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Aug 15, 2008 -- SpongeTech(R) Delivery Systems, Inc. (OTCBB: SPNG | Quote | Chart | News | PowerRating) is pleased to announce that sales are going very well in retail stores, such as Bashas' Supermarkets, Rite-Aid in the Southwest, Winn-Dixie Supermarkets in the South, Price Chopper throughout New England, and Wal-Mart South America. The company is looking to add Kroger's to the list of retailers shortly. SpongeTech(R)'s COO, Steven Moskowitz said, "We are very pleased with sales in the retail stores here in the United States and with retailers now coming to us. With the Car Care products now available in retail stores throughout the United States, it should make it easier and faster to get the new product lines in, like the Pet Care (Uncle Norman's(TM) Pet Sponge) and Beauty Products (Puddle Pals). What a positive response to our products in the retail center! We are working to make SpongeTech(R) a worldwide household brand."
Aug 15, 2008 -- DeKuyper , the best-selling line of cordials and liqueurs in the U.S. and part of Fortune Brands, Inc. (NYSE: FO), celebrates the bottling of its five millionth case of DeKuyper Pucker Sour Apple. Employees toasted this historic milestone at the DeKuyper plant in Cincinnati on August 12, 2008 with an Appletini, the iconic cocktail that helped lead to the success of Pucker Sour Apple. In the mid-1990s, the DeKuyper Sour Apple Pucker was the inspiration behind the Appletini and this signature flavor remains the most popular product in the DeKuyper portfolio. The Pucker family is the #1 fruit flavored sweet and sour schnapps in the liqueur category. "We are extremely proud and excited to reach this milestone with one of our best selling flavors," remarked Sheryl Rosenberger, senior brand manager, DeKuyper. "The Appletini has become a staple cocktail in bars across the country. This iconic drink helped redefine the martini and revive the cocktail culture. We look forward to the continued success of Sour Apple Pucker and the other flavors of DeKuyper that help add fun, flavor and color to cocktails."
Aug 15, 2008 -- Best Buy Co Inc (NYSE: BBY), the leading U.S. electronics chain, is expanding into Russia, having registered its Future Shop trademark to operate on the fast-growing market, two business dailies reported on Friday. Vedomosti, citing the government patent agency Rospatent, said BestBuy had entered its license application for Future Shop, a Canadian subsidiary, in 2006, but has never voiced any intentions of opening stores in Russia. Rospatent has registered the Future Shop brand and is still reviewing the application for the Best Buy trademarket, Vedomosti reported.
Kommersant also reported that BestBuy had this month been granted Russian trademark rights for Future Shop. Victoria's Secret, owned by Limited Brands, and Japanese retailer Muji have also registered trademarks in Russia this month, Kommersant reported, as a decade of economic growth continues to boost wages and support demand for high-end goods. Best Buy could not immediately be reached for comment. Communication manager at Future Shop, Susan Kirk, told Kommersant that the company did not yet have any clients in Russia and declined to comment further.
Aug 15, 2008 -- A Quebec arbitrator imposed a labor contract Friday at a unionized Wal-Mart (NYSE: WMT | Quote | Chart | News | PowerRating) outlet there, marking the first such deal involving the retail giant in North America. While other Wal-Mart stores have been unionized, a group that is critical of the company's labor policies called it a "landmark" collective agreement. Wal-Mart Watch director David Nassar issued a statement Friday congratulating the local United Food and Commercial Workers Canada union and workers at Wal-Mart's Gatineau, Que. tire and lube operation, saying it was "the first Wal-Mart location in North America with a collective agreement in place." Wal-Mart Quebec spokesman Yanick Deschenes would not immediately comment on the details of the arbitrator's 43-page decision. "At first glance, this will have a significant impact on our business model, which is to offer the best prices to our clientele," Deschenes said. In his decision, arbitrator Alain Corriveau wrote: "The employer does not want to modify his business model. This is likely the reason why negotiations stalled and why the parties could not reach a deal at the end of the first labor agreement." Corriveau wrote that except for salaries, the nine automobile technicians at the Gatineau store had already agreed on most elements in the collective agreement. The outlet, near Ottawa, has 250 employees. The arbitrator also ruled the salary scale proposed by the union was "reasonable, realistic and fair."
Market Wrap for August 15th, 2008
The week's final trading session concluded in mixed fashion as results were mixed across the major indices. The Dow and the S&P 500 closed the session up 0.4%, yet the Nasdaq posted a modest decline of 0.1%. For the week, the Dow closed 0.6% lower and the S&P 500 finished 0.1% higher, while the Nasdaq posted a healthy gain of 1.6%.
Participants initially pushed the major indices higher as several retailers provided better-than-expected earnings per share results and a strong dollar helped undercut commodity prices further. Yet the sense of bullishness during the early going waned in afternoon trade as retailers lacked the strength to help the broader market and no market-moving leader emerged. Kohl's (KSS 51.79, +3.52), Nordstrom (JWN 31.54, +1.32), JCPenney (JCP 39.94, +3.11), and Abercrombie & Fitch (ANF 52.59, +0.02) each announced earnings per share results that exceeded analysts' dour estimates. The upside surprise is indicative that the consumer has not rolled over. However, the retailers did issue cautious guidance, indicating a lack of confidence in the coming quarters. In the end, retailers finished the session 1.8% higher, besting the major indices again. Helping improve investors' outlook for retailers was another drop in oil prices, thanks largely to a stronger dollar. The dollar index climbed nearly 0.7% as crude shed more than 1% to settle below $114 per barrel. Strength in the greenback also helped push the CRB Commodity Index roughly 1.8% lower. Crude prices are still up more than 18% year-to-date and the CRB is up 6.6% year-to-date. The weakness in commodities pushed the energy sector 1.8% lower and materials 0.4% lower. The financial sector was unable to sustain hefty gains from early in the session. Though settling 1.1% higher, the sector was touting a 2.6% advance shortly after opening bell. Financials have been mired somewhat during recent sessions by uncertainty surrounding auction rate securities settlements. Allegations have been made against several major Wall Street firms that clients were duped into purchasing what were marketed as safe investment vehicles, but they later proved to be risky and illiquid. Participants looked past a batch of economic data that indicated manufacturing activity is holding up better than anticipated. Industrial production climbed 0.2% during July, which follows a 0.4% increase in June. Economists expected the latest reading to be flat. Additionally, the Empire State Manufacturing Index, a regional survey of manufacturers conducted by the New York Fed, came in at 2.8. It was expected to come in at -4.2.
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