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Confusion over Twitter amplifies Tweeter stock

Written By Unknown on Sabtu, 05 Oktober 2013 | 16.30

A rush to get on the Twitter IPO bandwagon could be responsible for yesterday's massive stock price jump for Tweeter Home Entertainment Group, or could have just been a savvy investment move.

Tweeter, the Canton-based electronics retailer that filed for bankruptcy in 2007 and trades under the symbol TWTRQ, saw its stock shoot up by 
1,400 percent at one point yesterday, possibly due to confusion from investors looking to get a jump on shares of Twitter, which shared details of its highly anticipated IPO on Thursday, as well as its proposed stock symbol, TWTR.

Shares of Tweeter, which started the day at 1 cent each, hit 15 cents a share, but trading was eventually halted by the Financial Industry Regulatory Authority, citing a misunderstanding related to the "possible initial public offering of an unrelated security."

"Somebody probably got confused ahead of the Twitter IPO and either misspelled the name of the company or mistyped the ticker by adding a Q at the end," Larry Peruzzi, senior equity trader at Cabrerra Capital Markets in Boston told Bloomberg.

More than 14.3 million shares of Tweeter changed hands yesterday, the most since 2007.

Still, Max Wolff, senior analyst and chief economist for ZT Wealth, said the momentum could have started with one savvy investor.

"There might be people who aren't necessarily idiots who decided they could implement a very cheap and easy strategy" by counting on more confusion when real Twitter shares begin to sell, he said. Those savvy investors would then make a tidy profit if confusion leads to higher — if mistaken— demand for Tweeter. "This is actually not a bad strategy," he said.


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The Ticker

Markets gain as shutdown continues

Stocks moved higher on Wall Street yesterday, but investors remained focused on Washington, where a partial government shutdown and a fast approaching deadline on the nation's borrowing limit have weighed on markets all week.

The Dow Jones industrial average rose 76.10 points, or 0.5 percent, to 15,072.58 and the Standard & Poor's 500 index gained 11.84 points, or 0.7 percent, to 1,690.50. The Nasdaq composite index rose 33.41, or 0.9 percent, to 3,807.75.

Mass. Gaming Commission gets 
final slots applications

The state Gaming Commission received final slots applications yesterday from Cordish Cos., which has proposed a slots parlor in Leominster; Penn National Gaming, which hopes to add slot machines at the Plainridge harness racetrack in Plainville; and Raynham Park.

The five-member commission is scheduled to hear 90-minute presentations from each of the companies Monday. They are competing for the state's sole slots parlor license. All three passed an extensive background check conducted by the commission, and reached agreements with officials in their host communities that were later approved by voters.

The commission hopes to award the slots-only license in late December or early January.

NSA trying to crack Web privacy tool

The National Security Agency has been trying to crack the online anonymity provided by Tor, a U.S.-funded Internet tool designed to keep Internet activity private and said to be widely used by dissidents in oppressive countries, as well as by terrorists, according to the latest secret intelligence documents drawn from the cache leaked by Edward Snowden and published by the UK's Guardian newspaper.

The NSA hasn't been able to crack Tor outright, but through various means it's been able to "de-anonymize a very small fraction of Tor users," says an internal NSA document quoted by the Guardian.

THE SHUFFLE

  • Coldwell Banker Residential Brokerage in New England announced that Wendy Wagenbach, left, has been appointed field training manager. In this position, Wagenbach will have oversight of Coldwell Banker Residential Brokerage's education and career development department.
  • BlumShapiro, a regional accounting, tax and business consulting firm, announced the addition of Kimberley Train as a partner in the firm's litigation services and business valuation group. Train will operate out of BlumShapiro's Boston and Quincy offices.

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State reopens oyster beds hit by bacteria

Oyster farming will resume in certain parts of southern Massachusetts today after the state reopened oyster beds that had been closed because of high levels of bacteria.

