BusinessUpdates

Northeast Utilities CEO seeks to overcome storms

Wed, 16 May 2012 18:44:34 GMT

The new chief executive of Northeast Utilities said Wednesday that New England’s largest utility has its work cut out for it following two storms last year that damaged power lines and the company’s reputation. Thomas J. May told reporters he is reassuring customers and regulators that Northeast Utilities has learned from last year’s problems that resulted from a tropical storm in late August and a freak snow storm two months later. Hundreds of thousands of customers were without power for as long as 11 days after the October storm.

Big layoffs at rock station WFNX as it’s sold to Clear Channel

Wed, 16 May 2012 18:27:43 GMT

Most of the staff at Boston alternative rock station WFNX 101.7 FM was laid off Wednesday as Stephen M. Mindich, founder of station owner Phoenix Media/Communications Group, revealed in a memo that it is being sold to radio giant Clear Channel Communications Inc.

Governor Deval Patrick breaks ground at UMass Dartmouth center for biomanufacturing

Wed, 16 May 2012 17:32:04 GMT

Governor Deval Patrick joined UMass officials Wednesday to break ground on a new center that they say will be the first-in-the-nation to allow startups the ability to test their biomanufacturing methods and products during development, as well as access a wide-range of support. Patrick, University of Massachusetts president Robert Caret, and UMass Dartmouth chancellor Jean MacCormack spoke at the morning groundbreaking ceremony for the Massachusetts Accelerator for Biomanufacturing. Patrick said the new UMass Dartmouth center will help Massachusetts strengthen its leadership in science.

Speaker Robert DeLeo to Mark Zuckerberg: Open a Facebook office in Massachusetts

Wed, 16 May 2012 18:01:51 GMT

Massachusetts House Speaker Robert A. DeLeo is urging Facebook to consider opening an office in the Bay State, where the social media company has its roots. DeLeo made his plea in an open letter to chief executive Mark Zuckerberg, who cofounded Facebook in a Harvard University dorm room in 2004. Zuckerberg later moved the company to California, where Facebook became a phenomenon. DeLeo’s letter comes as Facebook is poised to issue an initial public stock offering.

Schilling asks R.I. for more money to help game company

Wed, 16 May 2012 17:18:53 GMT

Former Red Sox pitcher Curt Schilling asked Rhode Island officials for more money for his video game company 38 Studios LLC in a private meeting Wednesday morning, held to discuss whether its reported financial troubles threaten the state’s $75 million investment in the company.

State Street’s Jay Hooley says he favors stricter trading rules in wake of JPMorgan Chase loss

Wed, 16 May 2012 16:57:35 GMT

State Street Corp. chief executive Jay Hooley is in favor of stricter trading rules in the wake of JPMorgan Chase & Co.’s $2 billion derivatives loss during an annual shareholders meeting Wednesday that was interrupted several times by protesters. Hooley said he didn’t fully understand what went wrong at JPMorgan, but he sees such mistakes through the lens of “reputational impact.” Hooley said State Street, a Boston-based manager of pension assets and custodian for large investment funds, does not engage in the kind of proprietary trading that’s at issue.

Former McDonald’s exec joins Dunkin’ Brands board

Wed, 16 May 2012 16:11:36 GMT

Dunkin’ Brands Group Inc. has named a former McDonald’s Corp. executive to its board of directors. The Canton-based parent company of Dunkin’ Donuts and Baskin-Robbins said Wednesday that Raul Alvarez is joining its board. Alvarez, 56, previously served as McDonald’s president and chief operating officer. He has also held positions at Wendy’s International Inc. and Burger King Corp. Alvarez is currently on the boards of Lowe’s Cos. and Eli Lilly and Co.

AAA projects a 1.2% rise in Memorial Day travel

Wed, 16 May 2012 16:07:16 GMT

Many Americans will be taking shorter trips over the Memorial Day holiday weekend even as the number of travelers edges up slightly, AAA Southern New England said Wednesday. While gas prices have fallen over the last month, comparatively high prices during the spring prompted many people to cut their travel budgets, AAA Southern New England said. The organization projects 34.8 million Americans will travel 50 miles or more from home during the Memorial Day holiday weekend, up 1.2 percent from a year ago.

Union: Workers locked out of Pilgrim Nuclear Power Station

Wed, 16 May 2012 15:12:48 GMT

Amidst stalled contract negotiations over health care, safety, and staffing issues, dozens of workers have been locked out of the Pilgrim Nuclear Power Station in Plymouth as the plant’s owner, Entergy Corp., is barring all non-essential employees from the facility, a union representing many of the workers said Wednesday. But Entergy countered, “There is no employee lockout, some of the affected bargaining unit members are receiving a paid day off while we work through these issues.”

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Wed, 16 May 2012 15:12:48 GMT

Staples cuts 500 jobs worldwide as 1Q net income fell 6 percent

Wed, 16 May 2012 13:52:39 GMT

Office supply giant Staples Inc. said Wednesday that it has cut 500 jobs worldwide as first-quarter net income fell 6 percent to $187 million. About 200 of those cuts were in the company’s operations in North America, the rest in Europe and Australia. The Framingham-based company declined to say how many cuts took place in Massachusetts. The company’s worldwide headcount is about 88,000. Total company sales for the first quarter of 2012 were $6.1 billion, a decrease of 1 percent in US dollars.

Massachusetts health insurers report their operating earnings dropped in first quarter

Tue, 15 May 2012 22:24:13 GMT

After registering higher earnings in 2011, the state’s nonprofit health insurers posted falling operating income -- and in two cases, operating losses -- for the first quarter as they handled more medical claims. The early months of the year typically bring more claims. People delay elective procedures until after the holidays and insurance companies have to make payments for supplemental Medicare policies until members meet their deductibles and government funding kicks in. But another factor affected finances in the first quarter: pressure to hold down premiums.

Rhode Island scrambles to save Curt Schilling’s game company

Tue, 15 May 2012 22:06:07 GMT

Rhode Island economic development officials are scrambling to salvage their $75 million investment in Curt Schilling’s video game company 38 Studios LLC, calling an emergency meeting for Wednesday morning after reports that the company defaulted on a $1.12 million loan payment.

