<![CDATA[Colorado Springs Gazette RSS - business]]> http://gazette.com/rss/business Thu, 17 Apr 2014 06:40:34 -0600 Zend_Feed http://blogs.law.harvard.edu/tech/rss <![CDATA[Full docket for judge in Detroit bankruptcy case]]> http://gazette.com/full-docket-for-judge-in-detroit-bankruptcy-case/article/feed/109695?custom_click=rss http://gazette.com/full-docket-for-judge-in-detroit-bankruptcy-case/article/feed/109695?custom_click=rss

DETROIT (AP) — The judge overseeing Detroit's bankruptcy is holding a hearing during a week of significant breakthroughs in the case.

The city has the support of pension funds and a retirees' group to reduce payouts to thousands of former Detroit employees. The retirees still must vote, but the tentative deals are a major step toward eventually emerging from bankruptcy.

More details could emerge Thursday in Judge Steven Rhodes' courtroom. He's holding a hearing to listen to objections to Detroit's disclosure statement, which is hundreds of pages of information about the city's finances.

Rhodes also is likely to get an update on Detroit's plan to send ballots to creditors who will soon vote on a plan to settle debts.

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]]> DETROIT (AP) — The judge overseeing Detroit's bankruptcy is holding a hearing during a week of significant breakthroughs in the case.

The city has the support of pension funds and a retirees' group to reduce payouts to thousands of former Detroit employees. The retirees still must vote, but the tentative deals are a major step toward eventually emerging from bankruptcy.

More details could emerge Thursday in Judge Steven Rhodes' courtroom. He's holding a hearing to listen to objections to Detroit's disclosure statement, which is hundreds of pages of information about the city's finances.

Rhodes also is likely to get an update on Detroit's plan to send ballots to creditors who will soon vote on a plan to settle debts.]]> Thu, 17 Apr 2014 07:35:03 -0600 <![CDATA[Chipotle 1Q profit misses view, sales surge]]> http://gazette.com/chipotle-1q-profit-misses-view-sales-surge/article/feed/109693?custom_click=rss http://gazette.com/chipotle-1q-profit-misses-view-sales-surge/article/feed/109693?custom_click=rss

DENVER (AP) — Mexican food chain Chipotle's first-quarter net income rose 8 percent as higher costs offset a sales surge as more customers bought its burritos and other fare.

Shares rose more than 2 percent in premarket trading.

Higher costs for food beef, avacados and cheese as well as higher litigation costs ate into profit and earnings missed expectations.

The Denver company says for the three months ended March 31, net income rose to $83.1 million, or $2.64 per share. That's up from $75.6 million, or $2.45 per share, last year. Analysts expected $2.86 per share.

But revenue climbed 24 percent to $904.2 million from $726.8 million a year ago. Analysts expected revenue of $872.9 million. Revenue in stores open

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]]> DENVER (AP) — Mexican food chain Chipotle's first-quarter net income rose 8 percent as higher costs offset a sales surge as more customers bought its burritos and other fare.

Shares rose more than 2 percent in premarket trading.

Higher costs for food beef, avacados and cheese as well as higher litigation costs ate into profit and earnings missed expectations.

The Denver company says for the three months ended March 31, net income rose to $83.1 million, or $2.64 per share. That's up from $75.6 million, or $2.45 per share, last year. Analysts expected $2.86 per share.

But revenue climbed 24 percent to $904.2 million from $726.8 million a year ago. Analysts expected revenue of $872.9 million. Revenue in stores open]]> Thu, 17 Apr 2014 07:34:26 -0600 <![CDATA[Morgan Stanley's income rose 18 percent]]> http://gazette.com/morgan-stanleys-income-rose-18-percent/article/feed/109679?custom_click=rss http://gazette.com/morgan-stanleys-income-rose-18-percent/article/feed/109679?custom_click=rss NEW YORK (AP) — Investment bank Morgan Stanley says its first-quarter income rose 18 percent from a year ago, helped by its trading and merger and acquisitions advisory businesses.

Morgan Stanley earned $1.4 billion, up from $1.2 billion in the same period a year ago. Earnings per share, excluding one-time items, were 68 cents per share. That easily beat the 61 cents per share analysts were expecting.

Revenue from continuing operations was $8.8 billion, ahead of the $8.5 billion analysts had expected.

All major segments of Morgan Stanley's business increased.

Institutional securities, Morgan Stanley's trading, M&A advisory and stock sales division, grew the most. That division earned $1.2 billion versus $1.1 bil

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]]> NEW YORK (AP) — Investment bank Morgan Stanley says its first-quarter income rose 18 percent from a year ago, helped by its trading and merger and acquisitions advisory businesses.

Morgan Stanley earned $1.4 billion, up from $1.2 billion in the same period a year ago. Earnings per share, excluding one-time items, were 68 cents per share. That easily beat the 61 cents per share analysts were expecting.

Revenue from continuing operations was $8.8 billion, ahead of the $8.5 billion analysts had expected.

All major segments of Morgan Stanley's business increased.

Institutional securities, Morgan Stanley's trading, M&A advisory and stock sales division, grew the most. That division earned $1.2 billion versus $1.1 bil]]> Thu, 17 Apr 2014 07:34:15 -0600 <![CDATA[Heavy winter storms weigh on DuPont during 1Q]]> http://gazette.com/heavy-winter-storms-weigh-on-dupont-during-1q/article/feed/109669?custom_click=rss http://gazette.com/heavy-winter-storms-weigh-on-dupont-during-1q/article/feed/109669?custom_click=rss

DOVER, Del. (AP) — DuPont's agricultural sales suffered and its operating costs rose during extensive winter storms that dragged on first-quarter earnings, although volumes increased in the company's industrial segments and margins improved in almost every one of them.

