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Hudson hardware store sold after 128 years in family

Written By Unknown on Sabtu, 07 Maret 2015 | 00.32

HUDSON  — A Hudson lumber and hardware store that's been owned by the same family for 128 years has been sold.

Lamson Lumber announced that it has been sold to Koopman Lumber, another family-owned business based in Northbridge with seven locations. Terms of the sale were not disclosed.

Co-owner Lona Lamson tells The MetroWest Daily News that the business was started by her great-grandfather in 1887. It originally sold ice.

Lamson says the business is thriving, with sales up 20 percent last year, but she and her sister are getting older and none of their children want to take over.

Koopman co-owner Tony Brookhouse says Lamson will stay in the same location with the same employees, but he plans on adding more services.


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Staples tops 4Q profit projections; strong dollar hits sales

FRAMINGHAM, Mass. — Staples slid to a loss in the fourth quarter as the company booked restructuring charges ahead of a huge merger and the strong dollar pressured sales, but it topped Wall Street's expectations for net income and shares rose in premarket trading Friday.

Staples, the nation's largest big box office supply chain, announced last month that it would spend about $6 billion to buy rival Office Depot Inc. It closed 169 stores in North America last year and plans to close a total of 225 locations by the end of 2015 as it ties up with Office Depot.

For the period ended Jan. 31, Staples lost $260.4 million, or 41 cents per share. A year earlier it earned $212.4 million, or 33 cents per share.

Staples said Friday that the current quarter included $410 million in impairment charges related to its Australia, China and South America businesses. The period also included $74 million in restructuring and other charges.

Excluding the charges and other items, per-share earnings were 31 cents.

That's a penny better than industry analysts had projected for the quarter, according to a survey by Zacks Investment Research.

The Framingham, Massachusetts, company posted revenue of $5.66 billion, which fell short of Wall Street forecasts. Analysts surveyed by Zacks expected $5.75 billion.

The strong dollar negatively impacted sales by about 2 percent during the quarter, the company said Friday.

Quarterly sales grew one percent excluding the impact of store closings over the past year and the strong dollar.

For the year, Staples Inc. had a profit of $134.5 million, or 21 cents per share. Its adjusted earnings from continuing operations were 96 cents per share. Revenue was reported as $22.49 billion.

The company expects adjusted earnings in a range of 16 to 18 cents per share during the first quarter of this year. Analysts polled by FactSet predict earnings of 17 cents per share. The company said it also anticipates sales to decline when compared with the prior-year period.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPLS at http://www.zacks.com/ap/SPLS

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Keywords: Staples, Earnings Report


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Boston hospitals take precautions with scope linked to superbug

A type of medical scope linked to a "superbug" form of E. coli that sickened five people and killed two others in California is being used in Hub hospitals, and doctors have amped up cleaning practices and patient surveillance to stave off 
infection.

"We certainly tell patients about the risk of infection, and we have written policies on infection control. There's frequent communication on this," said Dr. John Saltzman, director of endoscopy at Brigham and Women's Hospital. "We have to weigh the risks and benefits of what we do. These procedures can be life-saving."

Brigham uses the same brand of endoscope, from medical device company Olympus, that was linked to seven cases of an antibiotic-resistant strain of bacteria at Ronald Reagan UCLA Medical Center between October and January.

The scope, used for complex bile duct and pancreatic procedures rather than the routine endoscopes and colonoscopies, is a redesigned version of an existing device that hasn't yet received Food and Drug Administration clearance.

Other local hospitals are using the same type of hard-to-clean endoscope made by different manufacturers.

Dr. David Hooper, chief of infection control at Massachusetts General Hospital, said the hospital uses one of the other two, but, "I think the potential for risk isn't just related to one brand."

The state Department of Public Health said there have been no reported infections linked to the devices.

"We and other hospitals have been looking very closely into our cleaning procedures," Hooper said, "and making sure they're done absolutely correctly."