Todd English sued for $1 million over unpaid rent at his shuttered Kingfish Hall restaurant

Tue, 15 May 2012 21:55:54 GMT

Celebrity chef Todd English is being sued for more than $1 million in unpaid rent and other charges due from his recently shuttered Kingfish Hall restaurant at Faneuil Hall Marketplace.

Hyatt Place Boston/Braintree celebrates grand opening

Tue, 15 May 2012 19:58:14 GMT

Hyatt Place Boston/Braintree, a 204-room hotel located near South Shore Plaza, is celebrating its grand opening Tuesday. The Hyatt Place is replacing a 374-room Sheraton Hotel that had featured a castle-like design. The building has been entirely renovated; the update included the removal of the building’s castle-like features. Firms involved in the project include Hyatt Hotels Corp., the hotel management company Interstate Hotels & Resorts, and Carpenter & Co., a Cambridge-based real estate firm headed by Richard L. Friedman.

SEC: Former Presstek CEO agrees to settle charges he shared nonpublic financial data

Tue, 15 May 2012 19:55:21 GMT

The former chief executive of Presstek Inc. has agreed to pay $50,000 to settle civil charges brought by the Securities and Exchange Commission that he warned certain investors in 2006 about upcoming poor performance by the company, the regulatory agency said Tuesday. Edward J. Marino, 61, a Cambridge resident, was chief executive of Presstek, a Greenwich, Conn.-based maker of high-tech digital imaging equipment, from 2002 to 2007.

A123 rises after hiring adviser to consider strategic options

Tue, 15 May 2012 17:55:13 GMT

A123 Systems Inc., a US maker of lithium-ion batteries for electric cars, rose the most in two weeks after hired an adviser to evaluate strategic alternatives for the company. A123, based in Waltham, climbed 12 percent to $1.02 at 12:54 p.m. in New York. Earlier, it gained 14 percent, the most intraday since May 1. The company reported a net loss of 87 cents a share, 50 cents greater than the average of 7 estimates compiled by Bloomberg.

Arnold launches new ads for New Balance

Tue, 15 May 2012 17:41:03 GMT

Boston ad agency Arnold Worldwide is launching new ads for New Balance Athletic Shoe Inc., a Boston-based company known for its athletic footwear and apparel. The campaign focuses on the sensory connection between a runner’s body and the environment that the runner is in, Arnold said. The campaign is designed to motivate New Balance runners to a new level of “Excellent,” Arnold said.

Regulators OK biologics manufacturing facility in Devens for Bristol-Myers Squibb

Tue, 15 May 2012 16:12:17 GMT

Bristol-Myers Squibb Co., a New York-based drug company, said Tuesday that its biologics manufacturing facility in Devens has gotten regulatory approval for the commercial production of Orencia, a treatment for some adults with rheumatoid arthritis. The approval was given by the US Food and Drug Administration. The Devens facility employs roughly 300 people, including scientists, engineers, and bioprocess operators. According to Bristol-Myers Squibb’s website, Orencia reduces signs and symptoms in adults with moderate to severe rheumatoid arthritis.

TJX: Adjusted 1Q earnings per share rose 41%

Tue, 15 May 2012 14:21:24 GMT

TJX Cos., the Framingham company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said Tuesday that first-quarter net income was $419 million and diluted earnings per share were $.55. For the quarter ending April 28, net sales increased 11 percent to $5.8 billion. In a statement, TJX chief executive Carol Meyrowitz said, “We are extremely pleased that our strong momentum continued in the first quarter.”

Amazon.com: Cambridge is the second-best read city in the US

Tue, 15 May 2012 13:28:33 GMT

Call it a literary census of sorts. After compiling its sales data, Amazon.com has issued a list of the Most Well-Read Cities in America, and Cambridge ranks number two, based on its insatiable appetite for devouring books in the business and investing category. Alexandria, Va., topped the list. Folks there seem to be so fascinated with books about romance that this suburb of Washington, D.C., is America’s best-read community, according to Amazon.com. Hard to believe, but Boston did not make Amazon.com’s top 20.

RI governor: Officials meeting with Curt Schilling’s video game company

Tue, 15 May 2012 14:10:25 GMT

PROVIDENCE ---- Governor Lincoln Chafee says he and Rhode Island economic development officials have been meeting with the video game company owned by former Boston Red Sox pitcher Curt Schilling about its finances. 38 Studios moved here from Massachusetts in 2010 after Rhode Island offered a $75 million loan guarantee the state said would help bring hundreds of jobs and millions in tax revenue. Chafee tolds WJAR-TV on Monday “We’re always working to keep Rhode Island companies solvent, and that’s what we’re doing with 38 Studios.”

Dreadline, a new video game in the works, promises much madcap mayhem

Tue, 15 May 2012 12:17:38 GMT

The video-game resumes of Bryn Bennett and Steven Kimura are studded with stints working on such games as Bioshock, Titan Quest, Guitar Hero 2, and the Rock Band oeuvre. Now their new company, Eerie Canal Entertainment, is gearing up to unveil a game called Dreadline. “Have you ever had the urge to control a team of monsters and lay waste to frail humans, but you were unclear of the moral implications?” the pair ask. “Well, Eerie Canal Entertainment has come up with a solution for you.”

Noble Investment Group buys the Hilton Garden Inn Boston Waltham

Tue, 15 May 2012 11:46:39 GMT

Noble Investment Group, an Atlanta-based lodging and hospitality investment organization,

Kenneth Heebner buys Whirlpool, Cummins, sells Priceline.com, Ford

Mon, 14 May 2012 15:59:31 GMT

Kenneth Heebner, who ran one of the top-performing US mutual funds during the past decade, bought stakes in Whirlpool Corp. and Cummins Inc. during the first quarter while selling Priceline.com Inc. and Ford Motor Co. Capital Growth Management LP purchased 1.82 million shares of Whirlpool, the world’s largest appliance maker, during the three-month period that ended March 31, according to an SEC filing. The money manager bought 1.01 million shares of Cummins, a maker of diesel engines, after closing out its position in the fourth quarter.

Conn. unveils 2-year, $27m tourism campaign

Mon, 14 May 2012 15:55:03 GMT

HARTFORD — Connecticut is using a new marketing strategy to boost tourism that draws attention to the state’s role in the Revolutionary War. Governor Dannel P. Malloy unveiled on Monday a ‘‘Still Revolutionary’’ Connecticut brand, part of a two-year, $27 million state marketing initiative. The ads will run on TV to take advantage of ‘‘sweeps week’’ when programs reach for top ratings and on radio, print, and digital platforms.