"It means everything," said Paul Hagan of Duxbury, the farm manager for Boston-based Pangea Shellfish. "Right now, I'm sitting in the middle of Duxbury Bay with my crew and we're just switching gears totally. ... We get to go back to business."

Hagan got a call out of the blue yesterday afternoon announcing the ban was lifted after about a month of uncertainty over how long oystering would be off-limits.

"They've kept us in the dark with this whole process since the day we got shut down," said Hagan. "It was frustrating, but at the same time there was nothing we could do about it. You just have to abide by the rules."

The reopened beds are in Duxbury, Edgartown, Kingston, Marshfield and Plymouth. They were closed in late August after state officials linked oysters in those locations to cases of Vibrio — a bacterial pathogen that causes cramps, nausea and "watery diarrhea," according to a press release from the state Department of Public Health.

State officials decided to reopen the beds after no new human cases were reported and after water temperatures began to cool, making it harder for the bacteria to develop.


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The Ticker

Written By Unknown on Jumat, 04 Oktober 2013 | 16.30

Hacking group members indicted

A federal grand jury yesterday indicted 13 members of the Internet hacking group Anonymous for allegedly carrying out cyber-attacks worldwide, including against targets that refused to process payments for WikiLeaks, the anti-secrecy website founded by Julian Assange.

The U.S.-based members of Anonymous are accused of zeroing in on the computers of governments, trade associations, law firms, financial institutions and other institutions that oppose the philosophy of Anonymous to make all information free for everyone, regardless of copyright laws or national security considerations.

Twitter's IPO reveals it's losing money

Twitter revealed its confidential IPO filing yesterday, clearing the way for one of largest and most hyped IPOs since Facebook.

The filing reveals that the company is still growing, but is losing money. Twitter's revenue was $253.6 million in the first half of this year, up from $122.4 million in the year-ago period. However, the company had a net loss of $69.3 million in the first half, compared to a net loss of $49.1 million in the year-ago period.

Instagram to start sponsored ads

Instagram has decided to flick on its revenue engine, announcing plans to bring sponsored images and videos into the mix.

Facebook's popular app was widely expected to make the move to launch advertisements. The company plans to launch these sponsored images and videos in the coming months.

Data of 3 million Adobe Systems customers accessed by hackers

Adobe Systems said yesterday that hackers had accessed personal data for nearly 3 million of its customers.

Brad Arkin, Adobe's chief security officer, wrote in a blog post that the hackers had removed data including encrypted credit- and debit-card numbers, but that the company does not believe any decrypted numbers were taken.

The Shuffle

 Kristen Zemeitus, left, has joined the 451 Marketing consumer public relations team as account executive. Zemeitus brings seven years of public relations experience in the food, pet, fashion apparel, footwear and sporting equipment industries.

 J. Barrett & Company announced that Realtor Ann-Marie Ciaraldi has joined the agency in its Beverly Farms office. Ciaraldi's business background includes owning her own marketing company for three years.


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Market Basket workers to protest

Market Basket employees will converge at the Waltham site of a stalled store Sunday for a protest against the grocery chain's board.

"The point of the rally is to bring attention to the board and the damage they're causing," said organizer Cindy Whelan, store manager at the Market Basket in Epping, N.H.

A June election left majority power with "A" shareholders led by Arthur S. Demoulas, a cousin of CEO Arthur T. Demoulas, whom they're trying to oust. The board's failure to make payments has put on hold stores in Waltham, Revere and Plymouth, said Scott Lang, the developer's attorney.

A board spokeswoman did not respond to Herald inquiries.


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These top-notch Hub homes will have you salivating

Just won the lottery and want to splurge on a new dream home? Here's a few of 
Boston's luxurious offerings.

