Wall Street slides as oil spikes; Bankrate leads South Florida fall
The Dow for May 9
DELRAY BEACH — Oil prices gushed, and stocks fell.
The Dow Jones industrial average closed Friday at 12,745.88, down 120.90; the Nasdaq composite index fell 5.72 to 2,445.52; the S&P 500 fell 9.40 points to 1,388.28. READ MORE.
Mortgage rates barely change
NORTH PALM BEACH — Fixed mortgage rates were largely unchanged this week, with the average conforming 30-year fixed mortgage rate slipping slightly to 6.13 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
Stocks slide on oil's surge
DELRAY BEACH — Oil prices surged over $126 a barrel, pushing stocks down in early Friday afternoon trading.
The Dow was down 146 points to 12,721; the Nasdaq was down 14 to 2,437; the S&P 500 was down 13 to 1,385.
South Florida stocks were off $5.84, or 0.70 percent, to $831.90. Bankrate was down 96 cents to $45.03; Ryder System was off 81 cents to $70.22.
World Fuel System was up $1.40 to $26.93; Dycom was up 34 cents to $14.34.
South Florida drops on Pediatrix; Wall Street makes modest gains
The market for May 8
DELRAY BEACH — Wall Street’s major indexes all posted modest gains Thursday, but investors pummeled Pediatrix, leaving South Florida stocks in the red.
The Dow Jones industrial average gained 52.43 to 12,866.78; the Nasdaq composite index gained 12.75 to 2,451.24; the S&P 500 gained 5.11 to 1,397.68. READ MORE.
Pediatrix gains, issues warning
FORT LAUDERDALE — Pediatrix Thursday said first quarter profit increased to $33 million, or 67 cents a share, on revenue of $246 million. But the company warned that it might not be able to hit profit projections for the year because of declining patient volume. READ MORE.
Deal for free Internet service dies; City holds line on parking fees
By DAVID SEDORE, Palm Beach Business.com
DELRAY BEACH — So much for free wireless Internet service in the downtown, at least for now.
The Delray Beach City Commission Tuesday agreed to terminate a contract with E-Path Communications, the Tampa-based firm that was supposed to wire Atlantic Avenue and provide the free service. READ MORE.
Gas prices ascent slows
DELRAY BEACH — The bad news: Gasoline prices continue to climb, and might continue to climb into June.
The good news: The ascent has slowed somewhat compared to recent weeks. READ MORE.
Financial considerations for business owners
By DEBRA TARGETT, Financial Consultant, CERTIFIED FINANCIAL PLANNER™ professional, A.G. Edwards which is a division of Wachovia Securities, LLC
For those who own their own business, it’s no secret that personal financial security is very closely tied to the success of the business. And with the never-ending task of overseeing day-to-day operations, owners may find it difficult to focus on broader financial issues associated with running a business. Following is a brief checklist of some of the most important items business owners should consider, along with an explanation of how each fits in the big picture. READ MORE.
SEC sues GlobeTel and former executives for fraud scheme
FORT LAUDERDALE — The Securities and Exchange Commission has sued GlobeTel Communications Inc. and three former officers for scheming to inflate the company’s revenue while hiding millions in unpaid receivables and liabilities. READ MORE.
Use public relations in your marketing strategy
By TINA L. PUGLIESE, APR, Pugliese Public Relations
What is the true purpose of public relations and how can it really help impact the growth of your business? In order for the media to succeed, they need information that is both useful and entertaining for their readers. This is where you, the business owner or marketing executive, come in. READ MORE.
Bankrate survey: Mortgages inch upward as credit markets calm
NORTH PALM BEACH — Fixed mortgage rates inched upward for the third week in a row, with the average conforming 30-year fixed mortgage rate rising 5 basis points to to 6.16 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
Linen 'n Things goes Chapter 11; Delray, Boynton stores open
By DAVID SEDORE, Palm Beach Business.com
DELRAY BEACH — Financially ailing Linen ‘n Things is closing 120 “underperforming” stores nationally as part of its bankruptcy reorganization plan.
But its Delray Beach store won’t be one of them. And neither will it Boynton Beach store, according to the company. READ MORE.
Managing your business in a down economy
By NANCY PROFFITT,
Certified Business Coach,
Proffitt Management Solutions
The struggling economy has certainly been the focus of most of my coaching conversations of late. Worry over business improvement, growth, sustainability and general business performance expectations have taken over people's mindsets to the point of paralysis of otherwise genius minds. The fears associated with economic slow downs can turn to demotivation and lack of focus on the basics of good business. READ MORE.
FPL Group sees profit rise
JUNO BEACH — FPL Group Wednesday reported first quarter profit of $305 million, or 76 cents a share, on revenue of $3.4 billion. That compares with profit of $277 million, or 70 cents a share, on revenue of $3.1 billion. READ MORE.
