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Show PAGE 6 FRIDAY, DECEMBER 7, BUSINESS EDITOR I Grace Leoog Local Industry News & notes Technology iProvo offers lervices High Definition Digital Video Recorder or set top boxes will be offered to MStar and Nuvont subscribers on the iProvo fiberoptics r network beginning Monday. . With this service, subscribers will be able to record high definition video for viewing at their convenience. also allows pausing live TV, instant replay, and 'chasing ' playback," where a user can begin watching a program before it has finished recording. Prior to this new service, the set top boxes allowed either watching high definition video or recording standard definition video, but not both. R HD-DV- A A A A A Dow Jones Nasdaq S&P500 Gold Silver Final Final Final 13,619.89 174.93 2,709.03 42.67 Per ounce $801.20 $3.70 Per ounce $803.00 $9.00 People On the Move IT company names new board director Direct-Pointa Lindon-base- d provider of IT outsourcing services, named Ty Mattingly to its board of directors. Mattingly is managing director of Primary Colors, a private equity firm, and has also been an angel investor for the past 10 year s to Omniture, He also served in a number of executive positions at Novell, where he had worked directly with the late Ray Noorda and Bob Frankenberg in managing the company. ish and Novonyx, he led of As a both companies to successful acquisitions. At SBI he helped the interactive marketing firm get acquired for more than $6 billion and to become the foundation for Microsoft's interactive marketing and advertising initiatives. He was also involved in Novell's acquisition of Novonyx, a joint venture between Netscape and Novell. Lindon e, 1,50734 22.33' Bush mates deal for - ASSOCIATED PRESS THE THE ASSOCIATED PRESS ., THE DOLLAR Yen Euro Pound Canadian dollar Mexican peso Thursday Wednesday 111.40 $1.4633 $2.0290 $1.0097 10.8237 110.55 $1.4619 $2.0256 $1.0169 10.8613 - rate freeze able mortgages. The Center for Responsible Lending, a group that promotes After that, they could be in the same position again. Homeowners dialing up their mortgage company to and works to curb predatory lending, estimates that only 145,000 households will qualify for Treasury Secretary Henry the rate freeze. The criteria , Paulson says it's "no silver bullet." . is too strict, it says. The plan negotiated by The White House plan is aimed at stemming foreclothe Bush administration to President Bush, announc- sures that have shot up to freeze the tow introductory rates on subprime home ing the initiative Thursday, record highs as the housloans appears likely to help said 1.2 million homeowning market has gone from ers could be eligible for re- boom to bust. only a fraction of the homeowners who face huge lief, which includes the rate Subprime borrowers freeze and helping people jumps in their mortgage refinance into more afford See LOOPHOLES, 85 payments. PresWASHINGTON ident Bush acknowledges it's "no perfect solution." . rf RATE, EXCHANGING 5-y- ear Jeannine Aversa WASHINGTON Hundreds of ; thousands of strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the corning months. "There is no perfect solution," President Bush said Thursday as he announced an agreement hammered out with the mortgage industry. "The homeowners deserve our help. The steps I've outlined today are a sensible response to a serious challenge." Bush has been accused of moving See 0 gleongheraldextra.com 1 New subprime mortgage plan has loopholes Martin Crustinger HD-DV- . v 344-29- 2007 B5 get their current rate frozen could be disappointed. The White House plan doesn't force mortgage companies to give eligible homeowners a break. It is voluntary. An uncertain Start National Briefing Ford recalling 1.1 million trucks and SUVs Ford Motor Co. said Thursday it is recalling 1.17 million trucks, sport utility vehicles and vans to fix an engine sensor that could lead to engine stalling. 