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Target to Open New Store in Spokane, Wash.

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Target to Open New Store in Spokane, Wash.

Store to hire approximately 200 new team members

MINNEAPOLIS--(BUSINESS WIRE)-- Target is pleased to announce plans to open a new store in Spokane, Wash., in July 2014. The new store, located on Regal Street, will be part of the Regal Plaza shopping center. This will be the third Target store in the Spokane area.


The Spokane South store will be approximately 135,000 square feet, and will offer guests the everyday essentials and exclusive brands they have come to expect from Target. In addition, the store will include a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks and a Target Pharmacy, to further enhance guests' shopping experience.

The Spokane South location will employ approximately 200 team members. Target will host job fairs approximately two months prior to the new store opening, at which prospective candidates may apply and interview for open team member positions. Candidates may also apply online at Target.com/careers or at in-store kiosks located in all Target stores approximately three months prior to the new store opening.

"Target is pleased to open its third store in the Spokane area," said Bryan Everett, Target's senior vice president of stores in the Midwest and Northwest regions. "Washington continues to be a great market for Target, and we are committed to being a good neighbor and developing long-lasting relationships with guests and the Spokane community."

Target creates strong partnerships with local organizations in all of the communities where the company does business through Target's community giving programs. This store will start a local grant program, contribute to the United Way and donate food to a Feeding America member, or approved agency. Target also encourages team members to volunteer their time to serve the needs of their community.

About Target
Minneapolis-based Target Corporation (NYS: TGT) serves guests at 1,832 stores - 1,784 in the United States and 48 in Canada - and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target's commitment to corporate responsibility, visit Target.com/corporateresponsibility.

For more information, visit Target.com/pressroom.



Target Public Relations
Erika Winkels, 612-761-6729
or
Target Media Hotline, 612-696-3400

KEYWORDS:   United States  North America  Minnesota  Washington

INDUSTRY KEYWORDS:

The article Target to Open New Store in Spokane, Wash. originally appeared on Fool.com.

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Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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AIG Should Be Doing Better Than It Is Today

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An hour and a half into trading, American International Group is up 0.65%, continuing last week's steady, upward performance that was strong enough to beat Friday's market correction. But while AIG is beating the market today, it's not quite keeping up with its financials sector peers. In part at least, chalk this up to a game of chicken AIG played with Bank of America , and subsequently lost.

Can't we all just get along
Late last Thursday, Reuters reported that B of A rejected AIG's offer to resettle out of court an $8.5 billion dispute over bad mortgages sold by Countrywide Financial. The multibillion-dollar settlement had been agreed upon in 2011, but it was later challenged as unfair by AIG and other investors.

Angling for more money, AIG and company got the case back into in a New York State courtroom at the start of June. But when presiding judge Barbara Kapnick had to temporarily halt proceedings due to scheduling conflicts, she suggested that all parties involved -- which includes bond giants BlackRock and PIMCO -- try to settle the case in mediation. 


Foolish bottom line
B of A refused the offer, obviously feeling confident enough in its case to take its chances in the courtroom. Under siege and under pressure for so long now over the reemergence of this old case, the tide may have turned in B of A's favor, at least from the market's perspective. As a result, AIG now looks like the weaker party for making an epic fuss and then trying to settle out of court, perhaps hampering its performance in the market today -- at least relative to its peers.

There's also the market wave to consider: After markets around the globe tanked in the wake of the Federal Reserve's announcement that it might start tapering quantitative easing later this year, they've rebounded much more quickly and powerfully than this Foolish analyst predicted. And AIG is certainly riding that wave; it even managed to fight back against last Friday's market correction.

That said, there's still plenty of volatility out there. Investors continue to be uneasy over a potential credit crunch developing in China. On top of that, the big June jobs report is out this Friday. And with the market crutch of quantitative easing hanging in the balance, investors can't make up their minds about whether to be bullish on good economic news or bearish.

Always do your best to tune out market noise, fellow Fools, and tune in to the fundamentals of the companies you're invested in: AIG or otherwise. Take the long-term view, and leave the daily ticker check-ins to the day traders. Your portfolio will thank you, even if your broker won't. 

Many investors are terrified about investing in big banking stocks after the crash, but the sector has one notable stand-out. In a sea of mismanaged and dangerous peers, it rises above as "The Only Big Bank Built to Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now.

The article AIG Should Be Doing Better Than It Is Today originally appeared on Fool.com.

Fool contributor John Grgurich owns no shares in any of the companies mentioned. Follow John's dispatches from the not-so-muddy trenches of high-finance and big-banking on Twitter @TMFGrgurich . he Motley Fool recommends American International Group, Bank of America, and BlackRock. The Motley Fool owns shares of American International Group and Bank of America and has the following options: Long Jan 2014 $25 Calls on American International Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a gripping disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Why Accenture Is Poised to Bounce Back

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Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, global consulting giant Accenture has earned a respected four-star ranking.

With that in mind, let's take a closer look at Accenture and see what CAPS investors are saying about the stock right now.

Accenture facts

Headquarters (founded)

Dublin, Ireland (1995)

Market Cap

$46.8 billion

Industry

IT consulting and other services

Trailing-12-Month Revenue

$28.2 billion

Management

CEO Pierre Nanterme (since 2011)

CFO Pamela Craig (since 2006)

Return on Equity (average, past 3 years)

64.8%

Cash/Debt

$5.9 billion / $0

Dividend Yield

2.3%

Competitors

IBM

Computer Sciences

Infosys


Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 95% of the 1,350 members who have rated Accenture believe the stock will outperform the S&P 500 going forward.   

Just last week, fellow Fool Simon Erickson (TMFInnovator) tapped the company's recent earnings miss as an attractive buy-in opportunity:

Accenture missed Rev guidance, largely due to weakness in Brazil and Europe and fewer big projects, which caused shares to drop 11%. I'm not sure why this miss was so shocking, really. The current market uncertainty is influencing companies' IT/consulting spend, which effected ACN's short-term results.

