Disney
Experience the fun of Disney on a budget.
If you think a Disney World vacation is out of your reach, maybe you should think again. Travel Channel has a few helpful tips on how to save money on lodging, tickets, food and transportation from the airport and around Disney World to make your magical dream trip become a reality.
1. Disney’s Port Orleans Resort
You can book a vacation package for a two-night, three-day stay at one of Disney World’s moderate resorts. The Port Orleans Resort package includes two nights of lodging and three-day tickets with the park-hopper option for $450.
2. Magical Express
Families don’t have to rent a car or collect their bags at the airport when landing in Orlando. Disney’s Magical Express is like having the combination of a car service and luggage valet all wrapped up in one. All you have to do is check your bags at the airport, and they are magically waiting for you when you arrive at your Disney hotel. Be sure to request your Magical Express luggage tags when you make your reservations. Don’t worry about transportation to the hotel; a bus will pick you up at the airport and take you right there.
3. Disney Value Seasons
Looking for a cheap family getaway? You and your family can head to Walt Disney World during the off-season when lines are typically shorter and the weather is more comfortable. The rates are usually lower from January to February; for a few weeks in April and May; mid-August through September; and between Thanksgiving and Christmas.
4. Magic Your Way
Sign up on the Disney World website to receive announcements of special offers. Magic Your Way is a new program that offers visitors options a la carte. You can choose to add what you wish instead of buying a package that might include elements that you don’t really want.
5. Three Pricing Categories
Disney offers three pricing categories for hotel accommodations. There are hotels like the Pop Century with rooms for less than $100 a night. Coronado Beach is in the intermediate category with rooms ranging from $100 to $150 a night. Disney also has more exclusive hotels, like the Grand Floridian Hotel, and other high-end accommodations, like extended-stay condominiums with their own kitchens and living rooms.
6. Rider Swap Tickets
These tickets allow one parent to ride with his/her child and then, when the ride is over and without having to wait in line again, the other parent can ride with the child using a Rider Swap ticket. Systems in place at Disney World like the Rider Swap program provide ways to get more entertainment in less time, which equals more bang for your buck!
7. Extra Magic Hours
Another great way to maximize your family time at Disney World is to arrive early in the morning before the crowds get larger for better ride experiences. You and your kids will have an opportunity to hop on rides a lot more quickly without having to wait in long lines. It gets even better if you are Disney resort guests. Disney only offers Extra Magic Hours to guests, which allows them to get into parks early or stay late on certain days. Now that’s a way to maximize your fun!
8. Park Hopper
For an additional charge per ticket, Park Hopper allows you to visit multiple parks in the same day. The charge is only applied once. The more days you stay, the less it costs per day. A one-time charge for Park Hopper is $45 per ticket.
9. Free Transportation
Disney not only has complimentary transportation to and from the airport, but they also provide transportation between all their resorts and parks. There¿s a whole system of monorails, buses and even boats that can take you from place to place at Disney World. Just riding the monorail is a thrill for kids. You may even be allowed to sit up front with the driver if you ask nicely.
10. Fast Pass
With Fast Pass, you show up at a ride, put your park ticket in the designated Fast Pass machine, and out comes a Fast Pass ticket that tells you to come back at a specific time (for example, 2:30-3:30). The ticket acts as a placeholder, which is great for families who don’t want to spend an hour or two waiting in line at a popular attraction. You can only get one Fast Pass ticket every two hours. Popular rides can run out of Fast Passes, so try to get one early.
11. Lower Cost Activities
Another way to save money when vacationing in Disney World is to take advantage of the lower-cost recreational activities. For example, a family of five can book a Magic Your Way package that includes a four-day, three-night stay in a cabin with lots of room at Disney World’s Fort Wilderness Campground. By choosing a three-day theme-park admission with the Water Park Fun and More option, the family can enjoy five days of fun for slightly more than the cost of three. So check for the special deals and packages for extra savings.
12. Free Admission
Still pinching pennies and need to know how to save more money at Disney World? There are all kinds of things to do at Downtown Disney that don’t require a park ticket. When staying at one of the Disney resorts, you and your kids can head to Design Quest and experience a digital nirvana, free of charge. On a hot Florida day, Disney World’s water parks, such as Typhoon Lagoon, can be just the ticket to keep the kids cool. A ticket here costs about half of what a theme-park ticket costs. That’s great news for a family on a budget.
13. Hotel Pools
The water parks cost less than the theme parks, but the pool at your hotel is free. Of course, your kids would probably love the super-mega-crazy slides at the water parks, but they might be just as happy playing Marco Polo near your hotel room.
14. Disney Dining Plan
Another big-ticket item when traveling is food. Families can take advantage of some of the counter-service buffets that are generally all-you-can-eat. If you’re really into food and you’re a big eater, then definitely go with the Disney Dining Plan. A family of four can save up to 30 percent on this plan. If you do their specific meal plan, you can save a lot of money.
15. Budget for Children
It’s recommended to give older children a budget for the length of the vacation, saying, “You have ‘x’ amount of money, so spend it wisely.” Not only will it keep your budget in check, but it’s also a great lesson for them on how to spend their time and money wisely.
16. Room Key Purchases
Another nice perk that comes with staying on Disney property is that you can use your room key to buy things and then have your purchases delivered to your hotel. You can go all around the resort and use the key. No credit card. No ID. It’s less to carry, less to think about and really convenient.
17. Photo Pass
A service offered at Disney World that’s more of a memory saver than a money saver is the Photo Pass. This is a great feature for families that don’t have a free hand to take pictures. You can go to any Disney photographer and ask for the Pass. They take your picture, they give you a pass and you carry it around with you. Anytime you see another photographer, you can get your picture taken. At the end of the day, you can get all your pictures printed out, or select the ones you want online and have them sent to you.
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2008-11-20 15:30 ET Dow -238.31 Dow Close 7758.97 Nasdaq -38.16 Nasdaq Close 1348.26 S&P -32.48 S&P Close 774.10 NYAdv 373 NYDec 2827 NQAdv 533 NQDec 2268
[BRIEFING.COM] Stocks extend their losses and hit a new session low as participants enter the final leg of trading. The S&P 500 has finished with a gain in only one of the last five sessions. That advance came this last Tuesday with the S&P 500 climbing just under 1%.
Week-to-date the S&P 500 is down more than 11%.
Action remains volatile. During the month of November, only twice has the S&P 500 closed with a move of less than a full percentage point.
2008-11-20 08:28:18ET ******
Limited
Limited Brands (LTD 7.58) posted better-than-expected earnings for the third quarter, but like many other retailers, lowered its full year earnings forecast.
Limited, which owns six brands such as Victoria’s Secret and Bath & Body Works, saw third quarter net sales fall 4.2% year-over-year to $1.84 billion, slightly missing the $1.88 billion consensus estimate. A same-store sales decline of 7% drove the revenue drop.
Third quarter earnings came in at $0.01 per share, topping the expectation for break even.
Limited said it expects to earn between $0.85 and $1.00 per share in the fourth quarter, compared to the consensus estimate of $1.00.
For fiscal year 2009, which ends in January, Limited forecast earnings per share of between $1.20 and $1.35, which is down from its previous guidance of between $1.45 and $1.60. The outlook also falls short of the $1.38 per share consensus estimate.
2008-11-20 08:49:12ET ******
Citigroup
Saudi Prince Alwaleed Bin Talal Alsaud is going to increase his stake in Citigroup (C 6.40) to 5%, according to reports. Yesterday, shares of Citi plunged 23% to their lowest level since 1995.
Alwaleed, who ranked 19 on the Forbes 2008 world’s billionaire list with a net worth of $21.0 billion, said he is buying shares because he believes they are “dramatically undervalued,” Bloomberg.com reported. He currently owns less than a 4% stake in Citi.
He also put his support behind Citi’s management, including CEO Vikram Pandit, according to the report.
Since the financial market turmoil began, Citi has raised a total of $74.0 billion in capital, including $25 billion from the Treasury. It has had a total of $65.7 billion in write-downs and credit losses.
Shares of Citi were up as much as 6% in premarket trading on the news, but have since retreated to a 1.9% loss as of this posting.
2008-11-20 09:22:44ET ******
GameStop
GameStop (GME 20.56) reported is slowest year-over-year increase in quarterly revenue since 2003, although the sluggish growth is largely due to an extremely tough comparison in the previous year and is much better than the majority of retailers.
The Grapevine, TX-based company posted a 5.2% year-over-year increase in third quarter sales to $1.70 billion, which fell short of the $1.82 billion consensus estimate. The blockbuster hit Halo 3 was released in third quarter 2007, resulting in a tough comparison for GameStop.
Excluding merger-related costs, foreign currency changes and other items, third quarter earnings rose 18.8% to $0.38 per share, or $63.3 million. This was slightly better than the consensus estimate of $0.37. GameStop benefited from a 190 basis point improvement in gross margins to 27.9%, which beat expectations of 26.8%.
The company’s previously announced $700 million acquisition of Micromania, France’s largest video game retailer, was reduced to $636 million thanks to the strengthened dollar and the expectation that the debt used to fund the acquisition will be paid off by the end of the fiscal year.
Even the world’s largest video game retailer is not immune to the economic turmoil. After issuing upside fiscal 2009 guidance for three straight quarters, GameStop lowered its earnings range by $0.10 per share to below expectations.
The company now expects full year earnings to be between $2.35 and $2.40 per share, including a $0.05 accretion from its Micromania acquisitions. The outlook falls short of the consensus estimate of $2.46. GameStop forecast an increase in same-store sales between 10% and 11%, with total sales growth between 21% and 22%.
Although GameStop is likely to face slower growth due to the worldwide economic slowdown, we expect video game sales will be relatively robust due to the inexpensive cost versus entertainment value.
2008-11-20 10:38:04ET ******
Barnes & Noble
Shares of Barnes & Noble (BKS 11.72, -1.40) fell to their lowest level in 11 years after the book retailer’s third quarter loss was larger than expected and its full year earnings outlook fell short of estimates.
Third quarter sales fell 4.4% to $1.12 billion, missing the $1.17 billion consensus estimate. Barnes & Noble has seen sluggish revenue growth the last few years as more people buy from online retailers, such as Amazon.com (AMZN 36.92, +1.08).
The company lost $0.21 per share in the third quarter, excluding a noncash impairment charge, which was worse than the consensus estimate that called for a loss of $0.16. Gross margins held up, although selling and administrative expenses increased to 28.4% of sales from 25.8%.
In the face of the uncertain economic environment, Barnes & Nobles plans to reduce expenses through the end of 2008 and into 2009.
The company, which generates nearly all of its earnings in the fourth quarter, said fourth quarter same store sales are expected to decline between 6% and 9%, resulting in earnings of $1.40 to $1.70 per share. Wall Street expects earnings of $1.65 per share.
For the full year, Barnes & Noble shaved $0.30 off its earnings range, forecasting earnings per share between $1.30 and $1.60, compared to the consensus estimate of $1.63.
BKS is down 70% from its 52-week high. However, it has performed better than competitor Borders Group (BGP 1.69, -0.09) which is down 87%.
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10 p.m. CST Tuesday, Nov. 18, 2008
Mission Control Center, Houston, Texas
11.18.08
STATUS REPORT : STS-126-09
STS-126 MCC Status Report #09
About halfway into the spacewalk, one of the grease guns that Piper was preparing to use on the SARJ released some Braycote grease into her crew lock bag, which is the tool bag the spacewalkers use during their activities. As she was cleaning the inside of the bag, it drifted away from her and toward the aft and starboard portion of the International Space Station.
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2008-11-18 16:25 ET Dow +151.17 Dow Close 8424.75 Nasdaq +1.22 Nasdaq Close 1483.27 S&P +8.37 S&P Close 859.12 Nasdaq100 +0.3 SandP_Midcap400 -0.3 Russell2000 -0.8 NYAdv 1153 NYDec 1975 NQAdv 1088 NQDec 1719
[BRIEFING.COM] Stocks rose 1.0% in a volatile session as traders digested testimony from the head of the Federal Reserve, Treasury and FDIC, upside earnings guidance from Hewlett-Packard and speculation regarding the future of U.S. automakers.