The Wilmington, Del., chemical maker reported net income Thursday of $1.4 billion, or $1.54 per share, for the quarter ended March 31. That's down from $3.35 billion, or $3.58 per share, for the same quarter a year ago, which included a one-time gain from completion of the sale of DuPont's performance coatings unit.

Excluding one-time items, DuPont reported operating earnings of $1.58 per share, up from $1.

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]]> DOVER, Del. (AP) — DuPont's agricultural sales suffered and its operating costs rose during extensive winter storms that dragged on first-quarter earnings, although volumes increased in the company's industrial segments and margins improved in almost every one of them.

The Wilmington, Del., chemical maker reported net income Thursday of $1.4 billion, or $1.54 per share, for the quarter ended March 31. That's down from $3.35 billion, or $3.58 per share, for the same quarter a year ago, which included a one-time gain from completion of the sale of DuPont's performance coatings unit.

Excluding one-time items, DuPont reported operating earnings of $1.58 per share, up from $1.]]> Thu, 17 Apr 2014 07:34:14 -0600 <![CDATA[PepsiCo 1Q jumps on snack sales, cost cuts]]> http://gazette.com/pepsico-1q-jumps-on-snack-sales-cost-cuts/article/feed/109675?custom_click=rss http://gazette.com/pepsico-1q-jumps-on-snack-sales-cost-cuts/article/feed/109675?custom_click=rss

NEW YORK (AP) — PepsiCo reported a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world.

The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, said global snack volume rose 2 percent while beverages were even from a year ago. Chief Financial Officer Hugh Johnston said on CNBC that the results show the company's snack and beverage units are "really performing terrifically" together.

Johnston compared the combination to peanut butter and jelly, saying that "snacks and beverages are bought together 55 percent of the time."

His comments seemed to address ongoing calls by activist investor Nelson Peltz of Trian Fund Management for PepsiCo to spli

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]]> NEW YORK (AP) — PepsiCo reported a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world.

The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, said global snack volume rose 2 percent while beverages were even from a year ago. Chief Financial Officer Hugh Johnston said on CNBC that the results show the company's snack and beverage units are "really performing terrifically" together.

Johnston compared the combination to peanut butter and jelly, saying that "snacks and beverages are bought together 55 percent of the time."

His comments seemed to address ongoing calls by activist investor Nelson Peltz of Trian Fund Management for PepsiCo to spli]]> Thu, 17 Apr 2014 07:34:12 -0600 <![CDATA[GE 1Q earnings fall, outlook strong]]> http://gazette.com/ge-1q-earnings-fall-outlook-strong/article/feed/109676?custom_click=rss http://gazette.com/ge-1q-earnings-fall-outlook-strong/article/feed/109676?custom_click=rss

NEW YORK (AP) — General Electric posted lower first-quarter net income than a year ago because last year's results included the sale of NBC Universal. But the company said its industrial divisions performed well and the economic environment was "positive."

GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year's first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year.

On a per share basis, GE earned 30 cents.

Adjusted to reflect continuing operations and to remove the effect of one-time charges, GE earned 33 cents per share, down 15 percent from a year ago.

Analysts had expected GE to earn 32 cents per share, on average, on sales of $3

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]]> NEW YORK (AP) — General Electric posted lower first-quarter net income than a year ago because last year's results included the sale of NBC Universal. But the company said its industrial divisions performed well and the economic environment was "positive."

GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year's first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year.

On a per share basis, GE earned 30 cents.

Adjusted to reflect continuing operations and to remove the effect of one-time charges, GE earned 33 cents per share, down 15 percent from a year ago.

Analysts had expected GE to earn 32 cents per share, on average, on sales of $3]]> Thu, 17 Apr 2014 07:34:09 -0600 <![CDATA[Philip Morris Int'l 1Q profit falls nearly 12 pct]]> http://gazette.com/philip-morris-intl-1q-profit-falls-nearly-12-pct/article/feed/109681?custom_click=rss http://gazette.com/philip-morris-intl-1q-profit-falls-nearly-12-pct/article/feed/109681?custom_click=rss RICHMOND, Va. (AP) — Philip Morris International says its first-quarter profit dropped nearly 12 percent as cigarette sales fell in its markets and it was hurt by foreign exchange rates for the U.S. dollar.

The seller of Marlboro and other cigarette brands overseas said Thursday it earned $1.88 billion, or $1.18 per share, in the January-March quarter, down from $2.13 billion, or $1.28 per share, a year ago.

On an adjusted basis, it earned $1.19 per share, beating Wall Street estimates by 3 cents, according to FactSet.

Excluding excise taxes, revenue fell nearly 9 percent to $6.9 billion. Analysts expected revenue of $7.01 billion.

Philip Morris International Inc., based in New York and Switzerland, says cigaret

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]]> RICHMOND, Va. (AP) — Philip Morris International says its first-quarter profit dropped nearly 12 percent as cigarette sales fell in its markets and it was hurt by foreign exchange rates for the U.S. dollar.

The seller of Marlboro and other cigarette brands overseas said Thursday it earned $1.88 billion, or $1.18 per share, in the January-March quarter, down from $2.13 billion, or $1.28 per share, a year ago.

On an adjusted basis, it earned $1.19 per share, beating Wall Street estimates by 3 cents, according to FactSet.

Excluding excise taxes, revenue fell nearly 9 percent to $6.9 billion. Analysts expected revenue of $7.01 billion.

