Archive: August 12, 2007 - August 18, 2007

Saturday Briefing 08.18.07

Democrats pressed their case for lifting caps on District-based Fannie Mae and McLean-based Freddie Mac, arguing they should be allowed to buy up more mortgages. See story SEC Chairman Christopher Cox and a D.C. lobbyist were among those whose vacations were cut short due to the turmoil in the markets....

By Terri Rupar | August 18, 2007; 5:00 AM ET | Comments (0)

Thomas Heath On The Radio

The markets were back in positive territory for the year, following a surprise interest-rate cut by the Federal Reserve. The Dow Jones industrial average rose 233.30 points, or nearly 2 percent, to close at 13,079.08 after a day of trading that saw a 320-point gain in the morning. It was...

By Dan Beyers | August 17, 2007; 5:24 PM ET | Comments (0)

Washington Redskins Ink Deal With Russell Athletic

The Washington Redskins, one of the richest teams in sports, have signed a three-year sponsorship deal with Russell Athletic, expanding the athletic wear and equipment company's presence in the Washington market. The deal will include Russell's promotions on Redskins radio broadcasts, stadium signage and in-stadium video promotions, according to the...

By Dan Beyers | August 17, 2007; 2:05 PM ET | Comments (4)

Early Briefing 08.17.07

As the company discussed its belated earnings, Fannie Mae predicted that housing prices will decline by 2 percent on average this year and by 4 percent next year. See story * Washington investment firm Key West Partners buys Duvinage of Hagerstown, the nation's oldest maker of steel spiral staircases. *...

By Terri Rupar | August 17, 2007; 12:19 AM ET | Comments (0)

Thomas Heath Discusses the Markets

U.S. stocks staged a remarkable comeback during today's trading session, with the Dow Jones industrial average making up nearly all of a 343-point drop by the closing bell. The Dow finished down 15.69, to close at 12,845.78, while the broader Standard & Poor's 500 stock index rose 4.56, to end...

By Mike Shepard | August 16, 2007; 5:49 PM ET | Comments (0)

A Conversation With Allied Capital's CEO

William L. Walton, chief executive of Allied Capital, a District-based business development company, has been around long enough not to be rattled by a momentary market swoon. He spoke recently with Washington Post staff writer Thomas Heath and shared his views on the latest market turmoil. Heath had phoned...

By Mike Shepard | August 16, 2007; 5:30 PM ET | Comments (0)

Fannie Mae 2006 Earnings Down 35 Percent

Fannie Mae filed its delayed annual report for 2006 and said its profit for the year fell 35 percent from 2005. The District-based mortgage finance company blamed the decline on the slumping U.S. housing market and rising internal administrative costs. (See Fannie Mae's statement.) "Looking back, 2006 was a rebuilding...

By Mike Shepard | August 16, 2007; 2:26 PM ET | Comments (0)

Early Briefing 08.16.07

As with everything right now, much of our news is mortgage-related. POS Dream Home of Laurel, which offered homeowners mortgage-free living, was ordered by the Maryland attorney general to stop soliciting new business and to halt operations of its investment program. See story Real Estate columnist Elizabeth Razzi wrote about...

By Terri Rupar | August 16, 2007; 5:00 AM ET | Comments (0)

Thomas Heath on Washington Post Radio

The stock market suffered another day of sharp losses as investors continued to sell on bad news from the mortgage and financial sectors. The Dow Jones industrial average dropped 167 points, to finish at 12,867, less than a month after hitting a record high of 14,000. The Standard & Poor's...

By Mike Shepard | August 15, 2007; 7:24 PM ET | Comments (0)

Film Backed by Leonsis to Hit Theaters Dec. 12

HBO Documentary Films and THINKFilm will distribute the documentary "Nanking" in U.S. theaters beginning Dec. 12 this year, according to an announcement by HBO today. The film will appear on HBO after its public run. Nanking, produced by AOL Vice Chairman Ted Leonsis, premiered at the Sundance Film Festival earlier...

By Mike Shepard | August 15, 2007; 5:11 PM ET | Comments (1)

Sallie Mae Shareholders Approve $25 Billion Buyout

Shareholders of Sallie Mae voted today in favor of a $60-a-share offer from a group of buyout firms to take the Reston student lender private. (See Sallie Mae's statement.) The buyout price offered by private equity firm J.C. Flowers represents a premium over the current share price of Sallie Mae...

