Archive: October 19, 2008 - October 25, 2008

The Weekend Movie: "The Great Bear"

We're in a bear market, right? So 'natch, we need a bear movie, courtesy of SnagFilms. SnagFilms is a startup backed by Washington Capitals majority owner Ted Leonisis and others; we wrote about the company here....

By Dan Beyers | October 24, 2008; 5:00 PM ET | Comments (0)

Gannett Third-Quarter Profit Down 32 Percent

From the Associated Press Gannett said its third-quarter profit fell 32 percent, to $158 million (69 cents a share) from $234 million ($1.01), as it saw less advertising revenue than last year as part of broader cutbacks in a worsening economy. Revenue at the nation's largest newspaper publisher fell 9...

By Terri Rupar | October 24, 2008; 10:25 AM ET | Comments (0)

Early Briefing: A Parking Lot, for Now

*The corner of K Street and Connecticut Avenue is among downtown Washington's most prestigious, a crossroads District leaders believe is worthy of the glass, steel and stone tower that a developer envisions. But now, citing the economic downturn, a developer has sought the District's permission to turn one of the...

By Terri Rupar | October 24, 2008; 5:00 AM ET | Comments (0)

Roundup: PNC, Sallie Mae, WSB, CarMax

From staff and wire reports *PNC Bank plans to open 41 branches and 180 ATMs in Giant Food stores in the District, Maryland, Virginia and Delaware next year. The companies said more branches and ATMs will be added during their 10-year agreement. The agreement comes several months after Chevy Chase...

By Terri Rupar | October 23, 2008; 4:12 PM ET | Comments (0)

NII Profit Up, Shares Down

NII Holdings of Reston said today that third-quarter profit grew 12.5 percent, to $91.8 million (54 cents) from $81.6 million (46 cents) in the comparable quarter a year earlier. Revenue grew 38. 4 percent, to $1.18 billion. The company, which provides mobile phone access in Latin America, said ended the...

By Terri Rupar | October 23, 2008; 2:17 PM ET | Comments (0)

Long & Foster Names New President

By Maryann Haggerty In the midst of the worst real estate market in years, Long & Foster Cos. has promoted David H. Stevens to president and chief operating officer. Stevens, 51, has a background in finance, not brokerage. Since 2006, when he joined the company, he has been president of...

By Terri Rupar | October 23, 2008; 12:38 PM ET | Comments (0)

Sandy Spring Bancorp, Eagle Bancorp Report Profit

Sandy Spring Bancorp of Olney said third-quarter profit fell 34 percent, to $5.4 million (33 cents) from $8.2 million (50 cents). Results include a pretax impairment charge of $2.3 millino related to a writedown in goodwill in Equipment Leasing Co., a subsidiary. Assets dropped 8 percent, to $3.2 billion. Loans...

By Terri Rupar | October 23, 2008; 11:27 AM ET | Comments (0)

FBR to Consider Strategic Alternatives

By Alejandro Lazo Friedman, Billings, Ramsey Group of Arlington said today that it would considering selling itself as losses continued to mount in the third quarter. Its core business of making mortgage investments has been hammered in the midst of the real estate downturn. The real estate investment firm, which...

By Terri Rupar | October 23, 2008; 11:11 AM ET | Comments (0)

Early Briefing: Employers Cutting Back

*Employers are moving to aggressively cut jobs and reduce costs in the face of the nation's economic crisis, preparing for what many fear will be a long and painful recession. "The customers I've spoken to are all living under a sense of fear," said Paul Villella, chief executive of HireStrategy,...

By Terri Rupar | October 23, 2008; 5:00 AM ET | Comments (0)

Radio One Shares At New Lows

By Anita Huslin Urban media company Radio One was warned that it was failing to meet Nasdaq listing requirements after its stock plummeted to all-time lows this week. Fund managers dropped shares of the Lanham company on Tuesday in response to its removal from the SmallCap 600 index by Standard...

