Small Business
Next up for Dimon: Facing the shareholders
NEW YORK — JPMorgan Chase CEO Jamie Dimon came clean to stock analysts and accepted blame in a TV interview for a $2 billion trading mistake. Next he faces the shareholders, who have taken a big hit from the bank’s blunder.
Dimon travels to Tampa, Fla., on Tuesday for the JPMorgan annual meeting, where he will almost certainly address the colossal error.
Since the 2008 financial crisis, shareholder meetings have been colorful affairs, a mix of defensive CEOs and placard-wielding protesters. The timing of the JPMorgan meeting adds a layer of intrigue.
JPMorgan stock was down almost 2 percent on Monday, a much bigger decline than the broader market.
Atlanta’s Post Properties shows growth
The company reported income from the sale of a partial interest in an Atlanta complex and its bottom line was helped by climbing rents and numbers of renters.
Company CEO Dave Stockert said Tuesday the profits were a good way to start to 2012.
“We performed well across the board in the first quarter, with solid growth in profitability of our apartment business and a healthy pace of condominium sales,” he said.
Occupancy rates at Post Properties’ apartments were up from last year and higher than the national average.
Post’s occupancy was 95.8% during the first quarter, compared to 94.8% for the same period of 2011. Its average monthly rental rate was up 6.2%, compared to the first quarter of 2011.
In metro Atlanta, 90.5 percent of apartments were rented in April, according to ALN Apartment Data of Texas, an analysis firm.
Streetwise: Profit opportunity available
Market volatility has increased once again and where there is volatility, there is profit opportunity, despite the relatively low volume of shares changing hands. If you are reticent to act – perhaps because you are still in mourning over some previous loss – remember that 40 years of statistical data confirms an average annual compounded total rate of return for the equities markets of about 11 percent.
Yes, I am eminently familiar with the statement by famed economist John Maynard Keynes, “In the long run, we are all dead.” More pertinent is the phrase that every journey begins with a first step.
Unfortunately, market volatility, when combined with a fear of the unknown, readily foments paranoia.
U.S. consumer-spending jump brightens outlook
WASHINGTON – U.S. consumers boosted their spending in February by the most in seven months, raising expectations for stronger growth at the start of the year.
Americans spent more even as their income barely grew. To make up the difference, many cut back on saving.
Consumer spending rose 0.8 percent last month, the Commerce Department said Friday. The biggest increase since July coincided with the best three-month hiring stretch in two years.
Paul Dales, an economist at Capital Economics, suggested that estimated annual growth for the economy in the current January-March quarter may be revised up — to around 2.5 percent, compared with earlier estimates of about 2 percent. Consumer spending drives roughly 70 percent of economic activity.
Some of the higher spending last month reflected surging gas prices.
AirTran pilots begin transition to Southwest
The move for pilots comes as the airline prepares to unveil its first AirTran plane newly painted in Southwest colors — a milestone expected in April. Pilots are gradually shifting over to Southwest as the planes are converted over the next couple of years.
Dallas-based Southwest acquired Orlando-based AirTran last year, a deal that opened the door for Southwest to begin flying to Atlanta where AirTran has operated its largest hub. Southwest launched its service at Hartsfield-Jackson International Airport last month, though AirTran will continue flying for a couple of years.
The first class of 24 AirTran pilots begin training Wednesday at Southwest’s headquarters in Dallas.
The pilots are the third group to go from AirTran to Southwest.
Proxy battle pits new Yahoo CEO against hedge fund (Reuters)
“Thompson has got to make his case. And now he has to do it persuasively because there’s another guy who is going to make his case persuasively,” said Lawrence Haverty, a fund manager with GAMCO Investors, which owns Yahoo shares.
Thompson is finishing plans to overhaul Yahoo’s operations, the first step in an ambitious effort to pull off one of the Internet industry’s biggest comebacks.
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