Flower shop plans to rebuild

Document Sample
Flower shop plans to rebuild Powered By Docstoc
					Dan Wallach, business editor                                                                                                                                                                        (409) 838-2876, DWallach@hearstnp.com

     JANUARY 19, 2006
                                                                       BUSINESS                                                                                                                                     8B

                                                          Inflation increases quickly in ’05
        Market in Brief
       January 18, 2006
        -41.46                        -23.05
        0.38%                         1%
        10,854.86                     2,279.64
                                                          Consumer prices up                             year could be dashed if energy
                                                                                                         costs keep surging.                                     Economic activity                       showed fresh signs of cooling but
                                                                                                                                                                                                         still was in good shape, the Fed
    S&P 500
                                                          3.4 percent in ’05, but                           Consumer prices increased by
                                                                                                         3.4 percent in 2005 with 40 per-                        continues to expand                     said in its latest snapshot of busi-
                                                                                                                                                                                                         ness activity nationwide.
                                                          down in December                               cent of the increase blamed on the                                                                  The survey, based on informa-
                                                                                                         biggest jump in energy costs since                              THE ASSOCIATED PRESS            tion collected before Jan. 9 and
                                                             By MARTIN CRUTSINGER                        1990. Energy was up 17.1 percent                                                                supplied by the 12 regional Feder-
  For more markets, see page 6B                                 THE ASSOCIATED PRESS                     this past year, reflecting gasoline                        WASHINGTON —The econo-               al Reserve banks, will figure into
                                                                                                         prices that for a time soared above                     my chugged ahead as the new             discussions at Fed policymakers’
Local stocks                                                 WASHINGTON — Record                         $3 a gallon and crude oil prices                        year opened with manufacturing          next meeting Jan. 31.
Beaumont — Sales 4 p.m. Wednesday net                     prices for gasoline and other fuels            that topped $70 per barrel.                             picking up, employment improv-              Economists expect the Fed will
change of the stocks of local interest.                   sent inflation rising in 2005 at the              There has been hope that                             ing and retail sales rising, the Fed-   bump up rates by another quarter
Stock                          Last            Chng       fastest pace in five years, and                                                                        eral Reserve reported Wednesday.
                                                          hopes for a slower increase this                            INFLATE, page 5B                              The housing market, however,                 ECONOMY, page 7B
AT&T                 24.68                     -0.16
Bank of America      45.18                     -0.13
BASF                 76.77                     -0.32
Bayer                42.16                     -0.33
CapitalOne           86.09                    +0.09
CenterPoint Energy   13.19                     -0.02
Commercial Metals
                                                                                                                                                                                                     could spur
General Electric     34.79                     -0.15
Goodyear             17.93                     -0.19
HealthSouth           4.98                     -0.10
Home Depot           41.69                    +0.12
Honeywell            36.84                     -0.02
Huntsman Corp.
JP Morgan Chase
Kerr McGee
Louisiana Pacific
Lowes                65.16                     -0.11
MeadWestvaco         27.82                     -0.07                                                                                                                                                          By SCOTT SONNER
MidSouth/Lamar       27.00                     -0.04                                                                                                                                                         THE ASSOCIATED PRESS
Reliant Resources    10.42                     -0.06
Royal Dutch Shell    65.35                     -0.20                                                                                                                                                    RENO, Nev. — The U.S. trade
Sun Oil              88.22                     -0.84                                                                                                                                                 deficit is a bigger threat to the
Temple Inland        45.25                    +0.22                                                                                                                                                  domestic economy than either the
Texas Regional Bank 30.14                     +0.64                                                                                                                                                  federal budget deficit or consumer
Total S.A.          134.16                     -1.40                                                                                                                                                 debt and could lead to “political tur-
Trinity              44.50                    +0.13                                                                                                                   Dave Ryan/The Enterprise
                                                                                                                                                                                                     moil,” billionaire investor Warren
Valero               59.66                     -0.51      Mid-County Florist suffered extensive hurricane                    Gilcrease, whose mother owns the shop, hopes                            Buffett warned.
Wachovia             53.63                    +0.21       damage and will be closing for repairs. Suzanne                    they will be able to reopen later this year.
Wal-Mart             44.88                     -0.07
                                                                                                                                                                                                        “Right now, the rest of the world
Wells Fargo          63.34                    +0.74                                                                                                                                                  owns $3 trillion more of us than we
                                                                                                                                                                                                     own of them,” Buffett told business

