ARCHIVES 13 — BY PALM BEACH BUSINESS.COM

archived jan. 30, 208

Five get prison for Medicare fraud

MIAMI — Five owners of medical equipment companies who fraudulently billed Medicare for more nearly $29 million are headed to prison. READ MORE.

Weaking economy to hit Office Depot's 4th quarter results

DELRAY BEACH — Office Depot Inc. said Wednesday that the weakening economy will cut into sales and earnings for the fourth quarter. READ MORE.

Federal reserve cuts short-term rates by a quarter point

WASHINGTON — The Federal Reserve has cut its short-term, Federal Funds Rate by 25 basis points to 4.25 percent. In a statement Tuesday afternoon, the Fed said the rate cut should stimulate the economy and help avoid recession that some are predicting for next year.On the other hand, the central bank indicated its continuing concern about the risk of inflation, especially with rising energy and commodity prices.

"Moreover, strains in financial markets have increased in recent weeks. Today’s action, combined with the policy actions taken earlier, should help promote moderate growth over time," the Fed statement read.

Six indicted on securities charges

MIAMI — Two Palm Beach County men and a Miami resident have been indicted on federal securities fraud charges stemming from an FBI sting. READ MORE.

Confidence among U.S. workers sinks, Spherion survey finds

FORT LAUDERDALE — The number of U.S. workers expressing confidence in the economy and in their personal employment situation continued its decline in November, according to Spherion Corp.’s monthly survey of workers. READ MORE.

archived jan. 20, 2008

City to consider banning motorcycles from Atlantic

By DAVID SEDORE, Palm Beach Business.com

DELRAY BEACH — Motorcyclists might want to pay particular attention to the signs on Atlantic Avenue.

Delray City Commission at the behest of local restaurateurs is considering a ordinance that would ban motorcycle traffic on Atlantic between Swinton Avenue and South Federal Highway from 7 a.m. to 11 p.m. to cut down on noise. READ MORE.

Carrs barbershop opens after a few twists and turns

DELRAY BEACH — Opening up a barbershop might seem like a straight forward operation: Find a storefront, put in a few chairs, a few sinks and you’re in business.

But for David Solomon and his family, Monday’s grand opening of Carrs — The Traditional Barber on South Federal Highway in Delray, it came with a few twists and turns. READ MORE.

Spady, craft show attract large weekend crowds

DELRAY BEACH — The Spady Living Heritage Day and the Howard Alan Craft Show made for a busy weekend in the downtown. CLICK FOR PHOTOS.

Delray seeking volunteers for code enforcement board

DELRAY BEACH — The city is seeking volunteers to serve on the code enforcement board, which hears and rules on alleged municipal code violations. The Code Enforcement Board is a quasi-judicial body, created in accordance with Florida State law.

The board has 7 regular members and 2 alternates, who meet on the second and fourth Tuesday of each month at 1:30 p.m. in the city commission chambers. Additional information may be obtained from Danise Cleckley at 243-7213.

Members are appointed by the city commission. All positions are voluntary and members are not paid.

Dockerty Romer arranges loan for Wal-Mart center

WEST PALM BEACH — Shannon Rex of Dockerty Romer & Co. has arranged $14.7 million in permanent financing for Lake Point Centre, a 119,443-square-foot neighborhood shopping center west of West Palm Beach and anchored by Wal-Mart’s Neighborhood Market.

The shopping center also has a freestanding Walgreen’s drug store. Lake Point Centre was built in 1997 with a since-departed Winn-Dixie as the anchor.

It is situated on the north side of Okeechobee Boulevard at Jog Road in Palm Beach County. Key Bank Real Estate Capital, Inc provided a non-recourse loan for a 20-year.

“This is one of the first Wal-Mart Neighborhood Markets in Palm Beach County,” Rex said.

Dockerty Romer & Co. is a full service commercial mortgage banking and real estate brokerage firm specializing in financing income-producing properties. Dockerty Romer & Co. has closed over $2 billion of real estate transactions since its inception in January 2000.

Loxahatchee scenes brighten Pineapple Grove

DELRAY BEACH — Pineapple Grove is a little artier these days thanks to the completion of a mural titled “Observations” depicting scenes from Loxahatchee. READ MORE.

archived dec. 24, 2007

FPL proposes Palm Beach unit

JUNO BEACH —Florida Power & Light Co. said Thursday that it plans either to build a gas-powered generating plant in western Palm Beach County or buy electricity from other companies in order to meet growing demand statewide. READ MORE.

Cost of borrowing continues to fall

NORTH PALM BEACH — Fixed mortgage rates fell to the lowest level since September 2005, with the average conforming 30-year fixed mortgage rate now 6 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.

Two indicted for Medicare scam

MIAMI — The U.S. attorney’s health care fraud strike force has produced two more indictments.U.S. Attorney R. Alexander Acosta said Wednesday that Alicia Rodriguez and Juan Viera, owners of two Miami medical equipment companies, each have been charged with five counts of mail fraud and four counts of money laundering in connection with a $11 million Medicare billing scam. READ MORE.

Regulators pull plug on allegedly unlicensed health insurers

TALLAHASSEE — The Florida Office of Insurance Regulation Wednesday ordered four unlicensed health insurers to stop doing business in the state after getting complaints from consumers that the firms were not paying plaims. READ MORE.

archived dec. 23, 2007

Scenes from Art & Jazz on Atlantic Avenue

Delray Chamber awards grants to area schools

DELRAY BEACH — The Delray Chamber's Education Foundation awarded $21,750 to 21 area schools during the chamber's annual new teacher/education appreciation breakfast Friday. READ MORE. Delray cuts tax rate by 9%, now must wield budget axe

By DAVID SEDORE, Palm Beach Business.com Staff

DELRAY BEACH — And now comes the really hard part. City commissioners with some reluctance and a little discussion agreed to cut the property tax rate for the upcoming budget year by 9 percent, the amount. That’s the amount the Florida Legislature mandated in the property tax reform package enacted in June.Commissioners now must figure out what gets cut out of the budget, a process that won’t be easy. The new budget year begins Oct. 1. MORE.

dec 21, 2007

Nabi sale to Biotest a done deal

BOCA RATON — Nabi Biopharmaceuticals no longer is Florida’s largest biotech. That's because officially, it's no longer in Florida. Nabi said Tuesday that it has completed the sale of its Boca headquarters, its Biologics laboratory, products and operations to Biotest Pharmaceuticals Corp., a unit of Biotest AG, for $185 million. The deal was announced in September.Nabi’s remaining business will be headquartered in Maryland.Biotest has applied to the Food and Drug Administration and the Florida Department of Health for licenses needed to assume manufacturing and sales activities at the former Nabi facility. In the interim, Nabi will continue to have oversight and operational authority for the plant."We are extremely pleased with the smooth transition and successful completion of the acquisition," said Biotest AG chairman Gregor Schulz said. "With the creation of Biotest Pharmaceuticals, Biotest AG has substantially expanded its capacity, product range and clinical development portfolio."

Conventional mortgages fall, but credit worries move jumbos higher

NORTH PALM BEACH — Fixed mortgage rates fell to the lowest level since March, with the average conforming 30-year rate now 6.17 percent, according to Bankrate.com's weekly national survey of large lenders. A week ago, the rate was 6.29 percent. READ MORE.

Gas falls nationally for a 2nd week; Palm Beach prices set record

WASHINGTON — Hooray! Gasoline prices dropped for a second week in a row, according to the federal Energy Information Administration.But savings ain’t much. And if you run on diesel, the cost just keeps escalating. READ MORE.

Mortgage rates fall slightly

NORTH PALM BEACH — Mortgage rates declined slightly last week, with the average conforming 30-year fixed mortgage rate now 6.29 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.

U.S. attorney makes Medicare team permanent, announces indictment

MIAMI — How prevalent is Medicare fraud in South Florida? So prevalent that U.S. Attorney R. Alexander Acosta announced Wednesday that he has made the district’s Medicare Strike Force — aimed at combating Medicare fraud — a permanent part of his office. READ MORE.

Home sales continue to slide

DELRAY BEACH — Anyone looking for signs of life in the housing market was sorely disappointed by the latest numbers from the Florida Association of Realtors.FAR Wednesday reported that the number of used homes sold statewide in October fell 29 percent to 31,910 from 44,776 a year ago. READ MORE.

Office Depot sees earnings slide

DELRAY BEACH — Office Depot made money in the third quarter, just not quite as much as it did during the same period a year ago, blaming the slowing economy.More significantly: same-store sales declined year over year. READ MORE.

dec 14 2007

State rejects Allstate rate hikes

TALLAHASSEE — Florida Insurance Commissioner Kevin McCarty said Friday that the Florida Office of Insurance Regulation intends to reject rate hikes requested by five Allstate subsidiaries, citing the companies’ failure to take advantage of cheap state-provided reinsurance. Allstate Floridian Insurance Co., Allstate Floridian Indemnity Co., Encompass Floridian Insurance Co. and Encompass Floridian Indemnity Co. wanted to raise homeowners insurance rates on average between 27.4 percent and 43.4 percent.Some Allstate policyholders could have seen increases of as much as 150 percent. On the other end, some of the requested increases were as low as 6 percent. Regulators held a public hearing on the requests Thursday."Our action is based on a thorough review of the information previously provided by the companies and their testimony at the hearing," McCarty said. "The rates proposed by the Allstate companies do not pass along all the savings reasonably available as a result of the expansion of the Florida Hurricane Catastrophe Fund."Allstate may appeal the decision before an administrative judge.

Dec. 12, 2007

Wall Street makes modest gains; Pediatrix leads South Florida

DELRAY BEACH — Stocks finished the week on a modestly upbeat note Friday.

The Dow Jones industrial average gained 66.74 points to 13,176.79; the Nasdaq composite index gained 18.73 to 2,637.24; the S&P 500 gained 7.59 to 1,458.74. READ MORE.

Jobless rates continue to climb

TALLAHASSEE — The slumping housing industry continues to hound the state economy, witness the latest numbers from Florida’s Agency for Workforce Innovation.The agency reported Friday that the statewide jobless rate jumped to 4.2 percent in October from 4.0 in October. A year ago, the rate was at 3.2 percent. The numbers are adjusted for seasonal factors. READ MORE.

Royal Caribbean imposes fuel surcharge for cruise passengers

MIAMI — Royal Caribbean Cruises Ltd. Friday became the latest cruise company to impose a fuel surcharge on its passengers.The $5 per guest per day fee will apply to sailings that depart on or after Feb. 1. READ MORE.

SEC informally investigating Office Depot's vendor accounting

DELRAY BEACH — The Securities and Exchange Commission is informally investigating the accounting practices at Office Depot that has caused the business supply retailer to restate earnings. READ MORE.

Weston man target of SEC suit

MIAMI — The Securities and Exchange Commission is suing a Weston man and four of his companies for an alleged real estate scam that took investors for at least $8.4 million.The defendants include James Thomas Webb, 46, of Weston, CitiRise Redevelopment LLC of North Carolina, CitiRise Redevelopment LLC of Florida, Progressive Redevelopment and Alpine Properties.The SEC sought and won a federal court order freezing the assets of Webb and his companies. A hearing on the matter will be held Nov. 26.Webb, who was convicted of making false statements to the U.S. Department of Housing and Urban Development in 1991, allegedly sold investment contracts in his companies for a minimum of $40,000 a pop.The SEC alleges the contracts were unregistered securities.