Philip Morris International Inc., based in New York and Switzerland, says cigaret]]> Thu, 17 Apr 2014 07:34:09 -0600 <![CDATA[Weak Barbie sales weigh on Mattel 1Q]]> http://gazette.com/weak-barbie-sales-weigh-on-mattel-1q/article/feed/109668?custom_click=rss http://gazette.com/weak-barbie-sales-weigh-on-mattel-1q/article/feed/109668?custom_click=rss

EL SEGUNDO, Calif. (AP) — Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.

Its shares fell almost 5 percent in premarket trading.

Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets. The first quarter is the seasonally smallest for toy makers, coming after the key holiday quarter which can account for up to 40 percent of revenue.

In addition, Mattel Inc. has been struggling with weakness in core brands like Barbie, which had a 14 percent drop in sales, and Fisher-Price, down 6 percent.

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]]> EL SEGUNDO, Calif. (AP) — Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.

Its shares fell almost 5 percent in premarket trading.

Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets. The first quarter is the seasonally smallest for toy makers, coming after the key holiday quarter which can account for up to 40 percent of revenue.

In addition, Mattel Inc. has been struggling with weakness in core brands like Barbie, which had a 14 percent drop in sales, and Fisher-Price, down 6 percent.]]> Thu, 17 Apr 2014 07:34:08 -0600 <![CDATA[Goldman Sachs earnings fall 11 percent]]> http://gazette.com/goldman-sachs-earnings-fall-11-percent/article/feed/109686?custom_click=rss http://gazette.com/goldman-sachs-earnings-fall-11-percent/article/feed/109686?custom_click=rss NEW YORK (AP) — Investment bank Goldman Sachs says its first-quarter earnings fell as fixed income trading slumped.

The bank earned $1.9 billion in the quarter, down 11 percent from the same period a year earlier when it made $2.2 billion.

The earnings were equivalent to $4.02 a share. Analysts polled by FactSet had predicted earnings of $3.49 a share.

Revenue totaled $9.3 billion, down 8 percent from a year earlier, when the bank generated revenue of $10.1 billion. The latest quarterly revenue beat analysts' expectations of $8.7 billion.

Goldman's stock rose $2.78, or 1.8 percent, to $160 in pre-market trading.

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]]> NEW YORK (AP) — Investment bank Goldman Sachs says its first-quarter earnings fell as fixed income trading slumped.

The bank earned $1.9 billion in the quarter, down 11 percent from the same period a year earlier when it made $2.2 billion.

The earnings were equivalent to $4.02 a share. Analysts polled by FactSet had predicted earnings of $3.49 a share.

Revenue totaled $9.3 billion, down 8 percent from a year earlier, when the bank generated revenue of $10.1 billion. The latest quarterly revenue beat analysts' expectations of $8.7 billion.

Goldman's stock rose $2.78, or 1.8 percent, to $160 in pre-market trading.]]> Thu, 17 Apr 2014 07:34:06 -0600 <![CDATA[AutoNation fights off winter; profit up 15 percent]]> http://gazette.com/autonation-fights-off-winter-profit-up-15-percent/article/feed/109696?custom_click=rss http://gazette.com/autonation-fights-off-winter-profit-up-15-percent/article/feed/109696?custom_click=rss FORT LAUDERDALE, Fla. (AP) — AutoNation, the country's largest car dealership chain, shrugged off winter storms that cut auto sales early this year and posted a nearly 15 percent increase in first-quarter net income.

The Fort Lauderdale, Fla., company said it made $95.1 million, or 78 cents per share, from January through March. That compares with $83 million, or 67 cents per share, a year earlier. Revenue grew 6.5 percent to $4.36 billion.

Excluding a $5 million gain from disposing of businesses and properties, the company made 75 cents per share from continuing operations. That beat Wall Street estimates of 73 cents. Revenue also was ahead of Wall Street. Analysts polled by data provider FactSet expected $4.32 billion.

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]]> FORT LAUDERDALE, Fla. (AP) — AutoNation, the country's largest car dealership chain, shrugged off winter storms that cut auto sales early this year and posted a nearly 15 percent increase in first-quarter net income.

The Fort Lauderdale, Fla., company said it made $95.1 million, or 78 cents per share, from January through March. That compares with $83 million, or 67 cents per share, a year earlier. Revenue grew 6.5 percent to $4.36 billion.

Excluding a $5 million gain from disposing of businesses and properties, the company made 75 cents per share from continuing operations. That beat Wall Street estimates of 73 cents. Revenue also was ahead of Wall Street. Analysts polled by data provider FactSet expected $4.32 billion.]]> Thu, 17 Apr 2014 07:34:05 -0600 <![CDATA[Union Pacific railroad's 1Q profit up 14 percent]]> http://gazette.com/union-pacific-railroads-1q-profit-up-14-percent/article/feed/109694?custom_click=rss http://gazette.com/union-pacific-railroads-1q-profit-up-14-percent/article/feed/109694?custom_click=rss

OMAHA, Neb. (AP) — The harsh winter didn't keep Union Pacific railroad from delivering 14 percent higher quarterly profit as it hauled more agricultural, industrial and coal shipments.

The Omaha, Neb., based railroad said Thursday that it generated $1.09 billion net income, or $2.38 per share, in the first quarter. That's up from $957 million, or $2.03 per share, a year ago.

Union Pacific's revenue grew 7 percent to $5.64 billion.

Analysts surveyed by FactSet expected Union Pacific to report earnings per share of $2.37 on $5.7 billion revenue.

Union Pacific appeared to handle the weather challenges better than eastern railroad CSX, which reported a 14 percent drop in quarterly profit earlier this week.

