and provides consulting and related services.
The company's CFO, Kevin Gregory, has been filling in as interim president and CEO.
Coogan, 55, most recently served as CEO of Software Spectrum Inc., a software reseller that was sold to Tempe, Ariz.-based Insight Enterprises Inc. last year.
Pomeroy also said Tuesday that one of its board members, Kenneth Waters, has been named non-executive chairman of the board. He replaces the company's founder, David Pomeroy, who retired shortly after his son's termination.
Waters, 56, has been a board member since 2004. He is president of KRW LLC, an IT consulting company, and is CEO of E-Seek Inc., a computer hardware company.
credited by: bizjournals.com
Hebron-based Pomeroy (NASDAQ: PMRY) sells computer hardware and provides consulting and related services.
The company's CFO, Kevin Gregory, has been filling in as interim president and CEO.
Coogan, 55, most recently served as CEO of Software Spectrum Inc., a software reseller that was sold to Tempe, Ariz.-based Insight Enterprises Inc. last year.
Pomeroy also said Tuesday that one of its board members, Kenneth Waters, has been named non-executive chairman of the board. He replaces the company's founder, David Pomeroy, who retired shortly after his son's termination.
Waters, 56, has been a board member since 2004. He is president of KRW LLC, an IT consulting company, and is CEO of E-Seek Inc., a computer hardware company.
credited by: bizjournals.com
2007-10-15
Stocks trim losses but still end session lower
Bailout fund spurs worries about number of bad loans in financial system
NEW YORK - Stocks pulled back sharply Monday as news that major U.S. banks will set up a fund to help bail out the credit markets stirred concerns about bad debt and as oil prices surged to $86 per barrel for the first time. The Dow Jones industrial average lost more than 100 points.
The stock market’s pullback comes not only amid concerns about debt and rising energy costs but as investors await third-quarter reports due this week from more than 80 components of the Standard & Poor’s 500 index.
The concerns about banking came after Citigroup Inc., the biggest U.S. bank, reported that third-quarter results fell 57 percent. The company said it lost more than $3 billion in mortgage-backed security losses, leveraged debt write-downs and fixed-income trading losses.
The bank — along with JPMorgan Chase & Co. and Bank of America Corp. — announced the creation of a fund used to help revive the asset-backed commercial paper market. The fund will buy assets from structured investment vehicles, also known as SIVs, which buy corporate bonds and subprime mortgage debt. The bailout was orchestrated by the Treasury Department to avoid a fire sale in the market.
“It’s a reminder that this problem never was entirely put to bed. There may be financial institutions out there than are in more trouble than we thought they were,” said Aaron Gurwitz, co-head of portfolio strategy at Lehman Brothers Investment Management, referring to concerns about bad debt. He also noted that Monday’s session wasn’t unusual given the back-and-forth moves in the major indexes in recent sessions.
According to preliminary calculations, the Dow fell 108.28, or 0.77 percent, to 13,984.80.
Broader stock indicators also declined. The S&P 500 index fell 13.09, or 0.84 percent, to 1,548.71, and the Nasdaq composite index fell 25.63, or 0.91 percent, to 2,780.05.
Bonds fell following a better-than-expected economic regional economic reading in New York. The yield on the benchmark 10-year Treasury note rose to 4.68 percent from 4.65 percent late Friday. The dollar was mixed against most other major currencies, while gold prices rose.
Light, sweet crude rose to record levels, crossing $85 per barrel for the first time and rising as high as $86.22 in trading. Oil settled up $2.44 at $86.13 per barrel on the New York Mercantile Exchange as after the Organization of Petroleum Exporting Countries said crude production by countries that aren’t OPEC members is probably falling despite rising demand.
The week’s economic calendar is light, putting more of the focus on quarterly results. On Monday, the New York Empire State Index — a regional economic indicator published by the Federal Reserve Bank of New York — came in better than expected for October. The index rose to 28.75 from September’s 14.70.
Investors are keeping tabs on corporate and economic data as they try to determine how well corporate profits will fare.
“All those guys are tempering their expectations because the economy is slowing,” said Thomas Nyheim, vice president and portfolio manager at Christiana Bank & Trust Co., referring to Wall Street’s estimation for moderate growth in third-quarter profits.
The concerns over soured loans drew comments from Treasury Secretary Henry Paulson, who said in a speech Monday that the troubles with SIVs might require regulators to step in to stave off future problems, according to Dow Jones Newswires.