The Mandarin, 776 Boylston St

Unit W12B, $13,500,000

This 5,000-square-foot home is on the 12th floor of the Mandarin Oriental building. With multiple terraces, you'll be able to sip your morning coffee or evening glass of wine outdoors while gazing at the expansive Charles River views. The interior includes three bedrooms, 2A bathrooms, an expansive living area complete with fireplace, and exquisitely finished with limestone and walnut hardwood flooring. There are two master suites as well as a separate study and media room. Are you a collector of vintage wines? Not to worry. There is an abundance of built-in wine storage and a commercial-grade kitchen with separate butler's pantry for all of your entertaining needs. With extensive storage included in the unit, two additional storage spaces will hold any extra pieces of fine art you might have. The two full garage parking spaces complete this dream residence.

This home is being offered exclusively by Megan Kopman of 
Campion and Company Fine Homes and Real 
Estate, who can be reached at MKopman
@campionre.com.

259 Marlborough St.

Unit 7, $5,500,000

Do you enjoy stepping out of your front door onto a brick sidewalk shaded by an ever-changing landscape of trees? Then this meticulously renovated penthouse duplex on the sunny side of Marlborough Street might just be for you. With a complete custom renovation this year, this home is ready for your personal belongings. The 3,310 square feet of living space includes three bedrooms and 3A bathrooms as well as one direct-access deeded parking space and a private elevator that services both levels of the unit. With an open-concept floor plan you'll have access to not only a 400-square-foot mahogany terrace complete with exceptional Back Bay skyline views, but also an additional 1,200-square-foot private roof deck with additional views of the Charles River. This wonderful home is complete with a cedar-lined walk-in closet, gas fireplace, custom built-ins, wet-bar and wine fridge.

This home is being offered by Kevin Caulfield of Coldwell Banker Residential 
Brokerage, who can be reached at Kevin.Caulfield@nemoves.com.

130 Commonwealth Ave.

$13,900,000

If you're really the entertaining type, then you're in for a treat with this magnificent home, which is one of the finest luxury offerings available in the city. Situated on one of the Back Bay's most desirable streets, the exterior of 130 Commonwealth Ave. evokes the timeless elegance of 18th century Parisian architecture. Part of the famed "Commonwealth Sisters," this single-family behemoth has 9,908 square feet of living space as well as five bedrooms, six full bathrooms, two half-bathrooms and six (yes six), parking spaces. This true mansion in the heart of Boston also boasts five fireplaces, a 2,000-bottle wine cellar, a private elevator and a magnificent chef's kitchen. The finish work in this home was executed flawlessly in recent renovations by a skilled architect and artisans whose attention to detail is absolutely stunning.

This home is being offered by William Montero of 
Gibson Sotheby's International Realty, who can be reached at William.montero@sothebysrealty.com.


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Suspended: Drug trials, public health initiatives

Written By Unknown on Kamis, 03 Oktober 2013 | 16.30

Each week that the tug-of-war on Capitol Hill continues, the National Institutes of Health will turn away about 200 patients, including children with cancer, from its clinical research center, while local clinical trials remain on hold.

"The longer time goes on, the more deleterious the impact will be on the research community and patients," said Dr. Anne Klibanski, chief academic officer at Partners Healthcare.

Trials that have received funding but need drug approvals could be delayed because the Food and Drug Administration effectively has been shut down.

"I feel terrible. I wanted to get this going," said Leo Finn, 48, a Buzzards Bay father of three who found out Tuesday that the clinical test of the drug his doctor had hoped might cure his liver cancer was on hold. "I want to see my kids graduate, and I want to walk my daughter down the aisle."

The shutdown impact could prevent the Centers for Disease Control from monitoring the spread of the flu this year, "something that all hospitals look to as an early warning sign," said John Erwin of the Conference of Boston Teaching Hospitals.

The Boston Public Health Commission could lose grants for homelessness, violence-prevention and HIV/AIDS programs

"Our public health commission spends about $41,000 a day in federal grants," Mayor Thomas M. Menino said. "If they cease coming, we won't be able to serve the people we have in the city of Boston who need health care the most."

Jordan Graham and the Cape Cod Times contributed to this report.


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Developer bags prime parcel

Construction will begin as early as next week on a 12-story apartment and retail building — including a possible supermarket — on Canal Street just a block from the TD Garden in a deal announced yesterday between developers and the state transportation department.