Uni

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]]> OMAHA, Neb. (AP) — The harsh winter didn't keep Union Pacific railroad from delivering 14 percent higher quarterly profit as it hauled more agricultural, industrial and coal shipments.

The Omaha, Neb., based railroad said Thursday that it generated $1.09 billion net income, or $2.38 per share, in the first quarter. That's up from $957 million, or $2.03 per share, a year ago.

Union Pacific's revenue grew 7 percent to $5.64 billion.

Analysts surveyed by FactSet expected Union Pacific to report earnings per share of $2.37 on $5.7 billion revenue.

Union Pacific appeared to handle the weather challenges better than eastern railroad CSX, which reported a 14 percent drop in quarterly profit earlier this week.

Uni]]> Thu, 17 Apr 2014 07:33:44 -0600 <![CDATA[Target expands subscription service tenfold]]> http://gazette.com/target-expands-subscription-service-tenfold/article/feed/109691?custom_click=rss http://gazette.com/target-expands-subscription-service-tenfold/article/feed/109691?custom_click=rss NEW YORK (AP) — Target is vastly expanding the goods that are available to order by subscription as it fends off its biggest non-traditional retail rival, Amazon.com.

The nation's second-largest discounter first dabbled with subscriptions last September, trying to win over haggard parents with 150 baby care products.

That program has been expanded more than tenfold this week to nearly 1,600 items across a much wider array of consumer goods. Everything from beauty products and pet supplies, to home office supplies like printer ink, are now available through subscription.

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]]> NEW YORK (AP) — Target is vastly expanding the goods that are available to order by subscription as it fends off its biggest non-traditional retail rival, Amazon.com.

The nation's second-largest discounter first dabbled with subscriptions last September, trying to win over haggard parents with 150 baby care products.

That program has been expanded more than tenfold this week to nearly 1,600 items across a much wider array of consumer goods. Everything from beauty products and pet supplies, to home office supplies like printer ink, are now available through subscription.]]> Thu, 17 Apr 2014 07:33:36 -0600 <![CDATA[Americans seeking weekly unemployment benefits rose to 304,000; still at pre-recession levels]]> http://gazette.com/americans-seeking-weekly-unemployment-benefits-rose-to-304000-still-at-pre-recession-levels/article/feed/109692?custom_click=rss http://gazette.com/americans-seeking-weekly-unemployment-benefits-rose-to-304000-still-at-pre-recession-levels/article/feed/109692?custom_click=rss WASHINGTON (AP) — Americans seeking weekly unemployment benefits rose to 304,000; still at pre-recession levels.

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WASHINGTON (AP) — Americans seeking weekly unemployment benefits rose to 304,000; still at pre-recession levels.]]> Thu, 17 Apr 2014 07:33:36 -0600
<![CDATA[Applications for US jobless aid up 2K to 304,000]]> http://gazette.com/applications-for-us-jobless-aid-up-2k-to-304000/article/feed/109690?custom_click=rss http://gazette.com/applications-for-us-jobless-aid-up-2k-to-304000/article/feed/109690?custom_click=rss

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase.

The Labor Department says that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That is the lowest four-week average since October 2007, just two months before the Great Recession started. The average has fallen by 53,500 applications over the past 12 months.

Applications are a proxy for layoffs. The current level of claims suggests that employers are holding on their workers with the expectation of stronger economic growth ahead.

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]]> WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase.

The Labor Department says that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That is the lowest four-week average since October 2007, just two months before the Great Recession started. The average has fallen by 53,500 applications over the past 12 months.

Applications are a proxy for layoffs. The current level of claims suggests that employers are holding on their workers with the expectation of stronger economic growth ahead.]]> Thu, 17 Apr 2014 07:33:35 -0600 <![CDATA[Post Holdings to buy Michael Foods for $2.45B]]> http://gazette.com/post-holdings-to-buy-michael-foods-for-2.45b/article/feed/109671?custom_click=rss http://gazette.com/post-holdings-to-buy-michael-foods-for-2.45b/article/feed/109671?custom_click=rss ST. LOUIS (AP) — Cereal maker Post Holdings Inc. is buying fellow packaged food maker Michael Foods Inc. in a $2.45 billion deal that will expand Post's range of products.

Privately held Michael Foods makes a variety of egg, potato and dairy products. Its brands include Papetti's, Crystal Farms and Simply Potatoes. It is based in Minnetonka, Minnesota.

St. Louis-based Post says Michael will keep operating independently under current management.

Post also makes nutrition drinks and a variety of store brand products including pasta and peanut butter.

Post plans to fund the acquisition with debt and cash on hand. It also plans to raise up to $500 million with a stock sale.

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]]> ST. LOUIS (AP) — Cereal maker Post Holdings Inc. is buying fellow packaged food maker Michael Foods Inc. in a $2.45 billion deal that will expand Post's range of products.

Privately held Michael Foods makes a variety of egg, potato and dairy products. Its brands include Papetti's, Crystal Farms and Simply Potatoes. It is based in Minnetonka, Minnesota.

St. Louis-based Post says Michael will keep operating independently under current management.

Post also makes nutrition drinks and a variety of store brand products including pasta and peanut butter.

Post plans to fund the acquisition with debt and cash on hand. It also plans to raise up to $500 million with a stock sale.]]> Thu, 17 Apr 2014 06:45:17 -0600 <![CDATA[Colorado considers edible marijuana restrictions]]> Associated Press - http://gazette.com/colorado-considers-edible-marijuana-restrictions/article/1518384?custom_click=rss http://gazette.com/colorado-considers-edible-marijuana-restrictions/article/1518384?custom_click=rss DENVER — A measure to broaden a ban on certain types of edible marijuana to include products that mimic other foods or candies is up for a vote in the Colorado Legislature.