Mortgage rates fall slightly, Bankrate's weekly survey finds

NORTH PALM BEACH — Mortgage rates fell slightly this week, with the average conforming 30-year fixed mortgage rate now 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.34 discount and origination points. READ MORE.

Wal-Mart profit boosts Wall street; SBA leads South Florida surge

DELRAY BEACH — Stocks jumped Tuesday thanks in part to Wal-Mart Stores.The Dow Jones industrial average gained 319.53 points to 13,397.09; the Nasdaq composite index gained 89.52 points to 2,673.65; the S&P 500 gained 41.87 points to 1,481.05.

Boynton man gets prison for selling contaminated foods

WEST PALM BEACH — A federal court judge has sentenced a Boynton Beach businessman to 15 months in prison for selling mislabeled and contaminated prepared foods. READ MORE.

Slumping housing market, credit crisis combine to take down Levitt

FORT LAUDERDALE — The slumping housing market has claimed a victim.Venerable Levitt Corp. and all of its subsidiaries, including Core Communities, filed for Chapter 11 reorganization Friday in Federal Bankruptcy Court for South Florida. Core Communities is the developer of St. Lucie West. READ MORE.

Spa Eleven changes name, holds parties to celebrate

DELRAY BEACH — Spa Eleven is not just a spa any more. It’s a boutique, a hair salon and a skin care center. It’s also a place for corporate events and parties.It’s also not Spa Eleven any more. Just Eleven, a way of emphasizing that it's changed. Full Story, photos here.

Florida Coalition asks DCA to kill Briny Breezes project

DELRAY BEACH — The Florida Coalition for Preservation has asked state Department of Community Affairs Secretary Thomas Pelham to consider “a host of costs that will be borne by taxpayers” if the agency approves a redevelopment plan proposed for Briny Breezes.Former U.S. Rep. Tom Evans, who chairs the coalition, said in a letter to Pelham that the plan for Briny Breezes would make the 43-acre site one of the most densely populated areas on Florida’s east coast. “Virtually all of those from whom you have received comments are strongly opposed to the amendments to the comprehensive plan because it is totally incompatible with the communities in the area of Briny,” Evans wrote. “It will also dangerously stress the surrounding infrastructure because of its density.”Evans also cited the risk of hurricanes and the effects the development would have on the state-sponsored Citizens Property Insurance Corp.The proposal for the property include 900 condominium units, 300 timeshare units, a 349-room luxury hotel, restaurants, retail shops, parking facilities and a yacht marina.

Bethesda expects state OK for West Boynton hospital

By DAVID SEDORE, Palm Beach Business.com Staff

BOYNTON BEACH — Bethesda Memorial is looking to get state approval to build an 80-bed hospital west of Florida’s Turnpike by August or September.

But don’t expect the first shovel of dirt to be turned for at least two more years — if then. MORE.

Sachs attend tax reform signing by Gov. Crist

WEST PALM BEACH —State Rep. Maria Sachs, D-Delray Beach. attended the signing of the property tax reform bill by Gov. Charlie Crist Thursday in West Palm Beach. The Legislature passed the bill last week. “I envision the statutory change to bring needed relief to all citizens in the state of Florida,” Sachs said during remarks at the ceremony. The governor signed only the statutory changes Thursday. Proposed constitutional changes will be before voters on Jan. 29.

Delray goes retro, returns to the days of Summer of Love

DELRAY BEACH — Hippies young and old came out in force Saturday for peace and music at the first annual Kindness Festival — Summer of Love at Old School Square in Delray Beach. MORE.

Coaltion asks Congress to end barrier island subsidies

DELRAY BEACH — The Florida Coalition for Preservation is continuing its campaign against the proposed development of Briny Breezes by asking Congress to end federal subsidies for high-density building on barrier islands.The coalition specifically cited the National Flood Insurance program.“I know you appreciate and understand how Florida residents know firsthand the dangers inherent in living in areas most vulnerable to the violent storms that will inevitably strike our coastline,” Coalition Chairman Tom Evans said in a letter to Sen. Mel Martinez, R-Florida. “That’s why intensive, high-density building on fragile, storm-prone barrier islands is risky at best and grossly negligent at worst.” Martinez is chairman of the Republican National Committee; Evans, a former representative from Delaware, served RNC co-chair in the 1980s.Evans sponsored the Coastal Barrier Resources Act, which already limits development on barrier islands.

Delray to hold meeting on tax cuts and the budget

DELRAY BEACH — Delray City Commissioners will hold a town hall meeting at the Crest Theater this evening at 7 to discuss ways to cut the city budget in the wake of proposed property tax cuts.

The Legislature convenes in special session this morning to consider a property tax reform package that will require local governments to role back rates.

Under the proposal, Delray would have to hold rates at this year’s level for the budget year that begins in October. Beyond that, the city would have to roll back rates by nine percent.

Any future rate increases would have to correspond to increases in personal income.

This evening’s meeting is to get ideas from city residents on how to cut the budget.

State plans Atlantic Avenue rehab, restoration project

DELRAY BEACH — The Florida Department of Transportation plans to resurface, restore and rehabilitate Atlantic Avenue from S.W. 12th to A1A. The project is scheduled to begin in August 2008 and will take about 18 months to complete.

FDOT will have graphs and maps of the Atlantic Avenue rehabilitation project at the Old School Square Gymnasium at 51 N. Swinton Ave. on Wednesday, June 6, 2007, with representatives from FDOT to answer questions and listen to citizen concerns. The meeting is informal and open to the public from 3 to 8:00 PM.

The project plansminclude restoring the street surface, updating curb ramps at intersections and crosswalks, installating new mast arm traffic signals, new lighting and landscaping and decorative features.

South County Habitat dedicates Delray homes

By DAVID SEDORE, Palm Beach Business.com Staff

DELRAY BEACH — Dora Shiver and Arnetta Hickman became homeowners Sunday thanks to their own work and the efforts of Habitat for Humanity of South Palm Beach County.

Shiver and Hickman respectively now own the 68th and 69th homes built by Habitat in Boca Raton, Delray Beach and Boynton over the past 16 years. Representatives of Habitat, Delray Beach and sponsors Office Depot and Bank of America were on hand to celebrate the day. The homes are at 217 and 223 NW 15th Ave. in Delray Beach. Story, photos here.

Wal-Mart adds city info rack

DELRAY BEACH — The Wal-Mart at 16205 S. Military Trail has become third store in Delray Beach to make city brochures and newsletters available to patrons through a rack near the main entrance..

The material provides residents with information on city functions, events and activities.

The Winn-Dixie at 1565 S Congress Ave. and Albertsons at 4801 Linton Blvd. have been distribution sites for the past three years.

S. Florida water managers tighten use restrictions

DELRAY BEACH — Prepare to use less water — or pay the price.

The South Florida Water Management District has declared Phase III water restrictions effective Wednesday, meaning homeowners will be allowed to water their lawns or wash their cars or boats once a week only. MORE.

Office Depot could be player for OfficeMax, analyst says

DELRAY BEACH — Buying rival OfficeMax would be a "home run" for either Office Depot or Staples, according to a Credit Suisse analyst. However, there's no indication a deal is in the works. MORE.

Delray Wi-Fi gets contract to provide city Internet service

DELRAY BEACH — Delray Beach city commissioners have awarded the city’s wireless Internet contract to a joint venture called Delray Wi-Fi.

Under terms of the contract, Delray Wi-Fi will provide wireless Internet connections throughout the city beginning with Atlantic Avenue corridor and eventually spreading throughout the remainder of the city this year. Free outdoor service will be available along the Atlantic Avenue corridor as much as four hours a day.

The joint venture will provide free Internet service to 200 families with children living below the poverty line; it will also provide service at a discount to other families below the poverty line.

Other residents may subscribe to the service at market rates.

Delray Beach Wi-Fi Inc. is a joint venture of e-Path
Communications Inc., ATC International Inc. and The Vision Team LLC.

Sun American officially opens Delray Beach branch

By Palm Beach Business.com Staff

DELRAY BEACH — Rapidly expanding Sun American Bank officially opened its first Delray Beach office Wednesday evening with a ribbon-cutting ceremony.

Sun American is expected to open a second office in the city later this year. Story and photos here...

dec. 10, 2007

Wall Street awaits the Federal Reserve; B/E booms in South Florida

DELRAY BEACH — Maybe a nice little interest rate cut tomorrow will put investors in more of a buying mood. They were slightly more interested in selling Tuesday.The Dow Jones industrial average fell 77.79 points to 13,792.47; the Nasdaq composite index fell 0.73 points to 2,816.71; the S&P 500 fell 9.96 points to 1,531.02.The Palm Beach Business.com South Florida portfolio fell $2.51, or 0.26 percent, to $971.87; Palm Beach County stocks, however, gained $1.72 to $354.27, thanks to a sweet day for B/E Aerospace. The aircraft interior components company picked up $2.47 to $47.04; Bankrate gained 68 cents to $45.64; Burger King gained 63 cents to $26.34.On the Dark Side, Elizabeth Arden dropped $2.11 to $24.54; Heico lost $1.56 to $52.65; Pediatrix fell 89 cents to $65.77.The Bloomberg South Florida index fell 0.72 to 159.27; the Bloomberg Florida index fell 0.73 points to 122.36.Oil tumbled $3.15 to $90.38 a barrel; gasoline fell 7.03 cents to $2.2571 a gallon.The Conference Board Consumer Confidence Index fell 3.9 points to 95 in October. It was the third consecutive month the index fell.

Stocks gain modestly ahead of Fed; Office Depot slips on delayed report

DELRAY BEACH — Wall Street advanced modestly ahead of this week’s Fed meeting, while South Florida stocks retreated slightly.The Dow Jones industrial average finished Monday up 63.56 to 13,870.26; the Nasdaq composite index gained 13.25 to 2,817.44; the S&P 500 gained 5.70 to 1,540.98.The Palm Beach Business.com South Florida portfolio fell $2.08, or 0.21 percent, to $974.38. Palm Beach County stocks fell $2.65, or 0.75 percent, to $352.55.Office Depot fell $2.86 to $17.43 after announcing that it will delay the third-quarter earnings announcement set for Tuesday. BankUnited fell 91 cens to $8.73; Dycom fell 90 cents to $28.64; BankAtlantic fell 59 cents, or 12.50 percent, to $4.13.Royal Caribbean gained 72 cents to $42.80; GEO Group gained 49 cents to $31.44; FPL Group fell 48 cents to $67.11.The Bloomberg South Florida index fell 0.43 points to 159.99; the Bloomberg Florida index fell 0.95 points to 123.09.Oil gained $1.67 a barrel to $93.53; gasoline gained 5.34 cents to $2.3274 a gallon.

