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Tuesday, November 2, 2004

Business digest


Gold's Gym opens at Cornerstone

Wire/staff reports

Gold's Gym, which has 3 million users worldwide, has opened its 15th franchised exercise gym in Greater Cincinnati, at the Cornerstone At Norwood.

The 43,000-square-foot facility features a pool, women's-only fitness area, racquetball, indoor track, sauna, steam room and free weight floor. More than 2,700 members joined during a pre-opening sales campaign.

T.J. Maxx to open in West Chester

T.J. Maxx will open its 11th store in the region, at the Voice of America Centre in West Chester Nov. 14. The 24,000-square-foot store will receive 10,000 new items each week and bring shoppers an expanded accessories department, store officials said.

Grand opening set for QuikDrop unit

QuikDrop, a retailer that specializes in eBay sales, will hold its grand opening Friday to celebrate its newest location, at 816 Main St. in Milford near the intersection of Ohio 28 and U.S. 50. New or used items valued at $50 or more can be dropped off at any QuikDrop location where they are photographed and sold on eBay for customers. Franchise agreements are in place to open more than 500 stores in the United States.

PaySource among fastest growers

PaySource Inc., which has headquarters in Vandalia , Ohio, near Dayton and a Blue Ash office at 11427 Reed Hartman Highway, is America's 25th fastest growing private company, according to Inc. magazine. The company leads the human resources sector on this year's list.

Omnicare extends bid for NeighborCare

Omnicare Inc. of Covington has extended for the fifth time its $1.3 billion hostile bid for competitor NeighborCare Inc., the company said Monday.

Omnicare, which manages pharmacies in nursing homes, first bid $30 a share for NeighborCare in June. The last extension expired Friday. Omnicare said Monday that it has acquired almost 58 percent of NeighborCare's shares.

Analysts say many investors are waiting on a ruling from the Federal Trade Commission, which is examining the combination for possible antitrust violations. Omnicare is the leading supplier of drugs to nursing homes, with about a third of the $7 billion market.

Omnicare stock closed Monday at $27.35, down 24 cents from Friday's close. NeighborCare shares closed Monday at $25.58, down 5 cents.

Manufacturing, spending rebound

NEW YORK - Consumer spending rebounded in September while manufacturing activity expanded in October, though at a slower pace than the previous month, providing further evidence of continued but moderate economic growth on the eve of the presidential election.

Overall, those and other reports released Monday painted a picture of an economy that was still expanding but not as fast as in the summer. Manufacturers said they were concerned about higher prices for energy and commodities, which were eating into profits.

Given the somewhat mixed reading, the reports gave little new information to voters trying to make up their minds about how the economy has been faring under President Bush, said Ethan Harris, the chief U.S. economist at the Lehman Bros. investment bank.

Northwest Airlines expanding in Indy

MINNEAPOLIS - Northwest Airlines revealed expansion plans Monday that would make it the No. 1 carrier in Indianapolis - with 44 flights to 16 cities.

The announcement comes a week after Indianapolis-based ATA Airlines filed for Chapter 11 bankruptcy protection. ATA executives want to rebuild that airline from a base in Indianapolis, where ATA now offers 39 daily departures.

ATA and Northwest will compete for passengers on seven routes, including Fort Lauderdale and Fort Myers in Florida, says a report in today's Minneapolis Star Tribune.

The number of passengers served at Indianapolis International Airport increased by 8 percent during the first eight months of this year, due in part to a competitive airfare structure, said Dennis Rosebrough, an Indianapolis airport spokesman.

More than one-third of Indianapolis travelers are flying on low-fare carriers.

"That has certainly stimulated our market," he said, adding that passengers are coming from Indiana, Illinois and Ohio to get cheap fares.

Sales of new vehicles cooled in October

DETROIT - After a sizzling September, U.S. sales of new cars and trucks likely cooled in October, more so for Detroit's Big Three carmakers than foreign brands, analysts say.

Heavy-but-costly incentive spending at the end of September likely pulled ahead a portion of October sales for some automakers, while sagging consumer confidence may have hurt business, observers say.

New-vehicle sales surged in September to their second-highest level of 2004, climbing to a seasonally adjusted annual sales rate of 17.5 million units. Predictions vary for October, but the consensus appears to be in the mid-16 million unit range, up from 16.1 million a year ago.

Wachovia, SouthTrust form Southeast giant

CHARLOTTE, N.C. - Wachovia Corp. has completed a $14.3 billion acquisition of SouthTrust Corp. to create the largest bank in the Southeast, both banks said Monday.

The integration process is scheduled to be completed by the end of 2005, Wachovia said.

Wachovia has said it will eliminate some 4,300 jobs, partly through attrition, as part of the acquisition.

Thursday, shareholders at both banks approved the all-stock transaction.




TECH TUESDAY
The technology of e-voting
Automakers go after the coolest electronics
Firewalls vital to keep out hackers

MORE BUSINESS HEADLINES
CG&E offers another rate plan
Delta promotes overseas flights
$500 million in new financing arranged
Enquirer's owner buys local Inspire magazine
Oil price falls to just above $50 a barrel
More fallout over Vioxx drives down Merck stock
Toyota profit down, sales up
Business digest



 

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