The S&P 500 climbed to a gain 1.8% at midday, dropped to a loss of 2.8% in the final hour of trade before a surge in buying interest sent the S&P 500 back into positive territory. Seven of the ten economic sectors posted a gain. Small- and mid-cap stocks underperformed, with the Russell 2000 (-0.8%) and S&P 400 (-0.3%) both declining.
Fed Chairman Bernanke, Treasury Secretary Paulson and FDIC Chairman Bair were called to testify about the $700 billion financial relief package before the House Financial Services committee. Bernanke said there are some signs that credit markets are improving, although they remain strained. Treasury Secretary Paulson defended scrapping the original plan to buy troubled assets, saying that direct capital injections were more effective given the sharp deterioration in financial markets. Paulson believes the economy will not recover as fast as anyone would like, but will recover at a quicker pace because of the relief package.
On a related note, the Treasury bought $33.6 billion in preferred stock from 21 banks, including $6.6 billion in US Bancorp (USB 25.73, -0.07) and $3.6 billion in Capital One Financial (COF 29.25, -0.62). This brings the totaled preferred stock purchases in banks up to $158.6 billion. The financial sector fell 0.8%.
In corporate news, Hewlett-Packard (HPQ 33.58, +4.24) announced preliminary fourth quarter earnings that topped estimates and issued fiscal year 2009 earnings guidance that was above expectations.
Yahoo! (YHOO 11.48, +0.85) gained after announcing that cofounder Jerry Yang will step down as CEO as soon as a replacement is found, raising speculation that Microsoft (MSFT 19.62, +0.43) may show renewed interest.
The 14.5% gain in HPQ and 8.0% increase in YHOO helped the tech sector (+1.9%) outperform. More than half of tech stocks posted a loss, however, as investors were aware that the upside HPQ guidance was largely a company specific story, and not indication of overall strength.
In earnings news, Saks (SKS 3.27, -0.58) tumbled after missing third quarter earnings expectations, while Home Depot (HD 20.71, +0.71) rose after topping estimates. Both retailers were cautions about the near-term outlook. Retailers a whole fell 0.2%.
Shares of General Motors (GM 3.09, -0.09) and Ford (F 1.68, -0.04) fell to multi-decade lows. The automakers, along with Chrysler and the United Auto Workers, testified before the Senate Banking Committee regarding possible aid for the struggling U.S. auto industry.
In economic news, domestic producer prices in October dropped by a larger-than-expected amount due to the sharp decline in energy prices. Specifically, October PPI dropped 2.8% month over month, compared to the expected decline of 1.9%. Core PPI, which excludes food and energy, rose 0.4%, which was larger than the expected increase of 0.1%.
Home Depot
For its third quarter Home Depot (HD 20.00) reported an 8% drop in same-store sales a 6% year-over-year drop in total revenue to $17.78 billion. Revenue results were on par with expectations.
The home improvement retailer failed to protect profits by offsetting lost revenue with lower expenses, though. The result was a 25% drop in reported operating income. Reported operating margins fell nearly 200 basis points to 7.5%.
Diluted earnings from continuing operations came in at $0.45 per share, which was down from $0.59 per share the year before. Despite the drop, earnings per share results still exceeded the $0.38 per share consensus estimate.
The pressure on Home Depot is unlikely to abate any time soon, given continued softness in housing and negative macro conditions. As such, management believes that full-year sales could be down as much as 8%. That would take the top line to approximately $72.70 billion for 2008. The current consensus estimate for 2008 is pegged at $72.26 billion.
Management expects adjusted earnings per share from continuing operations will decline by some 24%, which is consistent with its previous guidance.
Shares of HD currently trade at just 10.2x trailing earnings, which is attractive relative to their five-year average of 15.3x. However, worries that earnings estimates may not be low enough yet have stood in the way of bargain hunting efforts. The stock trades at a price-to-forward earnings ratio of 11.7x.
2008-11-18 08:37:59ET ******
Hewlett-Packard
Shares of Hewlett-Packard (HPQ 29.34) are seeing some positive support ahead of the session’s opening bell as investors react to upbeat guidance.
HP stated this morning that it expects fourth quarter revenue to come in around $33.6 billion, while earnings are expected to come in at $1.03 per share. Wall Street’s current consensus calls for revenue of $33.1 billion and earnings of $1.00 per share.
For the first quarter of the coming fiscal year, Hewlett-Packard expects revenue to range from $32.0 billion to $33.5 billion. Earnings are expected to range from $0.93 to $0.95 per share. Meanwhile, the consensus calls for revenue of $33.7 billion and earnings of $0.93 per share.
As for 2009, the company currently estimates revenue will range from $127.5 billion to $130.0 billion with earnings ranging from $3.88 to $4.03 per share. Wall Street forecast a top line of $135.1 billion and earnings of $3.85 per share.
The outlook comes as a refreshing dose of good news as the trend of disappointing quarterly results and downwardly revised outlooks from various businesses have added to investors’ gloom. HP’s outlook, though, is likely supported by cost cutting and its share repurchase plan.
The company recently authorized an additional $8 billion for stock buybacks, which should prove accretive to earnings per share results by reducing the number of outstanding shares.
2008-11-18 09:03:58ET ******
Ford
Automakers continue to pare nonstrategic investments in pursuit of capital. Ford Motor (F 1.72) announced this morning it is reducing its stake in Mazda to approximately 13% from roughly 33%.
The divestiture will be accomplished through the sale of shares to Mazda and to a group of Mazda’s strategic business partners. Ford expects the transaction will net roughly $540 million.
The announcement comes just one day after General Motors (GM 3.18) announced it divested the rest of its stake in Suzuki, which netted it roughly $230 million.
Efforts to raise capital have intensified as automakers contend with weak sales and a bloated cost structure in a soft economy. Those headwinds have automakers rapidly burning through cash and struggling to regain their footing.
The combination of persistent weakness and dim prospects have shares of Ford down 74% year-to-date, while GM is off by 87% this year. Both are at their lowest point in decades.
2008-11-18 09:28:12ET ******
Yahoo!
Yahoo! (YHOO 10.63) cofounder and chief executive, Jerry Yang, will step down from his position as CEO when a replacement is found. Yang was called to the helm less than two years ago with the intent of putting the company back on a higher growth path. However, since Yang took over, the stock is down by more than 50%.
The primary knock on Yang has been his inability to regain share of the Internet search market, most of which has gone to Google (GOOG 300.12).
Looking for strategic opportunities, Yang actually turned to Google, yet a proposed partnership fell by the wayside. The appeal to Google came as Yang scoffed at an offer from Microsoft (MSFT 19.32), which proposed to purchase Yahoo for $33 per share. Microsoft’s offer actually represented a premium of 77% above pre-offer levels.
Once a replacement is found for the CEO position, Yang will return to his previous role as Chief Yahoo. Yang will also retain his position on Yahoo’s board of directors.
(Disclosure: Briefing.com has a business relationship with Yahoo! and Microsoft)
2008-11-18 10:35:16ET ******
Medtronic
Shares of medical equipment and supplies company Medtronic (MDT 32.50, -3.92) are trading at a new multiyear lows as the stock is hit with selling pressure in early action. The negative reaction follows the company’s disappointing quarterly results and a downwardly revised outlook.
Medtronic posted revenue of $3.57 billion for its second fiscal quarter, up a healthy 14% year-over-year. Analysts were looking for a bit more, though; the consensus called for $3.69 billion in revenue.
Each major business segment posted strong revenue growth. The largest segment, cardiac rhythm disease management, saw revenue increase 8% year-over-year to $1.24 billion. Revenue contributed by the spinal segment totaled $829 million, which is 26% more than the year before. Cardio contributed $596 million, up 22% from the prior year’s $490 million. The three groups accounted for 75% of Medtronic’s overall second quarter revenue results.
Adjusted net earnings totaled $758 million, or $0.67 per share, which is up almost 14% and 16% from the same quarter last year, respectively. Despite solid growth, earnings per share were still $0.04 short of the consensus estimate of $0.71 per share.
Medtronic now expects revenue to range from $14.6 billion to $15.0 billion for fiscal 2009, which is generally in-line with Wall Street’s current revenue forecast. The company’s prior outlook ranged from $15.0 billion to $15.5 billion.
Diluted earnings per share are expected to range from $2.90 to $2.98 for 2009. Medtronic previously stated that earnings would come in between $2.94 and $3.02 per share. The consensus called for $2.99 per share in 2009.
Though Medtronic fell short of recent quarterly expectations and cast a tepid forecast, long-term growth opportunities remain strong. The market for cardiovascular, biologics, diabetes, surgical technologies and other health care services will only swell in coming years as baby boomers age.
Medtronic’s key competitors include the likes of Baxter International (BAX 57.35, -0.72), Boston Scientific (BSX 7.30, +0.11), and even the massive Johnson & Johnson (JNJ 59.46, +0.19). Each of the companies are subject to price pressure and new entrants, but the best performers will undoubtedly boast strong portfolios and control over niche markets.
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Escape from the neon lights of Las Vegas and enter into the City of Light at Paris Las Vegas, where guests are transported off the Strip and into France’s romantic capital city. Dining, entertainment, service, nightlife and accommodations at this hotel-casino are très magnifique.
Paris Las Vegas captures all the intricate details of Paris, right down to the cobblestone sidewalks and half-scale replicas of the Eiffel Tower and Arc de Triomphe. The building facades surrounding the casino are modeled after those of actual French neighborhoods, including the occasional “for sale” sign in the window.
French wrought iron street lamps dot the 85,000-square-foot casino floor while the 40-foot ceiling is painted to resemble the sky. The legs of the 50-story Eiffel Tower sprawl out into the center of the more than 100 gaming tables, 2,200 gaming machines, high limit slots, high limit table game area, poker room and race and sports book. A half-scale replica of Le Pont Alexandre III overlooks all the casino action while providing the gateway to the Eiffel Tower elevators.
Those who are not afraid of heights won’t want to miss the chance to ride to the top of the Eiffel Tower and enjoy panoramic views of the city. Halfway to the top, the world-class Eiffel Tower Restaurant combines fine French cuisine with a hint of romance. Mon Ami Gabi and Les Artistes Steakhouse offer their own charm down on the casino level.
Guests will forget the casino is close by as they stroll past bubbling fountains and down the winding alleyways of Le Boulevard, filled with charming boutiques and restaurants that resemble Parisian cafes. Le Provencal offers nourishment for the stomach and the soul, with its Italian food and singing waiters and waitresses. The adjacent Le Crêperie cooks up entrée and desert crêpes while Le Village Buffet offers classic French foods in a village atmosphere.
Looking for some luck – or a way to spend your winnings? Visit Le Burger Brasserie and order their signature dish, a $777 Kobe beef and Maine lobster burger. Topped with caramelized onions, imported Brie, crispy prosciutto and 100-year aged balsamic vinegar, the burger is served with a bottle of Rose Dom Perignon champagne.
Guest rooms are spacious and beautifully appointed, offering dual-line phones, data ports, full-length mirrors, marble bathrooms and more. Let go of that last bit of stress at Mandara Spa or catch some rays at the pool. Those who always dreamt of a Paris wedding will want to visit the hotel’s chapels, Chapelle du Paradis or Chapelle du Jardin.
The City of Light doesn’t go dull after dark. With the hypnotic fun of Anthony Cools, there’s plenty of entertainment to experience at Paris Las Vegas. Take in amazing views of the Strip from the balconies at Risqué ultra lounge, live music at Le Cabaret show lounge or smoke a cigar in style at Napoleon’s.
Paris Las Vegas also caters to the business customer, with 140,000 square feet of convention space as well as a business center.