Concerns over housing, the economy bring down fixed-rate mortgages

NORTH PALM BEACH — Concerns over the economy and the housing market pushed mortgage rates southward this week, with the average conforming 30-year fixed mortgage rate now 6.31 percent.That’s down from 6.49 percent a week ago, according to Bankrate.com's weekly national survey of large lenders

e average 15-year, fixed-rate mortgage, plunged to 6.00 percent from 6.17. The average jumbo 30-year fixed rate retreated to 7.04 percent.Adjustable mortgage rates declined as well, with the average one-year ARM down to 6.09 percent, and the average 51 ARM falling to 6.12 percent.Disappointing bank earnings brought a renewed focus to mortgage delinquencies and concerns about the credit markets helped drive investors into the safe haven of long-term government bonds. Fixed mortgage rates are closely related to the yields on Treasury securities. Also, the spread between jumbo and conforming mortgage rates continues to improve, now at its narrowest since early August. The average jumbo 30-year fixed mortgage rate is 7.04 percent, and that is the lowest since July 25.Fixed-rate mortgage remain the most attractive option for borrowers. Just three months ago, the average 30-year fixed mortgage rate was 6.75 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,297.20. Now that the average conforming 30-year fixed rate is 6.31 percent, the same $200,000 loan carries a monthly payment of $1,239.25.Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. There is no clear consensus among the panel this week, with 38 percent predicting a decline in rates over the next 30 to 45 days.The remaining respondents are evenly split, with 31 percent forecasting a rebound in rates and 31 percent expecting rates to remain more or less unchanged over the coming week.

nov 3

Mortgage concerns wear on Wall Street, World Fuel crushed

DELRAY BEACH — South Florida stocks finished Friday below $900 for the first time as the market continued to melt down on mortgage concerns.The Dow Jones industrial average fell $223.55 points to 13,042.74; the Nasdaq composite index fell 68.06 points to 2,627.94; the S&P 500 fell 21.07 points to 1,453.70 . READ MORE.

Nabi shareholders approve sale of Boca headquarters and lab

BOCA RATON — Nabi Biopharmaceuticals took another step toward leaving Boca Raton Friday.The company announced that shareholders have approved the sale of its Boca headquarters and lab to German-owned Biotest Pharmaceuticals Inc. The vote took place during Nabi’s annual shareholder meeting.The $185 million deal, which includes Nabi's Biologics business unit, announced in September, remains subject to regulatory approvals, but is expected to close by the end of the year. Nabi will move its headquarters to Rockville, Md. More than 60 percent of Nabi’s outstanding common shares were represented at the meeting, and 98 percent of those shares were voted in favor of the deal. "We are pleased and gratified by the strong support we have received from our stockholders and thank them for their continued commitment to Nabi Biopharmaceuticals," interim CEO Leslie Hudson said.

Also Friday, Nabi reported a third quarter loss of $15.9 million, or 26 cents a share, on revenue of $20.1 million.

The company lost $21.8 million, or 36 cents a share, on revenue of $19.6 million during the same period a year earlier.

GEO Group report rise in quarterly profit, gets contract renewals

BOCA RATON — GEO Group, the private prisons company, Friday reported third quarter profit of $12.7 million, or 25 cents a share, on revenue of $267 million, compared with profit of $8.6 million, or 22 cents a share, on revenue of $219 million for the same period a year ago.

The company project fourth quarter profit of 26 to 27 cents a share, excluding certain costs. For the full year, GEO projected earnings of $1.04 to $1.05 a share.

“We are pleased with our third quarter earnings results which reflect strong performance from our three business units,” Chairman and CEO George C. Zoley said. “We continue to have a strong pipeline of projects under development and new business development opportunities for U.S. Corrections, International Services, and GEO Care.”

Also during the day, GEO said the California Department of Corrections and Rehabilitation has extended three contracts at company-managed medium-security prisons in McFarland and Adelanto for five years.

The initial per diem rate for each of the three contracts is $60.00, subject to an annual adjustment.

The contract amendments will take effect on December 15, and are expected to generate about $40 million in annual revenue, or $200 million over the contract.

Office Depot makes gains as Wall Street falls on more credit worries

DELRAY BEACH — Credit quality continues to be a concern on Wall Street, and it shows in the mid-day numbers. The Dow was down 161 points to 13,105; the Nasdaq was down 53 to 2,644; the S&P 500 was down 14 to 1,461.The Palm Beach Business.com South Florida portfolio hit a new low, down $19.19, or 2.07 percent to $905.77. World Fuel services was down $6.63 a share to $33.12; SBA Communications was down $2.75 to $34.02.The money makers: Office Depot was up $1.29 to $18.63; FPL Group was up $1.11 to $68.83. Wachovia became the latest major bank to announce that the value of its mortgage-backed securities portfolio had declined by $1.1 billion in October.

Booking errors to cost Office Depot

DELRAY BEACH — Errors in booking revenue from vendors will cost Office Depot and force the company to restate earnings.Office Depot said late Thursday that its audit committee completed a review of vendor programs accounting for the last three quarters and found that revenue from the program was prematurely booked. READ MORE.

Stocks rally, finish modestly down; Bankrate falls hard in South Florida

DELRAY BEACH — It wasn’t quite the dismal day on Wall Street that it could have been when Ben Bernanke told a House committee that the economy is slowing. Stocks rallied in the afternoon turning what could have been a repeat of Wednesday’s disaster into just another bad day.

The Dow Jones industrial average fell 33.73 points to 13,266.29; the Nasdaq composite fell 52.76 to 2,696; the S&P 500 fell 0.85 points to 1,474.77. READ MORE.

Credit worries, economic news help push mortgage rates higher

NORTH PALM BEACH — Better-than-expected economic news and concerns over credit quality pushed mortgage rates up slightly to 6.34 percent, according to Bankrate.com's weekly national survey of large lenders. READ MORE.

S. Florida stocks take a pounding

DELRAY BEACH — Continued credit concerns sunk Wall Street Wednesday.The Dow Jones industrial average fell 360.92 points to 13,300.02; the Nasdaq composite index fell 76.42 points to 2,748.76; the S&P 500 fell 44.65 points to 1,475.62. READ MORE.

Nabi says anti-smoking vaccine passes trial, presents data

BOCA RATON — Nabi Biopharmaceuticals Wednesday said its NicVAX anti-smoking vaccines successfully completed it Phase 2b clinical trial.Data from the trial, presented Wednesday at the American Heart Association’s scientific meeting in Orlando, confirm earlier findings of the vaccine’s effectiveness."I believe data from this trial are very encouraging — for smokers who are trying to quit as well as for the field of smoking cessation vaccines," said Dr. Stephen Rennard of the University of Nebraska Medical Center and one of the trial’s lead investigators. "Only a short time ago, it was difficult to find convincing evidence to link anti-nicotine antibody with smoking cessation. This double- blind, placebo-controlled trial has demonstrated a clinical proof of concept.”The Phase 2b study was a double-blind, placebo-controlled and dose-ranging study of 301 patients designed to establish proof of concept and the optimal dose for the Phase 3 program. It was designed in collaboration with the U.S. Food and Drug Administration and other global regulatory agencies.

Carnival to implement fuel charge

MIAMI — Carnival Corp. said Wednesday that its North American cruise lines will implement a fuel surcharge of $5 per person per day. READ MORE.

Stocks gain on afternoon rally; Bankrate surges in South Florida

DELRAY BEACH — Stocks staged a rally Tuesday afternoon as investors went bargain hunting. The Dow Jones industrial average gained 117.54 points to 13,660.94; the Nasdaq composite index gained 30 points to 2,825.18; the S&P 500 gained 18.10 to 1,520.27. READ MORE.

Six face federal fraud charges for business opportunity scams

MIAMI — Six South Florida men face prison time after being charged with fraud for their part in five different business opportunity scams. READ MORE.

Office Depot target of law firm suit

BOCA RATON — Office Depot, which has delayed reporting third quarter results because of questions regarding the revenue from vendor programs, is now the target of a shareholder suit.The Boca law firm of Saxena White P.A. on Monday said it has filed suit in federal court on behalf of Office Depot shareholders alleging the company has violated federal securities laws.The suit seeks class action status for shareholders who bought Office Depot stock between April 26, 2006 and October 26, 2007.Office Depot had been scheduled to issue its third-quarter results a week ago, but instead said it was delaying the release, as its audit committee continued a review of the vendor program revenue. Company shares fell 14 percent.

Two Wellington men charged with fraud in Internet stock scam

WEST PALM BEACH — Two Wellington men face as much as five years in prison after being charged with conspiracy to commit wire fraud in connection with an Internet securities scam that took investors for more than $1.1 million, according to federal prosecutors.Gerald Milligan, 47, and Andrew Mariani, 31, ran a securities web site called Options Management Specialists, which took in more than $1.1 million from about 100 investors, according to an information filed against the two men. According to the information, Mariani traded and mostly lost $150,000. The remainders of the money went to Milligan to support a lavish lifestyle, and to repay original investors.To perpetuate the scheme, Milligan sent out false reports touting the company’s successes. When investors demanded their money, he sent out emails saying it was lost because of investments in failing companies.Besides prison, the two mean each face three years supervised release, $250,000 in fines and restitution.

Burger King reports strong first quarter earnings growth

MIAMI — Burger King Monday reported first quarter profit of $49 million, or 36 cents a share, on revenue of $602 million, compared with profit of $40 million, or 30 cents a share, on revenue of $546 million for the same period a year ago.CEO John Chidsey said the company’s financial performance improved by every measure over the year-ago quarter.“We are thriving in a challenging economic environment as consumers take advantage of our value and convenience,” Chidsey said. I am confident in our ability to execute on our strategic growth opportunities and our ability to continue to deliver top of the industry financial performance.”

Meanwhile ...

Burger King to hold stock offering

MIAMI — Burger King Holdings Inc. said Monday that it has filed with the Securities and Exchange Commission for a secondary stock offering to allow three private investment companies to sell shares to the public.TPG Capital, Bain Capital Partners and the Goldman Sachs Funds intend to offer 23 million shares of Burger King common stock in an underwritten offering. Burger King will not sell any shares in the offering.The selling stockholders own about 79 million shares of Burger King common stock, or approximately 58 percent of the outstanding shares. Following the sale, the three firms will own about 41 percent of the company, less if underwriters exercise their options in full.Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc. will act as joint book-running managers for the offering.

Delray Chamber at Gotham City.

Rain fails to dampen the 11th annual Firefighters & Paramedics Chili Cook-off

Dow

DELRAY BEACH — Stocks finished up after an up and down Friday, thanks in measure to a better-than-expected jobs report.The Dow Jones industrial average gained 27.23 to 13,595.10; the Nasdaq composite index gained 15.55 to 2,810.38; the S&P 500 gained 1.21 points to 1,509.65. READ MORE.

Pediatrix Medical group sees gains in third quarter profit

FORT LAUDERDALE — Pediatrix Friday reported third quarter profit of $39.6 million, or 79 cents a share, on revenue of $237 million, compared with profit of $35.2 million, or 71 cents, on revenue of $216 million for the same period a year ago.

The company, which provides pediatric medical services, launched an intiative to build a national anesthesiology practice.“While we are in the early stages of our efforts, we are encouraged by the opportunity to transfer our administrative core competencies to anesthesia practices,” CEO Roger J. Medel said.For the nine months, Pediatrix reported profit of $101 million, or $2.02 a share, on revenue of $678 million, compared with profit of $92 million, or $1.87 a share, on revenue of $607 million.Pediatrix also projected 2008 earnings of $3.35 to $3.45 a share.

