Early Briefing: Lord's Stock and Job

*Albert Lord sold 1.2 million shares to meet the requirements of his "borrowing arrangements," Sallie Mae said, and added "chief executive" to his current title of executive chairman. See story

*In retirement communities including Riderwood in Silver Spring, Nintendo's Wii is a popular activity. See story

*At the new Club on Quincy in Arlington County, the residents of the luxury condos will have a fitness center, a private theater, a newsroom, a catering kitchen and a pool in their building. And a funeral home. See story

*Virginia businesses, including some of the state's most powerful trade groups, have formed Virginia Employers for Sensible Immigration Policy to fight laws that would punish employers with undocumented workers on their payrolls. See story

* Two major fruit and vegetable distributors that cater to such well-known Washington area establishments as Bobby Van's Steakhouse and the Ritz Carlton Tysons Corner are merging, creating one of the biggest produce wholesale companies in the mid-Atlantic region.
Coastal Sunbelt Produce of Savage, Md., along with MCG Capital of Arlington, bought L&M Produce of Jessup from founders James McWhorter and Herb Lichtenstein, the companies said. Terms were not disclosed.

*A federal bankruptcy judge gave Fieldstone Mortgage of Columbia permission to borrow the rest of a $3.8 million loan from parent Credit-Based Asset Servicing & Securitization to continue operating while it is in Chapter 11.

*Baltimore-based Legg Mason's debt outlook was lowered to "negative" from "stable" by Moody's Investors Service, the second such action by a ratings service in the past month.

*Black & Decker of Towson, Md., reduced its quarterly and annual profit forecasts, citing a slowdown in consumer spending and costs from the recall of cordless drills. Black & Decker said it expected quarterly profit to be $1.03 a share, down from a projected $1.55 to $1.65.

By Terri Rupar  |  December 15, 2007; 5:00 AM ET  | Category:  Morning Brief
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