                                                          Flower shop
                                                                                                                                                                                                     students and faculty Tuesday at the
 NATURAL                 OIL                                                                                                                                                                         University of Nevada, Reno.
   GAS                                                                                                                                                                                                  “In my view, it will create political
                                                $70                                                                                                                                                  turmoil at some point. Pretty soon, I
                                                                                                                                                                                                     think there will be a big adjustment,”
$8.694                                      Closed                                                                                                                                                   he said without elaborating.
per million                                $65.73                                                                                                                                                       Buffett, head of Omaha, Neb.-
Btus,                                     down 58

                                                          plans to rebuild
-47.4 cents.                                cents.                                                                                                                                                   based Berkshire Hathaway Inc., was
                                                                                                                                                                                                     in Reno for the opening of the com-
    RICE                                                                                                                                                                                             pany’s R.C. Willey Home Furnishings
                                                $60                                                                                                                                                  store.
                   Source: New York Mercantile Exchange
                                                                                                                                                                                                        The U.S. trade deficit for the first
$8.040                                                                                                                                                                                               11 months of 2005 totaled $661.8 bil-
per            U.S. national debt                                                                                                                                                                    lion, surpassing the previous annual
100 pounds,                                                                                                                                                                                          record of $617.6 billion set in 2004.
-21.0 cents.   The U.S. national debt                                                                                                                                                                Economists say when December fig-
               as of Tuesday
  CATTLE       $8,184,992,206,978.28                      Hurricane Rita                             John Crane, plan to rebuild and
                                                                                                     reopen — perhaps by this fall.
                                                                                                                                                     pennies on the dollar,”
                                                                                                                                                     Gilcrease said.
                                                                                                                                                                                                     ures are included, the final deficit for
                                                                                                                                                                                                     2005 will top $710 billion. Buffett said
               Each citizen’s share ....
               $27,439.97                                 forces Mid-County                             “Whenever the contractor
                                                                                                     and the insurance people can
                                                                                                                                                         The store will stay open until
                                                                                                                                                     Jan. 31 to sell out of its invento-
                                                                                                                                                                                                     he expects it to top $700 billion this
                Sources: U.S. Bureau of                   Florist to close, but                      get together,” Rita Crane said                  ry, such as ceramics and glass,
                                                                                                                                                                                                                 DEFICIT, page 7B
                   the Public Debt U.S.                                                              Wednesday.                                      and various accessories like silk
a pound,
-.47 cent.        Bureau of the Census                    hopes are to reopen                           The hurricane tore the roof                  flowers and artificial greenery.
                                                                                                     off part of the 31-year-old busi-                   Gilcrease theorized that
                                                                By DAN WALLACH                       ness her late husband James                     contractors are busy taking
                                                                  THE ENTERPRISE                     founded and opened in 1975.                     smaller jobs that they can com-
                                                                                                     Recent wind and rain caused

                                                             NEDERLAND — Hurricane
                                                          Rita beat Rita Crane’s Mid-
                                                          County Florist shop to bits, so
                                                                                                     more havoc, and Rita Crane
                                                                                                     and her son and daughter
                                                                                                     made the painful decision to
                                                                                                                                                     plete quickly and move on to
                                                                                                                                                     others instead of committing to
                                                                                                                                                     one large project such as her
                                                                                                                                                                                                     Tech sector
                                                                                                                                                     family’s business requires.
                                                          she’s going to close.
                                                             No need to buy flowers for a
                                                          wake, though.
                                                                                                     close so they could concentrate
                                                                                                     on recovery.
                                                                                                        Mid-County Florist, 343
                                                                                                                                                         “We have to concentrate on
                                                                                                                                                     getting repaired,” Gilcrease
                                                                                                                                                                                                     earnings send
                                                             Crane,      her    daughter,
                                                          Suzanne Gilcrease, and son,
                                                                                                     Twin City Highway, will sell all
                                                                                                     of its remaining inventory “for                           FLORIST, page 7B                      stocks down
                                                                                                                                                                                                          By MICHAEL J. MARTINEZ
                                                                                                                                                                                                             THE ASSOCIATED PRESS