Dow loses more than 360 points; South Florida stocks fall hard

The daily Dow
DELRAY BEACH — Any feelings of euphoria from Wednesday's rate cut by the Fed quickly evaporated Thursday as stocks plunged.The Dow Jones industrial average fell 362.14 points to 13,567.87; the Nasdaq composite index fell 64.29 to 2,794.83; the S&P 500 fell 40.94 to 1,508.44.The Palm Beach Business.com South Florida portfolio fell $25.36, or 2.58 percent, to $958.08. Palm Beach County stocks fell $4.32 to $355.22. Heico, the jet-engine parts maker, fell $4.02 to $50.42; World Fuel Services lost $2.26 to $42.03; Perry Ellis International fell $2.03 to $21.17.Bankrate gained $1.85 to $47.80; Eclipsys gained $1.04 to $23.60; Office Depot gained 11 cents to $18.87.The Bloomberg South Florida index fell 4.84 oints to 156.35; the Bloomberg Florida index fell 2.97 points to120.27.Oil gained 62 cents to $94.11 a barrel; gasoline gained 1.86 cents to $2.3659 a gallon.

Mortgage rates inch downward, Bankrate's weekly survey finds

NORTH PALM BEACH — Mortgage rates moved slightly lower this week, with the average conforming 30-year fixed mortgage rate at 6.29 percent compared to 6.31 percent a week ago, according to Bankrate.com's weekly national survey of large lenders. READ MORE.

Rate cut, GDP news boosts stocks; Heico leads surge in South Florida

The daily Dow

DELRAY BEACH — A rate cut from the Fed and strong GDP growth made for pretty good Wednesday on Wall Street.The Dow Jones industrial average gained 137.54 to 13,930.01; the Nasdaq composite index gained 42.41 to 2,859.12; the S&P 500 gained 18.36 points to 1,549.38 .READ MORE.

NCCI agrees to bigger cuts in workers comp insurance rates

BOCA RATON — The National Council on Compensation Insurance has resubmitted its annual rate filing with state regulators, proposing to cut workers comp premiums by 18.4 percent.The Florida Office of Insurance Regulation has estimated the cut will save employers $700 million. READ MORE.

Wall Street waits for the Fed; B/E Aerospace booms in South Florida

The daily Dow

B/E Aerospace reports a surge in earnings for the third quarter

WELLINGTON — B/E Aerospace Tuesday reported third quarter profit of $44.5 million, or 49 cents a share, on revenue of $428 million, compared with profit of $31.4 million, or 40 cents a share, on revenue of $288 million for the same period a year ago. READ MORE.

Consumer confidence rises in Florida, but falls nationally

DELRAY BEACH — Confidence among Florida consumers was on the rise in October. Nationally, however, it was a different story, according to separate reports released Tuesday. READ MORE.

FPL Group sees slight rise in profit, predicts strong growth

JUNO BEACH — FPL Group Tuesday reported third quarter profit of $533 million, or $1.33 a share, on revenue of $4.6 billion, compared with profit of $527 million, or $1.32 a share, on revenue of $4.7 billion. READ MORE.

Stocks gain ahead of Fed meeting; Office Depot delays earnings

The daily Dow

Regulators OK Insurers to take Citizens' homeowners policies

TALLAHASSEE — The Florida Office of Insurance Regulation said Monday that it given its blessing to plans by four insurers to assume 173,000 policies from the Citizens Property Insurance Corp., the state's insurer of last resort. READ MORE.

Pompano Helicopters sues Westwood One, hires Boca PR firm

BOCA RATON — Pompano Helicopters Inc. is suing the Westwood One radio network for $362 million, claiming Westwood and a subsidiary tried to drive Pompano out of business and take over contracts it had to provide broadcast stations with news and traffic helicopter service.Pompano Helicopters also said it has retained TransMedia Group Public Relations in connection with the suit, filed in Broward County Circuit Court.Pompano Helicopters alleges that Westwood destroyed its business by spreading false rumors, including on that Pompano was an unsafe aircraft operator.Pompano alleges that it lost contracts to Westwood subsidiary Metro Networks Communications Inc. because of the rumors.

Office Depot delays earnings release, citing committee review

DELRAY BEACH — Office Depot said Monday that it has delayed the release of its third-quarter earnings release and conference call that had been scheduled for Tuesday.Office Depot cited an independent review by the audit committee of the company’s vendor program funds. The review relates principally to when certain vendor program funds are recognized. The company said it will issue a press release when a new date is set for the third-quarter earnings statement.

BankAtlantic shares fall hard on quarterly losses, poor forecast

FORT LAUDERDALE — Hit hard by the slumping real estate market, BankAtlantic Friday reported a third quarter loss of $29.6 million, or 52 cents a share, compared with a profit of $2.5 million, or 4 cents a share for the same period a year ago.

Shares were down $3.30, or 43 percent, to $4.35 in late afternoon trading on the New York Stock Exchange.“This quarter’s financial results reflect the continuing impact of the current economic environment on our business, particularly the deteriorating residential real estate market, contributing to higher non-performing asset levels, increased loan loss reserves, further valuation impairment of real estate owned and held for sale, and net interest margin compression,” CEO and Chairman Alan Levan said.“The impact of the decline in the Florida residential real estate market has been significant. We do not anticipate that market conditions will improve in the near-term and expect that the negative factors impacting this quarter’s results may continue to affect us in the fourth quarter and into 2008.”Levan said the bank’s balance sheet remains strong, and the company has moved to slow its expansion plan.For the nine months, BankAtlantic lost $12.3 million, or 21 cents a share compared with a profit of $17.1 million, or 27 cents a share for the same period a year ago.

Concerns over the economy bring down fixed-rate mortgages

Bank of America to lay off 3,000

CHARLOTTE, N.C. — Bank of America, Palm Beach County's second largest bank by deposits, is laying of 3,000 employees after third quarter profit drops by 93 percent. READ MORE.

Nasdaq drops nearly 1 percent; Heico posts gain in South Florida

DELRAY BEACH — The Dow essentially ended Wednesday basically where it started the day but the Nasdaq took a little bit of a hit.The Dow Jones industrial average fell 0.98 points to 13,675.25; the Nasdaq composite index fell 24.50 to 2,774.76; the S&P 500 fell 3.71 points to 1,515.88.The Palm Beach Business.com South Florida portfolio fell $4, or 0.41 percent, to $970.14.Royal Caribbean fell 76 cents to $42.24; Carnival Corp. fell 72 cents to $47.90; Elizabeth Arden fell 67 cents to $26.25.Heico gained $1.32 to $52.82; Noven Pharmaceuticals gained 28 cents to $14.45; B/E Aerospace gained 27 cents to $44.86.The Bloomberg South Florida index fell 0.69 to 159.22; the Bloomberg Florida index fell 0.76 to 126.37.Oil gained 59 cents to $87.69 a barrel; gasoline gained 0.80 cents to $2.1555 a gallon.

Dockerty Romer secures loan for Seagate project in Delray Beach

DELRAY BEACH — Dockerty Romer & Co., the real estate investment banking firm, said it has secured $134 million in financing for improvements to the Seagate Hotel & Spa complex in Delray Beach.The money will be used for a 162-room suite hotel, 29 luxury condominium units and a beach club that will feature both formal and informal dining.CIBC World Markets is the lender.The Seagate residences on 2 acres on A1A are already under construction.

archived nov. 3

Stocks take a hard tumble; Nabi Biopharmaceuticals posts gain

DELRAY BEACH — The 20th anniversary of Black Friday was itself a medium shade of gray. In other words, it was a bad day on Wall Street but not catastrophically bad.The Dow Jones industrial average fell 366.94 to 13,522.02; the Nasdaq composite index fell 74.15 points to 2,725.16; the S&P 500 fell 39.45 to 1,500.63.The Palm Beach Business.com South Florida portfolio lost $25.64, or 2.64 percent, to $947.12. Palm Beach County stocks fell $11.79 to $342.84.How bad was it? Only two of the portfolio’s 30 stocks managed to avoid a loss. Nabi gained 4 cents, or nearly 1 percent, to $4.11; Burger King was flat, staying at $26.35. Bankrate was the biggest loser, dropping $2.55 to $44.18; Heico fell $2.03 to $50.66; World Fuel Services fell $1.62 to $41.87.The Bloomberg South Florida index fell 3.90 points to 155.97; the Bloomberg Florida index fell 2.91 points to 124.34. Oil fell 87 cents a barrel to $88.60; gasoline fell 1.64 cents to $2.1687 a gallon.

Mortgages stay put ahead of the Fed

NEW YORK — Mortgage rates barely budged this week, with the average conforming 30-year fixed mortgage rate now 6.49 percent compared with 6.50 percent a week ago, according to Bankrate.com's weekly national survey of large lenders. READ MORE.

Wall Street ends the day mixed, South Florida stocks finish down

DELRAY BEACH — Stocks finished the day mildly mixed, but South Florida issues took more of a hit.The Dow Jones industrial average fell 3.58 points to 13,888.96; the Nasdaq composite index gained 6.64 points to 2,799.31; the S&P 500 fell 1.16 to 1,540.08.The Palm Beach Business.com South Florida portfolio fell $6.34, or 0.65 percent to $972.81. Palm Beach County stocks fell $2.11 to $354.73.Citrix Systesm fell $1.22 to $40.55; Watsco fell 94 cents to $40.70; GEO Group fell 76 cents to $30.43. Heico gained $1.20 to $52.69; B/E Aerospace gained 99 cents to $44.75; Pediatrix gained 73 cents to $66.01.The Bloomberg South Florida index fell 0.94 points to 159.87; the Bloomberg Florida index fell 0.25 points to 127.28. Oil pushed past $90 before settling at $89.52, up 5 cents a barrel; gasoline fell 0.01 cents to $2.185 a gallon.

Stocks finish mixed on economic news; Perry Ellis leads South Florida

DELRAY BEACH — Mixed economic news led to a mixed day on Wall Street.The Dow Jones industrial average closed Wednesday at 13,892.54, down 20.40 points. The Nasdaq composite index, however, climbed 28.76 points to 2,792.67; the S&P 500 gained 2.71 points to 1,541.24.The Palm Beach Business.com South Florida portfolio gained $3.34, or 0.34 percent, to $979.15. Palm Beach County stocks gained $2.99 to $356.84.Perry Ellis International picked up $1.16 to $23.76; GEO Group gained 90 cents to $31.19; Dycom gained 86 cents to $31.31.Lennar fell 74 cents to $27.23;World Fuel Services fell 70 cents to $43.86; Elizabeth Arden fell 60 cents to $27.31.The Bloomberg South Florida index gained 0.30 points to 160.81; the Bloomberg Florida index gained 0.21 points to 127.53.The Commerce Department reported that housing starts fell 10.2 percent in September to the lowest rate since 1993. The Labor Department, however, reported that the core consumer price index rose only 0.2 percent during the month. The CPI is a key measure of inflation.Oil settled at $87.40 a barrel, down 21 cents, after shooting to $89; gasoline fell 2.71 cents to $2.1466 a gallon.

Housing woes push down stocks; Bankrate tumbles in South Florida

DELRAY BEACH — Stocks fell Tuesday on some down words about the state of the housing market from Fed Chairman Ben Bernanke. Soaring oil prices didn’t help.The Dow Jones industrial average fell 71.86 points to 13,912.94; the Nasdaq composite index fell 16.14 points to 2,763.91; the S&P 500 fell 10.18 points to 1,538.53.The Palm Beach Business.com South Florida portfolio fell $7.34, or 0.75 percent, to $975.81. The Palm Beach County portion of the portfolio fell $1.92 to $353.85.Bankrate fell $1.46 to $47.26; Dycom fell $1.23 to $30.45; Perry Ellis International fell $1.20 to $22.60.World Fuel Services gained $1.40 to $44.56; GEO Group gained 82 cents to $30.29; Elizabeth Arden gained 33 cents to $27.91.The Bloomberg South Florida index fell 0.89 points; the Bloomberg Florida index fell 0.66 points. Bernanke, speaking Monday evening in New York, said the housing market might remain a drag on the economy into 2008.Meanwhile, on the New York Mercantile Exchange, West Texas Intermediate Crude shot up $1.48 to settle at $87.61 a barrel. Gasoline rose 1.62 cents to $2.1737 a gallon.

