Kitsap Business and Economy

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Archive for October, 2010

No trick or treat at the mall

Friday, October 29th, 2010

Since it opened, Kitsap Mall’s retailers have hosted a trick-or-treat event for kids, and it’s since become a family tradition.

Until this year.

Instead, the Children’s Reading Foundation of Kitsap-Olympic Peninsulas has partnered with the mall to offer a children’s reading event from 10 a.m. to 4 p.m. Saturday in center court featuring public officials and others reading. There are free books for the first 1,000 children. Will you miss what’s become a family tradition, or are you excited about the prospect of something new?

Give me a call at 475-3783. Only those willing to be quoted by name, please.

Rachel Pritchett

I’ll be there


Comfort Inn foreclosure continued again

Friday, October 29th, 2010

Readers,

A pending foreclosure sale of the Comfort Inn, Bremerton’s largest hotel, was postponed again this morning at the Kitsap County Courthouse.

Often when sales are postponed, it’s an indication negotiations are under way between the borrower and the bank to avoid the foreclosure path, but I have no indication at present if that is or is not the case here. The Comfort Inn foreclosure now is scheduled for Dec. 3.

Also, the Zone, the sports complex in Poulsbo, apparently has reached agreement with the bank to avoid foreclosure, according to an announcement at the courthouse. Look for my story soon.

Rachel Pritchett, 475-3783
rpritchett@kitsapsun.com


Friday stocks waver as GDP grows 2 percent in 3Q

Friday, October 29th, 2010

Dow at 11,123, up nine points this morning.

NEW YORK (AP) — Stock wavered Friday after a report on economic growth did little to reassure investors about the health of the economy.
The Dow Jones industrial average fell about 20 points in midday trading.
Gross domestic product, the broadest measure of the nation’s economy, grew at a 2 percent annual pace in the third quarter. That was in line with economists’ expectations and only slightly better than the 1.7 percent growth rate during the second quarter.
Signs of meager growth come as investors grow more cautious heading into next week’s midterm elections and are uncertain about the size of economic stimulus measures the Federal Reserve is expected to announce next week.
Normally such slow GDP growth would have driven stocks much lower. But signs of weak economic expansion provide further support for the Fed’s anticipated stimulus plan.
“Because GDP was so lackluster, we don’t see the Fed pumping the brakes” on its plan, said Tony Zabiegala, a partner at Strategic Wealth Partners.
Stocks rose sharply during the first half of October as expectations mounted that the Fed would start buying Treasury bonds to drive interest rates lower. That, in turn, is supposed to spark spending and lending. In recent days, however, the size of the bond-buying program has been questioned, putting a market rally on hold.
John Apruzzese, a partner and portfolio manager at Evercore Wealth Management, said reaction in anticipation in the program is typical of the market.


Wednesday stocks fall amid questions about Fed plan

Wednesday, October 27th, 2010

Dow now at 11,056, a fall of 112 points.

NEW YORK (AP) — Stocks slid Wednesday as concerns grew over whether the Federal Reserve’s plans to buy Treasury bonds might be smaller and slower than anticipated.
Another day of mixed earnings and economic reports also dragged down stocks. The Dow Jones industrial average fell nearly 130 points in afternoon trading.
Traders were disappointed with earnings at Sprint Nextel Corp. and ConocoPhillips. Procter & Gamble Co. was one of the few companies shares to rise after it beat forecasts.
Stocks had been rising in recent weeks because of some mostly upbeat earnings and mounting expectations that the Fed would embark on another round of bond-buying to stimulate the economy.
Traders have been anticipating the Fed would buy between $500 billion and $1 trillion in Treasurys to drive interest rates lower and encourage lending and spending. A report in The Wall Street Journal said the Fed’s bond purchases might amount to a few hundred billion dollars over several months, which would fall short of those predictions.


Thursday stocks reverse course, give up morning’s gains

Thursday, October 21st, 2010

Dow now at 10,275, down 108 points.

NEW YORK (AP) — Stocks have reversed course and given up their big gains in afternoon trading Thursday.
A strengthening dollar and profit-taking have helped drag stocks from the lofty levels they reached earlier in the day. The Dow Jones industrial average fell 38 points in afternoon trading. It had been up as much as 105 points in morning trading after index components Caterpillar Inc., Travelers Cos. and McDonald’s Corp. all beat earnings expectations and AT&T Inc. matched forecasts.
Once again Bank of America Corp. hurt the Dow as it continues to be dogged by worries about whether investors will force the bank to buy back mortgages it originated.


Wednesday Dow springs ahead almost 200 points

Wednesday, October 20th, 2010

Airlines stock lead the charge, Dow at 11,142, up 163 and rising.