Looking bigger picture though, ACN is in a great position to outperform:
-Their focus on data analytics and cloud computing are fast-growing markets to be competing in.
-Their reputation is phenomenal. They focus is on long-term relationship building, which allows for recurring revenues and a sticky customer base. ...
-They are one of the few consulting firms to also offer to deploy IT and hardware solutions. ...
-They have an asset-light model that allows them to return profits to shareholders. They have tripled their annual dividend in the last five years.

Accenture has outperformed the market in 8 of the last 10 years. I would expect them to do more of the same in the future.

Solid companies selling at depressed prices have consistently helped generations of the world's most successful investors preserve capital, minimize risk, and achieve long-term, market-trampling returns. For one such company, read our free report: "The One REMARKABLE Stock to Own Now." Just click here to get started.



The article Why Accenture Is Poised to Bounce Back originally appeared on Fool.com.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool recommends Accenture. The Motley Fool owns shares of International Business Machines.. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Graco Inc. Announces Second Quarter 2013 Earnings Conference Call

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Graco Inc. Announces Second Quarter 2013 Earnings Conference Call

MINNEAPOLIS--(BUSINESS WIRE)-- Graco Inc. announced today that it will release its Second Quarter 2013 earnings after the New York Stock Exchange closes on Wednesday, July 24, 2013. A full text copy of the earnings announcement will be available on the Company's website at www.graco.com/ir. Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors to discuss the results at 11:00 a.m. ET, 10:00 a.m. CT on Thursday, July 25, 2013.

A real-time listen-only webcast of the conference call will be broadcast by Thomson. Individuals can access the call and view the slides on the Company's website at www.graco.com/ir. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.


The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).

For those unable to listen to the live event, a replay will be available soon after the conference call at Graco's website, or by telephone beginning at approximately 2:00 p.m. ET on July 25, 2013, by dialing 800-406-7325, Conference ID #4627991, if calling within the U.S. or Canada. The dial-in number for international participants is 303-590-3030, with the same Conference ID #. The replay by telephone will be available through July 28, 2013.



Graco Inc.
James A. Graner, CFO, 612-623-6635
jgraner@graco.com
or
Media Contact:
Bryce Hallowell, 612-623-6679
bhallowell@graco.com

KEYWORDS:   United States  North America  Minnesota

INDUSTRY KEYWORDS:

The article Graco Inc. Announces Second Quarter 2013 Earnings Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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CSG International to Hold Second Quarter Earnings Conference Call

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CSG International to Hold Second Quarter Earnings Conference Call

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- CSG International, Inc. (NASDAQ: CSGS), a global provider of software and services-based business support solutions (BSS) that help clients generate revenue and maximize customer relationships, invites you to participate in a conference call on Tuesday, Aug. 6, 2013, at 5:00 p.m. Eastern Time to discuss the company's second quarter 2013 earnings results.

The one-hour conference call will feature Peter Kalan, CSG President and Chief Executive Officer, and Randy Wiese, CSG Chief Financial Officer. To reach the conference, dial 1-800-762-8779 and ask the operator for the CSG International conference call and Liz Bauer, chairperson.


Click here to join a webcast of CSG's earnings call in live or archived format. A replay of the conference call will also be available until midnight Eastern Time on Sept. 6, 2013, and can be accessed by calling 1-800-406-7325 and access code of 4625058.

About CSG International

CSG Systems International, Inc. (NASDAQ:CSGS) is a market-leading business support solutions and services company serving the majority of the top 100 global communications service providers, including leaders in fixed, mobile and next-generation networks such as AT&T, Comcast, DISH Network, France Telecom, Orange, T-Mobile, Telefonica, Time Warner Cable, Vodafone, Vivo and Verizon. With over 30 years of experience and expertise in voice, video, data and content services, CSG International offers a broad portfolio of licensed and Software-as-a-Service (SaaS)-based products and solutions that help clients compete more effectively, improve business operations and deliver a more impactful customer experience across a variety of touch points. For more information, visit our website at www.csgi.com.



CSG International
Liz Bauer, 303-804-4065
Investor Relations
Liz.bauer@csgi.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

The article CSG International to Hold Second Quarter Earnings Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Why Insmed Shares Sank

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of biotechnology company Insmed plunged 15% today after a phase 3 trial of the company's experimental lung-infection drug Arikace disappointed Wall Street.  

So what: The trial showed that patients taking the once-daily drug Arikace had a smaller improvement in lung capacity than those treated with Novartis' twice-daily competitor TOBI, triggering plenty of investor concern over Arikace's position in the market. While Insmed said that the trial met its main objective of showing that Arikace was not statistically inferior to TOBI, the lackluster results -- it isn't exactly superior -- suggest that the drug's sales potential is limited.


Now what: Management expects to file for regulatory approval in Canada and Europe during the first half of 2014.

"[I]f approved by the EMA and Health Canada, we look forward to bringing ARIKACE to market in order to benefit the thousands of [cystic fibrosis] patients in need of an effective and convenient treatment for these chronic and often life-threatening Pseudomonas aeruginosa lung infections," said CEO Will Lewis.

Given the competitive and regulatory risks that continue to surround Insmed, however, only biotech-savvy Fools should even consider buying into that optimism.  

While you can certainly make quick gains in speculative biotech stocks, the best investing approach is to choose great companies and stick with them for the long term. The Motley Fool's free report "3 Stocks That Will Help You Retire Rich" names stocks that could help you build long-term wealth and retire well, along with some winning wealth-building strategies that every investor should be aware of. Click here now to keep reading.


The article Why Insmed Shares Sank originally appeared on Fool.com.

Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Intuit Selling Financial Services Business in $1.025 Billion Deal

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Intuit announced today that private equity firm Thoma Bravo will acquire its financial services division, IFS. The transaction is set to close within the next few months, and is estimated to be worth $1.025 billion. The acquisition will be executed in cash, and is subject to regulatory review.

Following the transaction, Thoma Bravo will assist IFS in becoming a standalone company focusing on digital banking and mobile solutions for financial institutions. Some assets, including personal finance website Mint.com, will remain with Intuit.