Falling dollar to concern among investors, Weiss survey finds

JUPITER — Forget recession or a stock market crash. The No. 1 worry among U.S. investors is the falling dollar, according to a survey by Weiss Research's MoneyandMarkets.com. Among the 2,325 investors responding to the poll, 43 percent ranked the dollar decline as their single most serious concern. READ MORE.

Citigroup news, crude prices knock stocks; Watsco falls in South Florida

DELRAY BEACH — Stocks took a tumble and oil prices shot up and Citigroup warned that loan defaults will plague banks through the remainder of the year.The Dow Jones industrial average fell 108.28 points to 13,984.80; the Nasdaq composite index fell 25.63 points to 2,780.05; the S&P 500 fell 13.09 to 1,548.71.The Palm Beach Business.com South Florida portfolio fell $10.90, or 1.1 percent, to $983.15. Palm Beach County stocks fo $2.99 to $355.77.Watsco fell $1.66 to $42.88; Heico fell $1.38 to $51.50; BankUnited fell $1.17 to $11.58. The GEO Group gained 83 cents to $29.47; Pediatrix gained 38 cents to $65.31; Republic Services gained 26 cents to $33.96.The Bloomberg South Florida index fell 2.17 points to 161.40; the Bloomberg Florida index fell 1.53 points to 127.98.Oil shot up $2.44 to $86.13 a barrel; gasoline gained 7.24 a gallon to $2.1575.

Nasdaq recovers from Thursday's losses; Citrix Systems lead S. Florida

DELRAY BEACH — Stocks finished the week on a positive note, with the Nasdaq wiping out most of Thursday’s losses.The Dow Jones industrial average gained 77.96 points to 14,093.08; the Nasdaq composite index gained 33.48 to 2,805.68; the S&P 500 gained 7.39 points to 1,561.80.The Palm Beach Business.com South Florida portfolio gained $5.35, or 0.54 percent, to close at $994.05. Citrix System gained $1.14 to $42.10; Ryder System gained 85 cents to $47.84; Noven Pharmaceuticals gained 82 cents to $14.80.Lennar lost $1.09 to $24.20; Perry Ellis International fell 68 cents to $24.03; Cross Country Healthcare fell 39 cents to $16.83; BankUnited lost 39 cents to $12.75.The Bloomberg South Florida index gained 0.92 points; the Bloomberg Florida index gained 0.50 points to 129.51Oil gained 61 cents to $83.69; gasoline gained 1.85 cents to $2.0851.

Stocks shift course, finish down; Bankrate falls in South Florida

DELRAY BEACH — A sudden afternoon sell-off pushed stocks into negative territory Thursday.The Dow Jones industrial average fell 63.57 to 14,015.121. The Dow had been up more than 100 points at mid-day. The Nasdaq composite index fell 39.41 points to 2,772.20; the S&P 500 fell 8.06 points to 1,554.41.The Palm Beach Business.com South Florida portfolio, up $10 at mid-day, finished the day down $9.27, or 0.93 percent, to $988.70. Palm Beach County stocks fell $3.37 to $357.05.Bankrate lost $1.64 to $48.82; Ultimate Software lost $1.06 to $33.69; Pediatrix lost 94 cent sto $64.62.Office Depot did best among the handful of gainers, picking up 44 cents to $22.53; Republic Services gained 30 cents to $33.47; B/E Aerospace gained a quarter to $43.96.The Bloomberg South Florida index fell 0.57 points to 162.65; the Florida index fell 1.43 points to 129.01.Oil surged $1.78 to $83.08 a barrel, the result of an unexpected drop in inventories. Gasoline gained 3.3 cents to $2.0666 a gallon.

Better jobs numbers push mortgage rates higher, Bankrate survey finds

NORTH PALM BEACH — The Labor Department’s better-than-expected jobs report helped push mortgage rates higher, according to Bankrate.com.The average conforming 30-year fixed mortgage rate climbed to 6.5 percent, according to Bankrate.com's weekly national survey of large lenders released Thursday. READ MORE.

Alcoa, Boeing help sink the Dow; B/E Aerospace falls in South Florida

DELRAY BEACH — Some bad companies news helped sink the Dow Friday, while other two major indexes finished modestlty mixed.The Dow Jones industrial average fell 85.84 points, largely on a disappointing earnings report from Alcoa and news from Boeing that deliveries of its new 787 Dreamliner will be delayed six months. The Nasdaq composite index gained 7.70 points; the S&P 500 fell 2.68 points.The Palm Beach Business.com South Florida portfolio lost $1.62, or 0.16 percent, to $998.37. The Palm Beach County portion of the portfolio dropped 87 cents to $360.42.B/E Aerospace dropped $1.34 to $43.71; Cross Country Healthcare fell $1.15 to $17.36; SBA Communications fell 66 cents to $35.Bankrate gained 81 cents to $50.46; Dycom gained 75 cents to $32.36; Royal Caribbean gained 75 cents to $42.10.Bloomberg’s South Florida index fell 0.37 points to 164.16; the Bloomberg Florida index fell 0.72 points.Oil gained $1.04 to settle at $81.30 a barrel; gasoline gained 1.34 cents to $2.0336 a gallon.

Wall Street gains on Fed comments; Heico, Ryder lead South Florida

DELRAY BEACH — The Dow set a record high Tuesday as the release of Fed minutes indicated the central bank’s willingness to reinvigorate the economy with rate cuts.The Dow Jones industrial average gained 120.80 points to 14,164.53; the Nasdaq composite index gained 16.54 points to 2,803.91; the S&P 500 gained 12.57 points to 1,565.15.The Palm Beach Business.com South Florida portfolio recovered from the morning blahs to finish at $999.99, up $8.04, or 0.81 percent. The Palm Beach County portion of the portfolio gained $1.42 to $361.29.Heico gained $2.11 to $53.78; Ryder System recovered some of Monday’s losses, gaining $1.37 to $47.29; Royal Caribbean gained $1.30 to $41.35.On the Dark Side, Perry Ellis International dropped 68 cents to $25.41; Dycom fell 57 cents to $31.61; Eclipsys fell 38 cents to $24.14.The Bloomberg South Florida index gained 1.41 points to 164.53; the Bloomberg Florida index gained 0.71 points to 131.16.Oil surged back over the $80 mark, picking up $1.24 to $80.26. Gasoline gained a couple of pennies to $2.0202 a gallon.

Noven, Ryder System fall on news; Wall Street finishes the day mixed

DELRAY BEACH — Stocks finished mixed Monday, but the direction in South Florida was definitely down.The Dow Jones industrial average fell 22.23 points to 14,043.73; the Nasdaq composite gained7.03 points to 2,787.37; the S&P 500 fell 5.01 to 1,552.58.The Palm Beach Business.com South Florida portfolio fell $12.12, or 1.21 percent, to $991.95. Noven Pharmaceuticals fell $3.64 to $13.05 on news that an anti-depression drug failed a trial. Ryder System dropped $3.33 to $45.92 on news that demand for commercial truck rentals is weaker than expected. Heico also fell $1.58 to $51.67.Eclipsys gained 71 cents to $24.52; Royal Caribbean gained 65 cents to $40.05; Burger King gained 63 cents to $26.45.The Palm Beach portion of the portfolio fell$1.21 to $359.87. The Bloomberg South Florida index fell 2 points to 163.12; the Bloomberg Florida index fell 0.77 points to 130.45.Oil fell $2.20 a barrel to $79.02; gasoline fell 4.91 cents to $2.0002 a gallon.

Jobs report gives stocks a boost; Ryder System gains in South Florida

DELRAY BEACH — Stocks finished up after the Labor Department gave a better-than-expected jobs report.The Dow Jones industrial average gained 91.70 points to 14,066.01; the Nasdaq composite index gained 46.75 to 2,780.32; the S&P 500 gained 14.75 to 1,557.59.The Palm Beach Business.com South Florida portfolio gained $10.03, or 1.03 percent, to $1,0004.07. The Palm Beach portion of the portfolio gained $1.22 to $361.08.Ryder System led the portfolio, picking up $1.84 to $49.25; Heico gained $1.31 to $53.25; Office Depot gained $1.23 to $22.34.GEO Group fell $1.30 to $28.54; Ultimate Software fell 11 cents to $34.88; Perry Ellis International fell 4 cents to $27; World Fuel Services fell 4 cents to $41.85.The Bloomberg South Florida index gained 1.87 points to 165.12; the Bloomberg Florida index gained 1.57 points to 131.22.The Labor Department reported the economy added 110,000 jobs in September, more than expected. The jobless rate, however, gained a point to 4.7 percent.Oil fell 22 cents to $81.22 a barrel; the gasoline fell 1.03 cents to $2.0419 a gallon.

Stock gain ahead of jobless report; Lennar falls in South Florida

The daily Dow

DELRAY BEACH — And now for the biggest piece of economic news since the Fed lowered interest rates more than two weeks ago: Friday’s jobless report from the Department of Labor.That report is seen as an indicator of what the Fed might do next: Continue to lower rates or stand pat. Ahead of the report, Wall Street did little Thursday.The Dow Jones industrial average gained 6.26 points to 13,974.31; the Nasdaq composite index gained 4.34 points to 2,733.57; the S&P 500 gained 3.25 points to 1,542.84.However, the Palm Beach Business.com South Florida portfolio fell slightly, losing 88 cents, or 0.09 percent to $993.84. The Palm Beach portion of the portfolio actually managed to gain $3.05 to $359.86.Lennar fell $1.48 to $24.34 after leading to portfolio two consecutive days; BankUnited fell $1.31 to $14.28; Office Depot fell 92 cents to $21.11.B/E Aerospace gained $1.28 to $44.74; Heico gained 78 cents to $51.94; World Fuel Services gained 78 cents to $41.89.The Bloomberg South Florida index gained 0.03 points to 163.25; the Bloomberg Florida index fell 0.02 points to 129.65.The Commerce Department reported that factory orders declined 3.3 percent in August.Oil gained $1.50 to $81.44 a barrel; gasoline gained 5.63 cents to $2.0522 a gallon.

Survey: Fixed rate mortgages fall

NORTH PALM BEACH — Fixed mortgage rates declined, with the average conforming 30-year fixed mortgage rate falling to 6.42 percent, Bankrate’s weekly mortgage survey has found.According to the survey, the average 30-year fixed mortgage has an average of 0.36 discount and origination points.The average 15-year fixed rate mortgage fell by a similar amount to 6.10 percent. The average jumbo 30-year fixed rate pulled back to 7.28 percent. Adjustable mortgage rates were lower as well, with the average one-year ARM slipping to 6.13 percent, and the average 5/1 ARM sliding to 6.26 percent.Another drop in pending home sales added to mounting housing concerns and helped pull mortgage rates lower. Worries about the economic fallout from housing enticed investors into the safety and security of long-term government bonds. Fixed mortgage rates are closely related to yields on ten-year Treasury notes. The path of mortgage rates in the next week is very likely to hinge on the outcome of the employment report to be released Friday. If job growth does not appear as bad as initially thought, this could give the Federal Reserve reason to hold the line on interest rates rather than cutting them.On the other hand, more troubling signs from the job market might compel the Fed to cut interest rates again. Just three months ago, the average 30-year fixed mortgage rate was 6.74 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,295.87. Now that the average conforming 30-year fixed rate is 6.42 percent, the same $200,000 loan carries a monthly payment of $1,253.63.

