Stock market circuit breakers
The New York Stock Exchange has announced the third-quarter “circuit breaker” points at which trading will be halted for single-day declines in the Dow Jones Industrial Average. Let’s hope this is the last time we think about these in the next three months.
In third-quarter 2009, the 10, 20 and 30-percent decline levels, respectively, in the DJIA will be as follows:
Level 1 Halt
A 850-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.
Level 2 Halt
A 1,700-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.
Level 3 Halt
A 2,600-point drop will halt trading for the remainder of the day regardless of when the decline occurs.
Don Mecoy
Business Writer
Vision quest
The Wall Street Journal tries out a couple of online sites that sell cut-rate prescription eyeglass frames and lenses. Buying glasses online takes some time, and a leap of faith that some consumers may not be willing to make. However, the prices are incredibly cheap compared to what it costs to buy at a bricks-and-mortar shop.
In 2008, sales of vision-care products and services at optical retail outlets topped $25.8 billion—a modest increase of $73 million from the previous year, according to the VisionWatch trade report. But some retailers that specialize in discount eyewear are enjoying robust growth: EyeBuyDirect, an online retailer based in Bethesda, Md., that offers prescription glasses for as little as $7.95 a pair, reports that its sales have risen 900% since its inception in 2006.
Last week, I bought my second pair of prescription glasses from an online retailer. I paid $18. I’ve been happy with both pairs of glasses I bought online. However, my wife is not as pleased with her bifocals, which cost about $30. While they correct her vision properly, she’s not entirely satisfied with the size and fit.
Don Mecoy
Business Writer
Larry Nichols on CNBC
Devon Energy CEO Larry Nichols appeared on CNBC’s Kudlow Report on Tuesday to talk about the cap-and-trade legislation. Nichols is adept at these kind of spots, but Kudlow’s questions could have been written by Devon’s corporate communications department.
Don Mecoy
Business Writer
Madoff sentenced “forever”
The Awl takes a well-deserved shot at Ponzi prince Bernie Madoff:
Bernie Madoff has been sentenced to 150 years in prison for his Ponzi scheme. That’s the maximum sentence, although Madoff has reportedly hinted that he could turn it into 350 for you with almost no risk.
Don Mecoy
Business Writer
Latest business news from The Onion
The Onion is too easy to link to so I generally avoid it. But this business story is a classic:
“World’s Worst Person Decides To Go Into Marketing”
Don Mecoy
Business Writer
…and such small portions
I’ve heard of “all you can eat” Internet plans, but this is taking it to a new level. (via Bifurcated Rivets)
Don Mecoy
Business Writer
Auto industry scorecard: Who owns what?
The good folks at Consumer Reports offer this helpful organization chart for the automotive industry. While I knew that Ford owns a big chunk of Mazda, and that Fiat now holds Chrysler and Dodge, I didn’t know that India’s Tata Motors owns Jaguar and Land Rover.
This vehicle is produced by a subsidiary of Tata Motors.
For instance, BMW owns: Mini, and Rolls Royce
Fiat owns: Alfa Romeo, Ferrari, Lancia, Maserati; Chrysler, Dodge, and a 20 percent stake in Jeep.
Ford Motor Co. owns: Lincoln, Mercury, Volvo (for now), and still owns 13.4 percent of Mazda.
Much more if you click through.
Don Mecoy
Business Writer
So long, Kodachrome
We waited up nights to open those golden boxes--like young children surprised with glee and knowing we could drift asleep again and that all was right with the world, and that there was still Kodachrome, and almost nothing else mattered.\
After 74 years, Kodak is retiring Kodachrome film. While some of the world’s best photographers have used it to produce some spectacular images, Kodachrome has been pushed to the fringes of photography.
From the AP (which couldn’t resist the bad Paul Simon joke in the hedline and the lede)
It enjoyed its heyday in the 1950s and ’60s but in recent years has nudged closer to obscurity: Sales of Kodachrome are now just a fraction of 1 percent of the company’s total sales of still-picture films, and only one commercial lab in the world still processes it.
See a slide show of iconic images shot on Kodachrome film.
Don Mecoy
Business Writer
Job application seeks TMI
The city of Bozeman, Mont. wants to know a lot about its job applicants, including their Internet passwords, according to this AP story.
Bozeman officials have been hammered with e-mails and phone calls ever since KBZK-TV of Bozeman reported the policy on Wednesday, including an excerpt from the city application form that states “Please list any and all current personal or business Web sites, web pages or memberships on any Internet-based chat rooms, social clubs or forums, to include, but not limited to: Facebook, Google, Yahoo, YouTube.com, MySpace, etc.”
The application then asks for the passwords for those sites. The city attorney said the application may be altered, but doesn’t completely back off the policy.
Don Mecoy
Business Writer
A company with a heart
If you didn’t know it from watching its movies, Pixar is all heart. The California animation company granted a terminally ill’s girl last wish to see “Up.” From the Orange County Register
The company flew an employee with a DVD of “Up,” which is only in theaters, to the Curtins’ Huntington Beach home on June 10 for a private viewing of the movie.
Colby died about seven hours after seeing the film.
Don Mecoy
Business Writer
