Published: Wednesday, August 19, 2009
Business briefs: Grant money goes to Everett Shipyard, Nichol Brothers Boat Builders
Two local shipyards will receive federal grants designed to create jobs and help the businesses make critical infrastructure improvements, Sen. Patty Murray, D-Wash., announced Tuesday. Everett Shipyard Inc. will receive $439,497 and Nichols Brothers Boat Builders in Freeland will get $841,077. They’re among 10 businesses in Washington state receiving the grants. “Our small shipyards are a critical piece of our domestic maritime industry — and of Washington state’s economy,” Murray said.
Port of Everett ship schedule
Ships scheduled to visit the Port of Everett in the coming weeks include: Saturday, Millenium Falcon, Eastern Car Liner; Tuesday, Westwood Olympia, Westwood; Aug. 31, Bright Stream, ECL/Fesco; Sept. 1, San Amerigo, Westwood; Sept. 8, West Rainier, Westwood; Sept. 15, Santiago, Westwood. Sixty-five ships and 33 barges have visited Everett so far this year.
Retailers slash costs to push for profits
Retailers that reported their second-quarter earnings Tuesday made big strides in profitability from a year ago by slashing inventory and other costs, but executives predicted shoppers will remain tightfisted. At discounter TJX Cos., which operates T.J. Maxx, Marshalls and HomeGoods stores, the benefit of offering low prices during the recession was clear: Profit rose 31 percent. At Target Corp. and Home Depot Inc., profit fell but beat Wall Street expectations, while luxury merchant Saks Inc.’s second-quarter loss widened, though cutting costs helped it do better than analysts feared. After Monday’s big sell-off, major stock indexes rose 1 percent as investors were encouraged by the better-than-expected retail earnings reports.
Hewlett-Packard sees earnings slide
Hewlett-Packard Co.’s profit dropped 19 percent in the latest quarter, dragged by ongoing weakness in sales of personal computers and printer ink. The Palo Alto, Calif.-based company reported Tuesday that consumer spending on PCs is improving, and business in China was particularly good. Corporate buyers remain scarce, though. Because of the recession, 2009 is shaping up to be the worst year in nearly a decade for the PC industry. HP, the world’s No. 1 PC maker, has branched out into technology services and computer networking, but the PC business still makes up nearly a third of its revenue. Sales in HP’s PC business eroded 18 percent in the three months ended July 31, even as the number of units sold ticked up 2 percent. PC makers have been slashing prices. HP reported after the market closed that it earned $1.64 billion, or 67 cents per share, in the fiscal third quarter. A year earlier, the company made $2.03 billion, or 80 cents per share. The numbers were slightly better than expected by analysts.
From Herald staff and news services
Port of Everett ship schedule
Ships scheduled to visit the Port of Everett in the coming weeks include: Saturday, Millenium Falcon, Eastern Car Liner; Tuesday, Westwood Olympia, Westwood; Aug. 31, Bright Stream, ECL/Fesco; Sept. 1, San Amerigo, Westwood; Sept. 8, West Rainier, Westwood; Sept. 15, Santiago, Westwood. Sixty-five ships and 33 barges have visited Everett so far this year.
Retailers slash costs to push for profits
Retailers that reported their second-quarter earnings Tuesday made big strides in profitability from a year ago by slashing inventory and other costs, but executives predicted shoppers will remain tightfisted. At discounter TJX Cos., which operates T.J. Maxx, Marshalls and HomeGoods stores, the benefit of offering low prices during the recession was clear: Profit rose 31 percent. At Target Corp. and Home Depot Inc., profit fell but beat Wall Street expectations, while luxury merchant Saks Inc.’s second-quarter loss widened, though cutting costs helped it do better than analysts feared. After Monday’s big sell-off, major stock indexes rose 1 percent as investors were encouraged by the better-than-expected retail earnings reports.
Hewlett-Packard sees earnings slide
Hewlett-Packard Co.’s profit dropped 19 percent in the latest quarter, dragged by ongoing weakness in sales of personal computers and printer ink. The Palo Alto, Calif.-based company reported Tuesday that consumer spending on PCs is improving, and business in China was particularly good. Corporate buyers remain scarce, though. Because of the recession, 2009 is shaping up to be the worst year in nearly a decade for the PC industry. HP, the world’s No. 1 PC maker, has branched out into technology services and computer networking, but the PC business still makes up nearly a third of its revenue. Sales in HP’s PC business eroded 18 percent in the three months ended July 31, even as the number of units sold ticked up 2 percent. PC makers have been slashing prices. HP reported after the market closed that it earned $1.64 billion, or 67 cents per share, in the fiscal third quarter. A year earlier, the company made $2.03 billion, or 80 cents per share. The numbers were slightly better than expected by analysts.
From Herald staff and news services
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