Stocks fall ahead of jobs report; Lennar leads in South Florida

DELRAY BEACH — Wednesday wasn’t exactly a banner day on Wall Street as investors await Friday's national jobs report.The Dow Jones industrial average fell 79.26 points to 13,968.05; the Nasdaq fell 17.68 points to 2,729.43; the S&P 500 fell 7.04 to 1,539.59.The Palm Beach Business.com South Florida portfolio went south as well, dropping $2.80, or 0.28 percent, to $994.72. Palm Beach County stocks managed to gain 79 cents to $356.81.Heico fell 99 cents to $51.16; Ryder System fell 92 cents to $48.15; World Fuel Services fell 90 cents to $41.19.The big news on the local front, however, came from Lennar, up $1.10 to $25.82. Also Noven Pharmaceuticals gained 63 cent to $16.78; Citrix Systems gained 37 cents to $40.35; GEO Group gained 37 cents to $29.47The Bloomberg South Florida index fell 0.53 points to 163.22; the Bloomberg Florida index fell 0.91 points.Oil fell 22 cents to $79.74 a barrel; gasoline gained 0.31 cents to $1.999 a gallon.

Nasdaq gains, Dow, S&P 500 fall; Lennar surges in South Florida

DELRAY BEACH — Stocks cam back to earth Tuesday, finishing the day mixed.The Dow Jones industrial average lost 40.24 points to 14,047.31; the Nasdaq composite index gained 6.12 points to 2,747.11; the S&P 500 fell 0.41 points to 1,546.63.The Palm Beach Business.com South Florida portfolio gained $2.59, or 0.26 percent, to $997.52. The Palm Beach portion of the portfolio gained 40 cents to $356.02.Lennar, yes Lennar, gained $1.45 to $24.72; Office Depot gained 88 cents to $21.77; B/E Aerospace gained 73 cents to $43.48.GEO Group fell 87 cents to $29.10; Watsco fell 61 cents to $44.76; Elizabeth Arden fell 61 cents to $27.19.The Bloomberg South Florida index gained 0.34 points to 163.75; the Bloomberg Florida index gained 1.22 points to 130.58.Oil gained 24 cents to $80.29 a barrel; gasoline gained 0.54 cents $1.9882.

The Dow hits a record close, while South Florida stocks surge

DELRAY BEACH — The Dow came full circle Monday, surpassing 14,000 and breaking its record close of 14,000.41 set way back in mid-July.Or at least mid-July seems like “way back” after what investors have experienced in the intervening two-plus months.The Dow Jones industrial average gained 191.92 points to 14,087.55; the Nasdaq composite index gained 39.49 to 2,740.99; the S&P 500 gained 20.29 to 1,547.04.The Palm Beach Business.com South Florida portfolio gained $17.01, or 1.74 percent, to $994.93, as 26 of its 30 stocks finished higher on the day. The Palm Beach portion of the portfolio gained $7.06 to $355.62.Heico led the portfolio gaining $2.30 to $51.66; FPL Group gained $1.36 to $62.24; B/E Aerospace gained $1.22 to $42.75.Watsco lost $1.06 to $45.37; Citrix Systems fell 46 cents to $39.86; Pediatrix fell 27 cents to $65.15.The Bloomberg South Florida index gained 2.67 to 163.41; the Bloomberg Florida index gained 2.13 to 129.36.Oil gained 12 cents to $80.36 a barrel; gasoline gained 0.16 cents to $1.9829 a gallon.

Wall Street finishes down for the day South Florida stocks take harder hit

DELRAY BEACH — Wall Street finished Friday a smidge down. The losses among South Florida stocks, however, were more substantial.The Dow Jones industrial average fell 17.31 to 13,895.63; the Nasdaq composite index fell 8.09 points to 2,701.50; the S&P 500 fell 4.63 to 1,526.75.The Palm Beach Business.com South Florida portfolio dropped $10.44, or 1.06 percent, to $977.97. Palm Beach County stocks lost $4.83, or 1.37 percent, to $348.56.Watsco lost $1.72 to $46.43; FPL Group lost 93 cents to $60.88; Dycom Industries lost 84 cents to $30.63.B/E Aerospace gained 57 cents to $41.53; Elizabeth Arden gained 27 cents to $26.96; AutoNation gained a quarter to $17.72.The Bloomberg South Florida index fell 1.73 points to 160.74; the Bloomberg Florida index fell 1.08 points to 127.23.Oil fell $1.49 to $81.39 a barrel; gasoline fell 3.52 cents to $2.0411.

Wall Street gains as housing sinks; World Fuel leads in South Florida

DELRAY BEACH — Stocks continued to edge upward Thursday despite more bad news on the housing front.The Dow Jones industrial average gained 34.79 points to 13,912.94; the Nasdaq composite index gained 10.56 points to 2,709.59; the S&P 500 gained 5.96 points to 1,531.38.The Palm Beach Businss.com South Florida index gained $4.26, or 0.43 percent, to $988.41. The Palm Beach County stocks gained 6 cents to $353.39.World Fuel Services led the portfolio, gaining $1.20 to $41.19; Royal Caribbean gained 91 cents to $39.65; Heico gained 85 cents to $50.10.FPL Group lost 92 cents to $61.81; Bankrate lost 73 cents to $46.55; BankUnited lost 36 cents to $15.66.The Bloomberg South Florida index gained 0.84 points to 161.97; the Bloomberg Florida index gained. 0.66 points to 128.31.The Commerce Department reported new-home sales fell 8.3 percent in August, greater than expected and the biggest drop since 197o.Oil surged on supply concerns — West Texas Intermediate Crude gained $2.79 to settle at $83.09 on the New York Mercantile Exchange; gasoline gained 6.65 cents to $2.0939 a gallon.

Banking fees hit all-time highs, Bankrate checking survey finds

NORTH PALM BEACH — Bankrate Inc. said Wednesday that banking fees have hit all-time highs in several areas, including ATM surcharges, bounced check fees and monthly service fees on interest checking accounts. READ MORE.

Wall Street gains despite news; Office Depot leads S. Fla. stocks

DELRAY BEACH — Stocks gained ground Wednesday despite more disheartening news about the state of the economy.The Dow Jones industrial average gained 99.50 points to 13,878.15; the Nasdaq composite index gained 15.58 to 2,699.03; the S&P added 8.21 points to 1,525.42.The Palm Beach Business.com South Florida portfolio gained $8.39, or 0.86 points, to $984.32. The Palm Beach County segment of the portfolio gained $1.96 to $353.33.Office Depot gained $1.03 to $20.25; Heico gained 98 cents to $49.25; Watsco gained 96 cents to $48.17.Lennar lost 96 cents to $22.26; SBA Communications lost 59 cents to $35.27; BankUnited lost 45 cents to $16.02.The Bloomberg South Florida index gained 1.12 points to 161.13; the Bloomberg Florida index gained 0.85 to 127.65.The Commerce Department reported that durable goods orders fell 4.9 percent in August, more indication that the economy is softening. On the plus side, General Motors and the United Auto Workers union tentatively reached agreement on a new contract, ending a brief strike.Oil gained 77 cents to $80.30 a barrel; gasoline fell 1.05 cents to $2.0274 a gallon.

Economic news holds down stocks; Bankrate surges as S. Fla. stocks fall

DELRAY BEACH — Some less-than-inspiring news on the economy contributed to a modestly mixed day on Wall Street.The Dow Jones industrial average gained 19.59 points to 13,778.65; the Nasdaq composite index gained 15.50 points to 2,683.45; the S&P 500 fell 0.52 points to 1,517.21.The Palm Beach Business.com South Florida portfolio fell $4.46, or 0.45 percent, to $976.08. Palm Beach County stocks gained 24 centst o $351.57.Watsco, the Miami-based heating and cooling equipment distributor, lost $1.63 to $47.21; Lennar fell 96 cents to $23.22; Perry Ellis International fell 79 cents to $28.25.Bankrate gained $1.38 to $47.68; Ultimate Software gained $1.12 to $33.94; World Fuel Services gained 64 cents to $39.64.The Bloomberg South Florida index fell 1.08 points to 160.01; the Bloomberg Florida index lost 0.38 points to 1,517.21.The Conference Board reported that its Consumer Confidence Index fell nearly 6 points in September from its August reading of 105.6. The National Association of Realtors reported used home sales fell for the sixth consecutive month. The more optimistic interpreted the news as evidence that the Fed will have to cut interest rates further when it meets next month.Oil fell $1.42 a barrel to $79.53; gasoline fell 4.55 cents to $2.0379 a gallon.

Wall Street loses a little ground; B/E Aerospace takes hit in S. Florida

DELRAY BEACH — Stocks fell back slightly Monday, with South Florida stocks taking a bigger hit than the market in general.The Dow Jones industrial average fell 61.13 points to 13,759.06; the Nasdaq composite index fell 3.27 points to 2,667.95; the S&P 500 fell 8.02 to 1,517.73.The Palm Beach Business.com South Florida portfolio fell $7.05, or 0.71 percent, to $980.54. The Palm Beach County portion of the portfolio lost $3.34 to $351.33.B/E Aerospace fell $1.33 to $40.51; Lennar lost $1.14 to $24.18. FPL Group fell $1.08 to $62.02.Eclipsys gained 49 cents to $23.62; SBA Communications gained 39 cents to $35.42; Elizabeth Arden gained 27 cents to $26.70.The Bloomberg South Florida index fell 0.91 points to 161.09; the Bloomberg Florida index fell 0.89 to 127.18.Oil fell 67 cents to $80.95 a barrel; gasoline fell 3.11 cents to $2.0834 a gallon.

Stocks end week on a high note; Royal Caribbean leads S. Florida w

DELRAY BEACH — Wall Street finished its best week of the year with modest gains Friday.The Dow Jones industrial average gained 53.19 points to 13, 820.19 points; the Nasdaq composite index gained 16.93 points to 2,671.22; the S&P 500 gained 7 points to 1,525.The Palm Beach South Florida portfolio moved little during the day, gaining 32 cents to $987.59. The Palm Beach County portion of the portfolio lost 42 cents to $354.67.Royal Caribbean led gainers, picking up 72 cents to $30.26; Carnival Corp. gained 68 cents to $49.21; SBA Communications gained 64 cents to $35.03.On the Dark Side, Ultimate Software lost 66 cents to $33; GEO Group lost 64 cents to $31.25; AutoNation lost 47 cents to $17.69; World Fuel Services lost 47 cents to $38.89.The Bloomberg South Florida index gained 0.02 points to 162.0; the Bloomberg Florida index fell 0.15 points.Oil fell 16 cents to $81.62 a barrel; gasoline fell 2.06 cents to $2.11454 a gallon.