"It's just a premier location and the views you get up at the building looking down at the Greenway and the harbor is incredible," Trinity Financial Vice President Abby Goldenfarb said. "Five or six years ago, we were taking a chance on the location, but now it's really proven itself to be a great place to live."

Trinity will construct 310 apartments, 147 parking spaces and ground-floor retail at One Canal Street — three mostly empty grassy parcels owned by MassDOT and the MBTA across the street from the Haymarket bus station and the Government Center garage.

Trinity will pay $13 million up-front to the state for the 99-year ground lease. Denver-based Aimco, a real estate investment trust, will pay property taxes on the site.

The 22,000 square feet of retail space will be designated for a supermarket under an agreement with the city, but can be opened up to other retail tenants after 18 months, or if another supermarket opens nearby — such as at the TD Garden, where developers envision both a supermarket and a cinema.

"We understand the community really wants a supermarket in the neighborhood and the Boston Garden site is the preferred site," Goldenfarb said. "But nonetheless, if a supermarket wants to be here, we are obligated to market it to a supermarket for a set period of time."

Construction of the $190 million project could begin within days and will last about 27 months. Several other high-profile projects are slated for the area, including three high-rises with residences, hotels, offices and shops near the site of the old Boston Garden.

Across the street from One Canal Street, developers want to resuscitate the Government Center Garage project with apartments, offices, shops and a hotel.

The project will also replace the Grand Canal's large outdoor patio, which had been part of a temporary lease with the MBTA.

It's been a long process. Trinity originally was the second choice to develop the state-owned sites back in 2005. After the original developer was taken off the project in 2010, MassDot awarded it to Trinity in the $13 million deal, MassDOT spokeswoman Cyndi Roy said.


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Bill filed to greenlight $1B convention center expansion

Lawmakers may soon decide whether to launch a 
$1 billion expansion of the Boston Convention & Exhibition Center — a project that would add 1.3 million square feet of space, including additional exhibit and meeting areas and another, larger ballroom.

"My goal is to have it dealt with this calendar year," said Massachusetts Convention Center Authority Executive Director James Rooney. "We have a number of events we'd like to be able to talk to for future years. The industry knows Boston is considering this."

The MCCA filed the expansion bill yesterday and said the project would not require "new fees or taxes." Funding would come from the Convention Center Fund, consisting of tourism-related fees and taxes.

The expansion would increase convention center floor space from 416,000 to 850,000 square feet — making Boston 14th in the country, up from its current 25th rank, Rooney said.

Expansion could draw larger medical and life sciences conventions and re-attract events like BIO that are now too big, he said.

Convention center officials also want to lure two hotels to Massport land across the street, adding 1,200 to 1,500 more rooms — a must, if the center expands, Rooney said.

Two smaller hotels with a combined 510 rooms on 
D Street are expected to open in late 2015, and the Westin Boston Waterfront may also expand.

Rooney downplayed any impact the expansion may have on residential South Boston. Both state Sen. Linda Dorcena-Forry and state Rep. Nick Collins co-sponsored the expansion bill.

"The convention development has served as a transition zone for the neighborhood between all the commercial and residential and retail development that's taken place," Rooney said.


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What's changing, what's not, in a shutdown

Written By Unknown on Selasa, 01 Oktober 2013 | 16.30

WASHINGTON — Campers in national parks are to pull up stakes and leave, some veterans waiting to have disability benefits approved will have to cool their heels even longer, many routine food inspections will be suspended and panda-cams will go dark at the shuttered National Zoo.

Those are among the immediate effects when parts of the government shut Tuesday because of the budget impasse in Congress.

In this time of argument and political gridlock, a blueprint to manage federal dysfunction is one function that appears to have gone smoothly. Throughout government, plans are ready to roll out to keep essential services running and numb the impact for the public. The longer a shutdown goes on, the more it will be felt in day-to-day lives and in the economy as a whole.