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2008-11-17 16:25 ET Dow -223.73 Dow Close 8273.58 Nasdaq -34.80 Nasdaq Close 1482.05 S&P -22.54 S&P Close 850.75 Nasdaq100 -2.4 SandP_Midcap400 -1.6 Russell2000 -1.1 NYAdv 767 NYDec 2385 NQAdv 861 NQDec 1918
[BRIEFING.COM] On Monday, stocks posted sharp losses as economic concerns and corporate job cuts continue to weigh on investor sentiment.
Stocks made a recovery attempt to briefly trade with a gain, but a surge in selling interest in the final minutes sent the S&P 500 to close near its session low. Trading action was choppy in below average volume. All ten of the economic sectors posted a loss.
In corporate news, Citigroup (C 8.87, -0.65) announced plans to slash 52,000 jobs from its 352,000 workforce in an effort to cut costs due to the financial market turmoil. Citi has already eliminated 36,000 positions in 2008. The financial sector was a laggard with a decline of 6.0%.
Lowe’s (LOW 19.01, +0.78) topped expectations for the third quarter, but issued downside earnings guidance for the fourth quarter after warning that consumers will likely delay discretionary home improvement and big ticket purchases. The results were better-than-feared following downside guidance from several retailers last week, resulting in a bounce in shares of Lowe’s.
Target (TGT 31.69, -1.34) reported in-line earnings, but decided to temporarily suspend its share repurchase program due to the uncertain economic environment. The retailer also cut its 2009 capital expenditure forecast by $1 billion. Retailers as a whole fell 2.7%.
The group of twenty finance ministers, known as the G-20, announced their latest initiatives, but did not produce any agreements that would alter the near-term picture in any meaningful way. Among other measures, the G-20 agreed to continue to use fiscal measures to help stimulate domestic demand and help developing economies gain access to credit. The G-20 also said there will be more international cooperation among regulators and banks will meet stricter standards. For the next 12 months the G-20 countries will not implement any new trade barriers.
Economic conditions remain weak across the globe — Japan officially fell into a recession for the first time since 2001, joining the Eurozone.
In U.S. economic news, industrial production bounced to an increase of 1.3% in October from a decrease of 3.7% in September. The increase should be seen as temporary as it was in part due to recovery in mining (oil) and regional manufacturing output following hurricanes Gustav and Ike.
The November New York empire manufacturing index, a regional manufacturing survey, declined to -25.4 from its October level of -24.6. While the reading reflects contraction in manufacturing in the New York region, it was slightly better than the -26.0 that economists expected.
Oil futures ($55.01, -3.6%) traded in a volatile manner, with OPEC cutting its 2009 demand forecast to 30.9 million barrels per day from 31.1 million. OPEC said evidence suggests the global economy will be weaker than the cartel had previously anticipated.
Weekly Wrap
This week had its ups and downs; unfortunately for investors, there were more downs than ups. The end result was another week of sizable losses for the major indices.
There was a fundamental perspective at the root of the losses as a slate of disappointing earnings news and economic data raised concerns that the market, down 32% since the end of August, may not have already adequately discounted the bad news.
Best Buy (BBY), the leading consumer electronics retailer, and Intel (INTC), the world’s largest semiconductor company, were key contributors to the concerns as both companies reduced their forecasts in dramatic fashion.
Briefly, Best Buy said Wednesday that rapid, seismic shifts in consumer behavior since mid-September have created the most difficult climate it has ever seen. As a result, the company slashed its earnings guidance for the fiscal year ending in February to a range of $2.30 to $2.90 from prior guidance of $3.25 to $3.40 per share.
As for Intel, it lowered its fourth quarter revenue outlook to $9.0 billion, plus or minus $300 million, from a prior range of $10.1 billion to $10.9 billion that was provided only a month ago!
The limited remarks provided by Intel highlighted the fact that revenue is being affected by significantly weaker demand in all geographies and all segments.
The magnitude of the revisions from these industry leaders goes to show how quickly business deteriorated in the wake of the turmoil seen in the capital markets this fall and ratcheted up the concerns about this being a very weak holiday spending season.
Lowered earnings guidance from several other retailers, including Wal-Mart (WMT), Kohl’s (KSS), JC Penney (JCP), Nordstrom (JWN) and Abercrombie & Fitch (ANF), as well as weekly jobless claims reaching a 25-year high of 516,000 and a report that October retail sales declined 2.8% from September, validated the perspective on holiday spending.
The retail sales report was among the more telling reports this week as the decline set a very poor foundation for the PCE component of the fourth quarter GDP report and substantiated the belief that fourth quarter GDP will be well below the 0.3% decline originally reported for the third quarter.
Interestingly enough, the market, which had dropped 15% in the six sessions leading up to Thursday, registered a net gain of 2.5% over the course of the final two sessions of the week, which covered the period in which the Intel warning, Wal-Mart’s warning, and the initial claims and retail sales reports were digested, not to mention reports of the Euro zone entering a recession and Cleveland Fed President Pianalto predicting the U.S. will be dealing with more than a garden variety downturn.
The improved showing followed a violation of the Oct. 10 low of 839.80 in Thursday’s early afternoon trade. The S&P would eventually slip to 818.69 that day before a furious short-covering rally fueled an 11.3% move from that low to the S&P’s close on Thursday. The Dow for its part experienced a near 900-point swing from its low to its close on Thursday.
Friday’s session was another roller coaster ride. The S&P dropped as much as 4.5%, rallied back to register a modest gain, and then sold off 4.8% in the final hour of trading.
No week on Wall Street seems complete anymore without mention of the dealings in Washington since the two are so interconnected these days.
The debate over whether to provide the U.S. auto industry government aid was a hot topic all week. No decisions were made, although reports Friday indicated the matter will garner Congressional deliberation in the coming week.
The key happening out of Washington this week wasn’t so much what did happen, but what didn’t happen.
Specifically, Treasury Secretary Paulson told the world Wednesday that it was determined that purchasing illiquid mortgage-related assets is not the most effective way to use TARP funds and that he had essentially reached that decision by the time the TARP plan was agreed to by Congress on Oct. 3.
It was a stunning revelation given how much emphasis had been placed during the hearings on how effective that approach would be for stabilizing the financial system.
In the two weeks Congress took to consider the legislation, though, Secretary Paulson said market conditions worsened considerably. Consequently, it was determined that the best use of the TARP funds would be to strengthen bank balance sheets by making direct purchases of equity in banks.
Strengthening the capital base of our financial system was held out as the first priority for the remaining TARP funds. The second priority is to provide support for the credit securitization market outside of the banking system, which encompasses items like credit card receivables, auto loans, student loans and similar products. The third priority is to continue to explore ways to reduce the risk of foreclosure.
The market wasn’t enamored with the shifting priorities for the use of the TARP funds as it did little to inspire confidence in the idea that the current administration has a strong handle on the situation.
To be sure, the U.S. will have its share of explaining to do at the G20 meeting this weekend where heads of state are convening to discuss ways to tackle the current financial crisis and to prevent such a thing from happening again.
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These full-size resorts are built completely from 2-ton blocks of ice.
Eskimos have their igloos. Inuit have their ice caves. But for most of us, the extent of life under ice has been pretty limited. Since 1980, four ice hotels have set out to change that. These luxury igloos are full-size resorts built completely from ice. Contractors and ice artists piece together these luxury entities with 2-ton blocks of ice from a freshwater source. Then, naturally, they pray that global warming doesn’t heat things up too dramatically after that.
Icehotel; Jukkasjärvi, Sweden
Situated in the village Jukkasjärvi, 125 miles north of the Arctic Circle in Sweden, the original Icehotel has been built every year since 1980. The facility didn’t start out as a lodge; at first, it was simply built as a seasonal structure to house an art exhibit. Then suddenly, organizers got a great idea: Why not keep it year-round and commercialize the concept?
One night a group of foreign guests, equipped with reindeer hides and sleeping bags, decided it would be a good idea to use the cylindrical-shaped igloo as accommodation. The following morning the group raved about the unique sensation of sleeping in an igloo. Quicker than you can say “Absolut,” the concept of Icehotel was born.
Accommodations inside the Icehotel are, well … chilly. Regardless of the temperature outside, the air in the Icehotel is always between 17 and 23 degrees Fahrenheit. Bedrooms have blocks of ice as beds, covered with fur, skin, hides and sleeping bags. In the common areas, there’s an ice couch and an ice bar, of course. Mercifully, the bathrooms are heated and off-site.
For the last few years, design for the Icehotel itself has been a collaborative effort among local artists, architects, and art and architecture students. The nearby Torne River is a big sculptor, too – the river produces the ice, then freezes it in crystal-clear conditions. Whoever designs the building, layout and prices vary from one year to the next.
Ice Hotel Glace; Quebec
Inspired by the original in Jukkasjärvi, the 7-year-old Ice Hotel Glace on the outskirts of Quebec incorporates the same functionality but in even more refined form. The hotel has framed paintings hanging on its ice walls, more elaborate ice furniture and a swankier ice bar.
This hotel itself is large; 34 rooms, to be exact. Designers sketch up the hotel and build it in a matter of weeks every fall. Each year, the facility has something different – a new bed, a new bar. By the end of winter, when the weather gets warmer, organizers let nature take its course and melt the structure to the ground. With this in mind, the Ice Hotel Glace’s season runs from about mid-November until March at the earliest.
Since its conception, the project has benefited from high-level support from the government of Quebec and the Societe des etablissments de plein air du Quebec. The latter organization, known colloquially as SEPAQ, contributed the land site Station ecotouristique Duchesnay, on which part of the property sits today.
In all, 17,320 people have spent the night in the hotel since 2000. Any one of these people will tell you that once you check out of your ice hotel experience, be sure to explore the city of Quebec before skipping town. The vibrant city is known for its food; check out Restaurant Initiale for nouveau American cuisine.
Aurora Ice Museum; Chena Hot Springs, Alaska
The Aurora Ice Museum, located on the grounds of the Chena Hot Springs Resort 60 miles northeast of Fairbanks, is the only ice hotel in the U.S. Ice-carving champion Steve Brice designed the property earlier this decade, and already hails it as the next big thing.
In this hotel, everything is made of ice: the beds, the chairs, the counters, the glasses and more. Visitors don’t even have to spend the night; at the hotel’s ice bar, guests can down a chilled martini before heading back to Fairbanks for the day. For those who do opt to spend the night, a parka, snow pants and boots are provided, and guests also have access to a private room in the regular hotel – just in case. The price: $575.
Perhaps the hotel’s most remarkable features are its ice sculptures. The artwork changes every year – one year a piece depicted a knight in shining armor; another year, there was a sculpture of a giant humpback salmon . The sculptures are larger than life, and each sits on an ice pedestal in the lodge’s main room.
Elsewhere in Chena, the resort offers a snow coach service that consists of large track vehicles that climb the ridge for better viewing of the Northern Lights. This spot is a favorite among hotel workers and laypeople alike. On a clear night, the aurora borealis shift and creak like glaciers up above.
Alta Igloo Hotel; Alta, Norway
If there is such a thing as a rustic ice hotel, the Alta Igloo Hotel in the northeast corner of Norway would be it. The rooms are not very large, and low ceilings make them a bit claustrophobia-inducing. Still, the experience of sleeping in an igloo under the Northern Lights is second to none.
Apart from its 80 beds the Alta Igloo Hotel houses suites, an ice gallery, an ice bar, an ice chapel and several lounges. Sculpture work also is present here – hulking ice sculptures that appear as stone until you touch them and they melt in your hand. Each year, designers set up the space with a theme. While the 2008 theme was still up for debate at press time, last year’s theme was “Wild Animals of the Alta Valley.”
Word of advice: Don’t take your luggage into the rooms. The service building contains a luggage room where bags are stored safely during each stay. The rooms contain only beds, while other facilities such as toilets, changing rooms, showers and sauna are in the warm service building to ensure comfort.
