The Charlotte Observer from Charlotte, North Carolina • 11

mam I The Charlotte Observer charlotteobservercom BUSINESS Friday September 17 2010 -1 UA Business Digest ONLINE: Turn to charlotteobservercombusiness for our free stock and financial data service Create a portfolio to watch use interactive charts: monitor Carolmas companies and check prices trends BY PHONE: Get stock quotes a 800-555-TELL SEC head: Some secrecy necessary YTD YTD Companies with strong Carolina connections Committee approved a bill unanimously on Thursday The House Financial Services Committee held a hearing to examine the exemption and is likely to follow the Senate lead am convinced that it went too Rep Barney Frank D-Mass chairman of the House panel told Schapiro at the hearing is clear that legislation is The exemption allows the SEC to hold back a range of data it collects from financial firms during its inspections In most cases financial firms voluntarily provide the information Proponents of closing the exemption say the public should have a right to review the data because firms could be making risky moves They cite the case of Bernard Ma-doff who is serving a life sentence in federal prison for conducting a multi-billion dollar Ponzi scheme as a reason to make the data public But Schapiro said firms arc concerned that competitors could exploit the public records laws to review proprietary information such as their investment strategies or trading formulas Stock Footnotes If Late filing with SEC New in past 52 weeks pf Preferred rs Stock has undergone a reverse stock split of at least 50 percent within the past year rt Right to buy security at a specified price Stock has split by at least 20 percent within the last year Dividend Footnotes: a Extra dividends were paid but are not included Amount declared or paid in last 12 months Current annual rate which was increased by most recent dividend announcement Current annual rate winch was decreased by most recent dividend announcement YTD YTD Choice If you would like to suggest a stock to add to the Readers Choice selections email stocksiaicharlotteobservercom or write to: Stocks Listings The Charlotte Observer P0 Box 30308 Charlotte NC 28230 The Observer will periodically review its Readers Choice selections The list below includes stock listings from the NYSE NASD and AMEX stock exhanges YTD BofA: 10-year climate change effort is ahead of schedule Bank of America Corp Thursday said it is ahead of schedule on its 10-year $20 billion initiative to address climate change launched in 2007 Through June the Charlotte bank said nearly halfway to its goal tallying S84 billion in lending investing capital markets activity philanthropy and internal green initiatives The efforts include financing environmentally friendly buildings raising capital for green initiatives private-equity-investments 'improvements in its own facilities and charitable contributions For more information sec wwwbankofa-mericacomenvironment RICK ROTHACKER Bank notes Wells private bank named Matt Johnson senior wealth management director for greater Charlotte responsible for the investment management and trust business Asheboro-bascd Communi-tyONE Bank named Carolyn Southern market manager for Mecklenburg and Iredell counties Charlotte investment bank LMC Capital advised on two deals including EbLx purchase of ADAM Inc Charlotte investment firm Frontier Capital invested $6 million in customer support company Perceptis Charlotte investment bank McColl Partners advised the shareholders of Enhanced Recovery Corp in forming a joint venture with RLJ Equity Partners that will create the largest minority-owned collections agency in the US RICK ROTHACKER ECONOMY Stocks close mixed as rally loses steam Stocks struggled to a mixed finish Thursday as a two-week rally lost momentum News of a retrenchment by FedEx Corp also discouraged buyers Stocks have been rising for most of September but on unusually weak volume as skepticism lingers about the economy FedEx an economic bellwether darkened the mood with an announcement that it would eliminate 1700 jobs in an effort to save its money-losing US trucking business According to preliminary calculations the Dow Jones industrial average rose 2210 or 02 percent to close at 1059483 The Dow has now risen in 10 of the last 12 days but still 55 percent below Its 2010 closing high level icachcd on April 26 ASSOCIATED PRESS ECONOMY from 10A rose just 01 percent and arc up 13 percent in the past year That indicates the weak economy is keeping inflation in check Concerns about deflation grew this spring after prices declined for three straight SPEEDWAY a from 10A 250000 people will visit Carolina Christmas and will produce a $102-million economic impact on the region They said they based those estimates in part on an in-depth study of other Christmas light parks in the United States The event will also be an important draw during a traditionally slower time for the speedway officials said The speedway intends to tie in the 42-night display with nearby attractions including Concord Mills mall which draws about 500 motor coaches from Thanksgiving through Christmas spccdw'ay spokesman Scott Cooper said People could shop during the day view the lights at night