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The Ticker

Largest banks pass 'stress test'

All of the nation's 31 largest banks are adequately fortified to withstand a severe U.S. and global recession and keep lending, the Federal Reserve said yesterday.

Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time since the 2008 financial crisis struck, thanks to a steadily recovering economy. The results build on positive outcomes from last year's stress tests.

Industry analysts say the most critical tests for the industry will come next week. That's when the Fed will announce whether it's approved each bank's request, if one has been made, to raise dividends or repurchase shares.

Mandarin Oriental says hotels hacked

High-end hotel chain Mandarin Oriental said yesterday that the credit card systems at some of its hotels in the U.S. and Europe were hacked.

The company, however, did not say which of its hotels were affected. It also did not give details on the extent of the hack or how many customers reported fraudulent charges on their credit cards as a result.

Mandarin Oriental operates about 30 hotels in cities across the world including Back Bay in Boston, Paris, London, Geneva, New York, Miami, San Francisco, Las Vegas as well as Shanghai, Hong Kong and Macau.


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Small businesses seek help to dig out

Small businesses that took a big hit to their bottom lines from a string of recent snowstorms are hoping for government help to recover as they struggle to make ends meet.

A survey released yesterday revealed an average 24 percent sales slump during the Jan. 26 to Feb. 22 snowstorms for 1,600-plus Massachusetts small businesses that responded, while payroll costs declined only 7 percent. The impact was more severe for retailers and restaurants: Their sales plummeted 49 percent, while payroll expenses were down just 14 percent.

"Some ... are going to have trouble paying the next rent, making payroll and purchasing their spring inventory," said Jon Hurst, president of the Retailers Association of Massachusetts, which spearheaded the survey by statewide business associations and local chambers of commerce.

The data will arm the Baker administration as it seeks federal help, including low-interest loans, Hurst said.

Seventy-seven percent of the respondent companies have annual sales of $5 million or less; 61 percent have 20 or fewer employees.

"We're hoping that they can all find a way — whether through governmental assistance or their banks — to get through the rough patch, and hope consumers understand it's been a rough time and come back in and make an early spring of it," Hurst said.

Businesses suggested government could help them with sales and payroll tax holidays, delayed tax filings, low-interest loans and Main Streets promotional campaigns.

Some help already is available. The Massachusetts Growth Capital Corp. last week announced a $1 million loan fund for small businesses.

"It certainly was a step in the right direction, but ... given the sheer level of the losses, there is a potential for more Small Business Administration-type assistance," Hurst said.

American Express and ARF Financial are making short-term loans with attractive interest rates available to Bay State restaurants, according to Massachusetts Restaurant Association CEO Bob Luz.

Boston restaurants launched a #DigOutDineOut promotional campaign through April and hope that Dine Out Boston (formerly Restaurant Week), which continues today and Sunday through next Friday, will boost sales.

"Restaurants are on very, very thin margins to begin with, so to be able to survive through a four-week period like that is going to be very difficult for some," Luz said. "We fully expect that there's going to be some restaurants that don't make it through."


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AG hits defunct parenting biz with $260G penalty

Isis Parenting, the Needham-based prenatal and parenting retailer that abruptly shut down last year — leaving many parents and expectant parents in the lurch — will pay a $260,000 penalty for failing to provide services and refunds to its customers after its abrupt closing.

The settlement reached with state Attorney General Maura Healey's Office provides for refunds to eligible Massachusetts customers who had prepaid for merchandise and services, including classes, and received no refunds, according to documents filed yesterday in Suffolk Superior Court.

Customers can go through a claims office to receive restitution. The attorney general's office urges consumers with questions to contact its consumer hotline at 617-727-8400.

"Massachusetts companies have an obligation to treat customers fairly and deliver on the promises they make," Healey said in a statement. "When Isis Parenting went out of business, it left many new and expecting parents without the prenatal and parenting courses they paid for and were depending on. We are pleased that this settlement will provide restitution to these consumers."

The settlement comes after an investigation of Isis by the attorney general's office after it received numerous complaints from customers of Isis' alleged unfair business practices.