Norwegians certainly are creatures of habit, and the property’s sauna is heated every morning at 7 a.m. For a more individual path, wander around the town of Alta. Steak lovers flock to Han Steike, regularly considered one of Norway’s best butchers and steak cookers. There also are archaeological ruins in town.
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Get to Know the Best Vegas Accommodations
In 1989, Steve Wynn opened Mirage Hotel and Casino Resort, the most expensive hotel and casino built at the time, to the tune of $630 million. The hotel featured shark tanks in the lobby and an active hotel on the front grounds. Guests of the hotel enjoyed beautiful rooms, a sophisticated casino and first-rate restaurants. The overwhelming success of the Mirage was a reality, and a revolution in luxury hotel accommodations was born.
Luxury Hotels and Heavenly Guest Rooms
The Las Vegas luxury hotel experience starts as soon as a guest walks in the door. The entrances, front desks and lobbies at these opulent hotels are among the best in the world. Unique marble, hand-blown glass and enticing aromas appeal to all your senses. There are three hotels whose names are synonymous with luxury. The fountains at The Bellagio are Las Vegas, but step inside and you’ll enjoy the botanical gardens, a gallery of fine art and a lobby whose ceiling is art. Likewise, The Venetian and the Wynn Las Vegas satiate refined tastes, gourmet appetites and a hunger for all things lavish.
Theme Suites
Seven strangers, picked to live in a house ¿ or in one of the most extravagant hotel suites the world has ever seen. With the launch of MTV’s 2002 “Real World: Las Vegas,” the theme suite was born. At The Palms, these seven strangers stayed in a three-bedroom megasuite, the first of three suites now available — the Kingpin Suite with full-sized bowling lanes; the Hardwood Suite, featuring a basketball court; and the Hugh Hefner Sky Villa Suite, boasting an outdoor infinity pool overlooking the Las Vegas skyline.
Another theme suite finding fame on the big screen is the Duplex Suite at Caesars. Kmart may suck, but Dustin Hoffman and Tom Cruise found nothing to complain about here.
Resorts Off the Strip
If you find yourself looking for an oasis from the sounds of the slots and the bright lights, take a short drive off the strip to some of the most luxurious and sophisticated Las Vegas resorts. At the ultra-indulgent Red Rock Hotel’s spa, 35,000 square feet of tranquil, luxurious surroundings invite you to a level of relaxation that’s out of this world. Featuring private treatment suites that appear to float on the water, you’ll never even miss the strip.
The Green Valley Ranch combines the serenity of spa treatments with the best of Vegas nightlife. Here you can enjoy outdoor concerts, lively lounges and even bare it all at the secluded Pond, where European-style sunbathing is the norm.
Condominiums and Apartments
Looking for a home away from home? No problem. There are a variety of extravagant condominiums and apartments adorning the Las Vegas skyline that feature the kind of privacy you might not experience at a hotel without sacrificing the perks.
Whether you’re looking to buy or rent, for a modern high-rise or an industrial-style loft, the Las Vegas realty system will not disappoint. At the Palms Place Condominiums, amenities include gourmet kitchens, balconies, expansive views and the kind of personal service you’ve come to love and expect from Las Vegas. In 2009, Las Vegas takes another step in revolutionizing luxury accommodations with the completion of the City Center — a 76-acre city-within-a-city that’s destined to redefine both the skyline and the standards of private living. It will be an urban setting unlike any in the United States.
Private Homes
If Las Vegas is designed and built by wizards, then let’s take a look at the men behind the curtains -¿ more specifically, where they call home. Outside the strip, there are beautiful towns and majestic communities founded by individualists like Howard Hughes and the Blasco Family. In fact, the famous Howard Hughes house is in an area known as the Scotch 80. It sits on 2.5 acres and is over 7,000 square feet.
Luxury real estate also goes by the name Spanish Trails in Vegas. A gated community of custom, luxury single-family homes, condominiums and town houses that also features a private golf course, clubhouse, tennis courts and swimming, it’s a bit of heaven on Earth.
At the Southern Highlands Golf Club, utopia is achieved. An all-inclusive luxury community, it offers shopping, dining, a fire station, both public and private schools and luxury housing. Here extravagance may be a perk, but community is the goal.
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Stroke sufferers can still benefit from clot-busting medicine even if they receive it an hour or so beyond the current three-hour window after symptoms start, an important new study suggests.
The finding could potentially extend treatment to thousands more people each year and prevent many from being left disabled. However, it does not change long-standing advice that stroke victims seek immediate help if they feel sudden numbness or weakness in the face, arm or leg.
“Don’t wait,” said Dr. Larry Goldstein, director of Duke University’s stroke center and a spokesman for the American Stroke Association. “If you think you are having symptoms, call 911.”
The study by European doctors found that the clot dissolver could safely be given up to 4 1/2 hours after the start of symptoms. Results were published in Thursday’s New England Journal of Medicine.
Stroke is the nation’s No. 3 killer and the leading cause of disability such as paralysis or speech loss. More than 700,000 Americans suffer a new or recurrent stroke each year and more than 150,000 die. The most common strokes result from a blood clot blocking an artery supplying blood to the brain, starving brain cells of oxygen.
The best treatment is giving patients the drug TPA to break up the clot and open the artery. A large federal study in 1995 showed that people fared better when given the drug within three hours of the start of a stroke. Beyond that, studies have shown the drug can raise the risk of dangerous bleeding in the brain and may not be as effective.
However, only about a third of stroke victims seek help that fast, and fewer than 5 percent get TPA now. Some doctors have been trying to push the time limit, and the new study is the largest and most rigorous to test that approach.
Doctors randomly assigned 821 stroke patients in Europe who were not treated within three hours to receive an intravenous dose of TPA or a dummy drug up to 4 1/2 hours after symptoms started.
Doctors found those given TPA fared better – 52 percent survived without major disability compared with 45 percent of the others. The drug group had more cases of bleeding in the brain – 27 percent versus 18 percent. However, it was serious in only about 2 percent. The death rate was similar in both groups.
The study was funded by Boehringer Ingelheim Pharmaceuticals Inc., which markets TPA as Actilyse overseas. TPA is sold in North America by Genentech Inc. as Activase.
Last week, the same researchers reported similar results in a less rigorous observational study of 664 stroke patients also given TPA after three hours.
Dr. Lee Schwamm, director of Massachusetts General Hospital’s acute stroke program, estimated that nearly 20,000 more patients a year could be treated under the time extension.
“I strongly believe it has the potential to have a major impact on practice” in the United States, said Schwamm, who had no role in the research.
Some experts worry that some patients and doctors may take their time treating strokes given the extra window.
“It is very clear that our focus must remain on the door-to-needle time. Every minute matters during a stroke,” Dr. Patrick Lyden, head of the University of California, San Diego stroke center, wrote in an accompanying editorial.
Stroke neurologist Dr. Walter Koroshetz of the National Institutes of Health said treatment guidelines deserve a fresh look “to try to break this three-hour barrier.”
Koroshetz said it’s not clear which patients might benefit most from the extra time. Since the European study focused on mild stroke cases, it’s unknown if severe stroke victims would also benefit, he said.
Dr. Kenneth Gaines, stroke director at New Orlean’s Ochsner Medical Center, said he might be more willing to consider giving TPA in borderline cases. But he remained concerned about the bleeding side effects.
“The real solution is to move faster,” Gaines said. “There is diminishing return the longer you delay treatment.”
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From Boston:
Gloucester
One of the most picturesque spots on Boston’s North Shore is just 30 miles north of the city. The backdrop for “The Perfect Storm,” the charming fishing community of Gloucester is flush with historical folklore and a thriving arts scene — the Rocky Neck Art Colony is one of the oldest working artist’s colonies in the nation. Stage Fort Park reigns supreme for outdoor recreation, while always-popular whale-watching tours take off from nearby Gloucester harbor. Atlantic Yankee Whale Watching is frequently awarded for being a “Best Bet.” To mingle with the locals, cozy up for a cocktail at Captain Carlo’s Fish Market (Harbor Loop). The seafood is fresh, simply prepared and delicious, and on late nights and weekends, this is the place to be seen.
Great Barrington
An easy two-hour drive into western Massachusetts, a stay in the Southern Berkshires town of Great Barrington spells romance and relaxation. Hole up at the antique-filled, historic Wainwright Inn, where ethereal breakfasts include egg soufflés and fluffy French toast. Meander along the Great Barrington Housatonic River Walk or step it up a notch with a hike along the Appalachian Trail. Nearby, the small, yet no less stunning Berkshire Botanical Garden showcases more than 3,000 plant species. Frequent jazz performances keep the mood tranquil at the decidedly hip Castle Street Café, while three-course prix fixe menus please cost-conscious gourmands.
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From Chicago:
New Buffalo, Michigan
On Lake Michigan’s Gold Coast, New Buffalo has been called the Hamptons of the Midwest and jokingly dubbed the Irish Riviera, as a lot of Chicago’s South Side Irish community vacation here. It’s an easy day trip from the city, but the amazing beaches, sand dunes and prime fishing conditions — New Buffalo has some of the best salmon, trout and perch fishing on the Great Lakes — make it a popular weekend getaway. The Ship & Shore Art & Music Festival takes place in early August and includes food vendors, live music, family activities, fine art, a beer garden, volleyball tournament and a lighted boat parade at dusk followed by fireworks. Local accommodations range from the affordable Comfort Inn to waterfront The Harbor Grand. New Buffalo is also the site for southwestern Michigan’s first gambling casino, the Four Winds Casino Resort.
Madison, Wisconsin
Sure, everyone knows Wisconsin stakes claim to glorious cheese and beer, but what’s less well-known is that Madison is the perfect family or gay-friendly weekend getaway. Earning countless accolades for its eco-friendliness, this picturesque university town is progressive and offers a burgeoning dining and culture scene. L’Etoile Restaurant is worth the splurge, while tasty barbecue joint Famous Dave’s is a casual alternative. Cultural activities abound, including the new Cesar Pelli-designed Madison Museum of Contemporary Art. In mid-July, celebrate the Art Fair on the Square, or mix and mingle with locals at the twice-weekly open-air Dane County Farmers’ Market (a scaled-back version is also held on Wednesdays just off the Capitol Square), a long-standing local tradition.
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From Dallas:
Glen Rose
Southwest of Dallas, the quaint town of Glen Rose is home to Dinosaur Valley State Park. Its claim to fame is its visible, well-preserved dinosaur footprints. The park also offers hiking, biking and horseback riding trails, as well as campsites, playgrounds and access to the Paluxy River. The historic downtown area offers a bustling courthouse square with restaurants, one-of-a-kind shops, and art galleries. During the summer, expect bluegrass festivals, and an emphasis on water sports such as tubing, canoeing and kayaking. Fossil Rim Wildlife Center is a family favorite. Drive your car along the 10-mile road as you take in over 1,000 exotic animals. Stay onsite in either a tent cabin, at the original ranch house, or at the rustic Wolf Ridge Camp bunkhouse.
Grandview
Well-heeled Texans mosey on over to Beaumont Ranch for a weekend spent in small-town, pastoral splendor. Swank, but unpretentious, this 16-room working cattle ranch is the place to go for cattle drives, roping or shooting lessons and relaxing trail rides. Soothe your tired body after an activity-filled day with a hot-rock massage at Beau-Monde Spa. Every Friday, there’s live music and an all-you-can-eat Fish Fry, but it’s the Chuck Wagon Breakfasts that make guests of all ages swoon. Although it’s entirely unnecessary to leave the comforts and cosseting of the Ranch, Grandview Cemetery is one of the most beautiful cemeteries in Texas and worth a look-see.