Wall Street’s unease Monday follows a period of calm after worries about the credit markets roiled markets around the world over the summer. During August and into September, investors were concerned that mortgages made to borrowers with poor credit that had been bundled together and sold off as investments would resurface and cause widespread losses. Indeed, some hedge funds and other investment vehicles worldwide that held subprime debt succumbed to the soured loans. It wasn’t until the Fed stepped in with reductions in short-term interest rates and the rates it charges to loan to banks that the credit markets began to show signs of recovery.
Citigroup fell $1.63, or 3.4 percent, to $46.24 after the bank raised its loan-loss provisions by $2.24 billion — a higher amount than it estimated a week ago — amid expectations of further deterioration in consumer credit. The bank also said it would delay repurchases of its shares.
Medtronic Inc. fell $6.33, or 11 percent, to $50 after the company said it suspended sales of its Sprint Fidelis defibrillation leads because of risk they could break.
Biogen Idec Inc. jumped $13.08, or 19 percent, to $82.51 after the company said it may sell itself and that it has drawn interest from potential buyers.
Declining issues outnumbered advancers by about 8 to 3 on the New York Stock Exchange, where volume came to 1.29 billion shares compared with 1.06 billion shares traded Friday.
The Russell 2000 index of smaller companies fell 11.81, or 1.40 percent, to 829.36.
credited by: www.msnbc.msn.com
NEW YORK - Stocks pulled back sharply Monday as news that major U.S. banks will set up a fund to help bail out the credit markets stirred concerns about bad debt and as oil prices surged to $86 per barrel for the first time. The Dow Jones industrial average lost more than 100 points.
The stock market’s pullback comes not only amid concerns about debt and rising energy costs but as investors await third-quarter reports due this week from more than 80 components of the Standard & Poor’s 500 index.
The concerns about banking came after Citigroup Inc., the biggest U.S. bank, reported that third-quarter results fell 57 percent. The company said it lost more than $3 billion in mortgage-backed security losses, leveraged debt write-downs and fixed-income trading losses.
The bank — along with JPMorgan Chase & Co. and Bank of America Corp. — announced the creation of a fund used to help revive the asset-backed commercial paper market. The fund will buy assets from structured investment vehicles, also known as SIVs, which buy corporate bonds and subprime mortgage debt. The bailout was orchestrated by the Treasury Department to avoid a fire sale in the market.
“It’s a reminder that this problem never was entirely put to bed. There may be financial institutions out there than are in more trouble than we thought they were,” said Aaron Gurwitz, co-head of portfolio strategy at Lehman Brothers Investment Management, referring to concerns about bad debt. He also noted that Monday’s session wasn’t unusual given the back-and-forth moves in the major indexes in recent sessions.
According to preliminary calculations, the Dow fell 108.28, or 0.77 percent, to 13,984.80.
Broader stock indicators also declined. The S&P 500 index fell 13.09, or 0.84 percent, to 1,548.71, and the Nasdaq composite index fell 25.63, or 0.91 percent, to 2,780.05.
Bonds fell following a better-than-expected economic regional economic reading in New York. The yield on the benchmark 10-year Treasury note rose to 4.68 percent from 4.65 percent late Friday. The dollar was mixed against most other major currencies, while gold prices rose.
Light, sweet crude rose to record levels, crossing $85 per barrel for the first time and rising as high as $86.22 in trading. Oil settled up $2.44 at $86.13 per barrel on the New York Mercantile Exchange as after the Organization of Petroleum Exporting Countries said crude production by countries that aren’t OPEC members is probably falling despite rising demand.
The week’s economic calendar is light, putting more of the focus on quarterly results. On Monday, the New York Empire State Index — a regional economic indicator published by the Federal Reserve Bank of New York — came in better than expected for October. The index rose to 28.75 from September’s 14.70.
Investors are keeping tabs on corporate and economic data as they try to determine how well corporate profits will fare.
“All those guys are tempering their expectations because the economy is slowing,” said Thomas Nyheim, vice president and portfolio manager at Christiana Bank & Trust Co., referring to Wall Street’s estimation for moderate growth in third-quarter profits.
The concerns over soured loans drew comments from Treasury Secretary Henry Paulson, who said in a speech Monday that the troubles with SIVs might require regulators to step in to stave off future problems, according to Dow Jones Newswires.