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Mon, 14 May 2012 15:55:03 GMT

Mass. gas prices fall a nickel a gallon

Mon, 14 May 2012 15:08:36 GMT

The average price for gas in Massachusetts was $3.719 a gallon in the latest weekly AAA survey, down 5 cents from the previous week’s average, AAA Southern New England said Monday. It was the fourth consecutive week of price drops. The price of a gallon of gas in Massachusetts has fallen 18 cents over the last month. The current national average for gas is $3.72 a gallon. A year ago at this time, the Massachusetts average price was $3.93 a gallon.

Yahoo’s Thompson reportedly has thyroid cancer

Mon, 14 May 2012 13:25:12 GMT

Yahoo’s Scott Thompson, who was pressured to give up his CEO post because his official biography included a college degree he never received, reportedly has thyroid cancer. The Wall Street Journal, citing people it did not identify, says that Thompson told Yahoo’s board and several colleagues of his condition before resigning from his role with the company. The newspaper says it was told by one source that Thompson’s decision to resign was partly influenced by his cancer diagnosis.

Bradford Networks raises $3m in Series C financing

Mon, 14 May 2012 16:06:03 GMT

Bradford Networks, a Cambridge network security firm, announced Monday the closing of a $3 million round of financing. Updata Partners led the round and was joined by Windspeed Ventures, Bradford Networks said. The investment will support Bradford’s expansion into the health care and government markets, the company said. To date, the company has raised $15 million. Bradford helps its corporate customers provide secure network access for the mobile devices they issue to their employees.

WatchESPN is now available to Comcast Xfinity TV customers with iPads and iPhones

Mon, 14 May 2012 11:59:21 GMT

Comcast Corp. said its Xfinity TV customers can now access ESPN live streaming content via the WatchESPN app and on Comcast’s XfinityTV.com, something that could be of interest to sports fans as the National Basketball Association play-offs and the Major League baseball season heat up. Customers who receive ESPN’s networks as part of their Xfinity video subscription can now stream such events as well as associated coverage live from ESPN, ESPN2, ESPN3, and ESPNU from their iPads, iPhones, and iPod touch devices, as well as online.

20 janitors at downtown building out of work after owners hire non-union maintenance firm

Fri, 11 May 2012 21:19:15 GMT

Twenty janitors are out of jobs after the owners of the Park Square building they worked in signed a contract with a non-union maintenance company. Capital Partners, a New-York based real estate company that owns the property at 31 St. James St., ended the contract with UGL Unicco, and signed a new deal with with Crystal Bright, a commercial property maintenance company based in Medford. Crystal Bright declined comment and referred questions to officials at Capital Properties, who did not return calls for comment.

New York Times Co. sells its remaining stake in the Boston Red Sox

Fri, 11 May 2012 19:25:34 GMT

The New York Times Co. said it has sold its remaining share of Fenway Sports Group, which includes the Boston Red Sox, for $63 million. The sale, to undisclosed buyers believed to be current minority owners of the team, ends the Times Co.’s ownership stake in the Red Sox. Over 10 years, the company tripled its investment, having originally purchased a 17.5 percent stake in the team for $75 million in 2002. In recent years it has sold off portions of that share, for a total of $225 million.

Mass. AG Martha Coakley alleges Apple Inc. conspired with publishers to price-fix e-books

Fri, 11 May 2012 19:24:06 GMT

Massachusetts Attorney General Martha Coakley is joining counterparts in 32 other states in alleging that technology giant Apple Inc. engaged in the price-fixing of e-books with publishers Penguin Group and Macmillan Publishers. “We allege that through their actions, the defendants and their co-conspirators collected more than $100 million worth of overcharges from consumers across the country,” Coakley said. Attempts to reach Apple and Macmillan were not immediately successful. Apple and Penguin have denied similar allegations in the past.

Boston nonprofit launches TV show to boost STEM education

Fri, 11 May 2012 17:18:31 GMT

Science from Scientists, a 10-year-old Boston education nonprofit, has received $650,000 from iRobot Corp., Google Inc., and Comcast Corp., and is launching a television program on Friday mean to boost science and math education in the state.

Barney Frank: JPMorgan Chase’s $2b loss demonstrates need for tighter regulations

Fri, 11 May 2012 17:01:58 GMT

US Representative Barney Frank said Friday that JPMorgan Chase’s disclosure that it lost $2 billion from a flawed hedging strategy underscores the need for tighter federal regulation. Such regulations are part of what is commonly known as the Dodd-Frank law. JPMorgan Chase has criticized those regulations. “The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today,” Frank said.

Facebook cofounder Saverin renounces US citizenship ahead of IPO

Fri, 11 May 2012 16:40:52 GMT

Eduardo Saverin, the billionaire cofounder of Facebook Inc., renounced his US citizenship before an initial public offering that values the social network at up to $96 billion, a move that may reduce his taxes.

Houghton Mifflin lenders agree to eliminate $3.1 billion of debt

Fri, 11 May 2012 16:00:43 GMT

Houghton Mifflin Harcourt Publishing Co., the publisher of authors from Mark Twain to J.R.R. Tolkien, received support from more than 70 percent of lenders to eliminate $3.1 billion in debt. The prepackaged bankruptcy reorganization will allow the textbook publisher to reduce annual cash interest costs by about $250 million, Boston-based Houghton said Friday in a statement.

Regulators reject FAIR Plan proposal to hike rates

Fri, 11 May 2012 15:58:03 GMT

Massachusetts insurance regulators Friday rejected a proposed 7.2 percent rate hike by the FAIR Plan, the state’s home insurer of last resort. The FAIR Plan had proposed raising home and condo insurance rates by 6.7 percent on the Cape and the Islands and 9.9 percent in several other areas, including New Bedford, Worcester, and Springfield. The plan, currently covers 201,150 householders who are unable to obtain coverage from other insurers, often because they are thought to be at high risk for flooding, hurricanes, or other disasters.