                                                          Bowling center forced to close doors                                                                                                          NEW YORK — Disappointing tech
                                                                                                                                                                                                     sector earnings set off a second day
                                                                                                                                                                                                     of selling on Wall Street on Wednes-
                                                                                                                                                                                                     day, though the markets showed
                                                                                                                                                                                                     strength in the face of a major selloff
                                                          Park Central employees                                                                                                                     in Japan.
                                                          desperate to keep dream                                                                                                                       The tech-dominated Nasdaq
                                                                                                                                                                                                     composite bore the brunt of
                                                          alive and save business                                                                                                                    investors’ concerns.
                                                                                                                                                                                                        Japan’s Nikkei 225 lost 2.94 per-
                                                               By RACHEL STONE                                                                                                                       cent for the session overnight,
                                                                  THE ENTERPRISE                                                                                                                     prompting the Tokyo stock market to
                                                                                                                                                                                                     close early due to heavy volume.
                                                             Michelle Sidener dropped                                                                                                                   The tech-focused Nasdaq com-
                                                          everything to pursue her career                   Photos by Dave Ryan/The Enterprise
                                                                                                                                                                                                     posite index fell 23.05, or 1 percent, to
                                                          in Port Arthur.                                                                                                                            2,279.64.
                                                             The San Diego, Calif., native           The sign, above, on the door of                                                                    The other major stock indicators
                                                          moved from Seattle in June to              The Park Central Bowling Cen-                                                                   also fell, though not as much. The
                                                          serve as manager of Park Cen-              ter, right, announces its clos-                                                                 Dow Jones industrial average
                                                          tral Bowling Center.                       ing.                                                                                            dropped 41.46, or 0.38 percent, to
                                                             Since then, she lost a cus-                                                                                                             10,854.86, and the Standard & Poor’s
                                                          tody battle for her 9-year-old                The building’s owner, J-                                                                     500 index lost 5.00, or 0.39 percent, to
                                                          daughter, her elderly mother               Hawk Corp. of Waco, terminat-                                                                   1,277.93.
                                                          died suddenly of cancer and a              ed Park Central’s lease and the                                                                    Bonds edged lower, with the yield
                                                          hurricane ripped the town                  business closed Monday, Park                    that it could keep the insurance                on the 10-year Treasury note rising to
                                                          apart.                                     Central managing partner Paul                   settlement and sell the building.               4.34 percent from 4.33 percent late
                                                             Now, Park Central is closed             Kreins said.                                       But J-Hawk president Jim                     Tuesday. The dollar was mixed
                                                          and probably gone forever.                    Hurricane Rita caused about                  Hawkins said his tenants                        against other major currencies, while
                                                             “I planned to spend the rest            $1.7 million in damages to the                  haven’t paid rent since Novem-                  gold prices dropped.
                                                          of my life here,” Sidener said in          building.                                       ber because the business was-                      Crude oil futures fell below $66
                                                          a telephone interview.                        Kreins, from Seattle himself,                n’t turning a profit, a claim                   per barrel as traders took profits after
                                                             “This was my career, and I              said J-Hawk succumbed to
                                                          loved it.”                                 greed and ended the lease so                                BOWL, page 7B                                  STOCKS, page 7B
                                                                    ◆ Section designed and copy-edited by Rae Ann Spitzenberger and Christopher Clausen, (409) 833-3311, ext. 822 ◆                                                        ●