A look at what is bound to happen, and what probably won't:

___

THIS: Washington's paralysis will be felt early on in distant lands as well as in the capital; namely, at national parks. All park services will close. Campers have 48 hours to leave their sites. Many parks, such as Yellowstone, will close to traffic, and some will become completely inaccessible. Smithsonian museums in Washington will close and so will the zoo, where panda cams record every twitch and cuddle of the panda cub born Aug. 23 but are to be turned off in the first day of a shutdown.

The Statue of Liberty in New York, the loop road at Acadia National Park in Maine, Skyline Drive in Virginia, and Philadelphia's Independence National Historical Park, home of Independence Hall and the Liberty Bell, will be off limits. At Grand Canyon National Park, people will be turned back from entrance gates and overlooks will be cordoned off along a state road inside the park that will remain open.

"People who waited a year to get a reservation to go to the bottom of the Grand Canyon all of a sudden will find themselves without an opportunity to take that trip," said Mike Litterst, a spokesman for the National Park Service.

BUT NOT THIS: At some parks, where access is not controlled by gates or entrance stations, people can continue to drive, bike and hike. People won't be shooed off the Appalachian Trail, for example, and parks with highways running through them, like the Great Smokies, also are likely to be accessible. Officials won't scour the entire 1.2 million-acre Grand Canyon park looking for people; those already hiking or camping in the backcountry and on rafting trips on the Colorado River will be able to complete their trips. The care and feeding of the National Zoo's animals will all go on as usual.

The shutdown won't affect Ellis Island or the Washington Monument because they are already closed for repairs.

___

THIS: The Board of Veterans Appeals will stop issuing rulings, meaning decisions about some disability claims by veterans will wait even longer than usual. Interments at national cemeteries will slow. If a shutdown drags on for weeks, disability and pension payments may be interrupted.

BUT NOT THIS: Most Department of Veterans Affairs services will continue; 95 percent of staff are either exempted from a shutdown or have the budget to keep paying them already in place. The department's health programs get their money a year in advance, so veterans can still see their doctor, get prescriptions filled and visit fully operational VA hospitals and outpatient clinics. Claims workers can process benefit payments until late in October, when that money starts to run out.

___

THIS: New patients won't be accepted into clinical research at the National Institutes of Health, including 255 trials for cancer patients; care will continue for current patients. Federal medical research will be curtailed and the government's ability to detect and investigate disease outbreaks will be harmed. Grant applications will be accepted but not dealt with.

BUT NOT THIS: The show goes on for President Barack Obama's health care law. Tuesday heralds the debut of health insurance markets across the country, which begin accepting customers for coverage that begins in January. Core elements of the law are an entitlement, like Social Security, so their flow of money does not depend on congressional appropriations. That's why Republicans have been trying explicitly to starve the law of money. An impasse in approving a federal budget has little effect on Obamacare. As for NIH operations, reduced hospital staff at the NIH Clinical Center will care for current patients, and research animals will get their usual care.

___

THIS: Most routine food inspections by the Food and Drug Administration will be suspended.

BUT NOT THIS: Meat inspection, done by the Agriculture Department, continues. The FDA will still handle high-risk recalls.

___

THIS: Complaints from airline passengers to the government will fall on deaf ears. The government won't be able to do new car safety testing and ratings or handle automobile recall information. Internal Transportation Department investigations of waste and fraud will be put on ice, and progress will be slowed on replacing the country's radar-based air traffic system with GPS-based navigation. Most accident investigators who respond to air crashes, train collisions, pipeline explosions and other accidents will be furloughed but could be called back if needed.

Kristie Greco, speaking for the Federal Aviation Administration, said nearly 2,500 safety office personnel will be furloughed but may be called back incrementally over the next two weeks. The union representing aviation safety inspectors said it was told by FAA Administrator Michael Huerta that nearly 3,000 inspectors will be off work. Greco did not confirm that.

