May 22, 2013 |
Campbell Soup Co. shares tumbled Monday despite a rebound in U.S. soup sales and an increased earnings forecast for the fiscal year that ends in July. The Camden company's shares closed at $45.78, down 3.88 percent, on the New York Stock Exchange, but remain at a level last seen in the late 1990s. Overall revenue was up 15 percent in the quarter ended April 28, to $2.09 billion, with 11 percentage points of the gain from Bolthouse Farms, which Campbell bought for $1.55 billion last summer.
May 22, 2013
Urban Outfitters Inc., the hipster retailer headquartered at the Navy Yard, reported Monday that it had record quarterly revenue and a 39 percent increase in profit after reining in store markdowns. The revenue results nevertheless missed analysts' expectations. The company released its numbers after the stock market closed Monday, and shares fell in aftermarket trading. For the three months ended April 30, Urban said it earned $47.1 million, or 32 cents per share, on sales of $648.2 million.
May 22, 2013 |
TRENTON - As the Legislature moves toward adopting a new budget, the Christie administration and a nonpartisan budget analyst offered starkly differing projections Monday of how much revenue the state will take in. The Office of Legislative Services' budget and finance officer, David Rosen, testified before the Senate Budget and Finance Committee that revenue will fall short of Gov. Christie's projections by $937 million. But state Treasurer Andrew Sidamon-Eristoff told lawmakers a short time later that the shortfall this year and next would be about $165 million and that adjustments in the budget for the fiscal year ending June 30, 2014, will more than make up for the difference.
May 17, 2013 |
To raise money for the desperate Philadelphia School District, Mayor Nutter proposed Wednesday to tax cigarettes at $2 a pack and raise the city's liquor-by-the-drink tax from 10 percent to 15 percent. Alongside School Superintendent William R. Hite Jr. and others at City Hall, Nutter also pledged to improve city tax collections. The mayor estimated that his plan would raise an additional $95 million for schools in 2013-14 and $135 million in the second year. Nutter stressed that the money would benefit not only students enrolled in district schools but those who attend the 84 taxpayer-funded charter schools in the city.
May 13, 2013 |
Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.
May 11, 2013 |
ATLANTIC CITY - The dozen casinos here experienced a 12.1 percent drop in casino revenue in April, compared to a year earlier - continuing a pattern of double digit declines. The resort's gaming revenue was down 13.2 percent in January; 12.5 percent in February; and 12.8 percent in March. Total casino revenue was $228.5 million last month, compared to $259.9 million in April 2012. Ten of the 12 gambling halls reported year-over-year declines, but Revel - which had its first anniversary on April 2 - reported the largest drop at 40.1 percent.
May 9, 2013
G EOFF GROSS, 32, of Center City, is president of Medical Guardian, which sells medical-alarm systems to seniors. He started the company in 2005 in his apartment at Locust Street near 15th. In April, the fast-growing firm, which has 50 employees, moved into 12,300 square feet of new office space at 18th and Market streets. Q: How'd you come up with the idea for the business? A: My father was in the home-security business, so I got to learn about that, and medical alarms seemed like the same model.
May 9, 2013 |
Swarthmore College is in rare company nationally as a school that collects nearly as much or more revenue from investments as it does from students. Its $1.5 billion endowment - about $1 million per student - allows the highly ranked college to spend more on each student, but it does not fully shield Swarthmore from the economic forces threatening higher education. "When we think about the future, we're worried about . . . economic growth in this country," said Suzanne Welsh, vice president for finance and treasurer at Swarthmore.
May 1, 2013
New Jersey voters have consistently voted to preserve open space. Since 1961, they have approved 13 state bond issues for that purpose. As recently as 2009, they agreed to spend another $400 million. But most of that money is gone. Most local bond issues for open space have passed, too, even if it meant raising local taxes. Given such widespread support, it is puzzling that Gov. Christie has yet to say how, or even if, he supports land preservation. Environmentalists and former Gov. Thomas H. Kean have implored the governor to approve a dedicated funding stream to acquire additional open space, but Christie has been silent.
April 21, 2013 |
ATLANTIC CITY - It takes effort and money to stay No. 1. And Borgata Hotel Casino & Spa, the top-grossing gambling palace here every year since its debut in 2003, has been willing to put in both. Borgata is revamping its offerings once again. This time, three upscale retail stores - Misura, Carina, and Borgata Collection - have new lighting, fixtures, and color design to be more inviting to patrons. A fourth store - Antica Murrina, which sells Italian glass jewelry - opened April 12 in the Shoppes at the Water Club, Borgata's second hotel.