"The commonwealth alleges that while attempting to sell its business operations as a going concern, Isis Parenting marketed and sold goods and services when it knew or should have known it had insufficient reserves to ensure it would be able to provide (them)," the court documents state. "Isis Parenting failed to provide such goods and services or provide refunds."

Isis cancelled all of its ongoing and future classes when it closed, including prenatal education, early parenting groups and child development classes.

Isis Parenting's going-out-of-business sales at its four stores in Boston, Needham, Arlington and Hanover violated state law on termination sales, which requires companies to file a bond, pay a fee and provide advanced notice and an inventory list to the attorney general's office and towns or cities where the business is located, according to the court documents.

The company also violated the state's Consumer Protection Act regarding unfair competition and unfair or deceptive business practices, the court documents state.

The $260,000 penalty will be paid on behalf of Isis by its insurer.


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Off-street parking 
drives Boston home sales

The blizzard of 2015 — and the storms that followed — were enough to make most Bostonians rethink their parking situations, and Hub home buyers have plenty of options when it comes to properties with off-street spots for cars.

Those more desirable properties come with premiums, of course, the extra cost of which depends on the neighborhood.

"(Parking) always has a value no matter what the snow situation is," said Janet Deegan, a Realtor at Coldwell Banker in Jamaica Plain. "But it will have higher value right now when we have so much snow on the ground — and probably into the spring market because of the abundance. My guess is it won't go out of people's consciousness for a while."

The MLS Property Information Network lists 250 condos and single-family and multi-family homes for sale in Boston that come with parking — driveways, deeded spaces in alleys, parking lots, garages and rented spaces.

For a Jamaica Plain home worth $300,000 to $400,000, parking can add about $20,000 to the list price, according to Deegan. "If it was garage parking, it would be more valuable than if it was just a parking spot in a driveway," she said.

Many Dorchester homes have off-street parking — most of it outdoors, according to Realtor Craig Galvin, of the Galvin Group, who estimates it can add $25,000-plus to the cost of a property.

Galvin recently sold two similar condos in triple-deckers near Adams Village. A 985-square-foot condo with off-street parking listed at $319,000 and sold for $314,000. A larger 1,050-square-foot condo without parking listed for $315,000 and was put under agreement for $295,000.

"Just like any other area, if you have parking, it makes your life a lot easier," Galvin said.

A loft-style, five-room condo at The Foundry in South Boston – a neighborhood where 44 percent of the condos sold last year offered parking — went on the market this week with deeded, uncovered parking in a gated lot. It was listed for $549,000 on Tuesday morning, and there were 13 showing requests within four hours.

"The parking has been why these have sold so quickly," said Nick Hanneman, an agent with The Hanneman + Gonzales Team at Robert Paul Properties.

Even Boston condos with transferable rented parking — meaning the parking is an extra annual cost — typically have higher median sales prices than condos without rental spots, said David Bates, a broker at William Raveis Real Estate.

"If you can secure a rental spot that you can give to the buyer — even though you may not have the rights to the spot — more often you'll get a better price," he said.

Midtown — the area from Downtown Crossing to Tremont Street — had the highest percentage of condos for sale last year that came with rented, assigned or deeded parking at 82 percent, followed by Dochester at 64 percent, according to a report by Bates. Only 19 percent of Beacon Hill condos had off-street parking.

In the Back Bay, parking always has held a premium, according to Michael Carucci, president of Group Boston Real Estate.

"The situation has only got worse with the closing of the Danker Donahue Garage on Newbury Street, which is being converted to retail space," he said. "It's the convenience of having it. Would you pay $3 million to have your wife drive around the block with a car full of groceries looking for a place to park?"

Carucci who deals in high-end properties, said his clients always are looking for off-street parking.

"In some cases, even if they don't need it, they want it for resale value," he said.


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3 reasons Apple's watch will _ or won't _ change the game

SAN FRANCISCO — No one can argue that Apple has changed the way people live their lives. The company's iPod, iTunes, iPhone and iPad have shaken up music, phone and computer markets worldwide. Is the Apple Watch going to be able to do the same?