Fed cuts interest rates again
WASHINGTON — The Federal Reserve Wednesday cut interest rates by a 25 basis points to 2.0 percent, citing weak consumer and business spending and a soft jobs market.
The Federal Open Market Committee in a statement said inflation remains a concern, though it expects the threat to moderate.
"The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time and to mitigate risks to economic activity," the statement said."The committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability." READ THE FED STATEMENT.
Consumer confidence falls again
The Conference Board index
DELRAY BEACH — Soaring gasoline prices. Plummeting home values. Escalating unemployment.
It’s no wonder that confidence among consumers in Florida and nationally continued to fall in April, according to key reports released Tuesday. READMORE.
Gasoline continues to spike; mid-grade over $4 in PB County
DELRAY BEACH — Gasoline prices have shot up a dime over the last week, according to the Energy Information Administration, while the AAA says both premium and mid-grade have broken the $4 a gallon mark in Palm Beach County. READ MORE.
Green Drinks celebrates Earth Day with meeting in Delray Beach
DELRAY BEACH — South Florida’s environmental movement continues to gain strength, evidenced by the 220 or so who turned out Tuesday for the region’s first Green Drinks Earth Day gathering at the Sundy House. READ MORE.
Three receive prison terms for $37 million mortgage fraud scam
MIAMI — A mortgage broker, a title attorney and a loan officer for Wachovia Bank are headed to prison for their roles in a multi-million dollar mortgage fraud scheme. READ MORE.
Florida's home sales continued to slide in March, Realtors report
ORLANDO — Florida’s housing market continued to do what it’s done for most the past two years: Slump. READ MORE.
Bankrate survey: Mortgage rates continue to creep upward
NORTH PALM BEACH — Inflation concerns sent fixed mortgage rates moved slightly higher for the second week in a row, with the average conforming 30-year loan hitting 6.11 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
Gas prices shooting up by the day
DELRAY BEACH — Quick! Fill your car before the price of gas shoots up again. READ MORE.
Office Depot directors re-elected
DELRAY BEACH — Office Depot Inc. said Wednesday that stockholders have re-elected all 12 Office Depot Board members, according to a preliminary voting analysis by its proxy solicitor MacKenzie Partners Inc. READ MORE.
Be prepared in case you are suddenly single
By DEBRA TARGETT, Financial Consultant, CERTIFIED FINANCIAL PLANNER™ professional, A.G. Edwards, which is a division of Wachovia Securities, LLC
While it’s something we hope would never happen, losing a spouse becomes an unfortunate reality many people must face. While the emotional trauma is the first and hardest blow, an important next step is looking towards the future and assessing your financial situation. As a single person for the first time in years, there are several steps you should take in order to help you effectively manage your financial and household needs. READ MORE.
Asian Cultural show attracts thousands to Delray Beach
DELRAY BEACH — The 15th annual Asian Food and Cultural Show packed them in once again. READ MORE.
PR: More than just news releases
By TINA L. PUGLIESE, APR, Pugliese Public Relations
Public relations is more than just a news release. A planned approach that utilizes many different methods will increase your probability for success and generate the kind of public relations you want for your business. READ MORE.
Earth Day '08: Stewardship of our planet
DELRAY BEACH — Armed with pickers, gloves and plastic bags, about 300 volunteers combed two miles of beach for cigarette butts, bits of plastic, wood and even an old chair or two as part of this year’s Earth Day observance. READ MORE.
Florida workers continue to lose confidence in jobs market
FORT LAUDERDALE — Spherion Corp.’s Florida Employee
Confidence Index fell 2 points to 44.2 in March, reaching its lowest point since the survey began in July 2004. Spherion released the report Friday. READ MORE.
Florida continues to lose jobs; Construction surpasses 80,000
DELRAY BEACH — Florida’s job market continued to shrink in March.
Florida’s Agency for Workforce Innovation reported Friday that the state shed 56,600 jobs in the 12 months through March, the continued legacy of housing debacle. The jobless rate for the month hit 4.9 percent, up from 4.6 percent in February and up from 3.7 percent in March a year ago. READ MORE.
Bankrate: Mortgage rates rising
NORTH PALM BEACH — Fixed mortgage rates continue to hopscotch back and forth over the 6 percent threshold, with the average conforming 30-year fixed mortgage rate rising seven basis points to 6.03 percent this week, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
Royal Caribbean takes new ship
MIAMI — Royal Caribbean International has taken delivery of its newest ship — Independence of the Seas — during a ceremony at Aker Yards in Turku, Finland, Thursday. READ MORE.
20 days to a better organization
By NANCY PROFFITT,
Certified Business Coach,
Proffitt Management Solutions
Peter Drucker has been called the guru of business. His advice has been the backbone of established business for decades. As a business owner, corporate leader or an individual looking to be more successful, the tendency is to look for some deep secret that those who are successful seem to demonstrate. READ MORE.
