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Thursday, January 12, 2012

THREE BANKRUPTCIES AND A RETIREMENT

Well, Hostess Brands filed for bankruptcy.  How can a company of this type making $2.5 billion/year, lose $341 million?  Well, Americans are steering away from sweet mysteries such as Twinkies (no, they don't store at room temperature forever--but they do have a shelf life of 25 days) for yogurt and fruits.    Remember Wonder Bread, Snow Balls, Ding Dongs and Ho Hos?  Maybe no more. Good riddance!


Next to go?  Eastman Kodak:


The stock value of EK has sunk from almost 30 four years ago, down to 0.65 today.  What a shame because in 1975 Kodak developed the first prototype for a DIGITAL camera...but stayed with celluloid until 2001.

Remember Leigh Steinberg?  He, of "Show Me the Money" as Jerry Maguire, representing Ben Rothlisberger, June Jones (changing the University of Hawaii to black, silver and Warriors) and Troy Aikman.   He filed for bankruptcy.

The end is also coming to Al Scates (that's him to the right as you probably remembered him--below, today).  This is his 50th year as coach of the UCLA men's volleyball team.  He will retire at the end of the season.  Amazingly enough, he became UCLA's head coach at the age of 21, and is certainly the John Wooden of volleyball, and more, for his teams have won 19 national championships.  They play Hawaii Saturday night.




I went to the SONY Open today.  Steve Stricker, who won last week at Kapalua, is doing well.  The weather was ideal and the exercise I got just about right.

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The Dow Jones Industrials rose 22 to 12,471, with world markets mixed.  Gold is continuing to climb, up $4/toz to $1646, while while the WTI crude fell below $100 to $99/barrel and the Brent Spot at $112/barrel.

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