A House committee is considering the proposal Thursday. It comes amid concerns that children can accidentally ingest some kinds of marijuana edibles. However, some marijuana activists fear the bill could ban any type of edible pot.

The bill would direct the state Department of Revenue to adopt rules requiring that marijuana edibles be clearly marked or designed to show that they contain pot.

___

Online:

House Bill 1366: http://bit.



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DENVER — A measure to broaden a ban on certain types of edible marijuana to include products that mimic other foods or candies is up for a vote in the Colorado Legislature.

A House committee is considering the proposal Thursday. It comes amid concerns that children can accidentally ingest some kinds of marijuana edibles. However, some marijuana activists fear the bill could ban any type of edible pot.

The bill would direct the state Department of Revenue to adopt rules requiring that marijuana edibles be clearly marked or designed to show that they contain pot.

___

Online:

House Bill 1366: http://bit.

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Thu, 17 Apr 2014 05:25:57 -0600
<![CDATA[New York real estate firm pays $48.5 million for Colorado Springs apartment complex]]> by Rich laden rich.laden@gazette.com - http://gazette.com/new-york-real-estate-firm-pays-48.5-million-for-colorado-springs-apartment-complex/article/1518360?custom_click=rss http://gazette.com/new-york-real-estate-firm-pays-48.5-million-for-colorado-springs-apartment-complex/article/1518360?custom_click=rss

A New York firm that has bought and sold several Colorado Springs apartment complexes has paid $48.5 million for the 364-unit Bella Springs Apartments on the city's far north side.

The Praedium Group, a privately held real estate investment trust, bought the complex from an investment group led by Springs-based real estate company Griffis/Blessing Inc., which had owned the property since 2006.

The 13-year-old complex is at 1050 Milano Point, southeast of North Gate Boulevard and Voyager Parkway.

The purchase price translates to $133,242 per unit, short of a record set last year when a California firm paid $54 million, or $163,000 per unit, for the Alexan at Briargate complex.



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A New York firm that has bought and sold several Colorado Springs apartment complexes has paid $48.5 million for the 364-unit Bella Springs Apartments on the city's far north side.

The Praedium Group, a privately held real estate investment trust, bought the complex from an investment group led by Springs-based real estate company Griffis/Blessing Inc., which had owned the property since 2006.

The 13-year-old complex is at 1050 Milano Point, southeast of North Gate Boulevard and Voyager Parkway.

The purchase price translates to $133,242 per unit, short of a record set last year when a California firm paid $54 million, or $163,000 per unit, for the Alexan at Briargate complex.

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Wed, 16 Apr 2014 21:11:14 -0600
<![CDATA[Big Colorado marijuana business bans drug use at work]]> Associated Press - http://gazette.com/big-colorado-marijuana-business-bans-drug-use-at-work/article/1518353?custom_click=rss http://gazette.com/big-colorado-marijuana-business-bans-drug-use-at-work/article/1518353?custom_click=rss

DENVER — Workers for one of Colorado's biggestmarijuana businesses learned Wednesday they can be fired for smoking pot on the job or using cocaine any time.

The policy, the first of its kind for O.penVAPE, includes random testing for drugs like cocaine and methamphetamines, but not for marijuana, company spokesman Todd Mitchem said. The two-year-old company employs more than 125 people in Colorado and sells its products in Colorado, California and Washington. Products include cartridges filled with cannabis oil and a battery-powered vaporizer that resembles a pen designed for cannabis-oil use.

Colorado has legalized the sale and use of marijuana. But under federal law it is illegal and deemed dangerous, like cocaine.



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DENVER — Workers for one of Colorado's biggestmarijuana businesses learned Wednesday they can be fired for smoking pot on the job or using cocaine any time.

The policy, the first of its kind for O.penVAPE, includes random testing for drugs like cocaine and methamphetamines, but not for marijuana, company spokesman Todd Mitchem said. The two-year-old company employs more than 125 people in Colorado and sells its products in Colorado, California and Washington. Products include cartridges filled with cannabis oil and a battery-powered vaporizer that resembles a pen designed for cannabis-oil use.

Colorado has legalized the sale and use of marijuana. But under federal law it is illegal and deemed dangerous, like cocaine.

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Wed, 16 Apr 2014 20:13:45 -0600
<![CDATA[Arts, Business, Education Luncheon honors community members]]> by Jennifer Mulson jen.mulson@gazette.com - http://gazette.com/arts-business-education-luncheon-honors-community-members/article/1518362?custom_click=rss http://gazette.com/arts-business-education-luncheon-honors-community-members/article/1518362?custom_click=rss

The 35th annual Arts, Business, Education Luncheon brought together a slew of both familiar and new faces on Wednesday to honor those who have contributed to the arts in Colorado Springs.

"I look around the room, and I see people with a passion for art and a passion for kids," said master of ceremonies Glenn Strebe, president and CEO of Air Academy Federal Credit Union.

The city's art scene is one of its best assets, said regular attendee Mary Ellen McNally, arts advocate and former city council member.

"It's very strong," she said. "Every organization is being supported, and it's amazing how the arts have taken hold and become a leader.



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The 35th annual Arts, Business, Education Luncheon brought together a slew of both familiar and new faces on Wednesday to honor those who have contributed to the arts in Colorado Springs.

"I look around the room, and I see people with a passion for art and a passion for kids," said master of ceremonies Glenn Strebe, president and CEO of Air Academy Federal Credit Union.