Boca doctor agrees to repay feds $7 million for tests never done
WEST PALM BEACH — A Boca Raton radiologist has settled federal health care fraud allegations by paying $7 million to the federal government. READ MORE.
More bad news for motorists
DELRAY BEACH — No surprise here: Gasoline prices continue to shoot up. READ MORE.
TED Center networks at Blue Fish
DELRAY BEACH — The Center for Technology, Enterprise and Development provided a free business networking opportunity Friday at the Blue Fish on Atlantic Avenue. TED will meet there again in May. READ MORE.
Spanish bank buys majority stake in Miami's City National Bank
MIAMI — Caja Madrid, Spain’s fourth-largest financial institution, is buying a majority stake in City National Bank of Florida, the second-oldest bank in Miami, for $927 million. READ MORE.
Chamber meets at O'Grady's
DELRAY BEACH — Delray Chamber members and their guests gathered at O'Grady's Lounge in the Delray Beach Marriott on North Ocean for networking. The next event will be held at Sundy House, 106 S. Swinton, on May 8. READ MORE.
Fixed rate mortgages continue upward trend, survey finds
NORTH PALM BEACH — After two weeks of declines, fixed mortgage rates rebounded, with the average conforming 30-year fixed mortgage rate hitting 6.12 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
USDA increases forecast for Florida's orange crop
WASHINGTON — Orange juice futures prices fell Thursday as the Agriculture Department raised its forecast for Florida's orange crop. READ MORE.
Work on Worthing Place condo project could begin soon
By DAVID SEDORE, Palm Beach Business.com Staff
DELRAY BEACH — Worthing Place, the 217-unit condo project in the downtown, could be coming out of the ground soon. Very soon. READ MORE.
Dissidents continue battle with Office Depot over board seats
FORT LAUDERDALE — The war of words between Office Depot and dissident shareholders Woodbridge Equity Fund and Levitt Corp. continued Wednesday in the form of another letter to company shareholders. READ MORE.
FPL seeks to expand West County
JUNO BEACH — Florida Power & Light Co. is asking the Florida Public Service Commission today for approval to build an additional natural gas-powered generator at the West County Energy Center in Palm Beach County. READ MORE.
Gasoline continues to climb, could hit $4 this summer
DELRAY BEACH — Gasoline prices are back to the races this week, and could surpass $4 in some places, according to reports from the federal Energy Information Administration. READ MORE.
Make sure to manage your tax records
By DEBRA TARGETT, Financial Consultant, CERTIFIED FINANCIAL PLANNER™ professional, A.G. Edwards, a division of Wachovia Securities, LLC
The Federal income tax system is a complicated organization, but it’s one we all have to contend with. Between payroll deductions, estimated taxes, exemptions, deductions, credits and more, it’s easy to get yourself confused. The problem with confusion, in this case, is that it can sometimes lead to fear — fear that you won’t have everything accounted for properly. If the IRS should ever come knocking, you want to be prepared to answer for the years of taxes you've settled. READ MORE.
Creating a public relations plan
By TINA L. PUGLIESE, APR, Pugliese Public Relations
Good public relations is an art of sorts and requires some research, thought and planning—but not necessarily expense—at any level. To get started on a public relations effort, there are three relatively simple steps you can take. READ MORE.
Fixed mortgage rates shoot up while adjustables fall
NORTH PALM BEACH — After two straight weeks of declines, fixed mortgage rates rebounded, with the average conforming 30-year rate moving up 17 basis points to 6.12 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.
Two get prison for Medicare scam
MIAMI — Two Miami men have received prison sentences for their roles in a multi-million dollar scheme to defraud Medicare. READ MORE.
Are you managing time, or is time managing you?
By NANCY PROFFITT,
Certified Business Coach,
Proffitt Management Solutions
Does your “to do” list seem to grow longer and longer? Do you ever feel overwhelmed, overworked or unappreciated ? Is your desk covered with tons of work to be done, projects to review and letters that require a response? How about all those emails! This applies to home as well as work. READ MORE.
Seven indicted for Medicare fraud
MIAMI — A federal grand jury has indicted seven Miami-area
residents in connection with an $11 million Medicare fraud scheme involving HIV infusion clinics, U.S. Attorney R. Alexander
Acosta of the Southern District of Florida announced Wednesday. READ MORE.
Gas prices drop in Florida
DELRAY BEACH — Gasoline prices went in opposite directions nationally and in Florida, according to the latest from the Energy Information Administration. READ MORE.
Carnival agrees to refund fuel charge for some travelers
MIAMI — Carnival Corp. has become the second cruise company to refund some customers for the fuel surcharge implemented in February.
Carnival said the refund was voluntary under an agreement with the Florida Attorney General’s Office. READ MORE.
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Nancy Proffitt On Manage-ment: Is time managing you or are you managing time? 
Delray chamber members gather at Salon 301.