Stuart Weitzman, Soft Surroundings to open stores at the Mall at Chestnut Hill

Fri, 11 May 2012 15:21:08 GMT

Stuart Weitzman is a tony cobbler who believes that shoes are an art form for “making a woman feel beautiful.” Now a Stuart Weitzman store is scheduled to open this fall at the Mall at Chestnut Hill. Stuart Weitzman won’t be alone in wooing women who deem themselves discerning shoe shoppers. Another store set to open at the mall in the fall is Soft Surroundings, whose website bills its shoes as “fun, flirty styles for your feet.” Soft Surroundings also sells clothing and bedding.

Dunkin’ executive chef Stan Frankenthaler wins kudos for menu innovation

Fri, 11 May 2012 12:55:59 GMT

Dunkin’ Brands Group Inc., the Canton-based parent of the Dunkin’ Donuts and Baskin-Robbins, announced Friday that executive chef Stan Frankenthaler has been honored as the 2012 MenuMasters Innovator of the Year. Frankenthaler was recognized for the culinary innovation that he has led for both Dunkin’ Donuts and Baskin-Robbins. Under Frankenthaler’s watch, Dunkin’ devised such new menu items as the Big N’ Toasted Breakfast Sandwich, Sausage Pancake Bites, and Bagel Twists. Meanwhile, on the ice cream front, Baskin-Robbins unveiled such new flavors as Superfudge Truffle and French Toast.

California firm is opening a Hub showroom that will sell used lab equipment

Fri, 11 May 2012 11:57:12 GMT

BioSurplus, a California-based company that buys, sells, and auctions used lab equipment, is opening a facility in Boston, according to the Massachusetts Life Sciences Center, a quasi-public agency. BioSurplus said it has completed the majority of its $1.5 million capital raise from KI Investment Holding. The funds will be used to support the company’s expansion into Boston,

Cape Cod filmmaker Dan Adams gets 2 to 3 years in prison for $4.7 million tax-credit fraud

Fri, 11 May 2012 00:17:50 GMT

Daniel Adams, a Cape Cod filmmaker convicted of fraud for illegally obtaining $4.7 million in state film tax credits, was sentenced Thursday to two to three years in state prison.

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Fri, 11 May 2012 00:17:50 GMT

Fidelity starts new Global Equity Income fund

Thu, 10 May 2012 21:59:58 GMT

Fidelity Investments said it’s launching a new Global Equity Income fund, in an effort to provide investors a portfolio of larger, less-volatile stocks that also pay dividends. The fund’s manager, Ramona Persaud, said the Boston mutual fund giant’s clients who are nearing retirement age are looking for investments that fluctuate less dramatically during turbulent economic periods. “They’ve really gone through a rough patch over the last two decades,’’ Persaud said. “Our investor base is really sensitive to volatility.”

Former Southbridge resident sentenced to 22 years in jail for homebuyers tax-credit fraud

Thu, 10 May 2012 21:50:17 GMT

A former Southbridge resident was sentenced Thursday to nearly 22 years in prison for his involvement in a tax credit fraud scam related to the federal first-time home buyer tax credit program. Junior A. Lopez was sentenced in US District Court in Worcester for his involvement in a 2008 scam involving more than 50 fraudulent tax forms and $500,000 in refunds, prosecutors said. He pleaded guilty last year to fraud-related charges linked to the federal program, which was aimed at stimulating the sluggish US housing market

Cape Cod film maker convicted of fraud is sentenced to 2 to 3 years

Thu, 10 May 2012 19:27:05 GMT

Daniel Adams, a Cape Cod filmmaker convicted of fraud for illegally obtaining $4.7 million in film tax credits, was sentenced Thursday to two to three years in state prison. His prison term will be followed by 10 years of probation, and he was ordered to pay $4.4 million in restitution under the sentence imposed by Massachusetts Superior Court Judge Carol Ball.

BioShock game delay called smart move

Thu, 10 May 2012 17:59:57 GMT

Fans may be frustrated, but analysts said Irrational Games of Quincy made the right decision when it delayed until 2013 the debut of the anticipated new release in the BioShock video game franchise.

AVEO Pharmaceuticals is relocating to Kendall Square

Thu, 10 May 2012 18:34:18 GMT

BioMed Realty Trust Inc., a California real estate firm that is a Kendall Square landlord, said Thursday that AVEO Pharmaceuticals Inc. has signed a 12-year lease to relocate its operations to 650 East Kendall St. in Cambridge. AVEO currently occupies space at three Cambridge addresses on Sidney and Emily streets ies companies, will enable AVEO to consolidate operations under one roof and have more room.

State Street’s chief executive says there’s budding optimism in Asia about US economic rebound

Thu, 10 May 2012 15:46:28 GMT

State Street Corp. chief executive Jay Hooley says he discovered something surprising during his recent business travels in Asia: Budding optimism about the US economy.

EMC buys XtremIO

Thu, 10 May 2012 14:56:21 GMT

EMC Corp., the Hopkinton-based data storage giant, said Thursday that it has acquired XtremIO, an Israeli company specializing in storage achitecture that leverages flash memory. EMC’s press release did not disclose a purchase price. In the release, EMC said XtremIO’s technology complements a range of EMC flash-based systems and software stemming from EMC’s early entry into the flash storage market.

Pay for your Boloco burrito with an iPhone

Thu, 10 May 2012 14:19:55 GMT

LevelUp, a program that offers both rewards programs and payment applications for mobile devices, said that starting Thursday, customers of the Boloco chain of burrito restaurants can pay for their orders with iPhones and smartphones that use the Droid operating system. Based in Boston, Boloco operates 18 restaurants. LevelUp is the mobile payments product from Scvngr, a Boston company.

EnerNOC lands energy-efficiency contract with San Francisco’s utilities commission

Thu, 10 May 2012 13:15:59 GMT

EnerNOC Inc., a Boston-based provider of energy-efficiency services and technology, announced Thursday that it will work with the city of San Francisco to help ensure that the city’s new buildings incorporate energy-efficient designs and features. The assignment stems from a new seven-year contract between EnerNOC and the San Francisco Public Utilities Commission. The first project under this agreement is San Francisco’s new Public Safety Building, a 300,000-square-foot LEED Gold facility set to open in 2014, EnerNOC said.

Jumbo Capital Management buys Framingham office building for $6.4m

Thu, 10 May 2012 12:20:45 GMT

Jumbo Capital Management has bought a Framingham office building from Colony Realty Partners for $6.4 million, said a broker involved in the transaction. The broker is NAI Hunneman, a Boston-based commercial real estate services firm. With nearly 34,000 square feet of space, the building at 125 Newbury St. is located off Route 30. NAI Hunneman represented the seller and procured the buyer.

