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Many of our observations are now available as audio presentations that you can hear on your computer or download from Apple's iTunes Music Store to play on a portable device such as an iPod. To see the full menu of observations, please visit http://www.schaeffersresearch.com/commentary/podcasts/ . Today's Opening View features news from General Electric. U.S. futures were pointed lower earlier this morning, indicative of a weak session on Wall Street. However, General Electric (GE: sentiment, chart, options) could provide a shot in the arm for traders today. The conglomerate reported that third-quarter net income rose to $4.96 billion, or 48 cents per share. On a continuing operations basis, GE said it earned 49 cents per share, matching the Street's expectations. Looking forward, the company forecast 2006 earnings in a range of $1.97 to $1.99 per share, surrounding the Street's estimate of $1.98 per share.
The RiverPlace condominium project planned for downtown is on schedule for an early 2007 groundbreaking. Developer Richard Preis says his team spent the past 10 months regrouping to assess the rapid increase in construction costs that occurred post-Katrina and Rita and re-engineering the building in an effort to keep costs down. "When you're dealing with a $70 million to $80 million project, there are a lot of moving parts," Preis says. "We want to do this slow and right." There has been no final decision on how tall RiverPlace will be; at one point the tower was set to be taller than the state Capitol. But Preis says the 119-unit development will continue to have all the amenities promised earlier, such as a pool, fitness center and clubroom. "We're going to keep the Windsor Court atmosphere," he says.
Thirty-five construction workers died in 1970 when a section of the bridge collapsed and fell 50 metres to the ground and water below. A minute's silence was observed near the site of the collapse at Douglas Parade at 11:50am AEST. Construction, Forestry, Mining and Energy Union (CFMEU) Victorian state secretary Martin Kingham says the tragedy marked the beginning of a long campaign by unions to protect workers' rights. "The improvements ... haven't been given to us on a silver platter," he said. "Every improvement in workers' rights and health and safety we've had to fight for point by point, day by day, and it's an ongoing situation." .
Zimbabwe's Parks and Wildlife Management Authority is seeking the government's approval for its 460 million U.S. dollars grand investment deal with an American investor for the establishment of a tourist facility in Kariba, The Sunday Mail reported. The Zimbabwe Attorney-General's Office is believed to be currently evaluating the nature of the transaction. Also, the deal has to be sanctioned by other stakeholders such as the Zimbabwe Investment Center (ZIC), which has already given its blessings. Significant progress has been made in negotiations with the investor and the deal was certain to come to fruition, the newspaper said. The authority's finance director Thomas Meke confirmed this development and said that the American investor was prepared to partake in the venture, but the discussions were still sensitive at the moment.
The rising cost of construction materials is forcing some West Valley cities to put the brakes on certain road projects or find other ways to deal with escalating prices.
In Glendale, one drainage-pipe and road-widening project was shortened from a mile to three-quarters of a mile. In Peoria, city officials are choosing one project over another. In Surprise, projects have been delayed as bids come in too high and are sent out for second and third rounds of bids.
In several cases, transportation officials have to explain to their respective city councils why the price tags are coming in higher than budgeted or why projects are taking longer to finish. .
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