HOME SALES UP ACROSS U.S.: Sales of existing single family homes, condominiums and cooperatively owned apartments rose to a record in the third quarter, as every state posted an increase for the first time in 20 years, the National Association of Realtors said. Sales gained 11 percent to 7.4-million from 6.69-million in the previous quarter, outstripping the record 6.7-million in the first three months of the year, the trade group said. In Florida, sales of existing single-family homes rose 24 percent to 59,446 from 48,080 a year ago. In the Tampa-St. Petersburg-Clearwater area, 9,488 homes changed hands for a 33 percent jump; the median sales price rose 9 percent to $149,600.
TRADE DEFICIT CLIMBS: The U.S. trade deficit widened to $41.3-billion in September as imports climbed to an all-time monthly high, a fresh sign of Americans' hearty appetite for foreign-made goods. Exports, however, also posted a solid gain. The latest snapshot of the country's trade activity showed that the trade gap grew by 4.4 percent in September from August's $39.5-billion imbalance, the Commerce Department reported Thursday. September's trade deficit was slightly larger than the $40.2-billion shortfall that economists were forecasting.
JOBLESS CLAIMS RISE A BIT: The number of Americans filing first time applications for state unemployment benefits rose last week to 366,000, compared with 353,000 the week before, which was the lowest figure since January 2001, the Labor Department reported in Washington. The four-week average, a less volatile measure, fell to 375,250, the lowest since March 2001. Cary Leahey, senior economist at Deutsche Bank Securities in New York, said, "You had two missing pieces in the recovery, jobs and inventories, and now you only have one missing piece, inventories."
ODYSSEY LANDS ON AMERICAN: Odyssey Marine Exploration, a Tampa company that searches for shipwrecked treasure, said Thursday that its stock will be listed on the American Stock Exchange starting Nov. 19, under the trading symbol OMR. The listing will mean increased exposure for Odyssey, which currently trades on the OTC Bulletin Board. Its stock closed Thursday at $4.25 per share, up 11 cents.
VERIZON WARNS OF BUY-OUT COSTS: Verizon Communications Inc. said in a Securities and Exchange Commission filing that it expects "significant" expenses in the fourth quarter from its plan to offer some employees early retirement. Verizon CEO Ivan Seidenberg said last month that more than 12,000 managers and union-represented employees could take the severance offer. Workers have until Sunday to accept the package, Verizon told the SEC. In September, Verizon workers agreed to a contract that lets the company company use buyouts to encourage retirements.
SHELLS SEAFOOD NEEDS CASH: Shells Seafood Restaurants will probably need additional financing over the next 18 months to pay off a debt that comes due Jan. 31, 2005. In a filing with the Securities and Exchange Commission, the 28-store Tampa chain said poor cash flow and seasonal customer patterns had left it in a "guarded" cash position. Shells received a private investment of $2-million last year. Its stock closed Thursday at 67 cents a share, down 12 cents.
McKIDS GOES WORLDWIDE: McDonald's Corp. plans to put "McKids," a word it owns, on a slew of products - from toys to apparel to interactive DVDs - as part of a worldwide marketing initiative to make the fast food giant's presence truly ubiquitous. "It helps us establish McDonald's as more than a trademark - we call it a trustmark," said Larry Light, the company's chief global marketing officer. The effort significantly expands on a line of McKids children's clothing sold only at Wal-Mart Stores Inc., along with some toys and games available through various retailers.
AOL, T-ONLINE MERGER DISCUSSED: Richard D. Parsons, the chief executive of Time Warner, has held preliminary discussions with executives of the T-Online division of Deutsche Telekom about a possible merger or joint venture involving Time Warner's America Online division, two company executives said Thursday. The talks have apparently ended without a deal. The discussions were reported Thursday by the German newspaper Sueddeutsche Zeitung, and Kai-Uwe Ricke, the chief executive of Deutsch Telekom, has publicly denied them. Still, word of the discussions illustrates the options Time Warner continues to consider as it struggles to reverse the damage to its share price done by Time Warner's sale for AOL stock three years ago.
IBM BUYS JACKSONVILLE COMPANY: IBM acquired Productivity Solutions Inc., a Jacksonville provider of automated self-checkout systems used in stores. Financial terms of the deal weren't disclosed Thursday. Productivity Solutions is privately held. It has about 140 employees, most of them in its Jacksonville headquarters. Its customers include BJ's Wholesale Club Inc., Food Lion, Stop & Shop and Winn-Dixie Stores Inc.
HEALTHSOUTH SENTENCING DELAYED: U.S. District Judge Inge Johnson delayed sentencing for five former HealthSouth executives Thursday after hearing widely varying estimates on how much a massive fraud cost shareholders. She said she needed another month before deciding on the proper punishment for the first people to be sentenced in the accounting scam. Neal Seiden, an accountant with the Securities and Exchange Commission, estimated that stockholders lost $2.8-billion because of the fraud. That was about $1-billion higher than an estimate compiled by probation officials. Johnson is required to use a loss estimate in determining penalties.
MICROSOFT CLOSES DEFENSE: Microsoft Corp. wrapped up its defense Thursday against charges that it abused its market power in Europe and urged regulators not to order changes in its flagship Windows operating system. European Commission officials are expected to hear from Sun Microsystems Inc., which filed the original complaint against Microsoft in 1998, software developers RealNetworks Inc. and Novell Inc. and several technology-industry trade groups. The European Commission has threatened to fine Microsoft as much as 10 percent of its global sales - $32-billion last year - and force the company to remove its Media Player audiovisual software from Windows.
ORLANDO THEME PARKS HIRING: Universal Orlando is looking for about 1,000 seasonal workers for both Thanksgiving and the week between Christmas and New Year's, while SeaWorld needs 500, company spokespeople said. Disney World, the area's largest employer, also plans to add workers, including people to appear in the Magic Kingdom's annual holiday parade, but a spokeswoman declined to provide a number. Universal will have a job fair Nov. 21-22 for jobs it needs to fill immediately, spokeswoman Susan Lomax said.
Earnings
Wal-Mart Stores Inc.: The world's biggest retailer posted a 13 percent increase Thursday in third quarter earnings but fell short of Wall Street forecasts by 1 cent, the first time it has missed expectations in seven years.
Sales at U.S. stores open at least a year were up 6.1 percent for the quarter, yet Wal-Mart also tempered its outlook for the holiday season, indicating that its profits for the current quarter could miss expectations.
Target Corp.: The retailer's profits rose 8.7 percent for the quarter and matched the analysts' consensus. Same-store sales were up 4.3 percent. Target's namesake stores were the biggest contributors, with revenue up nearly 14 percent.
Dell Inc.: The personal computer maker reported a 21 percent increase in third quarter earnings, citing significant growth in key European and Asian markets. Results matched expectations of analysts surveyed by Thomson First Call.
Liberty Media Corp.: The media company said Thursday its third quarter net income rose 86 percent from the same period last year.