Brad Smith, Intuit's president and CEO, said in a statement that the acquisition will create a number of positive opportunities for IFS, and allow Intuit to focus more closely on "directly serving consumers and small businesses, and continuing to build our durable competitive advantage in those segments."


IFS has 730 employees in several offices in the United States and India. Intuit said it will use the proceeds from the deal to accelerate the repurchase of its shares.

Last week, Thoma Bravo announced it was acquiring Keynote Systems,  a leader in Internet and mobile cloud testing and monitoring, in an all-cash deal valued at $395 million.

link

The article Intuit Selling Financial Services Business in $1.025 Billion Deal originally appeared on Fool.com.

Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Intuit. The Motley Fool owns shares of Intuit. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Does a College Education Matter Anymore?

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As the interest rate on government-backed Stafford college loans prepares to double today -- from 3.4% to 6.8% -- for new student borrowers, the value of a post-high school education is, once again, under discussion. As many have sought to battle the recession by enrolling in college or graduate school, stories of the crippling debt a great number of students have taken on have been grabbing headlines. With unemployment remaining stubbornly high, many wonder if obtaining a college degree is worthwhile at all.

William C. Dudley, President and CEO of the Federal Reserve Bank of New York, recently addressed this very issue. Late last week, Dudley answered the question, "Are recent college graduates finding good jobs?" with a qualified, "Sort of." Like others who have taken a good look at this issue, he found that the answer is not an easy one.

College still has value -- with qualifications
Most studies continue to show that workers with a college degree fare better than those without, particularly in times of economic recession. With the total U.S. student loan debt load totaling $1 trillion, however, much of this research has been trained on which degrees are apt to win the graduate a well-paying job.


The consensus of opinion remains that a college education puts job-seekers in a much better position than those with only a high-school diploma. A study published last summer from Georgetown University showed that from 1989 to 2012, job opportunities for those with at least a four-year college degree increased by 82% -- compared to 42% for a two-year degree. For those with high school diplomas -- or none at all -- employment prospects dimmed by a depressing -14%.

The latest news from Georgetown researchers takes a look at the type of college degrees that give students an edge -- and those that don't. Overall, the authors of the study maintain that a college degree is still valuable, noting that even an initial 8.9% unemployment rate for new graduates, while high, pales in comparison to the whopping 22.9% experienced by those heading into the workforce armed with only a high school diploma.

Some of the report's findings do not surprise at all. For instance, the study notes that unemployment is very high for architects because of the housing crash. And while information systems majors tend to have a high initial unemployment rate of 11.7%, the rate drops to only 5.4% as those who gain experience move up. Recent graduates in the health care and education fields find jobs rather easily, experiencing a low 5.4% initial unemployment rate.

Cost versus results
For college to be "worth it," then, students must weigh the value of a particular degree against its cost -- usually in long-term student loans -- and the chances of actually landing a job. For many, this scenario has not played out well at all, and a majority of Americans are now saddled with tens of thousands of dollars in student debt, which numerous graduates are finding to be an onerous burden.

This crushing debt is turning out to be a drag on the economy, too. The FRBNY noted earlier this year that money owed on student loans is preventing a whole generation of graduates from purchasing new cars and homes. In fact, the study showed that 30-year-olds without college debt, for the first time in a decade, are buying more homes than their debt-laden counterparts.

This is a real problem. A recent article in Forbes shows that 60% of all student debt has settled on the shoulders of those over 30 years of age, and that it takes, on average, 20 years to pay off such debt. Indeed, 15% of college loan debt is held by those over age 50.

For recent graduates, the feeling that they have made the right decision seems to be waning. A survey back in May showed that fully one-third of those polled said they now think they would be better off if they had entered the work force rather than pursued their college degree.

This feeling is shared by other age groups, too. An awesome series on the site Gawker.com collected "Unemployment Stories" for one year, and the personal stories are worth more than a casual read. Now, at the end of the series, the author outlined five lessons showcased by the responses, one of which is this: A college degree doesn't always help. Many reported lingering unemployment, now complicated, regretfully, by a higher debt load.

Still worthwhile?
Whether or not a college education is advantageous, it seems, depends on many variables -- not the least of which is a student's ability to pay the costs associated with a four-year degree, which seems to deliver the most bang for the buck. Still, the Great Recession has made having that piece of paper more important than ever.

Persistently high unemployment and rising education costs have left their mark, but the recession has been especially tough on those without college degrees. The disappearance of nearly 80% of jobs associated with an education level of high-school diploma or less since the recession began leaves workers with no choice but to retrain.

The interest rate hike on new student loans may yet be overturned, but the stark reality of the new job market is unlikely to give the vast majority of job seekers any true relief.

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The article Does a College Education Matter Anymore? originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Big Banks Get Bigger, TV Sells Out, and Music Gets Moving

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On this day in economic and business history...

JPMorgan Chase was already one of the world's largest banks when it merged with Bank One on July 1, 2004. However, folding the Chicago-based bank into JPMorgan's already substantial operations brought one very important change to the banking world: It put Bank One CEO Jamie Dimon in position to take over JPMorgan.

Dimon's steady hand at the helm of a once-floundering bank -- Bank One suffered from a great deal of technological incompatibility as a result of mashing so many smaller banks together at a rather rapid pace -- helped right Bank One, establishing his reputation as one of the industry's best executives. Dimon ascended to the corner office at JPMorgan within two years of the merger, by which point the bank's total assets had swelled beyond $1 trillion. That year, he earned the first of four (and counting) placements on TIME's list of the world's 100 most influential people. A year later, in 2007, Dimon became a director of the New York Federal Reserve.


Dimon steered JPMorgan through the financial crisis in a buyer's mind-set, acquiring both Bear Stearns and Washington Mutual during the early days of the crash. As a result of his generally cautious (but acquisitive) stewardship, JPMorgan exited the financial crisis as the largest bank by assets in the United States. Dimon has often been held up as the best CEO in a floundering industry, but Fool contributor Morgan Housel finds that this praise rings somewhat false:

Since Dimon became CEO in late 2005, JPMorgan shares have returned -7%, including dividends. Dimon was paid $148.9 million during that time, according to S&P Capital IQ. An S&P 500 index fund returned 14.9% over the same period, and the average CEO earned a cumulative $71.9 million, according to Forbes. ...