The stakes are big for Apple CEO Tim Cook: the watch is the first brand-new Apple product to be launched without legendary co-founder Steve Jobs. But the market is awash in smartwatches that have gained little traction. Here are three reasons the Apple Watch will finally move the needle in the smartwatch industry — and three reasons it might not.

WHY IT WILL CHANGE THE GAME

MORE FEATURES THAN RIVALS: Along with email, texts and phone calls, Apple says its watch will present news, health readings and other notifications in creative ways that can be read at a glance. It will have a heart rate monitor and accelerometer, and an internal motor that can signal the wearer with a subtle "tap" on the wrist. And Siri and Apple Pay will be built in. Apple is working with outside companies to create more apps; Cook has talked about using the watch as an electronic "key" for hotel doors or even cars.

A POWERFUL BRAND: The world's biggest tech company has a reputation for quality and a direct conduit to customers — it operates more than 400 retail stores around the world. And it has deep pockets to spend on advertising — it is showcasing the watch this month with a sleek, 12-page insert in Vogue and other fashion magazines.

APPLE'S TRACK RECORD: This wouldn't be the first Apple product that revolutionized a market where rivals had struggled to break through. Other companies made digital music players before the iPod, smartphones before the iPhone and even tablets before the iPad. Most of those products failed to catch on until Apple made devices so appealing they set new standards and created new demand, said Forrester Research analyst J.P. Gownder.

OR NOT

WHAT'S THE NEED?: Most smartwatches — including Apple's — only work with a smartphone nearby, so you can't swap one expensive gadget for the other. "What we've seen is that it's not obvious why people would want a smartwatch," says Gownder. A recent Forrester survey found some respondents didn't see a reason to buy one because they already owned a less-expensive fitness band or a full-featured smartphone (although it also found Apple fans ready to buy the new watch).

CONSUMERS NOT EXCITED: You can already buy smartwatches made by giant tech companies like Samsung, Sony or LG, or from a tech startup like Pebble, that track your heart rate, show you email and deliver other online services to your wrist. None of them have really caught on. Only about 5 million smartwatches were sold worldwide last year, according to market researchers at Strategy Analytics. By comparison, Apple sold 74.6 million iPhones in just the last quarter.

PRICE AND OBSOLESCENCE: Many of today's smartwatches sell for $200 or less. Apple plans to sell three models, starting at $349, but Piper Jaffray's Gene Munster predicts the average buyer will pay $550 for a watch and extra, interchangeable bands. Apple's high-fashion "Edition" model, made with 18-karat gold, is expected to cost thousands. While affluent consumers might pay that for a watch they can wear for years, or even hand down to their children, it's a lot of money for something that could become outdated if Apple releases a new model every year or so — as it does with smartphones.

Cook will make his case for the Apple Watch at a press event Monday, where he's expected to show off more features and apps. Expectations are high.

But even the iPhone didn't become a mainstream blockbuster in its first year, notes Creative Strategies analyst Ben Bajarin. Of the Apple Watch, he says, "people need to understand more about what this product is, and what it does, and I think that will evolve over time."


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US adds a robust 295K jobs; jobless rate falls to 5.5 pct.

WASHINGTON — U.S. employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000. It was the latest sign that the U.S. economy is further strengthening and outpacing other major economies around the world.

The U.S. unemployment rate fell to 5.5 percent from 5.7 percent, the government said Friday. But the rate declined mainly because some people out of work stopped looking for jobs and were no longer counted as unemployed.

February's robust job gain wasn't enough to boost wages by much. The average hourly wage rose just 3 cents to $24.78 an hour. Average hourly pay has now risen just 2 percent over the past 12 months, barely ahead of inflation.

Still, over that time, 3.3 million more Americans have gotten jobs. More jobs and lower gas prices have led many consumers to step up spending. That's boosting the economy, offsetting sluggish economies overseas and giving employers the confidence to hire.