Lantheus Medical Imaging announces new manufacturing & supply agreements

Thu, 10 May 2012 12:03:42 GMT

Lantheus Medical Imaging Inc., a Billerica company that develops diagnostic imaging agents, announced new manufacturing and supply agreements with Jubilant HollisterStier LLC, or JHS. According to its website, JHS is a Washington state-based company specializing in contract manufacturing services. Under separate agreements, JHS will manufacture various imaging agents developed by Lantheus Medical Imaging as its current partner transitions out of the contract manufacturing services business.

TD Bank to close Springfield call center, eliminate 200 jobs

Wed, 09 May 2012 21:58:02 GMT

TD Bank, the fourth largest retail bank in the state, confirmed Wednesday that it plans to close a customer call center in Springfield by the end of the year, eliminating 200 jobs.

Bill aimed at preventing home foreclosures in Massachusetts moves forward in Legislature

Wed, 09 May 2012 20:29:29 GMT

A bill meant to stop “unnecessary” foreclosures in Massachusetts cleared its first major legislative hurdle Wednesday when it gained approval from the Legislature’s Joint Committee on Financial Services. The bill, filed by Attorney General Martha Coakley, would require banks to analyze certain troubled mortgage loans and offer borrowers modifications when it makes more financial sense than foreclosure. Cosponsored by Democrats Senator Karen Spilka of Ashland and Representative Steven M. Walsh of Lynn, the bill now goes before the House Committee on Ways and Means.

State Street loses bid to toss lawsuit over currency trades

Wed, 09 May 2012 19:15:30 GMT

State Street Corp. lost a bid to dismiss a lawsuit by an Arkansas pension fund that says the custody bank profited off foreign-currency trades at the expense of clients. State Street’s motion to dismiss the complaint brought by the Arkansas Teacher Retirement System was denied by US District Judge Mark Wolf in Boston. The pension fund says State Street charged inflated rates when buying foreign currency for clients and reported deflated rates when selling, pocketing the difference between the actual and reported rates.

Hub office building at One Faneuil Hall is sold for $40m

Wed, 09 May 2012 19:28:04 GMT

One Faneuil Hall, a Boston office and retail building whose tenants include Abercrombie & Fitch, has been sold for $40 million, said a broker involved in the transaction. The broker is the Capital Markets division of Jones Lang LaSalle, a financial and professional services firm specializing in real estate. Jones Lang LaSalle represented the seller, Faneuil Hall Square LLC, in the transaction. The buyer was identified only as a “foreign investor.”

A Panera bakery cafe is opening in Boston’s Theater District

Wed, 09 May 2012 16:48:47 GMT

Panera Bread Co. said it is officially opening one of its bakery cafes in Boston’s Theater District Wednesday. The new Panera on Stuart Street has a format that includes intimate seating areas, a fireplace, and a community table. There is free WiFi Internet access. And the cafe is also offering a catering menu that is available for breakfast, lunch, and snacks. This option is available for groups from five to 500, Missouri-based Panera said.

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Wed, 09 May 2012 16:48:47 GMT

Synageva takes bigger 1Q loss on research costs

Wed, 09 May 2012 15:13:40 GMT

LEXINGTON — Drug developer Synageva BioPharma Corp. reported a bigger first-quarter loss Wednesday as it continued to study its main drug candidate. Synageva is researching treatments for rare enzyme disorders. It does not have any products on the market, and its only product in clinical trials is designed to treat a disorder called lysosomal acid lipase deficiency. The disease causes the buildup of fatty material in the liver, spleen, and blood vessels walls, and it can cause serious health problems or death.

Rockland Trust launches ad campaign with the theme of ‘Actions. Not Words.’

Wed, 09 May 2012 13:38:16 GMT

Rockland Trust, the largest community bank south of Boston, announced Wednesday the launch of a $1 million-plus spring marketing campaign with the theme of “Actions. Not words.” The campaign includes television, radio, print, and online ads as well as a social media component. The campaign was created with the help of Forge Worldwide, a Boston-based marketing firm.

Retired couples may need $240k for health care

Wed, 09 May 2012 13:11:16 GMT

Couples retiring this year can expect their medical bills throughout retirement to cost 4 percent more than those who retired a year ago, according to an annual projection released Wednesday by Fidelity Investments. The estimated $240,000 that a newly retired couple will need to cover health care expenses reflects the typical pattern of projected annual increases. The Boston-based company cut the estimate for the first time last year, citing President Barack Obama’s health care overhaul. But Fidelity says overall health care cost trends are on the rise again.

HeadCoolies from IPC Medical are designed to help runners chill

Wed, 09 May 2012 15:52:50 GMT

The device is called the HeadCoolie, a sweatband of sorts that’s designed to help marathon runners control their body temperatures. Secured by Velcro, the HeadCoolie holds a re-usable cold gel pack. On IPC Medical’s website, the HeadCoolie has a retail price of $19.99.

Joe Kelley will preside over Stop & Shop’s New England Division

Wed, 09 May 2012 11:56:51 GMT

Ahold USA, the food company that operates such supermarket chains as Stop & Stop, said that Joe Kelley will take over as president of its Stop & Shop New England Division, effective May 21. In his new post, Kelley will run all aspects of the division, including sales, organization, and people. The chain’s New England Division currently operates 218 supermarkets in Massachusetts, New Hampshire, Rhode Island, and parts of Connecticut.

Shake Shack, known for its frozen custard, plans to open first Massachusetts shop in Chestnut Hill

Tue, 08 May 2012 21:18:29 GMT

Shake Shack, the New York City burger stand whose frozen custard has gained a fierce following, plans to open its first Massachusetts store next year at the Chestnut Hill Shopping Center. Shake Shack will take over roughly 3,000 square feet in the Boylston Street space formerly occupied by the Rugged Bear children’s store, featuring its signature line of burgers, hot dogs, and frosty treats. “With its proximity to Boston College, Chestnut Hill is a thriving community to bring Shake Shack,” said Randy Garutti, Shake Shack’s chief executive.