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From Los Angeles:
Ventura
Mount RainierMidway between Los Angeles and Santa Barbara, Ventura is home to an up-and-coming Main Street, mom-and-pop antique stores, wine bars and the historic San Buenaventura Mission. The town tends to attract a hip, sophisticated crowd. Grab tasty small plates and killer happy-hour deals at J’s Tapas. For live, alfresco entertainment, the twilight music series presented in the historic Olivas Adobe Courtyard every Saturday from July to September is a summertime social must. Ventura’s only beachfront property, the Crowne Plaza Ventura Beach offers a special “Tanks for the Memories” rate starting at $271/night (a $25 gas card is one of the amenities included).
Laguna Niguel
Drive in to Laguna Niguel along Laguna Canyon Road from the I—405 freeway, winding though a canyon until you reach the ocean. This gay-friendly coastal community strongly supports the arts — The Laguna Art Museum displays American art from the 19th century to present day, with an emphasis on Californian artists. The Sawdust Arts Festival held from late June to late August always features an eclectic lineup of musicians and entertainers. Dozens of fine-arts and crafts galleries, clothing boutiques, and jewelry shops dot downtown. Stay one mile south of downtown at the recently updated, Surf & Sand Resort. It’s not exactly a budget property, but its beachfront location offers a boutique hotel experience, a small, yet full-service spa and one of the best bars and restaurants in town. For a worthwhile splurge, grab sunset cocktails at the upscale Montage Resort & Spa.
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From Miami:
Orlando
All signs will point towards spending lots and lots of vacation dollars at this popular tourist destination, but you don’t have to blow your budget in Orlando (or do Disney) to have a good time. Instead, escape the sweltering Miami heat and head for Orlando’s water parks. Most of the area’s water parks are concentrated on International Drive, where kid-friendly Wet ¿n’ Wild with its grown-up-geared thrill rides is among the most popular and reasonably priced attractions. Pack a cooler with lunch, snacks and beverages to cut food costs. Nearby on route 192, Water Mania is another great all-day destination. The Best Western MovieLand and Clarion Hotel Universal are among the area’s more affordable, family-friendly accommodations.
The Everglades
Only 25 miles from downtown Miami via US-41, traveling the route to the Everglades is like taking a step back in time. Take note of the kitschy billboards and signage along the way. Once you arrive, don’t miss the opportunity to hop in an airboat and explore the middle of the swamp. Tickets for Gator Park’s 40-minute airboat tour and 30-minute wildlife show can be purchased for $16. A shorter version is offered by the Miccosukee Indian Reservation ($10 for 20-minute airboat ride and a 10-minute stop at the Hammock Authentic Indian Camp). If you find yourself hungry en route back to Miami, an early dinner stop at Bonefish Grill is a delicious upscale option and most menu items are less than $20.
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From New York City:
Montauk, Long Island
Montauk, Long IslandIt’s tough to come by deals in the Hamptons, however, if you’ve stashed some cash and are looking for a luxe weekend away, Montauk is close by and the way to go. Memorial Day Weekend brought the highly anticipated opening of the Hamptons’ latest hot spot, Surf Lodge. Located on the shore of Fort Pond and just a half-mile from the beach, the 32-room boutique hotel was renovated by former Armani protégé Robert McKinley and affords panoramic views of the pond. Montauk Downs State Park is best known for its Robert Trent Jones-designed, championship-length, 18-hole golf course, but also boasts six championship tennis courts. For unbeatable sunset cocktails and a spirited atmosphere, swing by Cyril’s Fish House.
Long Island Wine Country/North Fork Region
The complete antithesis to the über-trendy Hamptons, the North Fork region has retained its rural appeal despite increased interest in the area’s winemaking efforts. Think New England charm, breathtaking water views of both the Long Island Sound to the north and the Peconic Bay to the south, with a healthy dose of relaxed wine-country living. Although it’s easy to plan a self-guided tour of the region’s 35 tasting rooms (provided you have a designated driver), there are several local tour companies that make the adventure safe and easy, including LI Vineyard Tours and North Fork Wine Tours.
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From Philadelphia:
Atlantic City, New Jersey
Families, couples and girl/guy getaways are all headed “down the shore” this summer. Don’t miss the Atlantic City Airshow on August 20. It takes place over the beach and boardwalk, and best of all, it’s free to the public. Families get their sports fix and avoid big ballpark ticket prices by watching the Atlantic City Surf play minor-league baseball. First Wednesday Atlantic City boasts shopping, dining, entertainment and spa specials. Plus, every Wednesday is Working Women Wednesdays at The Pier Shops at Caesars, where several bars serve up happy-hour specials. Among the best room-rate deals, Borgata Hotel Casino & Spa’s “Up All Night” package starts at $349; Trump Taj Mahal’s “Rock the Boardwalk” starts at $254; and Caesars Atlantic City’s “Romance in Style” starts at $479. All rates are per night, plus tax, based on double occupancy and are subject to change and availablity.
Bucks County
newhopeCity-dwellers flee the demands of urban living for the leisurely idyll of Bucks County, home to the much-loved arts-filled town of New Hope. Follow the tree-lined roads to Barley Sheaf Estate & Spa where 16 elegantly appointed suites sit on a sprawling 100-acre pasture. Upscale amenities include whirlpool tubs, fireplaces, private balconies, and in-suite spa treatments making this a favorite, yet surprisingly affordable, destination for folks wanting to unwind. Nearby sights and activities include Delaware River Tubing, performances at The Bucks County Playhouse, and early-American craft demonstrations and classes at the Mercer Museum.
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From San Francisco:
Half Moon Bay
Tucked between the Santa Cruz Mountains and the Pacific Ocean, Half Moon Bay is one of those relatively untouched stretches of California coast that is frequently overlooked. For a posh overnight stay, The Ritz-Carlton, Half Moon Bay boasts the best of everything ¿ plush environs perfect for a special celebration or an impromptu weekend of pampering. Less spendy, the Spanish-style Half Moon Bay Lodge is offering a “Stay and Play Golf Package,” which includes a one-night stay, golfing for two at Half Moon Bay Golf Links with a choice of two 18-hole championship golf courses and complimentary golf cart usage. On July 12, Half Moon Bay showcases its bounty of fruits and vegetables at the “17th Annual Tour des Fleur,” where the general public is given a special, once-a-year opportunity to tour the local nurseries/greenhouses, wineries and farms, many of which are not ordinarily open to the public. For the chowhounds, a tour of nearby Harley Farms is not to be missed, where you can learn how goat cheese is made and taste Harley Farms’ delicious gourmet products. Check out the tide pools at Fitzgerald Reserve at Moss Beach or go bird-watching — Half Moon Bay is home to over 20 percent of all North American bird species and its two refuges, Pescadero Marsh and Pillar Point Marsh, are the perfect place to see thousands of unique birds.
Sonoma County
Just one hour north of the Golden Gate Bridge, budget-minded travelers can find lots to do this summer in Sonoma County. Farm Trails is a series of more than 100 farms and wineries that are open to the public. Visitors can see how organic honey, vegetables, artisan cheeses, flowers, lavender and more are grown. At the end of June, the Hot Air Balloon Classic takes place in Windsor, offering the chance to see awesome balloons from all over the United States floating over western Sonoma County’s vineyards, orchards and redwood-covered mountains. The biggest food-and-wine event around, Sonoma Wine Country Weekend, takes place over Labor Day weekend. Affordable accommodations include Rio Villa Beach Resort, located 10 minutes from the coast on the Russian River, and Flamingo Conference Resort & Spa, a historic Santa Rosa landmark. The latter property also has a huge swimming pool, perfect for escaping the valley heat.
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From Seattle:
Mt. Rainier National Park
Mount RainierNot far from the hustle and bustle of Emerald City, at 14,411 feet, rises majestic Mt. Rainier. Located about 85 miles from the city, Mt. Rainier National Park offers outdoor enthusiasts endless sights and activities — miles of hiking trails, camping, lakes, streams, summer wildflowers and incomparable views. Each summer, nearly 9,000 climbers try to reach to the mountain’s summit — only about half of the hopefuls succeed. For mountaineering novices, International Mountain Guides can assist in a safe summit climb. For the less adventurous, a walk through the meadows of Paradise or Sunrise is a must. Look for asters, daisies and yellow glacier lilies. Nearby, the 723-acre Northwest Trek Wildlife Park is a favorite among kids. Don’t miss the tram tour, which gives guests the opportunity to see a wide variety of animals.
Westport/Olympic Peninsula
North of the Long Beach Peninsula, on the outer edge of Grays Harbor is Westport. To get to Westport, exit Highway 101 onto Highway 105. This small fishing community sits beside endless miles of beach and is home to some of Washington’s best surfing. The two main surf spots are Half Moon Bay and South Jetty. The Westport Maritime Museum and nearby 109-year old Grays Harbor Lighthouse are also worth checking out. For some goodhome-style cooking, try the Dock Street Diner (320 E. Dock). Nightlife options are limited; try Viking Bowl & Restaurant (309 S. Montesano Street). Families enjoythe cottages, decks and water views at The Harbor Resort. The Mariners Cove Inn also offers clean and modestly-priced accommodations.
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From Washington, D.C.:
Baltimore, Maryland
Baltimore, MarylandChances are, if you’ve been to Baltimore, you’ve covered most of the usual tourist destinations — the Inner Harbor, National Aquarium, Maryland Science Center, Fort McHenry and Fells Point. In the spirit of saving money, why not explore some of these lesser-known (read: lower-cost) deals? Kids love the Baltimore Museum of Industry. Located just off of Key Highway (between the Inner Harbor and Federal Hill), it’s next door to one of the city’s best dining deals — an $11.95 Sunday brunch at Little Havana that includes all-you-can-drink mimosas and Bloody Marys, not to mention fantastic harbor views. Instead of falling prey to high-priced Inner Harbor tourist traps, hit up Phillips Seafood for its $3 happy hour. Held Monday through Friday from 5 to 7 p.m., it includes food, beer, wine and cocktails and more of that highly coveted harbor view. Another fun-for-everyone activity is The Original Fell’s Point Ghostwalk. Save a few bucks by buying your tickets in advance. Sports buffs may want to catch a Baltimore Orioles game at nearby Camden Yards. Each Tuesday home game is Bargain Night. All upper reserve seats are $8 each. Every Thursday home game, receive a Eutaw Street Bleacher seat and a famous Boog’s BBQ sandwich for just $15.
Old Town Alexandria, Virginia
With its art galleries, boutique shopping, historic sites and restaurants, as well as access to miles of scenic trails and bike paths, and just six miles from Washington, D.C., Old Town Alexandria was made for impromptu weekend getaways. Pack up the family, or even just your honey, and head to Hotel Monaco Alexandria, where four-star service and amenities are affordable this summer. The hotel’s “Let’s Make a Deal!” rates start at $169 and include a $20 gas card, complimentary parking and continental breakfast for two. Travelers may also add on a second room at $99 (room only, sorry no perks on the second room). Every Saturday night, kids and grown-ups can throw on their swimsuits and head to the pool for “Dive-in Movie” night. Of course, lavish lounge chairs and cocktail service are available for maximum parental relaxation. The hotel also offers complimentary bikes for kids and adults to use during their stay.
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2008-09-25 10:05 ET Dow +156.51 Dow Close 10981.68 Nasdaq +31.57 Nasdaq Close 2187.25 S&P +18.81 S&P Close 1204.68 NYAdv 2070 NYDec 746 NQAdv 1629 NQDec 684
[BRIEFING.COM] Stocks are advancing on hope that Congressional officials will approve a plan to purchase troubled assets from financial firms will soon be reached. Economic officials argue that the plan will help restore the financial system and lending markets, which will help drive the economy.
In turn, early gains are broad based, though financials (+2.4%) are showing some of the largest gains. Each of the sector’s industries are trading higher, save consumer finance (-0.1%).
The weakness in consumer finance is primarily attributable to Capital One Financial (COF 49.02, -3.47). Looking to raise capital, Capital One announced priced a share offering at $49 per share.