3 model The recalled vehicles are all from the years with 7.3 liter diesel engines, including the Ford e van, Excursion sport utility vehicle, and Super Duty trucks. Super Duty and The National Highway Traffic Safety Administration said in a posting on its Web site that the camshaft position sen-- . sor located on the engine could function intermittently and lead to an engine stall and potential crash. Ford spokesman Dan Jarvis said there have been 14acci-- , dents associated with the problem, but no injuries reported. In the event of an engine stall, Jarvis said drivers traveling at speeds greater than 30 miles per hour would have fullpower steering and power braking, allowing them to pull over to the side of the road. At speeds below 30 mph, the motorists would still have ; braking and steering functions, he said. Dealers will inspect the sensor and replace it with a new one free of charge. The recall is expected to begin around Dec. 17, with mailing of notification letters to be completed in phases by May 2008. Owners can contact Ford at (866) 1997-200- full-siz- 0 7o 0"mrrJ5Lmi-J?- . rV4 , 0 436-733- v. Zannino will depart as CEO of Dow Jones NEW YORK Richard Zannino will depart as chief executive of Dow Jones & Co., publisher of The Wall Street Journal, after the company completes its sale to Murdoch's News Corp. next week, Dow Jones announced Thursday. News Corp. plans to announce Friday that Zannino will be succeeded by Les Hinton, a longtime newspaper publishing executive at News Corp., while Robert Thomson, editor of the Murdoch-owneTimes of London, will become pub- - ' lisher of The Wall Street Journal, the Journal reported on its Web site. d UnitedHealth's forfeits $400M ex-Ce- o MINNEAPOLIS Former UnitedHealth Group Inc. Chairman and CEO William McGuire has agreed to surrender more than $400 million to settle a lawsuit related stock-optio- Stocks of local interest performance Yesterday's on Thursday has other merchants straining to come and promoup with come-on- s of the clearest tions. But'retailers already know this is going to be a consuthat mer-driven are nervous season, more so than usual. If the exclusives holiday is likely to be and special deals dont work, found at stores this stores already planning big weekend: stacks of Webkinz. discounts between now and Dec. 25 will find themselves The fiercely popular Webkinz, plush toys that children having to slash prices even collect and use the Internet to more heavily and possibly interact with, until recently see their profits falter along were only sold in gift shops the way. and other independent retailThursday's reports showed ers. But Stores Inc. that retailers had a solid deal scored a limited-tim- e Thanksgiving weekend, but to sell Webkinz, hoping the business has dropped off even cute little animals will draw more than normal in the days shoppers and give the world's since. Target Corp. warned that it may not meet its largest retailer a respectable season. growth goal A difficult retail environfor the fourth quarter if sales ment evidenced by mixed dont improve significantly. sales reports retailers released The "consumer splurged THE ASSOCIATED to of selected publicly traded companies COMPANY AA ALCOA WC ASSY ABSaUTESKYMCNEVO.045 ABX BARRKKGOLDCP AEP AMERELECTRKPOWC04920-0.i- 35.86 COMPANY 0.25 NCTM NetManage. AKS AMERNTl ADV MICRO DEVICES AMGN Amgenhc. SAC BK OF AMERICA BAM BROOKFIEU) GROUP CP CITIGROUPINC CMCSK Comust Corporation CYX CHEVRON CORP DAL DELTAAIR LINES NEW D5 WALT DNEX ttow Corporation ERIC IMErkssonTekphon ETR ENTERGY CP FC FRANCJN GE GEN ELECTRIC CO HRB HR HSK HenyScMvhc. EM MTl WTC KH Corporation MBkcAlmays COVEY CO BLOCK NC BUSINESS MACH l NWN NORTHWEST OMTR Omritutht 9.07 320 0.16 1734 49 JO 2753 PCG POM CP 46.92 55.15 426 PR PRZERMC 24.17 032 0.05 0.97 0.18 0.19 45.96 0.73 0.76 0.50 0.66 0.19 Q QWEST 7.00 020 RZ RASER TKHNOLOGES 13.20 TJ8 SCOX SCOGra?,hc.(Trc! SHLD SenHoUnp 36.66 1822 SMITH SKYW SkyWesthc 0.06 SNT0 SENT0C0RP 32.72 0.03 STR QUEST AR 86.62 1.69 SY SYBASE 24.77 820 T AT4TNC 122.57 021 TGT TARGET CP 2.50 2721 015 0.57 0.03 55.41 0.46 26.43 3&S2 034 040 5557 4.56 0.75 0.84 130 0.50 0.04 0.02 TRV THE TRAVELERS CO 543 U0R U0RNC 22.65 UNH UNITEDHEALTH 60.40 U9 USB USBANCORP 109.70 154 0.77 0.05 USEG UTMD 1.01 VZ 462 USANAHiScltno5 40.1S Ul Medal Products. 