Citizens Bank accused of profiting from customers’ math mistakes

Tue, 08 May 2012 20:59:01 GMT

A class action suit filed in federal court in Illinois last week accuses Providence-based Citizens Bank of keeping any extra funds when customers’ accidentally undercount the amount of money they deposit. For instance, the suit said Todd L. Bowers Inc., a chiropractic center in Downers Grove, Ill., deposited $1,475.07 in checks and cash into its Citizens account in November 2010, but made an error and listed only only $1,448.57. The bank credited the chiropractic firm with the lower amount and kept the extra $26.50.

Facebook pitches Boston investors on coming IPO

Tue, 08 May 2012 19:49:07 GMT

Mark Zuckerberg, the 27-year-old cofounder of social media giant Facebook Inc., was in Boston Tuesday meeting with investors ahead of the company’s initial public offering, which is expected to raise $11 billion and be the largest technology debut in Wall Street history. Zuckerberg did not attend the main Boston presentation of the Facebook road show at the Four Seasons Hotel. But he participate in a handful of private meetings with such large firms as Fidelity Investments.

Bob Badavas is the new CEO of PlumChoice

Tue, 08 May 2012 17:58:53 GMT

PlumChoice Inc., a Billerica company that provides computer technical support services, said Tuesday that Bob Badavas has been appointed to the posts of president and chief executive. Badavas has been a member of the company’s board of directors since 2011. Previously, he was with TAC Worldwide, where he served as chief executive. At PlumChoice, Badavas succeeds company founder Ted Werth, who now serves in the newly created role of chief strategy and products officer, PlumChoice said. Werth remains company chairman.

Objet ‘print out’ of Fenway Park is now on Youtube. And, say, is that the Spaceman?

Tue, 08 May 2012 17:19:02 GMT

Objet Ltd., a company specializing in 3D printing, recently unveiled a 100th birthday present to Fenway Park: A 3D print-out of the famous Red Sox landmark. Objet, which has offices in Billerica, has everything from machinery that can help create visual effects for Hollywood movies such as “Iron Man” to printers that are used to make rapid prototypes of new products. Objet has posted a Youtube video on its Fenway project. Added bonus: Former Red Sox star Bill Lee --- a.k.a. the Spaceman --- can be seen offering some base-running tips.

Sports Authority gears up for Watertown store opening

Tue, 08 May 2012 15:54:23 GMT

Sports Authority, a sporting goods chain with about 470 locations, said that it will celebrate the grand opening Saturday of its newest store, which is located at the Arsenal Mall in Watertown. The new story occupies roughly 30,000 square feet of space, the Colorado-based company said, and it uses a new format that features simplified layouts and brighter lighting to showcase such brands as Nike, Under Armour, Adidas, the North Face, and TaylorMade.

Linear Retail buys retail space in Boston’s Back Bay for $4.92m

Tue, 08 May 2012 14:32:13 GMT

Linear Retail Properties, a Burlington-based operator and owner of retail properties, has purchased the ground level at 727-731 Boylston St. in Boston’s Back Bay neighborhood for $4.92 million. What the firm has acquired is a retail condominium with 4,479 square feet of space. The space is currently occupied by an Uno Chicago Grill restaurant on a stretch of Boylston Street between Exeter and Fairfield streets. The seller, Spencer Family LLC, is managed by Aaron D. Spencer, founder of Pizzeria Uno, the previous name of Uno Chicago Grill.

Dunkin’ Donuts distribution center is planned for Phoenix

Tue, 08 May 2012 12:46:13 GMT

A distribution and purchasing cooperative of Dunkin’ Donuts franchisees has signed a lease for a distribution center in Phoenix, which will be the cooperative’s first warehouse located west of the Mississippi River. For the last several years, the parent of Dunkin’ Donuts has been pursuing ambitious expansion plans. While Dunkin’ cafes are seemingly ubiquitous in Greater Boston, they can be thin on the ground in other parts of the country, particularly out West. The Phoenix distribution center should help support the chain’s western expansion.

Mass. pending home sales rose for 12th straight month

Tue, 08 May 2012 12:11:17 GMT

The number of Massachusetts single-family homes put under agreement in April was up 35.6 percent when compared with the same month last year, the Massachusetts Association of Realtors said Tuesday. It was the 12th straight month of such gains, the association added. The number of Bay State condos put under agreement in April was up 30.9 percent on a year-to-year basis. This metric is referred to as pending sales. Some real estate analysts think pending sales can give a snapshot of where the housing market might be heading.

Eleven Biotherapeutics secures $20m and expands Series A financing

Tue, 08 May 2012 12:07:05 GMT

Eleven Biotherapeutics Inc., a Cambridge biopharmaceutical company, said Tuesday that it has secured $20 million dollars in Series A equity financing, expanding the total Series A investment to $45 million. New investor, JAFCO Co. Ltd., a Tokyo-based private equity firm, joined the Series A financing with a $10 million investment; $10 million was also received from commitments from existing investors, Third Rock Ventures and Flagship Ventures. Third Rock and Flagship helped found Eleven Biotherapeutics in 2010.

Massachusetts to receive $19.8 million as part of multi-state settlements with Abbott Laboratories

Mon, 07 May 2012 22:07:35 GMT

Massachusetts will get $19.8 million as part of a pair of multi-state settlements with Illinois drug company Abbott Laboratories, which agreed to pay a total of $900 million and plead guilty to violating a federal drug law to resolve charges of illegal off-label marketing. The settlements revolve around the company’s promotion of the anti-seizure medication Depakote for off-label uses over a 10-year period. In one, Abbott will pay the states and federal government $800 million in civil damages and penalties.

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Mon, 07 May 2012 22:07:35 GMT

Babe Ruth’s Sudbury home for sale

Mon, 07 May 2012 21:54:08 GMT

The Sudbury house that Babe Ruth owned after he was sold to the New York Yankees in the 1920 is for sale. And while it looks to be little changed from the outside, inside it is a far cry from the house that Ruth knew.

Facebook’s Zuckerberg said to meet would-be investors

Mon, 07 May 2012 18:25:45 GMT

Facebook Inc. chief executive Mark Zuckerberg is meeting would-be investors as the largest social-networking service begins marketing its initial public offering, said a person with knowledge of the matter. Facebook, after meeting potential shareholders in New York Monday, has arranged meetings in Boston and Palo Alto, Calif., this week. The person who discussed Zuckerberg’s attendance asked not to be identified because the meetings are private. CNBC televised footage of a hooded sweatshirt-clad Zuckerberg arriving at the Sheraton New York Hotel.