By Mike Shepard | August 15, 2007; 12:32 PM ET | Comments (0)

Alternative Energy On U Street

The New York Times visits Ben's Chili Bowl and eight other small businesses on U Street to report on their effort to join the "green power" movement by taking advantage of wind power credits. The story explains: "Despite their name, the 'wind certificates'; that the U Street merchants bought do...

By Dan Beyers | August 15, 2007; 6:34 AM ET | Comments (0)

Early Briefing 08.15.07

Developers are backing out of local condo developments, leaving some buyers in the lurch. See story Latino business owners in Prince William are seeing the effects of the county's crackdown on illegal immigration. See story Local payday lenders have launched an ad campaign designed to persuade the D.C. Council to...

By Terri Rupar | August 15, 2007; 12:00 AM ET | Comments (0)

SLM Shareholders Scheduled to Vote on Buyout

Shareholders of Reston-based Sallie Mae are scheduled to vote Wednesday on a $25 billion offer to take the student lender private. Under the proposed transaction, the buyers -- led by private-equity firm J.C. Flowers -- have proposed paying $60 for each outstanding share of Sallie Mae stock, a substantial premium...

By Mike Shepard | August 14, 2007; 7:18 PM ET | Comments (0)

Local Venture Capital Deals From the Last Quarter

Wondering who got venture capital financing in the past quarter? A survey released last week by PricewaterhouseCoopers and the National Venture Capital Association shows that more than 50 Washington-area firms received a total of $271.8 million from investors. Investments in the second quarter spread across the life sciences, telecommunications, software...

By Mike Shepard | August 14, 2007; 12:54 PM ET | Comments (0)

Evolve Technologies Adds Clients, Customers

Evolve Technologies, a Fairfax-based information technology consulting firm, announced today the addition of six new employees and 40 new clients through the acquisition of the customer base and workforce of Syntegrity Network, another information technology firm, also based in Fairfax. In to the workers added through the Syntegrity deal, Evolve...

By Mike Shepard | August 14, 2007; 11:15 AM ET | Comments (0)

A Wink From The Fed

The Wall Street Journal reports (subscription required) that when the Federal Reserve Bank of New York pumped large sums of cash into money markets Friday to ease the credit crunch there, it gave a "wink" to banks and companies such as Fannie Mae and Freddie Mac that it expected to...

By Dan Beyers | August 14, 2007; 6:50 AM ET | Comments (0)

Sallie Chairman Exercises Stock Options

Staff writer David Hilzenrath reports that Albert L. Lord last week exercised 1.7 million stock options that were due to expire yesterday, at exercise prices of $18.33 to $26.62 per share. Lord used about 1.1 million of the options to pay taxes or exercise costs related to the trades, according...

By Dan Beyers | August 14, 2007; 6:43 AM ET | Comments (1)

Alion Acquires Iowa-Based Logistics Firm

Alion Science and Technology Corp., a McLean-based company that provides technical support to government and private sector organizations, announced the acquisition of LogCon Group, an Iowa-based firm that specializes in ammunitions logistics. The terms of the deal were not disclosed. See Alion's statement regarding the transaction. LogCon Group has developed...

By Mike Shepard | August 13, 2007; 7:38 PM ET | Comments (0)

Thomas Heath on Washington Post Radio

Staff writer Thomas Heath hits the treadmill and discusses the recent volatile stretch in financial markets with Washington Post Radio's Hilary Howard and Bob Kur. Listen here...

By Mike Shepard | August 13, 2007; 5:06 PM ET | Comments (0)

Early Briefing 08.13.07

It's Monday, the day when we turn the business section over to local news. Here's some of the stories in today's paper. * The sale of Sunrise Senior Living could be complicated by credit crunch. See story. * Investing in a socially conscious way isn't all halos. Staff writer Michael...

By Dan Beyers | August 13, 2007; 5:51 AM ET | Comments (0)

Lockheed Martin Names New CFO

Bethesda defense giant Lockheed Martin has announced that executive vice president and chief financial officer Christopher E. Kubasik will lead its electronic systems business area, succeeding Robert B. Coutts, who is retiring. Bruce L. Tanner has been selected to replace Kubasik as executive vice president and CFO. "Both appointments will...

By Dan Beyers | August 12, 2007; 11:08 AM ET | Comments (0)

Early Briefing 08.12.07

Elizabeth Razzi, in her Local Address column, recounts some of the past business troubles of Andrew H. Williams, before he started Metro Dream Homes. Metro reporter Brigid Shulte braves the giant bargain hunting fest ---a 32-mile-long yard sale in Shenandoah County. Fairfax takes a look at the practicality of allowing...

By Dan Beyers | August 12, 2007; 10:45 AM ET | Comments (0)

 
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