Of course, shareholder returns aren't always the best way to measure CEO performance. But even judged by internal metrics the results are mixed. JPMorgan has posted an average return on assets -- arguably the most complete measure of a bank's performance -- of 0.8% under Dimon's lead. ... A collection of the 50 largest public banks shows the group's average return on assets since 2006 is 0.8%. Sort them in order, and JPMorgan ranks as the 31st best. Dimon may be one of the industry's best CEOs in people's minds, but on paper, he's distinctly middle of the pack.

Another banking match made in heaven
JPMorgan wasn't the only bank to get bigger on July 1: Bank of New York Mellon was formed by the merger of BNY and Mellon on July 1, 2007. Popularly known as BNY Mellon, the new financial company combined deep historical roots and immense financial management assets.

The Bank of New York was both the first bank in New York City and the oldest continuously traded company in the United States. It also owns the assets of the First Bank of the United States, which was America's first brief experiment in central banking. Mellon Financial, though not quite as old, had over a century of its own history, which included the financing of three different past and present Dow Jones Industrial Average components (Alcoa, Bethlehem Steel, and Westinghouse Electric). The two banks were also leaders in "custodial banking," which is essentially the servicing of financial transactions and other related asset oversight. Together, they became the largest asset servicer in the world.

Today, BNY Mellon has over $26 trillion in assets under its custody, nearly twice the amount overseen by its next-largest competitor.

The kiss of success
Hershey first began to produce its trademark Kisses on July 1, 1907. Though Hershey itself won't confirm it, the popular theory of this candy's naming stems from the "kissing" sound of the depositing machinery on conveyor belts. It was Hershey's fourth year in operation at its groundbreaking Pennsylvania plant, and the Kisses were a great way for founder Milton S. Hershey to spread the love of chocolate in a bite-sized package. The little chocolates became a big hit, and Hershey now produces over 80 million Kisses each day at three different plants in the United States. Thanks to Hershey's innovative mass-production methods, the world's love of chocolate has since exploded into an industry with over $83 billion in annual global sales. 

Opening the advertising floodgates
The first television commercial in history, for Bulova watches, aired during a baseball game between the Brooklyn Dodgers and the Philadelphia Phillies on July 1, 1941. Television had been an experimental technology since the late 1920s, but it wasn't until the FCC began issuing licenses in 1941 that broadcasters were finally allowed to recoup the costs of the broadcast by selling time to advertisers. The ten-second ad cost Bulova a paltry $9 (roughly $150 today). Since it only reached 4,000 viewers, the ad's low cost wasn't too unusual.

Today, TV advertising has become an indispensable element of the worldwide advertising industry. American broadcasters alone are expected to sell $66.4 billion worth of advertising in 2013, which is a big (but not dominant) chunk of the $350 billion spent on TV commercials around the world. The single largest advertiser on local American TV stations is Ford , which frequently spends close to $100 million on local commercial time every quarter, according to Kantar Media. Other automakers are close behind -- the auto industry combines to spend about twice as much on local TV advertising as either the communications or restaurant industries. When you include auto dealers and auto insurers in the tally, efforts to sell Americans on driving usually costs more than $1 billion every three months. This is just for local ads, which account for only 20% of all the money spent on TV advertising.

Walk(man) like an Egyptian
Before the iPod, there was the Sony Walkman, the first successful portable cassette player. Released on July 1, 1979, the iconic blue-and-silver first-generation device  came with two headphone jacks so a listener could share their favorite tunes with a friend. It was the result of a chance suggestion from Sony chairman Masaru Ibuka, who was every bit the world traveler you might expect a major multinational executive to be, and who wanted a truly portable music player for those trips. Engineers modified an existing Sony product between Ibuka's request and his next long flight, and the prototype so impressed the executive that development began quickly once Ibuka pushed through internal objections by saying "Don't you think a stereo cassette player that you can listen to while walking around is a good idea?"

History.com takes a look at the rush to completion.

After a breakneck development phase of only four months, Sony engineers had a reliable product ready for market at 30,000 Yen (approximately $150 in 1979) and available before the start of summer vacation for Japanese students -- both critical targets established at the outset of development. The initial production run of 30,000 units looked to be too ambitious after one month of lackluster sales (only 3,000 were sold in July 1979). But after an innovative consumer-marketing campaign in which Sony representatives simply approached pedestrians on the streets of Tokyo and gave them a chance to listen to the Walkman, the product took off, selling out available stocks before the end of August and signaling the beginning of one of Sony's greatest success stories.

At first marketed as "Sound-About" in the United States and "Stowaway" in Britain, the Walkman became the Walkman after company execs decided to riff on the Sony Pressman cassette recorder their engineers had based the device on in the first place. By 1983, cassettes were outselling vinyl records for the first time, largely because of the popularity of Sony's portable player. Three years later, "Walkman" became part of the Oxford English Dictionary. Sony had sold 200 million Walkmans by the end of its hugely successful run, paving the way for the iPod over two decades later. 

The television landscape is changing quickly, with new entrants like Netflix and Amazon.com disrupting traditional networks. The Motley Fool's new free report "Who Will Own the Future of Television?" details the risks and opportunities in TV. Click here to read the full report!

The article Big Banks Get Bigger, TV Sells Out, and Music Gets Moving originally appeared on Fool.com.

Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more insight into markets, history, and technology. The Motley Fool recommends Ford. The Motley Fool owns shares of Ford and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Park City Group Names CPG Industry Veteran Janet Carter Smith to Leadership Team

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Park City Group Names CPG Industry Veteran Janet Carter Smith to Leadership Team

PARK CITY, Utah--(BUSINESS WIRE)-- Park City Group (NYSE MKT: PCYG), a leader in consumer goods supply chain technology designed to increase sales and reduce out-of-stocks, today announced Janet Carter Smith is joining the company. A Consumer Packaged Goods industry veteran, serves as Senior Vice President, Market Development, with responsibility for developing business solutions, consulting and expanding efforts in market development.