The city's art scene is one of its best assets, said regular attendee Mary Ellen McNally, arts advocate and former city council member.

"It's very strong," she said. "Every organization is being supported, and it's amazing how the arts have taken hold and become a leader.

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Wed, 16 Apr 2014 19:57:13 -0600
<![CDATA[It's a three-peat: Stock market stays on the upswing]]> by alex veiga The Associated Press - http://gazette.com/its-a-three-peat-stock-market-stays-on-the-upswing/article/1518357?custom_click=rss http://gazette.com/its-a-three-peat-stock-market-stays-on-the-upswing/article/1518357?custom_click=rss Investors drove stock prices to their highest level in a week Wednesday, encouraged by a crop of corporate earnings and reassuring U.S. and Chinese economic data.

Major U.S. stock indexes notched their third day of gains in a row. Yahoo and Delta Air Lines were among the companies posting big gains. The gains were broad; for every stock that declined, nearly four rose.

The market is coming back from a steep drop at the end of last week led by Internet and biotechnology stocks. That move away from some of the riskier, high-priced stocks that drove down the market is nearly, if not completely done now, said Jim Russell, senior equity strategist at U.S. Bank Wealth Management.

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]]> Investors drove stock prices to their highest level in a week Wednesday, encouraged by a crop of corporate earnings and reassuring U.S. and Chinese economic data.

Major U.S. stock indexes notched their third day of gains in a row. Yahoo and Delta Air Lines were among the companies posting big gains. The gains were broad; for every stock that declined, nearly four rose.

The market is coming back from a steep drop at the end of last week led by Internet and biotechnology stocks. That move away from some of the riskier, high-priced stocks that drove down the market is nearly, if not completely done now, said Jim Russell, senior equity strategist at U.S. Bank Wealth Management.]]> Wed, 16 Apr 2014 16:55:09 -0600 <![CDATA[Patent office brings its services a lot closer to Colorado Springs]]> by WAYNE HEILMAN wayneh@gazette.com - http://gazette.com/patent-office-brings-its-services-a-lot-closer-to-colorado-springs/article/1518356?custom_click=rss http://gazette.com/patent-office-brings-its-services-a-lot-closer-to-colorado-springs/article/1518356?custom_click=rss

Denver may be an hour or so away from Colorado Springs, but for Pikes Peak area residents looking for patent information and help, it's a lot better than traveling more than 1,600 miles to the U.S. Patent and Trademark Office's headquarters in Alexandria, Va.

Since last year, the patent office has been operating a temporary satellite office in Denver. By early July, the agency will open its permanent office in downtown Denver with about 125 patent examiners, administrate judges and other personnel, allowing Coloradans to use the agency's services without leaving the state.

John Cabeca, director of the office in San Jose, Calif.

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]]> Denver may be an hour or so away from Colorado Springs, but for Pikes Peak area residents looking for patent information and help, it's a lot better than traveling more than 1,600 miles to the U.S. Patent and Trademark Office's headquarters in Alexandria, Va.

Since last year, the patent office has been operating a temporary satellite office in Denver. By early July, the agency will open its permanent office in downtown Denver with about 125 patent examiners, administrate judges and other personnel, allowing Coloradans to use the agency's services without leaving the state.

John Cabeca, director of the office in San Jose, Calif.]]> Wed, 16 Apr 2014 16:55:02 -0600 <![CDATA[Car fans may find their hearts racing at new Colorado Springs club]]> by ned b. hunter ned.hunter@gazette.com - http://gazette.com/car-fans-may-find-their-hearts-racing-at-new-colorado-springs-club/article/1518285?custom_click=rss http://gazette.com/car-fans-may-find-their-hearts-racing-at-new-colorado-springs-club/article/1518285?custom_click=rss

A driver's dream, the custom-built Chevy Corvette took second place in the 2011 Detroit AutoRama car show, the largest and most prestigious custom auto show in the nation.

A year later, it broke all previous custom-car corvette sales records when it sold for $408,800, instantly making Johnny Martin of Alamosa one of the most recognized custom-car builders and dealers in the nation.

Now Martin has come to Colorado Springs, in a manner of speaking. He's put his name on a private, high-end car club that recently opened at 1 S. Nevada Ave. in downtown Colorado Springs, next door to Central Bancorp.



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A driver's dream, the custom-built Chevy Corvette took second place in the 2011 Detroit AutoRama car show, the largest and most prestigious custom auto show in the nation.

A year later, it broke all previous custom-car corvette sales records when it sold for $408,800, instantly making Johnny Martin of Alamosa one of the most recognized custom-car builders and dealers in the nation.

Now Martin has come to Colorado Springs, in a manner of speaking. He's put his name on a private, high-end car club that recently opened at 1 S. Nevada Ave. in downtown Colorado Springs, next door to Central Bancorp.

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Wed, 16 Apr 2014 15:21:50 -0600
<![CDATA[Educators: Colorado Springs area ripe for innovation]]> by Debbie Kelley debbie.kelley@gazette.com - http://gazette.com/educators-colorado-springs-area-ripe-for-innovation/article/1518328?custom_click=rss http://gazette.com/educators-colorado-springs-area-ripe-for-innovation/article/1518328?custom_click=rss

Seeds of innovation have been planted in the field of education in the Pikes Peak region, and what's growing now is just the beginning, according to the cultivators.

"I tell our students, you're not only competing with students in your classroom but with kids globally. We want to give our kids an equal playing field," Harrison School District 2 Superintendent Andre Spencer said Tuesday.