Just hitting the wires, new home sales in August totaled 460,000, which is below the 510,000 consensus. It is also down from the prior month’s 520,000. Month-over-month, new home sales were down 11.5%, which is substantially below the 1.0% downturn that was expected.
2008-09-25 09:45 ET Dow +114.62 Dow Close 10939.79 Nasdaq +22.10 Nasdaq Close 2117.78 S&P +12.19 S&P Close 1198.06 NYAdv 1719 NYDec 961 NQAdv 1344 NQDec 794
[BRIEFING.COM] The major indices have opened with solid gains, following the prior session’s relatively flat performance. The Dow, the Nasdaq, and the S&P 500 are all up more than 1% currently.
Only two sectors are trading lower: materials (-0.7%) and industrials (-0.1%).
Treasury Notes have failed to catch a bid as equities climb higher. The 10-year Note is currently unchanged.
2008-09-25 09:15 ET [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +6.30. Stock futures continue to drift lower from their morning highs. The dollar is down after stringing together two consecutive sessions of gains. The dollar index is currently down 0.3% to trade at 76.56. The index hit its lowest point in a month this past Tuesday.
2008-09-25 09:01 ET [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +12.30. Stock futures continue to indicate an upward start to the trading session. Futures, however, are off their best level of the morning. In a CNBC interview, bond guru Bill Gross stated the unemployment rate could end up around 7% and the economy is not looking good for 2009. Oil futures are currently more than 1% lower, trading below $105 per barrel.
2008-09-25 08:30 ET [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +15.30. Some economic data has just hit the wires, causing futures to dip a bit after rising earlier. August durable goods orders slipped 4.5%, which is worse than the 1.9% decline that was widely expected. Prior month orders were downwardly revised to reflect a 0.8% increase. Excluding transportation, orders were down 3.0%. Economists were expecting a 0.5% decline after the downwardly revised 0.1% increase in the preceding month. Initial jobless claims for the week ending September 20 totaled 493,000, up 32,000 week-over-week. The latest results were worse than the 450,000 claims that were expected.
2008-09-25 08:00 ET [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +4.80. Stock futures currently indicate an upward start to the session as investors chew on some corporate earnings results before the opening bell. Nike (NKE) saw its first quarter diluted earnings per share decline 8% year-over-year to $1.03, but the results were still better than the consensus estimate of $0.92 per share. Bed Bath & Beyond (BBBY) earned $0.46 per share for its second fiscal quarter. That was down from $0.55 per share the previous year, though on par with analysts’ expectations. Paychex (PAYX) also matched analysts’ expectations by bringing in $0.41 per share for its first fiscal quarter. Its earnings were up 3% when compared with the prior year. In terms of guidance, General Electric (GE) has lowered its outlook for the third quarter and for fiscal 2008. The conglomerate has also sus
General Electric
General Electric (GE 24.59) is suspending its stock buybacks and gave downside earnings guidance for the third quarter and fiscal year 2008 due to the financial market turmoil. GE’s stock is down 4% in premarket trading, approaching its 52-week low, in what has been a disappointing year for shareholders.
For the third quarter, GE expects to earn between $0.43 and $0.48 per share, which falls well short of the $0.52 average analyst estimate. The cautious earnings outlook reflects “weakness and volatility in the financial services markets.” The company expects full-year 2008 earnings of $1.95 to $2.10 per share, which is also below the consensus estimate of $2.21.
In light of the current financial market turmoil (GE gets 35% of revenue from commercial finance and GE Money), GE is taking a number of steps to strengthen its capital and liquidity position to maintain its AAA credit rating.
GE will reduce leverage ratios in GE Capital through a reduction in the GE Capital dividend to GE from 40% to 10% of GE Capital earnings and will suspend GE’s current stock buyback program. GE Capital does not need to raise any additional long-term debt for the remainder of 2008. The company will reduce GE Capital’s commercial paper to between 10% and 15% of GE Capital’s debt going forward. Finally, GE will be resized to a 60% industrial and 40% financial services earnings split.
Standard & Poor’s reaffirmed its AAA rating on GE and GE Capital with a stable outlook. S&P said “We believe there is sufficient leeway in GE Capital’s rating to sustain a period of cyclically weak profitability.”
GE’s board approved a plain to maintain its quarterly dividend of $0.31, which currently yields 5.00%, through the end of 2009.
2008-09-25 08:48:00ET ******
Nike
Nike (NKE 59.27) announced solid revenue for fiscal 2009 first quarter (ending Aug. 31), benefiting from gains across every region. Earnings growth, excluding a one-time gain in the prior year, also increased at a healthy level, topping Wall Street’s forecast.
The footwear, apparel and equipment company posted first quarter revenue growth of 17% year-over-year to $5.43 billion, which easily topped the consensus estimate of $5.19 billion. Revenue rose 10% without the benefit of the weaker dollar, which is still a healthy showing. Revenue rose 8% in the U.S., 20% in Europe (5% at constant currency), 36% in Asia Pacific (26% at constant currency) and 26% in the Americas (19% at constant currency).
Nike kept the cost of its products down due to an improved product and regional mix. This, along with some price increases, caused first quarter gross margins to rise to 47.2% compared to 44.8%. This was offset, however, by aggressive spending at the European Championships and the Beijing Olympic games, which caused selling and administrative expenses margins to expand to 34.2% from 30.8%.
Due to the higher expenses, earnings growth, when excluding a one-time tax gain in the prior year, trailed revenue growth. First quarter earnings per share rose 11% to $1.03 per share, or $510 million — topping Wall Street’s forecast of $0.92 per share. Including a one-time tax gain of $105.4 million in the prior year, earnings per share fell 8%.
By region, futures orders for the U.S. were up 3%; Europe, which includes the Middle East and Africa, increased 4% and Asia Pacific and the Americas each grew 27%.
Nike enjoys a solid balance sheet, with $2.6 billion in cash and and short-term investments, and only $407 billion in long term debt. This, along with a strong cash flow, will enable Nike to continue with its $4 billion share repurchase program, announced on Sept. 22.
NKE is up 5.5% ahead of the opening bell.
2008-09-25 09:23:08ET ******
Bed Bath & Beyond
Bed Bath & Beyond (BBBY 30.71), operator of nearly 1000 home furnishing and specialty stores, posted a 5% year-over-year sales increase in its fiscal second quarter, which ended Aug. 30, matching the average analyst estimate.
Same-store sales were stagnant at -0.1% and and net earnings fell 18% year-over-year. Still, considering how poorly many retailers are performing during this economic downturn and the company’s exposure to the housing industry, the results are decent.
The earnings drop was due to higher cost of goods and selling expenses. The EPS of $0.46 matched expectations.
BBBY has had a nice run of late, gaining 24% since Briefing.com last profiled it in January. Although the stock is likely to see volatility due to the economic uncertainty, the company is poised to benefit as the housing industry recovers, especially with the May 2008 Chapter 11 bankruptcy of its privately held competitor, Linens ‘n Things.
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For many, vacation is an escape from the daily drudgery of the kitchen. But for the growing foodie culture, the kitchen has actually become the destination as novice cooks and weekend chefs head to cooking schools around the world to sharpen their knives and their culinary skills.
Tuscany for Connoisseurs and Children, Too
School: Villa San Michele School of Cookery
Where: Florence, Italy
Tuscany’s Villa San Michele School of Cookery welcomes cooks of all levels to its luxury hotel property overlooking Florence. This upscale hotel, housed in a 15th-century monastery, hosts a rotating roster of well-decorated chefs who ladle up contemporary and essential dishes, including the revered Italian staple pasta.
Villa San Michele mixes things up for its guests with distinct culinary programs. Families will appreciate the “Children’s Cookery School,” where youngsters don pint-sized chef’s hats to prepare regional dishes and still have time to play in the hotel’s pool before dessert. Another program allows singles to master the art of cooking elegant and delicious meals for one without filling the fridge with unwanted leftovers.
Participants’ downtime is just as important as the kitchen lessons on this gastronomic holiday. Attendees can explore nearby Florence with organized shopping trips, museum tours, wine tastings and excursions to nearby towns, including Chianti.
Down on the Bayou
School: New Orleans Cooking Experience
Where: New Orleans
Don’t know a pot of gumbo from a batch of jambalaya? After a visit with the New Orleans Cooking Experience, you’ll be well versed in Creole and Cajun cuisines. Half-day classes are like an amuse-bouche of cooking in the Big Easy, while immersion and vacation programs provide a more intense experience.
The cooking school is located in the House on Bayou Road, a restored plantation not far from the French Quarter. Guests keep busy peeling crawfish and slicing okra while preparing savory specialties like shrimp remoulade and etouffee and sweet treats, including bananas Foster. On special chef’s nights, the school invites local chefs to share their techniques with students gathered around the teaching island. You don’t have to be born on the bayou to cook like a true Southern belle, and after a getaway at the New Orleans Cooking Experience, you’ll have the cooking chops to prove it.
Fancy French Food
School: On Rue Tatin
Where: Louviers, Normandy
French food has a well-earned reputation for its mouth-watering decadence, but the downside is many of these dishes appear difficult to master. Expat Susan Loomis accomplishes the seemingly impossible – making French cooking accessible – at her cooking program On Rue Tatin in the town of Louviers in Normandy.
Classes are held in a former convent, a Francophile’s dream with a warm cottage style and cozy gardens overlooking Notre Dame de Louviers cathedral. Classes are intimate (only eight participants) and use a hands-on approach, with field trips to local markets. All recipes are designed for the home cook, which makes it easier to re-create that essential French “je ne sais quoi” once back stateside.
For a metropolitan culinary immersion, budding chefs can head to Paris’s famed Left Bank with Loomis and learn to perfect classic and modern French dishes in the kitchen of much-lauded French cookbook author Patricia Wells. They can then spend their downtime eating their way through the City of Light.
A Festive Fiesta
School: Cocinar Mexicano
Where: Tepoztlán, Mexico
One of the best ways to learn about a new place is to get to know its food. Cocinar Mexicano, just one hour from Mexico City in Tepoztlán, embraces this philosophy in its cooking classes. Don’t sign on if you’re looking to rustle up the chips and salsa or overstuffed burritos characteristic of America’s Mexican chain restaurants. Instead participants work in the school’s gorgeous outdoor kitchen to prepare five distinct menus, including homemade tortillas, tamales, mole and guacamole.
As you indulge in the deep flavors of Mexican cuisine, you also take in the cultural nuances that make this place unique. Classes focus on the country’s most important holidays, including the Day of the Dead and Christmas, and include tours around the region. After a long morning in the kitchen, there’s plenty of time for fun with horseback riding, tours of Mexico City, hiking or just straight-up relaxing by the residence’s pool with a perfectly crafted margarita.
Gastronomic Adventures in Morocco
School: Rhode School of Cuisine
Where: Marrakech, Morocco
A remarkable culinary adventure awaits daring diners at the Rhode School of Cuisine Moroccan School. The Villa Dar Liqama, known as “the house of green mint,” is nestled in a grove of palm trees outside the city of Marrakech, a perfectly romantic setting for exploring the exotic local cuisine.
These cooking classes are infused with history lessons as participants study the influence of China, India, Spain and, most importantly, France on this nation’s identity. Moroccan cuisine is a melting pot of all these flavors, cooked up in the traditional dome-shaped tajine.
Over the course of eight to nine cooking classes, participants master recipes with traditional Moroccan ingredients, including lentils, chickpeas, lamb and couscous. Round out your vacation with a leisurely camel ride, shopping in the souk (market) in Marrakech’s medina (old city) or a trek to the snow-capped Atlas mountains.
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RTTNews) – The major index futures are pointing towards a lower opening for the European markets on Thursday. Global cues are also not very encouraging. The U.S. market closed little changed on Wednesday and the major Asian averages are showing a mixed trend on Thursday amid weakness in the resource and financial sectors. However, some degree of bargain hunting can be anticipated following three consecutive days of losses for the European markets.