"Janet is an industry-recognized senior leader with a proven track record of driving commercial success in the Consumer Packaged Goods industry. She is uniquely talented at identifying, managing and providing organizational leadership to develop enterprise wide initiatives and strategies. Her extensive industry experience will help expand Park City Group's market development and expand into new channels," said Randall K. Fields, Chairman and CEO of Park City Group. We are privileged to have someone of Janet's caliber join our team and are looking forward to utilizing her talent."


Carter Smith spent more than 17 years at GlaxoSmithKline Consumer Healthcare, most recently serving as Vice President, Corporate Development. In this role, she directed customer development across all classes of trade and led all aspects of industry and trade relations including association management, external communications and conference planning and execution. She was also the commercial lead and expert for cross sector collaborations and enterprise wide initiatives with GSK Pharmaceutical, Vaccines and Consumer Healthcare businesses. Carter Smith previously served as Director, Business Development - Strategic Retail Solutions, Senior District Retail Sales Manager, Regional Retail Sales Manager and Senior Corporate Account Manager.

"One of the biggest challenges our industry faces today is we live in a consumer-driven marketplace where the speed of change and the ability to respond to the shopper's expectations is paramount. The strength of the industry rests in our ability to adapt to meet the increasing and changing needs of our consumers. Park City Group is providing leadership and solutions enabling greater collaboration and more informed decision making between retailers and suppliers, resulting in increased sales and profitability for both," said Carter Smith. "I am excited to join Park City Group in their efforts to provide technology solutions that help address one component of delivering consumer centricity."

Carter Smith served as Chairperson, Retail Liaison Committee and sat on the Annual Executive Conference Planning Committee at the Consumer Healthcare Products Association (CHPA), she was a Retail Advisory Board Member for the National Association of Chain Drug Stores (NACDS), a member of the Education Leadership Council for the Global Marketing Development Center (GMDC) and was on the Health, Beauty and Wellness Advisory Committee at the Healthcare Distribution Management Association (HDMA). She was also the Network of Executive Women (NEW) Ambassador for GlaxoSmithKline.

Carter Smith received a BS in Business Management from Huntingdon College, Montgomery, Ala.

About Park City Group

Park City Group (NYSE MKT: PCYG) is a Software-as-a-Service ("SaaS") provider that brings unique visibility to the consumer goods supply chain, delivering actionable information that ensures product is on the shelf when the consumer expects it as well as providing food safety tracking information. The Company's service increases customers' sales and profitability while enabling lower inventory levels and ensuring regulatory compliance for both retailers and their suppliers. Through a process known as Consumer Driven Sales OptimizationTM, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provides store level visibility and sets the supply chain in motion. And since it is scan-based, it can be used in a Direct Store Delivery (DSD) or warehouse setting.

ReposiTrak™ provides food retailers and suppliers with a robust solution that will help them protect their brands and remain in compliance with rapidly evolving regulations in the recently passed Food Safety Modernization Act. An internet-based technology, ReposiTrak™, will enable all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.

Forward-Looking Statements

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to Park City Group, Inc. ("Park City Group") are intended to identify such forward-looking statements. Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Park City's annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.



Media
RAM Communications
Ronald Margulis, 908-272-3930
ron@rampr.com
or
Investor
Three Part Advisors, LLC
Dave Mossberg, 817-310-0051

KEYWORDS:   United States  North America  Utah

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The article Park City Group Names CPG Industry Veteran Janet Carter Smith to Leadership Team originally appeared on Fool.com.

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iRobot Files Patent Infringement Lawsuit in Germany

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iRobot has filed a lawsuit in a German court alleging that a robotic vacuum cleaning robot marketed and sold in that country infringes on patents for its Roomba, the company announced today.

CEO Colin Angle said in a statement that the company has made "significant investments to protect its intellectual property." Having sold more than 9 million home robots across the world, the company "intends to protect its patent portfolio by the appropriate means available domestically and abroad," he was quoted as saying.

The lawsuit was filed June 14 against five international companies: Pardus GmbH, Emparanza y Galdos Internacional SA, Elektrogerate Solac Vertrieb GmbH, Electrodomesticos Solac SA, and Celaya. The lawsuit focuses on the German robotic vacuum SOLAC ECOGENIC AA3400, alleging it infringes on five European patents for iRobot's robotic cleaning device, the Roomba.


iRobot says it has 200 U.S. patents and 195 non-U.S. patents within its portfolio, including more than 100 in its home business unit, "many of which" cover the Roomba.

link

The article iRobot Files Patent Infringement Lawsuit in Germany originally appeared on Fool.com.

Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends iRobot . Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Ingles Markets, Incorporated Declares Quarterly Cash Dividend

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Ingles Markets, Incorporated Declares Quarterly Cash Dividend

ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NAS: IMKTA) today announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable July 25, 2013, to all shareholders of record on July 11, 2013.

About Ingles Markets, Incorporated


Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 204 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Company supermarkets and unaffiliated customers. The Company's Class A Common Stock is traded on The NASDAQ Stock Market's Global Select Market under the symbol IMKTA. For more information, visit Ingles' website at www.ingles-markets.com.



Ingles Markets, Incorporated
Ron Freeman, 828-669-2941 (Ext. 223)
Chief Financial Officer

KEYWORDS:   United States  North America  North Carolina

INDUSTRY KEYWORDS:

The article Ingles Markets, Incorporated Declares Quarterly Cash Dividend originally appeared on Fool.com.

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EMCOR Group, Inc. Declares Regular Quarterly Dividend

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EMCOR Group, Inc. Declares Regular Quarterly Dividend

NORWALK, Conn.--(BUSINESS WIRE)-- EMCOR Group, Inc. (NYS: EME) today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.06 per common share. The dividend will be paid on July 26, 2013 to stockholders of record as of July 12, 2013.

EMCOR Group, Inc. is a Fortune 500® leader in mechanical and electrical construction services, energy infrastructure and facilities services. This press release and other press releases may be viewed at the Company's Web site at www.emcorgroup.com.