That's why starting in the fall, all middle school students in D-2 will learn basic physics concepts through a process of exploration. Spencer said the idea has worked so well at Carmel Middle School that the district wants everyone to have a head start in advanced science.



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Seeds of innovation have been planted in the field of education in the Pikes Peak region, and what's growing now is just the beginning, according to the cultivators.

"I tell our students, you're not only competing with students in your classroom but with kids globally. We want to give our kids an equal playing field," Harrison School District 2 Superintendent Andre Spencer said Tuesday.

That's why starting in the fall, all middle school students in D-2 will learn basic physics concepts through a process of exploration. Spencer said the idea has worked so well at Carmel Middle School that the district wants everyone to have a head start in advanced science.

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Wed, 16 Apr 2014 07:46:37 -0600
<![CDATA[New vitality seen at The Broadmoor]]> By Steve Raabe, The Denver Post - http://gazette.com/new-vitality-seen-at-the-broadmoor/article/1518205?custom_click=rss http://gazette.com/new-vitality-seen-at-the-broadmoor/article/1518205?custom_click=rss

A Denver businessman with an open checkbook has The Broadmoor enjoying an enviable status among its peers in the luxury hotel industry.

Since acquiring the Colorado Springs resort in 2011, Philip Anschutz has invested $112 million in the property. New rooms, new restaurants and new facilities are bringing new vitality to the historic hotel and golf complex.

Not that The Broadmoor has ever lacked for investors with deep pockets. Since millionaire philanthropist Spencer Penrose opened the hotel in 1918, the resort has been controlled by only three ownership groups, each of which has spent freely to maintain the property's high-end image, except for some lean times in the 1980s.



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A Denver businessman with an open checkbook has The Broadmoor enjoying an enviable status among its peers in the luxury hotel industry.

Since acquiring the Colorado Springs resort in 2011, Philip Anschutz has invested $112 million in the property. New rooms, new restaurants and new facilities are bringing new vitality to the historic hotel and golf complex.

Not that The Broadmoor has ever lacked for investors with deep pockets. Since millionaire philanthropist Spencer Penrose opened the hotel in 1918, the resort has been controlled by only three ownership groups, each of which has spent freely to maintain the property's high-end image, except for some lean times in the 1980s.

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Wed, 16 Apr 2014 07:34:03 -0600
<![CDATA[Agreement to bring high-profile entertainment, pro hockey to World Arena]]> By Jennifer Mulson jen.mulson@gazette.com - http://gazette.com/agreement-to-bring-high-profile-entertainment-pro-hockey-to-world-arena/article/1518296?custom_click=rss http://gazette.com/agreement-to-bring-high-profile-entertainment-pro-hockey-to-world-arena/article/1518296?custom_click=rss

Top-name entertainment and professional sporting events are coming soon to Colorado Springs, thanks to a multiyear agreement between World Arena and Anschutz Entertainment Group.

The first confirmed date in the deal, which was finalized Tuesday afternoon at World Arena, is Oct. 2, when the Colorado Avalanche will play the Los Angeles Kings in a National Hockey League preseason game.

On hand to celebrate the news were Hockey Hall of Famers Joe Sakic, executive vice president of hockey operations for the Avalanche, and Luc Robitaille, president of business operations for the Kings.

"It's great to be back in the building," said Sakic, who won two Stanley Cup titles as a star forward with the Avalanche. "We had training



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Top-name entertainment and professional sporting events are coming soon to Colorado Springs, thanks to a multiyear agreement between World Arena and Anschutz Entertainment Group.

The first confirmed date in the deal, which was finalized Tuesday afternoon at World Arena, is Oct. 2, when the Colorado Avalanche will play the Los Angeles Kings in a National Hockey League preseason game.

On hand to celebrate the news were Hockey Hall of Famers Joe Sakic, executive vice president of hockey operations for the Avalanche, and Luc Robitaille, president of business operations for the Kings.

"It's great to be back in the building," said Sakic, who won two Stanley Cup titles as a star forward with the Avalanche. "We had training

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Wed, 16 Apr 2014 07:28:48 -0600
<![CDATA[Colorado Springs pitch night organizers broaden efforts by joining state group]]> by Rich laden rich.laden@gazette.com - http://gazette.com/colorado-springs-pitch-night-organizers-broaden-efforts-by-joining-state-group/article/1518301?custom_click=rss http://gazette.com/colorado-springs-pitch-night-organizers-broaden-efforts-by-joining-state-group/article/1518301?custom_click=rss The organizers of a Colorado Springs pitch night are pitching a bigger tent.

Peak Startup, a nonprofit that promotes the area's entrepreneurial community and holds a monthly pitch night in the Springs, will become part of New Tech Colorado, a larger group that holds similar events in three other cities. The local pitch night effort will be rebranded as New Tech Colorado Springs, and its first event will take place next month.

The goal of the union between the groups: Expand opportunities for local innovators and entrepreneurs to get their products and services noticed, said Nick Lee, a Peak Startup board member.

"The biggest motivation is just to join forces with a bigger, larger statewide movement and a larger group of

Read more on Colorado Springs Gazette


]]> The organizers of a Colorado Springs pitch night are pitching a bigger tent.

Peak Startup, a nonprofit that promotes the area's entrepreneurial community and holds a monthly pitch night in the Springs, will become part of New Tech Colorado, a larger group that holds similar events in three other cities. The local pitch night effort will be rebranded as New Tech Colorado Springs, and its first event will take place next month.

The goal of the union between the groups: Expand opportunities for local innovators and entrepreneurs to get their products and services noticed, said Nick Lee, a Peak Startup board member.