U.S. stocks ended Wednesday’s session nearly unchanged, as the Bush administration’s proposal to buy up as much as $700 billion in troubled assets on Wall Street continued to attract pressure from Congressional lawmakers. The Dow closed down 0.3% at 10,825 and the broader S&P 500 index dropped 0.2% to finish at 1,185, while the Nasdaq Composite advanced 0.1% to end at 2,155.
In the Asia-Pacific region Thursday, China’s Shanghai Composite index is up 3.9% and Hong Kong’s Hang Seng index is advancing 0.6%, while Japan’s Nikkei is losing 1.5%, Australia’s All Ordinaries index is down 0.8%, and South Korea’s KOSPI is declining 0.4%.
In Europe, the major economic report scheduled for release is the German GfK consumer confidence index for October. The Euro-Zone M3 money supply data and the Italian trade balance and retail confidence reports are also due out today. Thursday will be a very busy day in the U.S. as reports on durable goods orders, weekly jobless claims and new home sales are scheduled for release. Additionally, investors may closely watch Fed Chairman Bernanke’s and Treasury Secretary Paulson’s testimony on Fannie Mae and Freddie Mac takeover at House Panel.
The Brent North Sea crude futures are trading at $102.61 a barrel, up $0.16, in the Asian session Thursday. Oil prices fell overnight on weaker U.S. fuel demand. Additionally, a stronger dollar outweighed concerns over a reduction in global crude output. The contract for November settlement fell $0.63 to settle at $102.45 a barrel on London’s ICE Futures Europe Exchange.
The European markets fell for a third day Wednesday on growing uncertainties over the fate of the U.S. rescue plan for the financial sector. The FTSEurofirst 300 index of pan-European blue chips closed down 0.6% at 1,101 and the narrower DJ Stoxx 50 index declined 0.7% to finish at 2,690.
In Europe, the U.K.‘s FTSE 100 index dropped 0.8% to 5,095, France’s CAC 40 index shed 0.6% to 4,114 and Germany’s DAX index declined 0.3% to 6,052.
In the Asian session Thursday, the euro strengthened against the U.S. dollar, the pound and the Japanese yen. The euro rose to 1.4734 against the dollar, 155.97 against the yen and 0.7937 against the pound. The European currency finished Wednesday’s European session at $1.4657, 155.38 yen, and 0.7918 pound, respectively.
In the European markets, Arcandor may move after the department store owner said that it might reduce its stake in its Karstadt department-store division and tour operator Thomas Cook Group as part of an agreement to extend a bank loan. Areva is likely to rise after the company and Duke Energy Corp. agreed to jointly develop biomass power plants in the U.S.
Daimler is likely to move after the maker of luxury cars said that it is in talks with buyout firm Cerberus Capital Management LP to sell its remaining stake in its former U.S. arm Chrysler LLC. Electricite de France may decline after the nuclear reactor operator had its credit outlook put on “Watch Negative” by Fitch Ratings.
Fiat, the largest manufacturer of automobiles in Italy, may rise after the company confirmed its 2008 financial targets. Fiat’s head of communications Simone Migliarino said that rumors of a possible profit warning are unfounded.
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The Audrey Hepburn of the Strip, Bellagio oozes sophistication and grandeur while remaining down to earth and far from pretentious. Since its opening in 1998, Bellagio’s Tuscan architecture has brought an airy Italian flavor to Las Vegas while the lush greenery, surrounding gardens and robust floral arrangements have exposed the resort’s elegance. This $1.6 billion resort has it all – exquisite guest rooms, six pools, four spas, two wedding chapels and a salon. Oh, and there’s plenty of gambling room, too. But unlike many of the other resorts on the Strip, the casino is set back from entrance. And in its place, there’s a conservatory and botanical garden. This is to ensure that each guest spends at least part of his or her day surrounded by nature’s beauty. That is the essence of Bellagio and part of the reason it received the 2002 AAA Five Diamond award. So if it’s the Vegas experience you crave, but without all the frivolity, check into Bellagio, where your stay is bound to be grand.
Main Attraction: The magnificent fountain display that is choreographed to music and lights and performs over more than 8 acres of water
Ideal For: Bellagio will impress even the pickiest of travelers while welcoming the not-so-well-traveled just as openly.
Dining Options: Bring your bib because there are a heap of dining establishments here. Reserve a spot at Aqua for some divine seafood or try Le Cirque for a little French flair. You can also choose from Olives (Mediterranean), Jasmine (Chinese), Nectar (American), AAA Five Diamond award-winning Picasso (regional cuisine of France and Spain) and a host of other spots to feast.
Accommodations: 3,005 rooms, including 316 suites with views of the resort’s lake, surrounding mountains and the Vegas skyline. The new Spa Tower, completed in December, 2004, adds another 928 rooms, meeting space, and a new restaurant called Sensi.
Fascinating Fact: Bellagio is the first Las Vegas hotel-casino to receive the AAA Five Diamond award, as well as the largest resort in AAA history.
Claim to Fame: The gardens and fountains
Entertainment Options: Get a ticket to the Cirque du Soleil production of O, where a cast of synchronized swimmers, divers, acrobats, aerialists and characters use water as their stage. If this isn’t for you, head to one of the six bars and lounges or Light Nightclub.
Activities: Stroll through the conservatory and botanical gardens, get a tee time at Shadow Creek (a premier golf course where only guests of MGM MIRAGE hotels can play), shop along Via Bellagio, take a dip in one of the six pools, stop by the salon and spa and visit the Bellagio Gallery of Fine Art.
Casino Stats: 100,000 square feet of blackjack, craps, roulette, baccarat, poker and all the other money suckers.
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Seniors who switch between low-cost generic drugs and the original products based on who’s footing the bill are likely driving up the cost of the government’s Medicare drug plan, according to a new study.
Figures released Thursday show seniors are more likely to ask their pharmacist for generic medications when they are paying, but choose the more expensive originals when the government is covering the costs.
The study was published by Medco Health Solutions Inc., a drug benefit manager that handles prescriptions for about 20 percent of Americans. Prescription benefit managers earn more money when patients choose cheaper medications.
While the Medicare drug benefit has pushed up the country’s overall health care spending, the program’s budget has actually come in below estimates, which federal officials attribute to a greater use of generic drugs and competition among insurance companies.
Generic drugs are medically indistinguishable from the original products, and can cost up to 80 percent less. They account for two-thirds of all prescriptions dispensed in the U.S, according to research firm IMS Health.
However, the figures from Medco suggest some patients are still more comfortable taking medicines from the original manufacturer.
“It may be a question of education, that some people simply believe brand-name drugs work better than generics,” said Tricia Neuman, a vice president with the Henry J. Kaiser Family Foundation. Research also shows that doctors often don’t talk about the potential cost savings of generic drugs, she added.
Kaiser, a nonprofit research group, estimates the average out-of-pocket expense for seniors in Medicare taking generic drugs will be $5.32 this year, nearly six times less than the $29.86 paid by seniors taking branded drugs listed by insurers.
Despite the potential cost savings, Medco found that nearly two-thirds of prescriptions initially filled by patients in Medicare were for branded medications.
The majority of seniors only switched to generics after they reached the point in spending when users must pick up the whole cost of prescriptions.
“Medicare beneficiaries become acutely aware of the cost difference between brand-name and generic drugs and most make the switch,” said Medco Chief Medical Officer Woody Eisenberg.
But Medco also found that when seniors’ drug costs reached the “catastrophic” phase and are again covered by Medicare, 59 percent of prescriptions are for branded drugs.
An official from the federal Centers for Medicare and Medicaid Services said the agency could not confirm the figures cited by Medco.
Overall, the federal government and beneficiaries through their monthly premiums will spend about $47 billion on the Medicare drug benefit this year.
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President Bush summoned Barack Obama, John McCain and legislative leaders to an extraordinary White House summit, warning Americans and Congress on Wednesday night that failing to act on a $700 billion financial industry bailout could lead to “a long and painful recession.”
Earlier, Bush bowed to Democratic demands to limit the pay of executives whose tottering companies would be rescued, and appeared to be softening his resistance to Democrats’ demand that the eye-popping cost be phased in rather than approved all at once.
Democrats and Republicans were nearing agreement on the rescue legislation, the most sweeping government intervention in the market since the Great Depression, and set a meeting early Thursday to begin drafting a bipartisan bill.
Bush acknowledged in a prime time television address Wednesday night that the bailout would be a “tough vote” for lawmakers.
“Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold,” Bush said as he worked to resurrect the unpopular bailout package.
The president’s dire warning came not long after he invited Obama and McCain, one of whom will inherit the economic mess in four months, as well as key congressional leaders to a White House meeting on Thursday to work on a compromise.
Bush strongly urged Congress to act quickly to pass the plan, warning Americans in his 12-minute speech that failing to act fast risked dire economic consequences such as disappearing retirement savings, rising foreclosures, lost jobs and closed businesses.
With the administration’s original proposal considered dead in Congress – even McCain called it flawed – top House leaders issued an upbeat statement late Wednesday saying there was progress toward revised legislation that could pass.
“We are committed to continuing to work cooperatively and on a bipartisan basis to safeguard the interests of the American taxpayers,” said Speaker Nancy Pelosi, D-Calif., and House Republican leader John Boehner of Ohio.
Sen. Dick Durbin of Illinois, the Senate’s No. 2 Democrat, expressed optimism that Congress could work through the weekend and pass the measure, possibly by the time markets open on Monday.
Rep. Barney Frank, D-Mass., a lead negotiator on the package, said given the progress of the talks, the White House meeting scheduled for Thursday afternoon was a distraction.
“We’re going to have to interrupt a negotiating session tomorrow between the Democrats and Republicans on a bill where I think we are getting pretty close, and troop down to the White House for their photo op,” said Frank, the House Financial Services Committee chairman. “I wish they’d checked with us.”
The heart of the unprecedented plan, unveiled less than a week ago, involves the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke spent most of the day at the Capitol, shuttling between public hearings on the proposal and private meetings with lawmakers.
Presidential politics intruded, as well, when McCain said he intended to return to Washington and was asking Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown.
Obama said the debate should go ahead.
The rivals issued a joint statement calling for a bipartisan effort to deal with the crisis.
“The plan that has been submitted to Congress by the Bush administration is flawed, but the effort to protect the American economy must not fail,” the two candidates said. “This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe.”
Pelosi and Boehner said they, too, agreed that “key changes” were needed in Bush’s plan.
“It must include basic good-government principles, including rigorous and independent oversight, strong executive compensation standards, and protections for taxpayers.”
Earlier, Paulson agreed to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
Acknowledging the concession in his speech, Bush said the rescue “should make certain that failed executives do not receive a windfall from your tax dollars.”
The administration and congressional negotiators also were nearing accord on parceling out the $700 billion so it would not be available all at once, although key details remained to be worked out.
“People understand it’s not going to be a straight $700 billion,” Frank said.
Paulson also was said to have accepted the idea of allowing the government to take an equity stake in some of the companies aided – rather than just purchasing their bad assets, as Bush originally proposed – but there was no agreement yet on how the plan would work.
Lawmakers in both parties have strenuously objected to the plan over the past two days, Republicans complaining about federal intervention in private business and Democrats pressing to tack on help for beleaguered homeowners. But many appear to be open to legislation, although on different terms than the White House has proposed.
“There’s politically a lot of pessimism because the American people are pushing back,” said Rep. Spencer Bachus of Alabama, the senior Financial Services Committee Republican. But, he added, “There’s a realization that we have to do something, and that we can’t leave town until we do.”
Polls in the past several days have provided mixed messages about the public’s view.
An ABC News-Washington Post poll said Wednesday the public is split about evenly over whether it supports federal “steps” to handle the financial crisis. In a survey released Tuesday by the nonpartisan Pew Research Center, there was nearly 2-1 support for the government “potentially investing” billions to try securing the markets.