By Marcy Gordon Associated Press WASHINGTON The head of the Securities and Exchange Commission said Thursday the public be able to sec details of the policing of financial firms because it could make the job more difficult SEC Chairman Mary Schapiro told a House panel that the agency needs the exemption for some cases because firms provide information voluntarily if they know it could be viewed by anyone including competitors Lawmakers want to close a loophole in the new financial overhaul law that allows the SEC an exemption to the Freedom of Information Act Those records are related to its monitoring of firms such as hedge funds and investment advisers Legislation is moving through Congress and is backed by open-government advocates including the American Civil Liberties Union the Society of Professional Journalists and the US Public Interest Research Group The Senate Judiciary CHINA from lOA ports more expensive when sold in China or in other countries in competition against Chinese products Alabama Republican Sen Richard Shelby noted that President Barack Obama as a candidate had no qualms about saying that China manipulates its currency the yuan to benefit its products against those of its foreign competitors including the United States Shelby even read confirmation-hearing testimony from Geithner saying that Obama thinks China unfairly manipulates its exchange rate once in office the administration showed it was all bark and no bite" Shelby said time I believe that the administration re-order its The administration also took friendly fire a time when the US economy is trying to pick itself off the ground currency manipulation is like a boot to the throat of recovery and this administration refuses to take this boot off our said Sen Charles Schumer D-NY Schumer co-authored legislation in 2005 with SC Republican Sen Lindsey Graham to impose a 275 percent tariff on imports from China if it realign the peg against the US dollar The legislation was withdrawn but Schumer threatens to reintroduce it and Dodd said open to mov months increase quieted most of those fears Economists said report confirmed that deflation is not an immediate threat Deflation is a prolonged drop in prices and wages Also Thursday the Commerce Department said the broadest measure of the US trade deficit widened for the fourth straight quarter The and stay in a local hotel he said Carolina Christmas will offer group and motor coach discount packages Visitors will drive through such areas as Snowflake Alley and Patriotic Alley a tribute to troops that will include such light displays as one of the Statue of Liberty A portion of the proceeds from the event will support Speedway Charities The speedway light park and village joins the free annual McAdcnville Christmas lights display For 54 years the Gaston County town has transformed into Christmas Town USA each Decl attracting about 600000 visitors through Dec 26 McAdcnville Mayor Farrell Buchanan said lie expect the speedway light park to i rs re a is -1- nt n- 2S ik ts e- zi in le li st r- c- ly c- re ilt rt r- jf le tc a -t- in i- x- 1A Ss MS ing a bill through his committee before a November meeting of global finance chiefs is the administration afraid of when every month we lose jobs and wealth for a reason that just about everybody admits is Schumer asked heatedly Shelby tried to get Geithner to say that he still thinks that China manipulates its currency something the administration recently chose not to do in a required report to Congress The yuan is Geithner acknowledged pointing out that the International Monetary Fund also recently concluded that However the Treasury chief say what most economists now say that China actively manipulates its currency for home-field advantage Geithner repeatedly told lawmakers that if formally concluded that China is manipulating its currency value the law would order him to negotiate with China which already doing However Schumer reminded Geithner that such a designation would allow numerous US industries to move forward on complaints seeking unfair trade remedies In prepared remarks and under questioning Geithner stressed that China is a great opportunity for US companies Thus a cautious structured approach is needed to resolve conflicts he said important to look at both sides of Geithner said current account trade deficit grew to $1233 billion in the April-to-June period a 129 percent increase from the first quarter A year of growth could be viewed as a healing sign for the US economy as Americans slowly regain their appetite to spend That pushes up imports and widens the current account deficit hurt attendance especially since Christmas Town is free of the economy people arc looking to spend less not he said A 2003 regional economic impact study estimated the McAdcnville lights had an $118 million economic impact said Mel Collins vice president of human resources at Pharr Yarns which helps bring the display to life each year with the nonprofit McAdcnville Foundation It takes three months to put the lights up and three months to take them down he said really something people count on particularly in years when the economy is difficult and finances are Collins said can rely on Mc-Adenville to provide that i.