EMCOR GROUP, INC.
R. Kevin Matz
Executive Vice President
Shared Services
203-849-7938
or
FTI Consulting
Investors: Nathan Elwell / Matt Steinberg
212-850-5600
or
Linden Alschuler & Kaplan, Inc.
Media: Lisa Linden / Mollie Fullington
212-575-4545 / 917-346-6123

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The article EMCOR Group, Inc. Declares Regular Quarterly Dividend originally appeared on Fool.com.

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Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments, Inc. Buyout

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Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments, Inc. Buyout

Kohlberg offers only $35.00 per share to Steinway shareholders

WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:

  • Do you own shares of Steinway Musical Instruments, Inc. (NYSE: LVB )?
  • Did you purchase any of your shares prior to July 1, 2013?
  • Do you think the proposed buyout price is too low?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Steinway Musical Instruments, Inc. ("Steinway" or the "Company") (NYSE: LVB) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by an affiliate of Kohlberg & Company ("Kohlberg") in a transaction valued at approximately $438 million.

Click here to learn more: http://www.rigrodskylong.com/investigations/steinway-musical-instruments-inc-lvb.

Under the terms of the agreement, public shareholders of Steinway will receive $35.00 per share in cash for each share of Steinway they own.

The investigation concerns whether Steinway's board of directors failed to adequately shop the Company and obtain the best possible value for Steinway's shareholders before entering into an agreement with Kohlberg.

If you own the common stock of Steinway and purchased your shares before July 1, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/steinway-musical-instruments-inc-lvb.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.



Rigrodsky & Long, P.A.
Seth Rigrodsky
Peter Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rigrodskylong.com
http://www.rigrodskylong.com

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The article Rigrodsky & Long, P.A. Announces Investigation Of Steinway Musical Instruments, Inc. Buyout originally appeared on Fool.com.

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Hittite Microwave Corporation to Report Second Quarter 2013 Financial Results on July 25, 2013

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Hittite Microwave Corporation to Report Second Quarter 2013 Financial Results on July 25, 2013

CHELMSFORD, Mass.--(BUSINESS WIRE)-- Hittite Microwave Corporation (NAS: HITT) plans to announce its financial results for the second quarter ended June 30, 2013 after the close of market on Thursday, July 25, 2013. In conjunction with the release, Hittite Microwave will conduct a conference call at 5:00 p.m. ET on Thursday, July 25, 2013, hosted by Mr. Rick D. Hess, President and Chief Executive Officer, and Mr. William W. Boecke, Vice President and Chief Financial Officer.

Conference Call:


Thursday, July 25, 2013, 5:00 p.m. ET

Dial-in Number:

(480) 629-9866 (U.S. & International)

Replay Number:

(303) 590-3030

Access Code: 4627501

Replay Expiration: Thursday, August 1, 2013

Audio Webcast:

A live webcast of the call will be available online on the Hittite Microwave website. To access the live webcast, go to the Investor page of the Hittite Microwave website at www.hittite.com and click on the webcast icon located under the News & Events section. The webcast archive of the call will also be available after the live call by visiting the website. Hittite Microwave encourages each visitor to review the site prior to the call to ensure that the visitor's computer is configured properly.

About Hittite Microwave Corporation

Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The company's standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless & wired communication and sensor applications for the automotive, broadband, cellular infrastructure, fiber optic, microwave & millimeterwave communications, military, space and test & measurement markets. The company is headquartered in Chelmsford, Massachusetts.



Hittite Microwave Corporation
William W. Boecke, 978-250-3343
V.P. and Chief Financial Officer

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:

The article Hittite Microwave Corporation to Report Second Quarter 2013 Financial Results on July 25, 2013 originally appeared on Fool.com.

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Avery Dennison Completes Sale of Two Businesses to CCL Industries

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Avery Dennison Completes Sale of Two Businesses to CCL Industries

PASADENA, Calif.--(BUSINESS WIRE)-- Avery Dennison Corporation (NYS: AVY) announced today it has completed the sale of its Office and Consumer Products and Designed and Engineered Solutions businesses to CCL Industries Inc. (TSX:CCL.A) (TSX:CCL.B) for $500 million, subject to customary closing adjustments expected to be finalized during the third quarter.

The company today filed an amendment to the definitive purchase agreement on form 8-K with the U.S. Securities and Exchange Commission.


Avery Dennison continues to expect net proceeds from the sale of approximately $400 million, and intends to use them to repurchase shares and make an additional pension plan contribution.

About Avery Dennison

Avery Dennison (NYS: AVY) is a global leader in labeling and packaging materials and solutions. The company's applications and technologies are an integral part of products used in every major market and industry. With operations in more than 50 countries and 30,000 employees worldwide, Avery Dennison serves customers with insights and innovations that help make brands more inspiring and the world more intelligent. Headquartered in Pasadena, California, the company reported sales from continuing operations of $6 billion in 2012. Learn more at www.averydennison.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements contained in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements and financial or other business targets are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical or anticipated results depending on a variety of factors, including but not limited to the risks that the net proceeds from the sale could be less than anticipated due to closing adjustments and taxes and that the sale could disrupt current plans and operations.

For a more detailed discussion of these and other factors, see Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Results of Operations and Financial Condition," in the Company's most recent Form 10-K, filed on February 27, 2013, and subsequent quarterly reports on Form 10-Q. The forward-looking statements included in this press release are made only as of the date hereof and the Company undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances, other than as may be required by law.



Avery Dennison
Media Relations:
David Frail, (626) 304-2014 (o) and (626) 298-5902 (m)
david.frail@averydennison.com
or
Investor Relations:
Eric M. Leeds, (626) 304-2029
investorcom@averydennison.com

KEYWORDS:   United States  North America  California

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The article Avery Dennison Completes Sale of Two Businesses to CCL Industries originally appeared on Fool.com.

