The Latest Business Headlines from WWJ Newsradio 950
Area Unemployment Rises | The June jobless rate for the Metro Detroit area rose to an unadjusted 16-year high of 9.7 percent, Crain's Detroit Business reports. | Story
Chrysler Loss | Chrysler Holding lost $515 million in the first quarter. Daimler's Chrysler stake is worth 20 percent of what it was six months ago, The Detroit News reports. | Story
Ford's Small-Car Plan | As it announced an 8.7 billion dollar second quarter loss, Ford said it will bring six small cars to North America from its European lineup. | Story | Related Podcast
Taubman Profits Down | Predevelopment mall expenses in the United States and Asia offset gains for the developer's second quarter, the Detroit Free Press reports. | Story
Airport Runway Deal | A compromise has been reached on a proposal for a new runway at Detroit Metro Airport, in addition to new layout plans for the facility. | Story
Granholm Likes Parts of Reform Plan | Gov. Jennifer Granholm says she's not ready yet to say she opposes a constitutional rewrite backed by some unions and the state Democratic Party. | Story
Dow Falls 283 | The rally for financials, auto makers and consumer stocks withered Thursday after harsh reports on Ford, unemployment, and home sales. | Story
In the Market Brought to you by The Advanced Strategies Group
Top Performing Mutual Funds
(% YTD Return)
Grizzly Short
Direxion S&P 500 Bear 2.5X Inv
ProFunds Biotechnology UltraSector Inv
Oppenheimer Commod. Strat Total Ret A
37.7
26.87
25.88
24.37
Thursday's Most Active Michigan Stocks (% Change)
Ford Motor Co.
General Motors
Pulte
Dow Chemical
Compuware
-15.26
-11.08
-13.9
-3.3
6.18
Data from Dow Jones, Morningstar
As of 3:30 a.m. on July 25
GM BENEFITS CUTS UNDERSCORE NEED TO PLAN AHEAD FOR MEDICAL EXPENSES
It’s tough to tell what a person’s health care needs will be by the time retirement age rolls around. Planning ahead for medical expenses can help to ensure that you’ll be able to cope with medical costs that may arise in your golden years.
You don’t have to look far for an example of why planning ahead for health care costs is so important.
General Motors Corp. is eliminating health coverage for salaried workers in the U.S. who are 65 years of age and older, effective next January. The company has hired a firm to work with retirees and help them to find replacement coverage, but the change will undoubtedly affect the finances of many former GM employees.
If you are affected by the changes being made by GM, it’s crucial to take a hard look at the impact you will face. More...
By John J. Turcotte,
President & COO,
The Advanced Strategies Group Inc.
As the owner of a closely-held business, you have worked hard most of your life to build a successful business. Now the time has come to decide how to exit or transition from your business. This is perhaps the biggest decision you have ever faced, and this is your opportunity to do it right. This is both and important personal event, as well as a financial transaction.
There are so many options to choose from, each having vastly different financial, tax, control, and lifestyle outcomes. How do you exit successfully? More...
MUTUAL FUND FEES TAKE BITE OUT OF INVESTORS' SAVINGS: The stock market has been volatile, food and gas costs are rising, and a lot of people are starting to pay closer attention to how much they pay for a variety of things. That includes fees charged by mutual fund companies. More investors seem to be moving into funds with lower fees. In 2007, nearly 60 percent of the net new investments in mutual funds to index funds and exchange-traded funds, or ETFs, Those products usually carry lower costs than funds which are actively managed. More...
SECURING YOUR CASH: With the economy slump and recent bank failures, Americans are wondering if their money is safe. Kelli Grant, senior consumer reporter for SmartMoney.com, has some tips for ensuring your cash stays put. More...
HOME SALES PLUMMET IN JUNE: Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. The National Association of Realtors reported that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That was more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago. The downward slide in sales depressed prices, too. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record. More...
SLOW GROWTH WEIGHS DOWN SUMMER: The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike.The Fed's new snapshot of business conditions, released Wednesday, also underscored the challenges confronting Federal Reserve Chairman Ben Bernanke and his colleagues as they try to get the economy back on track. For now, many economists predict the Fed will probably leave a key interest rate alone when it meets next on Aug. 5. Boosting rates to fend off inflation would hurt the fragile economy and the already crippled housing market. On the other hand, the Fed isn't inclined to lower rates because that would aggravate inflation. More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: Ford Motor Co.'s changes could be good news for suppliers. We get a rare glimpse into Chrysler's financial situation. Honda has a very good quarter.
YOUR WEEKEND
'LOVE LETTERS' AT THE DIA: Jeff Daniels and Sigourney Weaver star in this Pulitzer-prize-nominated play about letters that have passed between a man and a woman throughout their lives. Daniels and Weaver will appear for a single benefit performance Saturday at the Detroit Institute of Arts. More...
THE POLICE AT DTE: Sting, Andy Summers and Stewart Copeland return to southeast Michigan with special guest Elvis Costello and the Imposters. The show takes place Saturday at DTE Energy Music Theatre. More...
SOULFEST: Put on your platform shoes, fluff out your 'do, and step into your favorite threads. Plowshares Theatre Co.'s new musical revue is taking audiences on a musical trip through the 70s. Shows run through Sunday at the Max M. Fisher Music Center in Detroit. More...
MORE IDEAS AT GREATSTUFF For even more things to do, visit GreatStufftodo.com, southeast Michigan's online resource for creating a better weekend and making the most of your spare time. The GreatStuff Web site and weekly e-newsletter are produced through a partnership between ArtServe Michigan, the Detroit Free Press and WWJ Newsradio 950.
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It’s tough to tell what a person’s health care needs will be by the time retirement age rolls around. Planning ahead for medical expenses can help to ensure that you’ll be able to cope with medical costs that may arise in your golden years.
By John J. Turcotte, 
MUTUAL FUND FEES TAKE BITE OUT OF INVESTORS' SAVINGS: The stock market has been volatile, food and gas costs are rising, and a lot of people are starting to pay closer attention to how much they pay for a variety of things. That includes fees charged by mutual fund companies. More investors seem to be moving into funds with lower fees. In 2007, nearly 60 percent of the net new investments in mutual funds to index funds and exchange-traded funds, or ETFs, Those products usually carry lower costs than funds which are actively managed. 
HOME SALES PLUMMET IN JUNE: Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. The National Association of Realtors reported that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That was more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago. The downward slide in sales depressed prices, too. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record. 
'LOVE LETTERS' AT THE DIA: Jeff Daniels and Sigourney Weaver star in this Pulitzer-prize-nominated play about letters that have passed between a man and a woman throughout their lives. Daniels and Weaver will appear for a single benefit performance Saturday at the Detroit Institute of Arts. 
