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Court lets Minn. corporate disclosure law stand
Court News |
2011/05/17 08:52
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A federal appeals court has affirmed a judge's decision to let stand Minnesota's law requiring the disclosure of corporate political donations, saying the state's rules are similar to laws upheld by the Supreme Court and the groups who want them blocked are unlikely to prevail.
In an opinion filed Monday, the 8th Circuit Court of Appeals disagreed with claims that Minnesota's disclosure requirements effectively prohibit corporate independent expenditures and impose burdensome regulations that ban free speech.
"The burden on corporations appears light, and the reporting requirement greatly facilitates the government's informational interest in monitoring corporate independent expenditures," the appeals court found. The judges wrote that rather than banning contributions, the law provides a way to disclose certain information.
Minnesota law requires that in election years, businesses and independent groups must submit five reports and disclose large donations within 24 hours for the three weeks leading up to the primary and the last two weeks before the general election. In off years, one report is required. The registration requirement is triggered when businesses or independent funds spend more than $100. Penalties for violations can be up to $25,000.
One member of the three-judge panel disagreed with the majority in part, saying the state's reporting requirements chill political speech. |
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Stocks reverse early losses as commodities rise .
Stock Market News |
2011/05/16 18:52
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A bounce back in materials and financial companies erased early losses in the U.S. stock market Monday.
Commodities like corn and cotton rose more than 3 percent in morning trading. Those gains helped send materials companies up 1.3 percent, the most of the 10 industry groups that make up the S&P 500 index.
The Dow Jones industrial average rose 41 points, or 0.3 percent, to 12,637 in morning trading. The S&P 500 rose 4, or 0.3 percent, to 1,341. The Nasdaq composite fell 5, or 0.1 percent, to 2,823. The Dow had been down by more than 50 points earlier in the day following an earnings miss by a big retailer and new concerns about Europe's debt crisis.
Home improvement company Lowe's Cos. fell nearly 3 percent in early trading Monday after its quarterly report missed Wall Street's estimates and the company cut its outlook for the year. The company said that its profit fell 6 percent in the first quarter because of the combination of bad weather and a decline in consumer spending.
But J.C. Penny Co. Inc. rose nearly 4 percent after the retailer said that cost-cutting and a line of exclusive merchandise helped its profit rise nearly 7 percent in the first quarter. The company also raised its full year profit estimates.
The U.S. stock market has lost some of its momentum lately after finishing its best first quarter since 1998. Companies in so-called defensive industries like healthcare, utilities and consumer staples have outperformed lately due in part to concerns that high gas prices will slow the economy and cut into corporate profits.
Investors are growing increasingly concerned over the prospect of an unprecedented U.S. default on its debt as well. Treasury Secretary Timothy Geithner told Congressional lawmakers in a letter Monday that the agency is using accounting measures to postpone hitting the federal debt limit until August.
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Leaked memo shows Hewlett-Packard CEO jitters
Stock Market News |
2011/05/16 08:51
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A leaked memo from Hewlett-Packard Co. CEO Leo Apotheker warning of "another tough quarter" underscores the urgent concerns about the technology heavyweight's growth strategy and the challenges facing its new leader.
Reports of the May 4 missive from Apotheker to his top executives surfaced late Monday, sending HP shares tumbling. HP abruptly moved up its earnings report to Tuesday morning. It had originally been scheduled to Wednesday afternoon.
The jitters reflect investors' anxiety about what is essentially a classic big-company problem -- with a twist.
HP is struggling to find ways to meaningfully boost sales without chasing bottom-feeder deals that eat away at profits. It's a code that many analysts believe HP hasn't cracked.
This as the 72-year-old company is recovering from the trauma of the management scandal that brought about the sacking of Apotheker's predecessor, Mark Hurd, in August, and led to the replacement of a third of HP's board. The boardroom purging was unusually severe for a company HP's size, and the turmoil reinforced a perception among many technology watchers of dysfunction in the top ranks of a Silicon Valley institution.
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As stock market slows down, defensive stocks shine
Stock Market News |
2011/05/16 08:50
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After sailing through its best first quarter since 1998, the stock market is starting to lose some momentum. The Standard and Poor's 500 stock index, a broad market benchmark, is up just 1 percent this quarter after jumping 5.4 percent in the first three months of the year, in large part because of conflicting data about the health of the economy.
One group -- defensive stocks -- is doing just fine. Utilities, health care and consumer staples are all considered a good defense against a slowdown because they tend to have stable profits no matter what happens in the broad economy. The items they sell aren't ones people stop buying when their budgets are tight. And for the last six weeks, investors have been putting money into stocks of companies like Aetna or Kraft Foods that cater to everyday needs, like health insurance or coffee.
Each of the defensive industry groups has gained more than 5 percent this quarter. Health care -- the best of the three -- is now up 14.2 percent for the year, after lagging sectors like energy and industrials during the first quarter. What's more, the number of shares exchanging hands in defensive industries is also increasing. Higher volume often signifies that a stock on the rise will continue to rise -- or that a declining stock will keep falling -- because it reflects increased investor interest in a stock. The daily trading volume of the SPDR Consumer Staples Select ETF, for example, is double the rate it was in January.
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Minn. court: Defendant may withdraw guilty plea
Court Watch |
2011/05/14 08:53
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The Minnesota Court of Appeals says defendants may withdraw a guilty plea if they are not told a conviction could result in deportation.
The court on Monday sided with Rene Reyes Campos. Campos said if he knew he risked being deported for a conviction for simple robbery for the benefit of a gang, he never would have pleaded guilty.
Campos was 17 when he was charged in Hennepin County in 2009, and had been a lawful U.S. resident for about seven years. He agreed to plead guilty as an adult and get a stayed sentence. He was not told the plea could affect his immigration status.
Last June, Campos moved to withdraw his plea.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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