Babe Ruth’s Sudbury home for sale

Mon, 07 May 2012 17:11:44 GMT

The Sudbury house that Babe Ruth called home when he played for the Boston Braves in the 1920 is for sale. And while it looks to be little changed from the outside, inside it is a far cry from the house that Ruth knew.

Boston Micromachines gets $750k NASA contract for space imaging research

Mon, 07 May 2012 17:52:23 GMT

Boston Micromachines Corp., a Cambridge company specializing in adaptive optics systems, has been awarded a $750,000 contract from NASA to support the space agency’s Exoplanet Exploration program. NASA is searching for planets outside of the solar system, but that search is hindered by the constraints of space-based imaging technology. Boston Micromachines specialty is MicroElectroMechanical Systems (MEMS) deformable mirrors, which are used in adaptive optics systems. Such systems take corrective actions to produce high resolution images.

AAA: Mass. gas prices fall 6 cents a gallon

Mon, 07 May 2012 15:22:16 GMT

The average price for gas in Massachusetts was $3.769 a gallon in the latest weekly AAA survey, down 6 cents from the previous week’s average, AAA Southern New England said Monday. Over the last three weeks, the average has fallen 13 cents a gallon. The current national average for gas is $3.77 a gallon. A year ago at this time, the Massachusetts average price was $3.94 a gallon.

Shares of Vertex rise as cystic fibrosis combo improves breathing

Mon, 07 May 2012 14:10:37 GMT

Vertex Pharmaceuticals Inc., maker of the first medicine to target the underlying cause of cystic fibrosis, gained the most ever after a combination of that drug and a second therapy improved patients’ breathing ability. Shares for Cambridge-based Vertex climbed 41 percent to $52.57 at 9:32 a.m. New York time. The combination of Kalydeco, approved in January, and the experimental VX-809 improved lung function by at least five percentage points in 46 percent of patients in a mid-stage study, the company said.

Talbots enters exclusivity agreement with Sycamore Partners, a potential buyer

Mon, 07 May 2012 13:46:28 GMT

Hingham clothier Talbots Inc. said Monday that it has entered into an exclusivity agreement with a New York investment firm to acquire the struggling company for $3.05 a share. The non-binding proposal, which terminates on May 15, is 5 cents above the price-per-share offer Sycamore Partners made to Talbots last year. In a securities filing, Talbots board of directors said it continues to evaluate strategic alternatives, including Sycamore Partners’ proposal. The New York private equity firm already owns nearly 10 percent of Talbots’ outstanding stock.

Boston Scientific’s Ingenio pacemaker wins FDA approval

Mon, 07 May 2012 12:41:08 GMT

Boston Scientific Corp.’s Ingenio and Advantio pacemakers won US approval to treat abnormally slow heartbeats, clearing the way for sales of devices that have been in development for a decade. The pacemakers are designed to help the heart adjust to demands from physical exercise and ease shortness of breath during walking, climbing stairs, or other activities. The Natick-based company said it also gained Food and Drug Administration clearance for the Invive pacemaker, used to help synchronize cardiac contractions in heart failure patients.

Robert ‘Rob’ W. Balazy appointed CEO of Lycos

Mon, 07 May 2012 12:09:49 GMT

Lycos Inc., a Waltham-based provider of social publishing, media, and search services, announced Monday the appointment of Robert “Rob” W. Balazy as its CEO. Balazy, who had been previously employed by Lycos, is coming back to lead the company. Before rejoining Lycos, he was president and chief executive of Inform Technologies Inc., a developer of semantic Web technology. Lycos has been owned by Ybrant Digital, an Indian media group, since 2010.

Syracuse basketball’s Jim Boeheim joins Cellceutix to help fight cancer

Mon, 07 May 2012 11:44:48 GMT

Cellceutix Corp., a Beverly biopharmaceutical company developing drugs for such diseases as cancer, said that Syracuse University basketball coach Jim Boeheim has joined the company as an advisor. Surviving his own battle with prostate cancer, Boeheim is known for his philanthropic efforts in the cancer field. Celleceutix has high hopes for a cancer drug candidate called Kevetrin, and the company said that the plan is for Boeheim to help its efforts to spread the message about Kevetrin’s potential.

Yemen attacks may disrupt LNG supplies in Mass.

Fri, 04 May 2012 19:13:29 GMT

Recent attacks on a pipeline in Yemen have regional electricity grid managers preparing for a possible drop in supplies of liquefied natural gas in the Boston area. Natural gas is abundant in the US, but local grid manager ISO New England said some power plants in northeastern Massachusetts have access only to liquefied natural gas.The ISO says because of that, if electricity demand spikes or another local power generator unexpectedly stops operating, diminished LNG supplies from Yemen put the grid’s ability to reliably produce electricity at risk.

New office tower planned at Channel Center in Boston’s Seaport

Fri, 04 May 2012 17:09:14 GMT

The developer of the massive Channel Center complex in Boston’s Seaport district is proceeding with plans for an 11-story office building, public parks and a parking garage, adding to the rapid redevelopment of the area in recent years.

Harvard Business Review: A language strategy is a must for global companies

Mon, 07 May 2012 16:00:09 GMT

English is emerging as the common tongue of the global economy, and companies that fail to adopt an English-only policy could face a competitive disadvantage. So argues Harvard Business School professor Tsedal Neeley in the May issue of the Harvard Business Review. “If you want to surpass your rivals, it’s no longer a matter of choice,” Neeley writes of adopting English as a company’s official language.

Dunkin’ is unveiling ‘Men In Black 3’ donuts, Baskin-Robbins to expand in the UK

Fri, 04 May 2012 13:59:41 GMT

Dunkin’ Donuts is going Hollywood --- again. The Canton-based coffee-and-baked-goods chain is promoting new menu items with tie-ins to “Men In Black 3,” a Sony Pictures movie set to arrive in theaters later this month, and TV viewers can expect to see soon a Dunkin’ ad that incorporates some of the movie’s themes. This is the second time the chain has incorporated a Hollywood movie into its marketing efforts. Last year, Dunkin’ had a similar promotion using the “Captain America” movie.