Wall Street’s unease Monday follows a period of calm after worries about the credit markets roiled markets around the world over the summer. During August and into September, investors were concerned that mortgages made to borrowers with poor credit that had been bundled together and sold off as investments would resurface and cause widespread losses. Indeed, some hedge funds and other investment vehicles worldwide that held subprime debt succumbed to the soured loans. It wasn’t until the Fed stepped in with reductions in short-term interest rates and the rates it charges to loan to banks that the credit markets began to show signs of recovery.
Citigroup fell $1.63, or 3.4 percent, to $46.24 after the bank raised its loan-loss provisions by $2.24 billion — a higher amount than it estimated a week ago — amid expectations of further deterioration in consumer credit. The bank also said it would delay repurchases of its shares.
Medtronic Inc. fell $6.33, or 11 percent, to $50 after the company said it suspended sales of its Sprint Fidelis defibrillation leads because of risk they could break.
Biogen Idec Inc. jumped $13.08, or 19 percent, to $82.51 after the company said it may sell itself and that it has drawn interest from potential buyers.
Declining issues outnumbered advancers by about 8 to 3 on the New York Stock Exchange, where volume came to 1.29 billion shares compared with 1.06 billion shares traded Friday.
The Russell 2000 index of smaller companies fell 11.81, or 1.40 percent, to 829.36.
credited by: www.msnbc.msn.com
Home prices post steepest drop in 16 years
The decline is accelerating, with prices falling faster in every month since the start of the year.
By MSN Money staff with wire reports
The housing market just got even uglier.
A decline in U.S. housing prices in July was the steepest drop in 16 years, according to the nationwide S&P/Case-Shiller home price index released this morning.
The downturn in the U.S. housing market has been blamed for creating turbulence in international money markets and has kindled domestic concerns about a possible recession. Federal Reserve policymakers cut short-term interest rates by half a percentage point last week in an effort to bolster economic growth.
Home prices were lower in 15 of 20 metropolitan areas, the report showed. A subindex of 10 metropolitan areas fell 4.5% in July, the biggest drop since July 1991. The largest declines over the past year were in Detroit; Tampa, Fla.; and San Diego. Seattle and Charlotte, N.C., had the biggest increases.
Home prices have fallen by more every month since the beginning of the year.
David Blitzer, the chairman of the Standard & Poor's index committee, said the big declines may be done by the end of the year.
"Maybe the first stage is steep declines, and we're just about done with those," he said. "The second stage is not much gain, not much loss. The rest of the economy has to catch up to home prices."
Yale economist Robert Shiller, who helped create the indexes, said in a statement, "The further deceleration in prices is still apparent across the majority of regions." Shiller is also MacroMarkets' chief economist and perhaps is best known for predicting the dot-com bust.
Shiller told lawmakers in written comments last week that the loss of a boom mentality among consumers poses a "significant risk" of a recession within the next year.
credite by: msn.com
By MSN Money staff with wire reports
The housing market just got even uglier.
A decline in U.S. housing prices in July was the steepest drop in 16 years, according to the nationwide S&P/Case-Shiller home price index released this morning.
The downturn in the U.S. housing market has been blamed for creating turbulence in international money markets and has kindled domestic concerns about a possible recession. Federal Reserve policymakers cut short-term interest rates by half a percentage point last week in an effort to bolster economic growth.
Home prices were lower in 15 of 20 metropolitan areas, the report showed. A subindex of 10 metropolitan areas fell 4.5% in July, the biggest drop since July 1991. The largest declines over the past year were in Detroit; Tampa, Fla.; and San Diego. Seattle and Charlotte, N.C., had the biggest increases.
Home prices have fallen by more every month since the beginning of the year.
David Blitzer, the chairman of the Standard & Poor's index committee, said the big declines may be done by the end of the year.
"Maybe the first stage is steep declines, and we're just about done with those," he said. "The second stage is not much gain, not much loss. The rest of the economy has to catch up to home prices."
Yale economist Robert Shiller, who helped create the indexes, said in a statement, "The further deceleration in prices is still apparent across the majority of regions." Shiller is also MacroMarkets' chief economist and perhaps is best known for predicting the dot-com bust.
Shiller told lawmakers in written comments last week that the loss of a boom mentality among consumers poses a "significant risk" of a recession within the next year.
credite by: msn.com
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