Democrats insist Republican lawmakers must stand up for their own president’s proposal, but they appear anything but eager to do so.
“It’s a tough sell to most of our members,” Rep. Tom Davis, R-Va., said after a closed-door meeting with Paulson and Bernanke. “It’s a terrible plan, but I haven’t heard anything better.”
Compounding the administration’s challenge, Republicans and Democrats both say Bush has lost credibility, particularly in cases where he argues there will be dire consequences if Congress doesn’t act.
“They sold the war, they sold the stimulus package and some other things. It’s the ‘wolf at the door’” argument, Davis said.
Democrats are pushing to allow bankruptcy judges to rewrite mortgages to ease the burden on consumers who are facing foreclosure as part of the plan. But Obama told reporters the provision “is probably something that we shouldn’t try to do in this piece of legislation.”
Other Democratic demands, to give Congress greater authority over the bailout and require that the government help homeowners avoid foreclosures, already have been accepted in principle.
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Few sports meld as well as golf with the diehard traveler’s globe-trotting itinerary.
After all, what other sport offers the possibility of play all over the planet — in myriad climates, landscapes and cultures, and across language barriers, too? Golf parlance, like the language of love, is universal.
And whether you’re green to the sport or working your way toward the tour, chances are you’ve dreamt of teeing up in a luxe locale. Rest assured that everywhere from a windswept course on the sublimely beautiful isle of Kauai to the rugged Australian Outback, there’s a tee-time with your name all over it.
We’ve sourced some of the world’s most indulgent golf experiences — from far-flung locales to domestic beauties — where unparalleled surrounds and serious pampering are par for the course.
DESTINATION: Kauai, Hawaii
Hawaii may have become a honeymoon cliché. But for challenging golf play in a landscape straight out of a fairy tale, few greens’ scenes can steal your heart like the lineup of courses in Kauai. Start your tour of the Garden Island with a round at Kauai Lagoons, a short cart ride from the indulgent Marriott Kauai Beach Club resort in Lihue (Marriott recently bought the course, which will eventually be incorporated into a Ritz-Carlton property). The Kiele Course here, designed by Jack Nicklaus, combines with the Mokihana Course for 18 holes of play that take in ocean and mountain views. Nine of Kiele’s original holes are currently being revamped and will reopen in early 2009, when the course will offer what’s being touted as some of the best oceanfront golf terrain in the Aloha State.
The Puakea course, a few miles away, gets off to an uninspired start, with views of Home Depot from the first hole. But the reward follows swiftly, as your game leads you along winding paths through patches of jungle to holes where the mountains loom so close you’ll be tempted to reach out and snatch a piece of the “Jurassic Park” scenery.
Head to Kauai’s rugged North Shore next, where Hawaii’s most challenging course — a Robert Trent Jones, Jr. doozy — awaits. Before tee time, check in to the super-posh Princeville Resort, dominating a precipice of near-sheer cliffs hung over Hanalei Bay. The rooms are beyond decadent — tub-to-ceiling windows in the bathroom mean you can shower while watching surfers ride the ocean swells. And breakfast on the terrace, surrounded by lush mountains and peeling waves, feels straight out of Bali Hai. When you’re ready to golf, hit the 27-hole Makai Course, where you’ll likely spot Hawaii’s state bird — the endangered Nene, or Hawaiian Goose — near the course’s lake circuit. Plan to visit during the winter months for the best shot at seeing humpback whales breaching just offshore from the course’s ocean holes. The biggest golf challenge in Hawaii awaits a few miles down the road at the Prince Course, wrought from some of the island’s most wildly undulating and sensual terrain. Giant albatross soar over the course and whales blow water spouts offshore, but you’ll need all your focus on the greens to get anywhere remotely close to par here.
DESTINATION: Florida
Private golf privileges in a pristine Panhandle setting are the lure at WaterColor Inn, a golf-friendly resort with boutique-hotel appeal set in an anti-Spring Break stretch of Northwest Florida. The spa facilities are world-class and all of the hotel’s rooms have oceanfront views of the sapphire-hued Gulf of Mexico. But if your color preferences tend more toward green, you’ll love how the resort addresses the luxury golf experience. The hook here is exclusivity —- guests have access to the private Tom Fazio-designed Camp Creek Golf Course and Greg Norman’s Shark’s Tooth Golf Club, two of Florida’s top-ranked courses. Both courses are big on natural beauty, with Camp Creek bathed in rolling dunescapes and Shark’s Tooth set along the shores of Lake Powell, an Outstanding Florida Waterway.
DESTINATION: China
Got China on your radar in 2008? You needn’t be Olympic caliber to tee off at the massively impressive Mission Hills Golf Club in Shenzhen and Dongguan, China. This golf Mecca sits in lake-studded rolling countryside, with a whopping 216 holes designed by 12 legendary golfers and golf-course architects — Nicklaus, Faldo and Dye are just a sampling of who’s had a hand in the Mission Hills mix. Indeed, there’s a course to challenge every golfer. And the frills go far beyond the fairways, too. The $625 million resort complex features a luxury hotel, five spas and two high-end resort communities, along with top-notch restaurants that span the international spectrum. Count on kicking back in the classy clubhouse with everyone from Hong Kong businessmen and women to international creatures of leisure who’ve journeyed to China for the sole purpose of adding Missions Hills to their life’s list of must-dos.
DESTINATION: Portugal
Bypass Spain’s played-out Costa del Sol for fewer crowds and the equally enticing natural beauty of a golf adventure in Portugal. Before making tracks to the Algarve — Portugal’s prime golf region, with some 35 courses and counting — sneak in a round or two near the fishing village-turned-chi-chi seaside escape of Cascais. Oitavos Dunes is located in Sintra-Cascais National Park in the posh resort area of Quinta da Marinha, just 30 minutes from Lisbon’s hip restaurant scene, moody fado clubs and big-city cultural offerings. Set in undulating dunes within eyeshot of the Atlantic, Oitavos Dunes was the first golf course in Europe to be awarded Audubon’s gold status as a certified signature sanctuary — don’t even think about retrieving your ball if it lands in a protected area, where wildflowers and exotic sand-dune plants and birds make for plenty of viewing pleasure. The clubhouse at Oitavos Dunes is a work of art wrought from weathered wood, aluminum and glass, where you can relax with a beer and ocean views after a day on the fairways. The most enticing place to stay is VivaMarinha Hotel Apartamento. Newly opened in August 2007, it’s a grand complex of poppy-hued buildings set in beautiful grounds dotted with umbrella pine trees and eucalyptus forests. The infinity pool attracts a beautiful-people crowd of international golfers during the summer months.
And you can’t golf in Portugal without partaking in the Algarve, the country’s ridiculously scenic Southern region, where cliff-clad beaches surround whitewashed villages. Make the marina city of Vilamoura your base camp, and check in to the newly opened Hilton As Cascatas Golf Resort & Spa. Portugal’s first Hilton property is a world of its own, home to the biggest and most decadent spa in the country, 7 Spa, as well as Portugal’s first golf simulator, a tricked-out facility where you can play the planet’s most famous golf courses and improve your handicap in air-conditioned comfort. Of Vilamoura’s six championship golf courses, the Old Course, lost in a lush forest, is the most scenic, while the recently opened Victoria Golf Course offers inimitably plush greens and perfectly groomed fairways with a wide-open American golf aesthetic.
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008-09-24 16:30 ET Dow -29.00 Dow Close 10825.17 Nasdaq +2.35 Nasdaq Close 2155.68 S&P -2.35 S&P Close 1185.87 Nasdaq100 +0.8 SandP_Midcap400 -1.1 Russell2000 -1.6 NYAdv 1265 NYDec 1873 NQAdv 912 NQDec 1862
[BRIEFING.COM] Wednesday’s trading was generally range bound until stocks fell to a session low shortly before the closing bell. They managed to finish near the unchanged mark as the session expired. Action was underscored by light volume as traders assessed testimonies from key financial officials and continue awaiting a clear indication whether an asset funding plan will win approval. Their reservation overshadowed a symbolic vote of confidence from a renowned investor.
Famed value investor Warren Buffett gave investors encouragement this morning on word his Berkshire Hathaway (BRK.A 133,300, +4,500) bought $5 billion in perpetual preferred stock from Goldman Sachs (GS 133.00, +7.95). Berkshire will also receive warrants to purchase $5 billion of GS common stock at any time within five years. Goldman also priced a $5.0 billion common stock public offering at $123 per share.
Though the investment reflected Buffett’s confidence in the firm and that the government will stabilize the financial markets, traders remained wary.
The Treasury’s proposal to buy up to $700 billion in illiquid assets from financial institutions remains in focus. Fed Chairman Bernanke stated before the Joint Economic Committee that the stabilization of the financial system is key to an economic recovery since the crisis is affecting the broader economy. Economic activity appears to be decelerating, though Bernanke expects GDP to expand in the second half. Still, he believes it will grow below its potential rate.
The primary culprit undermining economic growth has been a weak housing market. August existing home sales fell 2.2% to an annual seasonally adjusted rate of 4.91 million, according to the National Association of Realtors. Sales were expected to fall 1.2%.
Treasury Secretary Paulson stated before the House Financial Services Committee that stabilizing the U.S. financial system must be done to avoid a continuing series of financial institution failures and frozen credit markets. He also stated the proposed $700 billion program is about benefiting American people since their economic well-being is at risk.
Paulson stated the troubled asset purchase program is the single most effective move to help homeowners, citizens, and the economy.
Government officials continue to pepper Bernanke and Paulson with questions and have yet to clearly indicate favor for the proposed plan.
That has kept traders at bay. In turn, trading volume on the NYSE just passed 1 billion shares. That is only one-third of the volume seen last Friday, when the exchange posted record high volume.
The S&P 500 closed the session with a 0.2% loss. It fluctuated between a gain of 0.8% and a loss of 0.7% during the session. In the end, six of the ten economic sectors finished higher, though not one provided leadership.
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Republican presidential nominee John McCain announced Wednesday that he suspending his campaign, including pulling advertisements, to focus on the financial crisis. The Arizona Senator also called for postponing the first presidential debate, scheduled for Friday, September 26, with foreign policy as the topic.
However, Democratic nominee Barack Obama rejected McCain’s call for suspending the debate.
“I think that we should continue to have the debate, I think it makes sense for us to present ourselves to the American people,” Obama said in a press conference in Florida.
Rather, the Illinois Democrat said that it is “more important than ever” that the public get to know the candidates, adding that multi-tasking is important for whomever is in the Oval office.
“Part of the president’s job to deal with more than one thing at once,” Obama said. “We need to be focused on solving the problem, but I think it is also important that we communicate to the American people to get us where we need to goâ¦and I think it is possible for us to do both.”
McCain has not cast a vote in Congress since April, choosing instead to focus on his campaign. However, in his announcement, he claimed that there is too much at stake with the current financial crisis to let politics as usual continue.
“America this week faces an historic crisis in our financial system,” McCain said gravely. “We must pass legislation to address this crisis.”
Failure to act will have “devastating consequences for our economy,” McCain warned.
“People will no longer be able to buy homes and their life savings will be at stake,” he said. “Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.”
For his part, Obama’s campaign released a statement shortly after McCain’s announcement discussing a possible joint statement between the two candidates.
“At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal,” spokesman Bill Burton wrote in an e-mail to reporters. “At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details.”
In his press conference, Obama hinted that McCain’s move to suspend his campaign and call for a postponement of the debate took the Illinois Senator by surprise. Obama told reporters that he had told McCain that the candidates could start by issuing a joint statement, but when Obama returned to his hotel room McCain had leaped ahead and was making his televised announcement.
In the announcement McCain said he had little confidence that the plan will pass following two days of scrutiny under the bright lights of Capitol Hill. There has been a sense of bipartisanship on the hill – the solid rejection of the financial rescue plan as it stands by both parties.
“We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved,̶