NEW YORK (AP) — The stock market is rebounding a day after a big-sell off brought on by concerns over a slowdown in China.
Stocks rose in midday trading Wednesday, regaining much of the ground lost the day before, as traders saw overnight gains in China as an encouraging sign that the country’s surprise interest rate hike will not dampen the global economy.
A batch of mainly positive corporate earnings reports from companies like Delta Air Lines Inc. and Boeing Co. also helped send the stock market broadly higher in late morning trading.
The Shanghai Composite Index, China’s main stock market benchmark, rose 0.2 percent in overnight trading. Those gains “helped create a more constructive tone for the trade this morning,” said Nick Kalivas, an equity analyst for MF Global.
The Dow Jones industrial average rose 155.0, or 1.4 percent, to 11,133.62. The broader Standard and Poor’s 500 index was up 15.5, or 1.3 percent, to 1,181.43, and the technology-focused Nasdaq composite index was up 29.8, or 1.2 percent, to 2,466.83.


Port of Bremerton to host public meetings

Thursday, October 14th, 2010

The Port of Bremerton will hold three community meetings this fall to better acquaint itself with the public.
The first will be Oct. 27 in the chapel room of the Port Orchard Pavilion, 701 Bay St. in Port Orchard.
The next will be Nov. 1 in the dining room of the Seabeck Conference Center, 15395 Seabeck Highway NW, Seabeck.
The third and final community meeting will be in the lounge at the Sheridan Park Community Center, 680 Lebo Blvd, Bremerton.
All are at 5:30 p.m., and the meetings have been arranged so that there is one in each of the three commissioner districts.
The meetings were started to build trust with the public, damaged after the port built the Bremerton Marina using new tax proceeds few residents knew about. The marina opened in 2008.


Commercial landlords, agents: How do you 2011 assessed valuations look?

Thursday, October 14th, 2010

Have they risen sharply or stayed the same? What impact is this having on you? Gary Anderson of Kitsap Commercial Group says you’re not a happy bunch right now.

Rachel Pritchett, reporter
(360) 475-3783
rpritchett@kitsapsun.com


Thursday stocks zig-zag as traders shudder at foreclosure moves

Thursday, October 14th, 2010

Dow at 11,096, up 75 points, so far.

NEW YORK (AP) — Stocks dipped Thursday after concerns about another disappointing report on jobs and traders worried about foreclosure practices at banks. But losses were held in check by expectations the Federal Reserve will act soon to strengthen the economy.
Financial shares were the major drag on the market as concerns grew about the steps banks took to foreclose on defaulted mortgages. Shares of big banks like JPMorgan Chase & Co. and Bank of America Corp. dropped as they have suspended foreclosing on homes to review their practices.
The Dow Jones industrial average fell nearly 30 points in afternoon trading. In recent months, the disappointing jobs report would have likely led to a bigger sell-off in stocks. However losses following weak economic reports have been limited recently because such disappointment supports predictions the Fed will step in to support growth.
“Good news is good news and bad news is good news,” said Sarah Hunt, a research analyst at Alpine Mutual Funds. The Fed’s next meeting ends Nov. 3 and it is widely expected an announcement on actions to stimulate the economy will be announced then.
Traders sent the dollar lower and gold higher Thursday because of the likely Fed move. The Fed is expected to buy government bonds, which would drive down interest rates down from already low levels. That makes gold and other currencies where interest rates are higher more attractive than the dollar.
Gold hit another record high, while the dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.
“People are pretty focused on what the Fed is going to do,” said Russell Croft, portfolio manager of the Croft Value Fund. Fed chairman Ben Bernanke is scheduled to give a speech Friday that could provide more details about how much money the central bank might pump into the economy.


Wednesday Dow up 100 points, constituting an 11 percent increase since beginning of September

Wednesday, October 13th, 2010

NEW YORK (AP) — Surging prices for metals, oil and other commodities lifted stock prices on Wednesday, especially industrial and materials companies.
Strong corporate earnings reports from JPMorgan Chase & Co., Intel Corp. and railroad operator CSX Corp. also gave investors more reasons to be assured about the economy.
Gold touched another record and oil rose about 2 percent. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. were among the biggest winners.
The Dow Jones industrial average rose more than 120 points in afternoon trading.
“In an improving (global) economy, everyone is going to consume more,” said Christian Wagner, CEO of Longview Capital Management. “You need the basic materials.”
Wagner said growth should remain strong in emerging markets helping keep demand high for commodities like aluminum and other metals.
The earnings reports all contained nuggets of hopeful news on the broader economy.
“They were assuring,” said Andrew Ross, partner at First New York Securities. “But they weren’t inspiring, or disrupting.”
Those results allowed the market to continue the upward trajectory it has taken in recent weeks, Ross said. The Dow is up 3.3 percent in October and has jumped more than 11 percent since the beginning of September.