By Terri Rupar | October 22, 2008; 6:16 PM ET | Comments (1)

IT, Shipbuilding Mean Profits For General Dynamics

Stephen Manning Associated Press Defense contractor General Dynamics said Wednesday that third quarter earnings were up 16 percent on higher sales in its shipbuilding unit and information technology business, topping Wall Street's earnings forecast. The Falls Church-based company earned $634 million, or $1.59 per share, for the quarter, up from...

By Dan Beyers | October 22, 2008; 9:31 AM ET | Comments (0)

FBR Capital Markets Posts Loss

Update from staff writer Alejandro Lazo Arlington-based FBR Capital Markets booked a $28.6 million loss in the third quarter, as its investment banking business plummeted in the midst of the financial crisis. It is the biggest loss yet for the company, which spun-off from its parent, the Friedman, Billings, Ramsey...

By Terri Rupar | October 22, 2008; 9:25 AM ET | Comments (0)

Early Briefing: Not-So-Small Businesses

*U.S. government agencies made at least $5 billion in mistakes in their recent reports of contracts awarded to small businesses, with many claiming credit for awards to companies that long ago outgrew the designation or never qualified in the first place, a Washington Post analysis shows. In the data, federal...

By Terri Rupar | October 22, 2008; 5:00 AM ET | Comments (0)

Roundup: Constellation, CSC, WorldSpace

From staff and wire reports *Constellation Energy Group of Baltimore said that its chief financial officer is stepping down and that it will promote the treasurer to replace him. The company said John R. Collins will take an advisory role in the company's merger with MidAmerican Energy Holdings. He will...

By Terri Rupar | October 21, 2008; 4:03 PM ET | Comments (0)

Value Added: Investing In A Downturn

Here's Tom Heath's latest column on Washington's business community: I met Dwight Bush a few years ago when he was part of a group that tried to buy the Washington Nationals from Major League Baseball. Bush, 51, is a well-known Washington corporate banker. He speaks softly and deliberately, like many...

By Dan Beyers | October 21, 2008; 1:00 PM ET | Comments (1)

NVR's Profits Slide On Housing Slowdown

By Alejandro Lazo Reston-based homebuilder NVR said its profit fell 60 percent in the third quarter as orders for new homes declined and fewer mortgage loans were made in the midst of the slumping housing market and ongoing financial crisis. The company said its net income for the third quarter...

By Dan Beyers | October 21, 2008; 10:02 AM ET | Comments (0)

Lockheed's Profits Rise, Boosted By IT

By Stephen Manning Associated Press Bethesda defense contractor Lockheed Martin said Tuesday that third-quarter earnings rose 2 percent as the company recorded strong sales in its information technology business, along with a one-time gain from the sale of a rocket launch business. Lockheed, which makes F-35 fighter jets, raised its...

By Dan Beyers | October 21, 2008; 9:56 AM ET | Comments (0)

Early Briefing: Affordable Trumps Luxury

Donatelli Development in recent years has constructed mostly luxury condominiums and apartments on sites overlooking Metro stations in Northwest Washington. But in what city officials say is a reflection of the changing dynamics of the real estate market, the District Monday chose Donatelli to build nearly 400 units of affordable...

By Dan Beyers | October 21, 2008; 8:40 AM ET | Comments (0)

The Download: A Visit To BarCamp

After a two-year-hiatus, The Download is back. The column will chronicle Washington's evolving tech scene and the people who make it tick. Kim Hart will write about Washington's tech scene every other Monday (today we offer a special bonus column!). Send tips to hartk@washpost.com. By Kim Hart About 120 self-described...

By Dan Beyers | October 20, 2008; 8:45 AM ET | Comments (1)

Early Briefing: The Legal Squeeze

Banks are not the only businesses tightening their belts. Washington area law firms are retooling due to a financial crisis that is bringing growing pressure from corporations and a drop in work in mergers and acquisitions, litigation and commercial real estate. At least one global firm with a D.C. office,...

By Dan Beyers | October 20, 2008; 8:31 AM ET | Comments (0)

 
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