Stocks dips on earnings news; Carnival gains on record 3q profit

DELRAY BEACH — Stocks lost a little ground Thursday, the result of some disappointing earnings news.The Dow Jones industrial average fell 48.46 points to 13,766.70; the Nasdaq composite index fell 12.19 points to 2,654.29; the S&P 500 fell 10.28 points to 1,518.75.The Palm Beach Business.com South Florida portfolio dropped $8.22, or 0.83 percent, to $987.27. The Palm Beach County portion of the portfolio fell 42 cents to $355.09.Ryder System lost $1.55 to $49.84; Lennar lost $1.46 to $25.56; Spherion lost $1.37, or nearly 14.5 percent, to $8.12.Carnival Corp., which reported better-than-expected third-quarter earnings, gained $1.23 to $48.53; B/E Aerospace gained 49 cents to $41.91; Dycom gained 47 cents to $31.25.The Bloomberg South Florida index fell 1.52 percent to 161.98; the Bloomberg Florida index fell 1.31 points to 128.22.Both Bear Stearns and Circuit City issued disappointing earnings news, dampening some of the market enthusiasm generated by the Fed’s interest rate cut Tuesday.

Mortgage rates rise, outlook uncertain, Bankrate survey finds

NORTH PALM BEACH — Fixed mortgage rates inched up this week, with the average conforming 30-year fixed mortgage rate rising to 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.34 discount and origination points.The average 15-year fixed rate mortgage, popular for refinancing, increased by the same amount to 6.00 percent. The average jumbo 30-year fixed rate nosed higher to 7.23 percent. Adjustable mortgage rates moved more substantially, with the average one-year ARM stepping up to 6.24 percent, and the average 5/1 ARM jumping to 6.41 percent.Mortgage rates were calm this week as investors awaited the outcome of Tuesday’s Federal Open Market Committee meeting. Mortgage rates are closely related to yields on long-term government bonds.With the Fed taking many by surprise and cutting short-term interest rates by one-half percentage point, the outlook for fixed mortgage rates is currently unclear. If the Fed's aggressive move indicates an economy that is considerably weaker than originally thought, mortgage rates could move lower. But such an aggressive move by the Fed can open the door to renewed inflation worries, which could push rates higher in the coming months.The Fed remains coy about plans for the next meeting Oct. 30-31.Fixed mortgage rates remain the most attractive option for borrowers. Just two months ago, the average 30-year fixed mortgage rate was 6.82 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,306.52. Now that the average conforming 30-year fixed rate is 6.32 percent, the same $200,000 loan carries a monthly payment of $1,240.55.

Momentum pushes stocks higher; Bankrate surge leads South Florida

DELRAY BEACH — Optimism that Tuesday’s Fed rate cut will boost the economy continued to boost Wall Street Wednesday.The Dow Jones industrial average gained 76.17 points to 13,815.56; the Nasdaq composite index gained 14.82 to 2,666.48; the S&P 500 gained 9.25 to 1,529.03.The Palm Beach Business.com South Florida portfolio gained $10.95, or 1.11 percent, to $995.49. Palm Beach County stocks gained $5.13, or 1.46 percent, to $355.51.Bankrate led the portfolio, picking up $2.43 to $46.15; B/E Aerospace gained $1.92 to $41.42; Ultimate Software gained $1.40 to $33.87.On the Dark Side, Eclipsys lost $1.30 to $23.41; Ryder System lost 87 cents to $51.39; AutoNation lost 50 cents to $18.53.The Bloomberg South Florida index gained 1.52 points to 163.50; the Bloomberg Florida index gained 1.37 points to 129.53.The Labor Department reported the Consumer Price Index fell 0.1 percent in August, reassuring the market that inflation remains relatively tame. Housing starts declined 2.6 percent in August, the Commerce Department said.Oil continued its surge, gaining 42 cents to $81.93 a barrel; gasoline gained 3.31 cents to $2.0934 a gallon.

Fed rate cut: What does it mean?

The Federal Reserve Tuesday cut its short-term Federal Funds rate to 4.75 percent from 5.25 percent. It was the first rate cut in four years and the steepest in nearly five years. The Federal Funds rate is the interest rate that banks charge each other for overnight loans. What does a rate cut mean for consumers? Depends if you’re borrowing or saving.— If you have a line of credit, a home equity line, for example, expect your interest rate to fall. Most banks tie home equity interest rates to the prime rate — usually the Fed Funds rate plus 3 percentage points, or 8.25 percent before Tuesday. The Fed cut drops the prime rate to 7.75 percent. — Expect some (but not all) credit card interest rates to fall. Similarly, some banks offer cards with interest rates tied to prime.— Mortgage rates are tied to long-term interest rates, particularly the 10-year Treasury bond, and other market forces. So Tuesday’s cut won’t automatically mean that the cost of buying a house will become cheaper. However, as the Fed’s rate cut influences the economy, it could indirectly affect mortgage rates. — If you have money in the bank, expect to get less in return, especially on shorter-term certificates of deposits.

Stocks fall ahead of Fed conclave; Bankrate leads South Florida issues

T DELRAY BEACH — The Fed won’t meet until tomorrow, but it had it’s fingerprints all over the market Monday.The Dow Jones industrial average fell 39.10 points to 13,403.42; the Nasdaq composite index fell 20.52 points to 2,581.56; the S&P 500 fell 7.6 points to 1,476.65.The Palm Beach Business.com South Florida portfolio fell $5.08, or 0.53 percent, to $949.74. Palm Beach County stocks fell $3.14 to $949.74.Office Depot fell 65 cents to $18.50; Burger King fell 64 cents to $25.14: B/E Aerospace fell 54 cents to $38.59.

Bankrate gained 51 cents to $42.46; Elizabeth Arden gained 41 cents to $24.67; Perry Ellis International gained 26 cents to $27.82.The Bloomberg South Florida index fell 0.88 points to 156.48; the Bloomberg Florida index fell 0.67 points to 124.15.The modest market losses are par for the day before the Fed meets to review interest rates, especially one as anticipated as Tuesday’s get together.But the meeting also played a role as crude oil hit a new record — West Texas Intermediate crude settled at $89.57 a barrel, an increase of $1.47 — as speculators bet that the Fed will cut interest rates and reinvigorate the economy.Gasoline also gained, 0.78 cents a gallon to $2.0442.

Stocks end with modest gains; Burger King surge leads S. Fla.

The daily Dow

DELRAY BEACH — Wall Street finished Friday’s trading slightly in positive territory, while South Florida stocks posted stronger gains. The Federal Reserve convenes Tuesday and little movement in the market is likely until an announcement is made on interest rates. The Dow Jones industrial average gained 17.64 points to 13,442.52; the Nasdaq composite index gained 1.12 points to 2,602.18; the S&P 500 gained 0.30 points to 1,484.25.The Palm Beach Business.com’s South Florida portfolio gained $8.07, or 0.85 percent, to $954.82. The Palm Beach County stocks gained $2.28 to $341.25.Burger King gained $1.58 to $25.78; Heico gained 95 cents to $44.89; Watsco gained 86 cents to $47.91.On the Dark Side, Pediatrix lost 45 cents to $63.98; SBA Communications fell 44 cents to $33.17; Carnival Corp. fell 41 cents to $44.54.The Bloomberg South Florida index gained 1.42 points to 157.33; the Bloomberg Florida index gained 0.32 points to 124.81.Oil slipped 99 cents to $79.10 a barrel; gasoline fell a penny to $2.0364 a gallon.

Crude oil slips above $80 a barrel; South Florida stocks finish higher

The daily Dow

DELRAY BEACH — Stocks managed to post decent gains Thursday as oil settled above $80 for the first time.The Dow Jones industrial average gained 133.23 points to 13,424.88; the Nasdaq composite index gained 8.99 points to 2,601.06; the S&P 500 gained 12.39 points to 1,483.95.The Palm Beach Business.com South Florida portfolio gained $8.60, or 0.92 percent, to $946.75. Palm Beach County stocks gained $2.76 to $338.97.Perry Ellis International led the portfolio, picking up $1.29 to $27.67; Pediatrix gained $1.15 to $64.43; SBA Communications gained 75 cents to $33.61.On the Dark Side, Elizabeth Arden lost 71 cents to $23.56; Republic Services lost 18 cents to $31.22; B/E Aerospace lost14 cents to $38.85.The Bloomberg South Florida portfolio gained 1.27 points to 155.91; the Bloomberg Florida portfolio gained 0.55 points to 124.49.West Texas Intermediate Crude Managed to gain only 18 cents a barrel, but that modest pick up had historical consequences, pushing oil to $80.09. Gasoline gained 3.04 cents to $2.0464 a barrel.

Fixed mortgage rates plummet

NORTH PALM BEACH — Fixed mortgage rates plunged this week, with the average conforming 30-year fixed mortgage rate falling to 6.28 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.43 discount and origination points.The average 15-year fixed rate mortgage, popular for refinancing, dropped by the same amount to 5.96 percent. The average jumbo 30-year fixed rate sank to 7.2 percent. Adjustable mortgage rates were lower as well, with the average one-year ARM inching lower to 6.2 percent, and the average 5/1 ARM retreating to 6.3 percent.Mortgage rates plunged following last Friday's lackluster employment report. Poor job growth figures raised concerns about economic health and helped push mortgage rates to the lowest point since May 2.Mortgage rates are closely related to yields on long-term government bonds. Nervousness about the economy often drives investors toward the safe haven of Treasury securities, pushing both bond yields and mortgage rates lower.Rates for jumbo mortgages — those above $417,000 — declined by a similar amount, settling at 7.2 percent. While the spread between jumbo and conforming mortgage rates remains uncharacteristically wide, this spread has stabilized in the past two weeks.Just two months ago, the average 30-year fixed mortgage rate was 6.82 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,306.52. Now that the average conforming 30-year fixed rate is 6.28 percent, the same $200,000 loan carries a monthly payment of $1,235.34.

Crude oil passes $80, sets record; South Florida stocks take a dive

The daily Dow

DELRAY BEACH — Crude oil surged to a record Wednesday, while stocks finished mixed — barely.The Dow Jones industrial average fell 16.74 points to 13,291.65; the Nasdaq composite index fell 5.40 points to 2,592.07; the S&P 500 gained 0.07 points to 1,471.56.The Palm Beach Business.com South Florida portfolio fell $6.94, or 0.73 percent, to $938.15. Palm Beach County stocks fell 90 cents to $336.21.FPL Group led winners, picking 55 cents to $60.78; Eclipsys gained 53 cents to $23.61; GEO Group gained 36 cents to $30.66.On the Dark Side, Perry Ellis International fell $1.50; Heico fell 99 cents to $43.75; Bankrate ffell 97 cents to $41.34. The Bloomberg South Florida index fell 1.31 points to 154.64; the Bloomberg Florida index fell 0.62 points to 123.94.Oil surged above $80 a barrel for the first time before settling at $79.91, up $1.68; gasoline gained 3.49 cents to $2.016 a gallon.

Wall Street rallies on Fed hopes; Nabi surges on sale of Biologics unit

DELRAY BEACH — Wall Street rallied Tuesday on the continued hope that the Fed will cut interest rates when it convenes in a week.The Dow Jones industrial average gained 180.54 points to 13,308.39; the Nasdaq composite index gained 38.36 points to 2,597.47; the S&P 500 gained 19.79 points to 1,471.49.The Palm Beach Business.com South Florida portfolio gained $18.61, or 2.01 percent, to $945.16. The Palm Beach County components did even better, gaining $10.48, or 3.21 percent to $337.11.Nabi Biopharmaceuticals, which announced the sale of its Biologics unit to Biotest AG earlier in the day, gained 79 cents, or 22.97 percent, to $4.23. Meanwhile, Bankrate climbed $2.20 to $42.31; Citrix Systems gained $1.46 to $37.47; World Fuel Services gained $1.30 to $38.86.On the Dark Side, Watsco lost 51 cents to $46.46; Lennar lost 17 cents to $25.71; Republic Services lost 13 cent to $31.20.The Bloomberg South Florida portfolio gained 2.46 points to 155.94; the Bloomberg Florida portfolio gained 1.48 points to 124.56. Oil hit $78.23 a barrel, up 74 cents, despite news that OPEC intends to increase production. Gasoline gained 0.25 cents to $1.9811 a gallon.