Kronos facility in Chelmsford is getting $7m in renovations

Fri, 04 May 2012 12:09:36 GMT

Kronos Inc., a company that provides software and services that businesses use to more efficiently manage their workforces, has completed a lease renewal for one of its Chelmsford facilities, said Cassidy Turley FHO, a broker involved in the transaction. The renewal for a 110,000 square feet of space at 300 Billerica Rd. paves the way for $7 million in renovations and upgrades at the site. Kronos is investing more than $2.5 million in the renovations. Boston Properties, which owns the building, is investing the rest.

Sneaker pioneer Converse opens its first mall-based store

Fri, 04 May 2012 11:44:36 GMT

Converse Inc., a footwear brand based in North Andover, said Friday said it is opening its fourth US store and the first one to be located in a mall. The store is in Westfield Garden State Plaza in Paramus, N.J., and its design, according to the company, “evokes the sport and rock ‘n’ roll heritage of Converse.” In an earlier era, the brand was renowned for its Chuck Taylor All Star shoe. Converse is now a Nike subsidiary.

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Fri, 04 May 2012 11:44:36 GMT

Bank of America picks Hill Holliday as key advertising agency

Thu, 03 May 2012 22:03:22 GMT

Bank of America Corp., which has been reevaluating its advertising strategy over the past few months, said Thursday that Boston-based Hill Holliday will receive a larger slice of its future business. The Charlotte-based banking giant said Hill Holliday, one of several firms who already work for Bank of America, will “assume increased creative assignments and retain responsibility for Merrill Lynch Wealth Management and U.S. Trust marketing.”

Blue Cross Blue Shield revises premium rate hike requests, lowering state’s base rate average

Thu, 03 May 2012 21:04:33 GMT

Massachusetts regulators said Thursday that average base rate health insurance premium increases for small business and individual policies renewing in the third quarter have been revised to 0.7 percent -- even smaller than the 1.2 percent average they reported earlier this week. The downward revision came because Blue Cross Blue Shield of Massachusetts, the state’s largest health insurance company, refiled its rate request in the so-called “small-group” market serving small companies along with self-employed and formerly uninsured individual policy holders.

Reebok sizes up big foot problem for tall man

Thu, 03 May 2012 22:59:43 GMT

At 7 feet, 8 inches, Igor Vovkovinskiy is reputed to be the tallest living man in the US. His feet are so big that he cannot find shoes with a proper fit. On Thursday athletics company Reebok set on Vovkovinskiy to get measurements and imprints of his feet, from which they will custom-make shoes.

TJX gets another tax break to expand in Framingham

Thu, 03 May 2012 18:36:49 GMT

Retail giant TJX Cos. secured its second major property tax break in two months Wednesday night after agreeing to keep its headquarters in Framingham, where it will spend $143 million on an expansion.

Microsoft to open store in Pru

Thu, 03 May 2012 17:50:00 GMT

Microsoft Corp. said Thursday it will open a store in The Shops at Prudential Center in Boston, as it tries to catch up with rival Apple Inc. in establishing a closer retail presences with consumers. The Pru store will be its first in Massachusetts, and will feature personal computers running the company’s Windows 7 software, smartphones on its Windows Phone 7 software, and Microsoft’s Xbox 360 videogame console. The store will included a section devoted to small business users.

High Liner Foods plans to close Danvers plant that employs 160 people

Thu, 03 May 2012 15:33:03 GMT

High Liner Foods Inc. plans to close a plant in Danvers that employs more than 160 people early next year. The plant coats and batters fish for the food-service industry. Nova Scotia-based High Liner Foods is also looking to close another plant in Canada. The company said it is “consolidating its North American supply chain as a result of overcapacity at several plants and the acquisition of a more modern plant in Newport News, Virginia.”

Steven Tyler pitches chicken for Burger King

Thu, 03 May 2012 15:39:02 GMT

Steven Tyler is seemingly no slouch at multi-tasking. When not crooning for Aerosmith or judging on “American Idol,” he can now be seen pitching Crispy Chicken Strips in a new Burger King TV ad. The ad would have you believe he’s working the drive-through window at a Burger King near you. For female customers, it’s a case of hyperventilating only painfully restrained. Swoonings aside, the BK manager is so discomfited by the rock star’s unkempt mane that he bellows: “You need to get a hair-net, Tyler!”

TJX: Same-store sales rose 6% in April

Thu, 03 May 2012 12:50:25 GMT

TJX Cos., the Framingham-based retailer that operates such off-price chains as T.J. Maxx, Marshalls, and HomeGoods, said Thursday that its same-store sales rose 6 percent in April when compared to April 2011. Same-store sales, which are sales at stores open at least a year, are regarded as a key metric of a retailer’s performance. TJX said it now expects first-quarter earnings per share to be about $.54 and full year fiscal 2013 EPS to be in the range of $2.26-$2.36.

Mass. schools get $778k from Stop & Shop’s A+School Rewards program

Thu, 03 May 2012 12:11:43 GMT

The Stop & Shop Supermarket Co. said that Massachusetts schools received more than $778,000 through the chain’s A+School Rewards Program. The program enables schools to earn cash for scholarships, technology, sports equipment, field trips, and other educational needs. Customers who use Stop & Shop cards when making purchases designate a school of their choice. Then points accrue to that school based on those purchases.

First Wind marks milestone for its wind project in Washington state

Thu, 03 May 2012 11:43:31 GMT

First Wind, a Boston-based wind energy company, has just marked the start of major construction on its first wind project in Washington state. The Palouse Wind project, located in Whitman County, will include the installation of 58 Vestas 1.8 mega-watt turbines. “Once complete, the Palouse Wind project will be the largest renewable energy facility in the county with the capacity to generate enough clean energy to power about 30,000 Northwest homes,” First Wind said.

Secretary of State William Galvin: RBC Capital Markets agrees to repay Mass. investors up to $2.9m

Wed, 02 May 2012 18:51:39 GMT

RBC Capital Markets has agreed to repay Massachusetts investors up to $2.9 million, plus a $250,000 fine, in a settlement with Secretary of State William F. Galvin. New York-based RBC, a unit of the Royal Bank of Canada, allegedly sold commonwealth investors a complex type of exchange-traded funds that used leverage and “inverse leverage.” These instruments look to provide returns that are linked to the daily performance of certain market indexes.