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LG Chem, Johnson Controls Score Highest in Navigant Research Assessment of Manufacturers of Lithium

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LG Chem, Johnson Controls Score Highest in Navigant Research Assessment of Manufacturers of Lithium Ion Batteries for Electric Vehicles

BOULDER, Colo.--(BUSINESS WIRE)-- Lithium ion (Li-ion) batteries have become the clear leader in the emerging market for electric vehicle (EV) batteries. Steady but gradual growth in sales of electric vehicles, however, has limited opportunities for makers of advanced batteries, including Li-ion batteries. Several companies have either entered bankruptcy or shut down, leaving a few hardy firms struggling to remain solvent until the EV market creates a growing worldwide demand for electric drivetrains. According to a new Leaderboard report published by Navigant Research, LG Chem and Johnson Controls currently lead the EV battery market in terms of both strategy and execution.

"The lithium ion battery manufacturing space is not for the weak of heart," says Sam Jaffe, senior research analyst with Navigant Research. "The electric vehicle market is growing slowly and the battery manufacturers are engaged in a Darwinian fight for survival."


Only three companies (LG Chem, Johnson Controls, and AESC) were ranked as "Leaders" in the report's Leaderboard Grid. South Korea-based LG Chem surprised many in the automotive field by winning the Chevrolet Volt contract in 2008, and has since followed through with several other major automotive contracts. Deciding not to invest in building factories to serve a market that has not fully appeared yet, Johnson Controls has focused its strategy on developing the second generation of batteries. Its NMC battery chemistry, which will be officially launched late in 2013 or early in 2014, is highly regarded by many potential buyers and could win some of the world's biggest automotive contracts. AESC, the joint venture between Nissan Motor Company and NEC, is the only manufacturer of Li-ion cells that is directly owned by an automotive manufacturer, and the company has produced significant volumes of batteries, primarily for the Nissan Leaf.

The report, "Navigant Research Leaderboard Report: Lithium Ion Batteries for Electric Vehicles", examines the strategy and execution of 11 Li-ion battery vendors that are active in the electric vehicle market and rates them on 13 criteria, including systems integration, safety engineering, chemistry performance, geographic reach, manufacturing and product performance, pricing, and overall corporate financial health. Using Navigant Research's proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing industry participants with an objective assessment of these companies' relative strengths and weaknesses in the global electric vehicle battery market. An Executive Summary of the report is available for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.

* The information contained in this press release concerning the report, "Navigant ResearchLeaderboard Report: Lithium Ion Batteries for Electric Vehicles," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.



Navigant Research
Richard Martin, +1.303.493.5483
richard.martin@navigant.com
or
Laverne Murach, +1.202.481.7336
laverne.murach@navigant.com

KEYWORDS:   United States  North America  Colorado

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The article LG Chem, Johnson Controls Score Highest in Navigant Research Assessment of Manufacturers of Lithium Ion Batteries for Electric Vehicles originally appeared on Fool.com.

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Dell Mourns the Loss of Board Member William H. Gray III

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Dell Mourns the Loss of Board Member William H. Gray III

ROUND ROCK, Texas--(BUSINESS WIRE)-- Dell today mourns the passing of William H. Gray III, public servant, human rights activist, spiritual leader and business advisor.

Mr. Gray served on the Dell Board of Directors since November 2000. He presided over a period of rapid growth as the company expanded globally and embarked on a multi-year transformation into an end-to-end solutions provider.


During his nearly 13 years of service as a member of the Dell Board of Directors, Mr. Gray contributed to Dell's success in countless ways and helped shape the strategies that have allowed Dell to develop and deliver the very best in technology solutions to its customers.

"I was very saddened to learn of Bill's sudden passing on Monday," said Michael Dell, chairman and CEO of Dell. "Bill was a great friend and trusted advisor to me and our Board members. He brought a unique and distinctive perspective on our business and our industry. I valued his wisdom and insight on public policy matters, and benefitted greatly from his sage counsel for so many years."

"All of us who had the pleasure to know him, and work alongside him, will miss him very much. On behalf of the entire Dell team worldwide, our thoughts and condolences are with his mother Hazel, his wife, Andrea and his three sons, William IV, Justin and Andrew."

About Dell

Dell Inc. (NAS: DELL) listens to customers and delivers worldwide innovative technology, business solutions and services they trust and value. For more information, visit www.Dell.com.



Dell
Media Contacts, 512-728-4100
or
David Frink, 512-728-2678
david_frink@Dell.com
or
Investor Relations Contacts:
David Mehok, 512-728-4225
david_mehok@Dell.com

KEYWORDS:   United States  North America  Texas

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The article Dell Mourns the Loss of Board Member William H. Gray III originally appeared on Fool.com.

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How Wal-Mart Became the World's Biggest Retailer

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On this day in economic and business history...

The first Wal-Mart opened its doors in Rogers, Arkansas on July 2, 1962. 

At this point in his life, Wal-Mart founder Sam Walton had already racked up over two decades of experience as a retailer. He got his start in the industry as a management trainee in one of J.C. Penney's Iowa stores in 1940. Penney's focus on maximizing the value of a customer's visit goes a long way toward explaining Walton's lifelong obsession with making his own store experiences better through research and observation.


Five years later, Walton purchased his first store, a Ben Franklin five-and-dime in Newport, Arkansas with a $20,000 from his father-in-law. Walton took the unprofitable Ben Franklin and turned it into that company's biggest success in Arkansas, learning along the way that lower prices and proper in-store marketing techniques can make a world of difference in the brutally competitive retail industry.

Walton was forced to move on to another Ben Franklin in 1951 after losing his lease on the first store. This one was rechristened the Walton 5 and 10, and its location -- in Wal-Mart's current corporate headquarters of Bentonville -- has informed the Wal-Mart focus on small-town communities ever since. Today it serves as a Wal-Mart corporate museum:


Source: Jonathan Babin via Flickr .

Walton became Ben Franklin's largest franchisee by 1962, with 16 stores scattered across Kansas, Arkansas, and Missouri. At this point, he was convinced that a larger retail footprint would better serve his small-town customer base, and the first Wal-Mart opened in Rogers with twice the space of his original 5 and 10. Here's how Walton himself described that first store in his autobiography: 

The store was only 12,000 square feet, and had an eight-foot ceiling and a concrete floor, with bare-boned wooden plank fixtures. Sterling [a competitor] had a huge variety store in downtown Harrison, with tile on the floor, nice lights, really good fixtures, and good presentations. Ours was just barely put together -- highly promotional, truly ugly, heavy with merchandise -- but for 20% less than the competition. We were trying to find out if customers in a town of 6,000 people would come to our kind of a barn and buy the same merchandise strictly because of price. The answer was yes.