South Florida stocks slide, while Wall Street finishes the day mixed

DELRAY BEACH — South Florida stocks continued to sink Monday, while the major indexes finished the day mixed.The Dow Jones industrial average gained 14.47 points to 13,127.85; the Nasdaq composite index fell 6.59 points to 2,559.11; the S&P 500 fell 1.85 points to 1,451.70.The Palm Beach Business.com South Florida index fell $5, or 0.54 percent, to $926.55; the 11 Palm Beach County stocks fell $1.69 to $326.63.Ryder System fell $1.39 to $50.90; Office Depot fell 92 cents to $18.88; Royal Caribbean fell 77 cents to $36.17FPL Group gained 92 cents to $59.51; World Fuel Services gained 74 cents to $37.56; Citrix Systems gained 64 cents to $36.01

The Bloomberg South Florida index fell 1.22 points to 153.48; the Bloomberg Florida index fell 0.90 points to 123.08.Crude oil surged $1.77 to $78.47 a barrel; gasoline gained 2.36 cents to $2.01 a gallon.

Wall Street sinks on jobs report; Office Depot shares fall sharply

The daily Dow

DELRAY BEACH — A lousy jobs report from the Labor Department Friday underscored the weakening economy and sent stocks southward in a big way.

The Dow Jones industrial average lost 249.97 points to 13,113.38; the Nasdaq composite index fell 48.62 points to 2,565.70; the S&P 500 fell 25 points to 1,435.58.The Palm Beach Business.com South Florida portfolio lost $20.29, or 2.13 percent, to $931.55. Palm Beach County stocks fell $7.38 to $328.32.Office Depot lost $2.14 to $19.80; Heico lost $1.44 to $43.68; World Fuel Services lost $1.43 to $36.82.

Only five of the 30 portfolio stocks managed to post gain, led by Pediatrix, up 83 cents to $62.52; Bankrate up 65 cents to $39.89; Noven Pharmaceuticals up 8 cents to $15.35.The Bloomberg South Florida index fell 3.67 points to 154.70; the Bloomberg Florida index fell 1.61 points to 123.98.The Labor Department reported that the economy lost 4,000 jobs in August, the first time payrolls have declined since August 2003. The jobless rate held steady at 4.6 percent.Crude oil gained 40 cents a barrel to $76.70; gasoline futures gained 1.47 cents to $1.9864 a gallon.

Stocks recover some of Tuesday's losses, Mastec leads South Florida

The daily Dow

DELRAY BEACH — Stocks made modest gains Wednesday, recovering some of Tuesday’s losses.The Dow Jones industrial average gained 57.88 points to 13,363.35; the Nasdaq composite index gained 8.37 points to 2,614.32; the S&P 500 gained 6.26 points to 1,478.55.The South Florida portfolio gained $1.74, or 0.18 percent, to $951.84; Palm Beach County stocks gained 20 cents to $335.70.Mastec led the 30-member portfolio, picking up $1.27 to $13.83; Dycom shares gained $1.06 to $30.17; Pediatrix picked up a buck to $61.69.Office Depot fell $1.49 to $21.94; Watsco fell 47 cents to $48.02; BankAtlantic fell 43 cents to $7.96.The Bloomberg South Florida index gained 0.11 points to 158.37 points; the Bloomberg Florida index gained 0.12 points.Crude oil gained 57 cents to $76.30 a barrel; gasoline futures fell 2.48 cents a gallon to $1.9710.

Fixed-mortgages rates rising, jumbos falling, Bankrate finds

NORTH PALM BEACH — Fixed mortgage rates increased this week, with the average conforming 30-year fixed mortgage rate rising to 6.5 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.32 discount and origination points.The average 15-year fixed rate mortgage popular for refinancing increased by a similar amount to 6.18 percent. The average jumbo 30-year fixed rate slipped to 7.38 percent.While the average one-year adjustable rate mortgage inched higher to 6.23 percent, rates on hybrid ARMs dropped. The average 5/1 ARM fell to 6.45 percent, the lowest since August 1.The spread between the jumbo and conforming 30-year fixed rate mortgages decreased for the first time since July, before credit market turmoil surfaced. Loans above $417,000 aren't eligible for purchase by Fannie Mae and Freddie Mac and do not carry guarantees against default. These larger jumbo loans carry higher rates as a result. Just seven weeks ago, the average 30-year fixed mortgage rate was 6.82 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,306.52. Now that the average conforming 30- year fixed rate is 6.5 percent, the same $200,000 loan carries a monthly payment of $1,264.14.Survey Results:

30-year fixed: 6.5% — up from 6.43% last week (avg. points: 0.32).
15-year fixed: 6.18% — up from 6.13% last week (avg. points: 0.33).
5/1 ARM: 6.45% — down from 6.53% last week (avg. points: 0.28).

Slumping home marketing sinks stocks; Mastec hit hard in S. Florida

The daily Dow

DELRAY BEACH — The slumping housing market struck Wall Street again.The Dow Jones industrial average fell 143.39 points to 13,305.47; the Nasdaq composite index fell 24.29 to 2,605.95; the S&P 500 fell 17.13 points to 1,472.29 points.The main culprit was the July pending home sales report from the National Association of Realtors. July pending sales fell 16 percent from year-ago figures and 12 percent from the June report, underscoring the fact that the housing slump is alive and well.e South Florida portfolio fell $12.56, or 1.30 percent, to $950.10; Palm Beach County stocks fell $3.90 to $335.50.Mastec was hardest hit, losing $2.40 to $12.56; Heico lost $1.72 to $44.34; Ryder System lost $1.56 to $53.21.Ultimate Software gained 36 cents to $31.75; Elizabeth Arden gained a dime to $24.80; GEO Group gained 9 cents to $29.80.The Bloomberg South Florida index lost 2.20 points to 158.26; the Bloomberg Florida index lost 1.51 points to 125.89.Crude oil gained 84 cents to settle at $75.92; gasoline futures gained 1.1 cents to $2.002 a gallon.

Wall Street continues to rebound; FPL Group leads South Florida

DELRAY BEACH — Stocks continued their recovery Tuesday with some Goldilocks economic news providing a lift.The Dow Jones industrial average gained 91.12 points to 13,448.86; the Nasdaq gained 33.88 points to 2.630.24; the S&P 500 gained 15.43 points to 1,489.42.South Florida stocks gained $10.50, or 1.1 points, to $962.66 — about where the portfolio started in early January. Palm Beach County stocks gained $3.29 to $339.40.FPL Group led the pack, picking up $1.54 to $60.38; SBA Communications gained $1.25 to $33.82; Pediatrix gained $1.06 to $60.71.On the Dark Side, Office Depot lost 31 cents to $24.14; Royal Caribbean lost 9 cnts to $37.94; Spherion lost 9 cents to $8.75.The Bloomberg South Florida index gained 1.8 points to 160.46; the Bloomberg Florida index gained 1.21 points to 127.40.The ISM manufacturing index showed the sector expanding in August but at a slower rate than in July. The Commerce Department reported that construction spending dipped slightly by 0.4 percent in August.Oil gained $1.04 to $75.05 a barrel; gasoline futures gained 2.65 cents to $1.991 a gallon.

S. Florida stocks post solid gains; Wall Street rallies on Fed promise

The daily Dow

DELRAY BEACH — South Florida stocks posted solid gains across the board on the last trading day before the Labor Day weekend.On Wall Street, soothing words from Fed Chairman Ben Bernanke and President George Bush on the credit crisis helped lift the major indexes.The Dow Jones industrial average gained 119.01 points to 13,357.74; the Nasdaq composite index gained 31.06 points; the S&P 500 gained 16.35 points to 1,473.99.The Palm Beach Business.com South Florida portfolio gained $13.49, or 1.44 percent, to $952.16. All but 2 of the 30 portfolio stocks posted gains. Palm Beach County stocks gained $5.40 to $336.11.The day’s biggest winners: Heico, up $1.47 to $45.67; B/E Aerospace, up $1.12; Bankrate, up $1.11 to $39.13. The Dark Side: Ultimate Software, down 21 cents to $31.13; Dycom Industries down 13 cents to $29.53.The Bloomberg South Florida index gained 2.36 points to 158.66; the Bloomberg Florida index gained 1.65 points to 126.19.Fed Chair Bernanke said the central bank is poised to prevent the credit crunch from hurting the economy. President Bush outlined measures to help homeowners who might be hit with the subprime blues.Oil gained 68 cents to $74.04 a barrel; gasoline gained 0.48 cents to $1.9645 a gallon.

Wall Street finishes mixed while Bankrate, Dycom power S. Florida

The daily Dow

DELRAY BEACH — Stocks finished mixed Thursday as concerns over the economy continue to abound.The Dow Jones industrial average fell $50.56 points to 133,238.73; the Nasdaq composite index gained 2.14 points; the S&P 500 fell 6.12 points to 1,457.64.The Palm Beach Business.com South Florida portfolio fell 22 cents to $938.67; Palm Beach County stocks gained $1.50 to $330.71.Bankrate led the pack, picking up $1.67 to $38.02; Dycom Industries gained $1.64 to $29.66; Pediatrix gained 70 cents to $58.98.Heico fell 75 cents to $44.20; Perry Ellis International fell 70 cents to $26.77; Lennar fell $58 cents to $27.52.The Bloomberg South Florida index fell 0.62 points to 156.30; the Bloomberg Florida index fell 0.28 points to 124.54.Gasoline futures fell 2.07 cents to $2.0801 a gallon; Oil fell 15 cents to $73.36 a barrel.

Stocks rebound on hints of a rate cut; Dycom surge leads S. Florida

DELRAY BEACH — Stocks surged Wednesday on hints that an interest rate cut might be in the offing.The Dow Jones industrial average gained 247.44 points to 13,289.29; the Nasdaq gained 62.52 to 2,563.16; the S&P 500 gained 31.40 points to 1,463.76.The Palm Beach Business.com South Florida portfolio gained $19.76, or 2.04 percent, to $938.89. Palm Beach County stocks gained $8.74, or 2.73 percent, to $329.21.Dycom Industries led South Florida, picking up $3.77 to $28.02; Heico gained $2.08 to $44.95; FPL Group gained $1.84 to $58.69.On the Dark Side, Bankrate fell $1.25 to $36.35; Ocwen fell 11 cents to $9.33; Noven Pharmaceuticals fell 11 cents to $15.23.The Bloomberg South Florida index gained 3.52 points to 156.92; the Bloomberg Florida index gained 2.46 points to 124.82.Oil surged $1.78 a barrel to $73.51; gasoline futures gained 9.03 cents a gallon to $2.1057.Fed Chairman Ben Bernanke in a letter to Sen. Charles Schumer said the Federal Reserves was ready to take steps to calm Wall Streets roiling waters. Many observers interpreted that to mean the possibility of an interest rate cut when the Fed meets Sept. 18.