"The biggest motivation is just to join forces with a bigger, larger statewide movement and a larger group of]]> Tue, 15 Apr 2014 20:40:01 -0600 <![CDATA[Market overcomes morning slide to finish up for the day]]> by alex veiga The Associated Press - http://gazette.com/market-overcomes-morning-slide-to-finish-up-for-the-day/article/1518300?custom_click=rss http://gazette.com/market-overcomes-morning-slide-to-finish-up-for-the-day/article/1518300?custom_click=rss A stock market swoon turned into a comeback Tuesday.

Stocks managed a late-afternoon rebound for the second time in two days as investors seemed to brush off a report of lower confidence among homebuilders and simmering tensions in the Ukraine.

The late rally even gave a lift to tech stocks like Google and Intel, which had weighed on the market much of the day.

"As long as the market can close on a positive note, it sends a signal to investors that there are bargains in the market still to be had," said Quincy Krosby, market strategist at Prudential Financial.

The day started off well when Johnson & Johnson and Coca-Cola reported encouraging first-quarter earnings.

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]]> A stock market swoon turned into a comeback Tuesday.

Stocks managed a late-afternoon rebound for the second time in two days as investors seemed to brush off a report of lower confidence among homebuilders and simmering tensions in the Ukraine.

The late rally even gave a lift to tech stocks like Google and Intel, which had weighed on the market much of the day.

"As long as the market can close on a positive note, it sends a signal to investors that there are bargains in the market still to be had," said Quincy Krosby, market strategist at Prudential Financial.

The day started off well when Johnson & Johnson and Coca-Cola reported encouraging first-quarter earnings.]]> Tue, 15 Apr 2014 16:00:02 -0600 <![CDATA[Netflix's Comcast deal improves quality of video]]> Associated Press - http://gazette.com/netflixs-comcast-deal-improves-quality-of-video/article/1518291?custom_click=rss http://gazette.com/netflixs-comcast-deal-improves-quality-of-video/article/1518291?custom_click=rss SAN FRANCISCO - Netflix's videos are streaming through Comcast's Internet service at their highest speeds in 17 months, thanks to a recent deal that bought Netflix a more direct connection to Comcast's network.

Netflix agreed in mid-February to pay an undisclosed sum to Comcast to create a new avenue for its videos to reach Comcast's service. Netflix previously had been paying third-party vendors to deliver its content to Comcast. Some analysts suspect Netflix may be saving money by paying Comcast directly instead of the vendors, but the specifics remain unknown as part of a confidentiality agreement.



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SAN FRANCISCO - Netflix's videos are streaming through Comcast's Internet service at their highest speeds in 17 months, thanks to a recent deal that bought Netflix a more direct connection to Comcast's network.

Netflix agreed in mid-February to pay an undisclosed sum to Comcast to create a new avenue for its videos to reach Comcast's service. Netflix previously had been paying third-party vendors to deliver its content to Comcast. Some analysts suspect Netflix may be saving money by paying Comcast directly instead of the vendors, but the specifics remain unknown as part of a confidentiality agreement.

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Tue, 15 Apr 2014 13:40:28 -0600
<![CDATA[Q&A with Lyn Harwell, Seeds Community Cafe]]> by charise simpson Special to The Gazette - http://gazette.com/qa-with-lyn-harwell-seeds-community-cafe/article/1518294?custom_click=rss http://gazette.com/qa-with-lyn-harwell-seeds-community-cafe/article/1518294?custom_click=rss

Lyn Harwell

Executive Director of Seeds Community Caf?/p>

Lyn Harwell grew up on an orchard in rural Ohio, where the farming community traded locally grown food with each other. His family wasn't well-to-do, but Harwell felt he ate like a king because his family had access to nutritious, locally grown food. Harwell later trained in the culinary arts and spent many of the ensuing years working for restaurants. He came to Colorado Springs in 2003 to work for the Texas T-bone restaurants and also started volunteering for the Colorado Springs Rescue Mission - an experience that changed his life as he saw what was going on with homelessness and poverty. He ended up working for several local nonprofits, but dreamed of starting

Read more on Colorado Springs Gazette


]]> Lyn Harwell

Executive Director of Seeds Community Caf?/p>

Lyn Harwell grew up on an orchard in rural Ohio, where the farming community traded locally grown food with each other. His family wasn't well-to-do, but Harwell felt he ate like a king because his family had access to nutritious, locally grown food. Harwell later trained in the culinary arts and spent many of the ensuing years working for restaurants. He came to Colorado Springs in 2003 to work for the Texas T-bone restaurants and also started volunteering for the Colorado Springs Rescue Mission - an experience that changed his life as he saw what was going on with homelessness and poverty. He ended up working for several local nonprofits, but dreamed of starting]]> Tue, 15 Apr 2014 13:40:02 -0600 <![CDATA[New hires, promotions & honors]]> The Gazette - http://gazette.com/new-hires-promotions-honors/article/1518292?custom_click=rss http://gazette.com/new-hires-promotions-honors/article/1518292?custom_click=rss

Brett Lapierrehas joined Peak Capital Management LLC of Colorado Springs in the dual role of Director of Research and Chief Equity Strategist. Lapierre, who holds the Chartered Financial Analyst designation, has 18 years of financial industry experience, including research and analysis positions with Charles Schwab and Janus Capital Group.

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]]> Brett Lapierrehas joined Peak Capital Management LLC of Colorado Springs in the dual role of Director of Research and Chief Equity Strategist. Lapierre, who holds the Chartered Financial Analyst designation, has 18 years of financial industry experience, including research and analysis positions with Charles Schwab and Janus Capital Group.]]> Tue, 15 Apr 2014 13:35:02 -0600