Wal-Mart was one of three discount retail giants that began operating that year -- the first Kmart opened in March of 1962, and the first Target opened in Minnesota that May. Wal-Mart grew quickly, and within five years it had expanded to 24 stores posting a cumulative $13 million in annual sales. However, since both of Wal-Mart's major discount competitors were originally new brands of established retailers, they got off to faster starts. Target's parent company went public in 1967 with nearly 20 times Wal-Mart's annual sales, and Kmart -- now part of Sears Holdings -- had opened 10 times as many locations as Wal-Mart by that point in time. But Wal-Mart was only getting started.

By 1970, Wal-Mart had expanded to 38 locations and was generating over $44 million in annual sales, but mounting debts made further expansion difficult. Walton took the company public that fall, retaining 61% ownership and raising enough cash to expand to 51 stores within the next two years. These shares went on to become one of the absolute best investments anyone could make over the past 50 years. Since their first day on the market, Wal-Mart shares have gained over 900,000% -- not including any reinvested dividends.

The 1980s were the decade when America woke up to Wal-Mart. The company ended the 70s with 276 stores and 21,000 employees, reaching $1 billion in annual sales after what was then a record-breaking 17 short years of operation. In 1983, Wal-Mart opened its first Sam's Clubs, the massive supercenters named after Wal-Mart's founder. That year would mark the dawn of the warehouse-club retail era just as 1962 marked the beginning of discount retailing -- Costco also opened its first store in 1983, and would later undermine Sam Walton's efforts to grow in that sector by merging with Price Club, a warehouse chain that Walton had wanted to add to his own corporate empire.

Despite this setback, Wal-Mart could not be stopped. By 1985, Walton's $3 billion fortune made him the richest man in America. The press coverage of Walton rankled him so much that his autobiography brought up the offense he felt at being painted as "a really cheap, eccentric recluse, sort of a hillbilly who more or less slept with his dogs in spite of having billions of dollars stashed away in a cave." By the end of the decade Wal-Mart became the first retailer to ever post after-tax profits of over $1 billion, finally passing Kmart as the nation's most profitable retailer. Wal-Mart ended the 80s with over 1,400 stores in 26 states.


Source: Member uacescomm on Flickr, cropped for focus. 

Wal-Mart began expanding internationally in 1991, but the following year, Sam Walton died of bone cancer, leaving his immense fortune to several heirs. The total wealth of those heirs has since swelled past the $110 billion mark, leading to criticism from the media over the fact that one family controls as much wealth as the poorest 40% of all American families, representing nearly 49 million households. The average Wal-Mart hourly worker would need to work for seven million years to earn as much money as the Walton heirs.

Wal-Mart continued to grow rapidly despite the loss of its founder. A year after Walton's passing, the company recorded its first-ever week of $1 billion in companywide sales. Sales doubled to over $100 billion by 1997, the same year that the company's leading position among American retailers earned it a spot on the Dow Jones Industrial Average . Wal-Mart became the Dow's only consumer retail company after Sears' removal two years later, and has remained so to the present day. Wal-Mart became the largest company in America by revenue in 2002, with $220 billion in annual sales. In the decade that followed, Wal-Mart again doubled its annual revenue, and it looks set to become the first company in American history to generate half a trillion dollars in annual sales within the next few years.

TIME honored Wal-Mart's 50th anniversary in 2012 with a list of 10 ways the company changed the world. In brief, the 10 big changes are:

  • Everyday low prices (no sales, just bargains) in retail.
  • An immense selection of stuff under one roof.
  • The retail landscape (promoting suburban sprawl).
  • The decline of American labor and the acceptance of workforce abuse.
  • Retail's integration and coordination with supply chain partners.
  • The "corporate culture" as a means of systemic management.
  • The use of data to manage retail processes and adapt to consumer trends.
  • A culture of conspicuous overconsumption.
  • The use of sustainable (green) business practices as a way to save money.
  • Making globalization work for businesses through accessibility.

Here's a visual representation of Wal-Mart's impressive growth over the years, created by statistician Nathan Yau of FlowingData:

To learn about two retailers with especially good prospects, take a look at The Motley Fool's special free report: "The Death of Wal-Mart: The Real Cash Kings Changing the Face of Retail." In it, you'll see how these two cash kings are able to consistently outperform and how they're planning to ride the waves of retail's changing tide. You can access it by clicking here.

The article How Wal-Mart Became the World's Biggest Retailer originally appeared on Fool.com.

Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more insight into markets, history, and technology. The Motley Fool recommends Costco Wholesale. The Motley Fool owns shares of Costco Wholesale. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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GM Automobile Sales at Five-Year High

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2013-Cadillac-CTScoupeAutomaker General Motors Co. (NYSE: GM) said today that June automobile sales rose 6.5% this year, compared with June of 2012. The company sold a total of 264,843 vehicles in June, more than 29,000 higher than total June sales at Ford Motor Co. (NYSE: F), which reported sales earlier today.

Auto industry website Edmunds.com expects sales from all automakers to rise by about 6.5% month over month to a seasonally adjusted annual rate of 15.4 million vehicles.

GM's Cadillac division posted a sales jump of 33.2% year over year, and Chevrolet sales of mini, small and compact cars rose 66%.

Year to date, GM's total sales are up 8% and retail sales are up 10.6%. Fleet sales are down 4.7% month over month and 1.7% year to date.

At Toyota Motor Corp. (NYSE: TM), U.S. sales rose 14% year over year in June to 195,235 vehicles, down from May's total of 207,952. The carmaker also noted that it has now sold 10 million of its Camry models in the United States, accounting for nearly 20% of the company's total sales in the 30 years Toyota has sold cars in the U.S.


Filed under: Autos Tagged: F, GM, TM

 

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