BUT NOT THIS: Air traffic controllers and many of the technicians who keep air traffic equipment working will remain on the job. Amtrak says it can continue normal operations for a while, relying on ticket revenue, but will suffer without federal subsidies over the longer term. FAA employees who make grants to airports, most Federal Highway Administration workers and federal bus and truck safety inspectors will also stay on the job because they are paid with user fees. Railroad and pipeline safety inspectors will also remain at work.

___

THIS: About half the Defense Department's civilian employees will be furloughed.

BUT NOT THIS: The 1.4 million active-duty military personnel stay on duty and under a last-minute bill, they should keep getting paychecks on time. Most Homeland Security agents and border officers, as well as other law enforcement agents and officers, keep working.

___

THIS: The Special Supplemental Nutrition Program for Women, Infants and Children, known as WIC, could shut down. It provides supplemental food, health care referrals and nutrition education for pregnant women, mothers and their children.

BUT NOT THIS: School lunches and breakfasts will continue to be served, and food stamps, known as the Supplemental Nutrition Assistance Program, or SNAP, will still be distributed.

___

THIS: A shutdown that lasts two weeks or more would probably start to slow an already sluggish economy, analysts say. Closures of national parks would hurt hotels, restaurants and other tourism-related businesses. And federal workers who lost pay would spend less, thereby curbing economic growth. A three-week shutdown would slow the economy's annual growth rate in the October-December quarter by up to 0.9 of a percentage point, Goldman Sachs has estimated. If so, that could mean a growth rate of 1.6 percent, compared with the 2.5 percent that many economists now forecast.

BUT NOT THIS: Little impact on the economy if the shutdown only lasts a few days.

___

THIS: Economic data will be interrupted as the Bureau of Labor Statistics ceases almost all operations. This will leave the stock market without some of the benchmark economic indicators that drive the market up or down. The key September jobs report, due Friday, could still be released on time if the White House authorizes that, but that's not been determined. Statistical gathering also is being interrupted at the Commerce Department and Census Bureau. This means the government won't come out on time with its monthly report on construction spending Tuesday or a factory orders report Thursday.

BUT NOT THIS: The weekly report on applications for unemployment benefits is still expected Thursday. The Treasury Department's daily report on government finances will be released normally and government debt auctions are to proceed as scheduled. And at Commerce, these functions continue, among others: weather and climate observation, fisheries law enforcement and patent and trademark application processing.

___

THIS: Some passport services located in federal buildings might be disrupted — only if those buildings are forced to close because of a disruption in building support services.

BUT NOT THIS: Except in those instances, passport and visas will be handled as usual, both at home and abroad. These activities of the Bureau of Consular Affairs are fully supported by user fees instead of appropriated money, so are not affected. As well, the government will keep handling green card applications.

___

THIS: The Federal Housing Administration, which insures about 15 percent of new loans for home purchases, will approve fewer loans for its client base — borrowers with low to moderate income — because of reduced staff. Only 67 of 349 employees will keep working. The agency will focus on single-family homes during a shutdown, setting aside loan applications for multi-family dwellings. The Housing and Urban Development Department won't make additional payments to the nation's 3,300 public housing authorities, but the agency estimates that most of them have enough money to keep giving people rental assistance until the end of October.

BUT NOT THIS: It will be business as usual for borrowers seeking loans guaranteed by Fannie Mae and Freddie Mac, which together own or guarantee nearly half of all U.S. mortgages and 90 percent of new ones.

___

THIS: Possible delays in processing new disability applications.

BUT NOT THIS: Social Security and Medicare benefits still keep coming.

__

Associated Press writers Sam Hananel, Matthew Daly, Joan Lowy, Kevin Freking, Hope Yen, Lauran Neergaard, Andrew Miga, Deb Riechmann, Ricardo Alonso-Zaldivar, Lolita C. Baldor, Jesse Holland, Mary Clare Jalonick and Alicia Caldwell in Washington; and Felicia Fonseca at Grand Canyon National Park, contributed to this report.


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