30.15 VERIZON COMMUN 4442 38.46 1.79 WB WACHCMACP 44.07 1.07 14.30 WEN WEN0Y5MTLNC 1196 023 023 WFC WELLS FARGO 65.51 0.86 WMT WAL MART 2829 3259 4927 021 0.19 037 6133 1526 3455 926 3.58 WH SOT NUTRTT WTl 5.46 O04 0.42 0.40 031 X UNITED STATES STEEL Xa XCE SON Sore Bancorporrton 51.15 233 9.75 0.00 27.98 663 LUV SOUTHWEST Ma MCKESSON MER MLCOCMNSTK MMSI Merit MSfT Mioosoft Corporation MU MICRON MYGN Myriad NATS NATURES SUNSHINE NC 67.69 0.55 0.40 LEE ENTERPRISES TECHNOLOGY CP O01 O.S5 7.47 LEE Genefa, he WTIMC 017 111.78 3726 2048 NORDSTROM Medal System COMMMUNC SI JWN ARUNES NAT GAS 2.08 PENNEYJCC0HOLDIN4i84 CORP 0.08 NUSNNENTMC JCP INC 7.02 he Novel 9138 1838 C 0.15 NUS 4600 3435 CP BALL C 3.63 NOVL ASSET MGT BLL he. 0.00 6U5 INC LAST CHANGE 063 4026 AMD JBLU SYM 1AST CHANGE USNA GROUP 55.98 33.14 UiEwrgyCaji CO STORE ENERGY NC 0.16 0.15 O10 100.60 3.92 2331 0.07 5602 1.53 PRESS One Wal-Ma- Wal-Ma- SYM Press M. SPENCER OREENAssociated 6, 2007. Retailers reported mixed sales for November despite Retailers try to get holiday shoppers back Anne D'lnnocenzio backdating scandal, the company and the Securities and Exchange Commission announced Thursday. McGuire, who stepped down a year ago as the highest-profil- e corporate chief caught in the probe, will give up $320 million in stock options and forego more than $99 million in other retirement and executive savings benefits, the company said. a .. out at a Target store in Lombard, III, on Dec. the strong start to the holiday shopping season. A customer checks rt rt on Black Friday and then she was spent," said Wachovia Capital Markets LLC analyst John D. Morris. "The question is, when will she resurface?" The bulk of holiday shopping has come later and later in recent years, with the last 10 days before Christmas the most critical for retailers. But there are often many signs between Thanksgiving and that final run-u- to the holiday that tell retailers how strong sales are likely to be. And if they continue to see more indications of a troubling spending slowdown, many are likely to cut prices even further. November's results showed that high-en- d shoppers are comfortable splurging, while e middle and shoppers, unsure about their Retail sales Despite a Thanksgiving weekend full of discounts, consumers pulled back, leaving retailers with mixed sales results. Percent change in major retailers' sales compared to Nov. 2006: November 2007 Saks 25.7 Inc. Macy'slnc. 13.4 Target Corp. 10.8V p lower-incom- See RETAIL, Nordstrom Inc. 8.7 J.C. Penney Co. Stores 2.6 Wal-Ma- rt Limited Inc. f 1.5 .7,0 NOTE: Ssies include those from stores opened tor at least one year. Reporting periods vary slightly. On a calendar-adjuste- d basis, same-storsales increased only 1.1 percent e 65 AP Home foreclosures hit record high in third quarter Jeannine Aversa period. That surpassed the previous high of 0.65 percent set in the prior quarter. More homeowners also fell pecially hard hit. Foreclosures and late payments for these borrowers also reached WASHINGTON Home highs in the third quarter. The percentage of subprime foreclosures shot up to an e behind on their monthly payadjustable-rat- e ments. mortgages that high in the third quarter, fresh evidence of the problems The delinquency rate for all entered the foreclosure process afflicting distressed homeownmortgages climbed to 5.59 per- soared to a record of 4.72 percent in the third quarter. That ers amid the housing meltdown. cent in the third quarter. That was up from 3.84 percent in The Mortgage Bankers Aswas up from 5. 12 percent in. sociation in its quarterly snapthe second quarter and was the the second quarter. Late payshot of the mortgage market highest since 1986, the associa- ments jumped to a record high of 18.81 in the third quarter, up released Thursday said that the tion said. Payments are considfrom 16.95 percent in the secered delinquent if they are 30 percentage of all mortgages ond quarter. nationwide that started the or more days past due. The association's survey foreclosure process jumped to Homeowners with spotty a record high of 0.78 percent covers more than 45 million credit who have subprime home loans nationwide. loans were es ember adjustable-rat- e during the Jury THE ASSOCIATED PRESS all-ti- The new figures came as President Bush, accused by Democrats and other critics of not doing enough to help stem the mortgage crisis, was set to unveil a plan Thursday that would allow some homeowners with certain subprime home loans to freeze their interest rate for five years. The plan aims to prevent some distressed borrowers from losing their homes. It also is intended to ease the danger facing the economy from a wave of foreclosures something that would further aggravate problems in the housing market. |