The jobs figures provide "more evidence that the labor market is recovering rapidly, with employment growth more than strong enough to keep the unemployment rate trending down," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics. Falling unemployment "makes more acceleration in wages increasingly likely."

At 5.5 percent, the unemployment rate has now reached the top of the range the Federal Reserve has said is consistent with a healthy economy. That could make it more likely that the Fed will act soon to raise interest rates from record lows as early as June.

"This is quite a symbolic change that increases the pressure on the Fed to hike rates in June," said Paul Dales, an economist at Capital Economics said.

Indeed, after the jobs report was released Friday morning, investors sold ultra-safe U.S. Treasurys, a sign that many anticipate a Fed rate hike. The yield on the 10-year Treasury note rose to 2.18 percent from 2.11 percent before the report was issued.

The U.S. job market and economy are easily outshining those of other major nations. Though Europe and Japan are showing signs of growing more than last year, their economies remain feeble. The euro currency union's unemployment rate has started to fall, but at 11.2 percent it remains nearly twice the U.S. level.

The U.S. economy expanded at a breakneck annual pace of 4.8 percent in last year's spring and summer, only to slow to a tepid 2.2 percent rate in the final three months of 2014. Many economists estimate that growth is picking up slightly in the current quarter to an annual rate of 2.5 percent to nearly 3 percent.

Still, economists remain bullish about hiring despite the slowdown in growth. The fourth quarter's slowdown occurred largely because companies reduced their stockpiles of goods, which translated into lower factory output.

But companies focus more on consumer demand in making hiring decisions, and demand was strong in the October-December quarter. Americans stepped up their spending by the most in four years.

And though consumers are saving much of the cash they have from cheaper gas, spending in January still rose at a decent pace after adjusting for lower prices.

Mark Zandi, chief economist at Moody's Analytics, expects the economy to grow 3 percent this year, which would be first time it's reached that level in a decade. That's fast enough to support hiring of about 250,000 a month, he said.


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Apple will replace AT&T in the Dow Jones industrial average

NEW YORK — In the Dow's elite club, Apple is in and AT&T is out.

Apple will replace AT&T in the Dow Jones industrial average after the close of trading on Wednesday, March 18, the manager of the index announced early Friday. Apple will start trading as part of the 30-stock Dow at the opening of trading the next day.

THE REASON

S&P Dow Jones Indices, the index manager, said it's making the move in response to a planned stock split for Visa, another member of the 119-year old barometer of the stock market. After its four-to-one stock split, Visa will wind up with a lower price. S&P said that would reduce the weight of the information technology sector in the Dow, because Visa, a credit-card and payment-processing giant, counts as a tech stock. Adding Apple will help balance out this reduction.

THE IMPACT

S&P Dow Jones Indices said the decision won't alter the level of the index — which was near all-time highs of 17,960 early Friday. It is casting the move as a sort of a housekeeping maneuver, a way to ensure that this most famous of stock-market barometers better reflects the U.S. economy and markets.

The switch was not a reflection on its view of Apple.

"This doesn't mean we like the stock, or don't like the stock, or something like that," David Blitzer, chairman of the index committee at S&P Dow Jones, told The Associated Press.

Apple's stock rose $1.30, or 1 percent, to $127.71 as of noon on Friday.

AT&T fell 49 cents, or 1.5 percent, to $33.51. The stock price has risen just 1 percent since the beginning of the year, trading closer to its 52-week low of $32.07.

TRADING PLACES

The last big Dow shake-up came in September, 2013 when Goldman Sachs, Nike and Visa knocked out Alcoa, Bank of America and Hewlett-Packard.

DOW'S LEVEL

Unlike other stock-market measures, the Dow weighs members by their prices, so a large change in the price of one stock can have a big effect on the overall index.

S&P said swapping Apple for AT&T won't alter the Dow's level.

At $736 billion, Apple is the world's largest company by market value, but the Dow only accounts for a stock's price.

WHY THE DOW MATTERS?

Created in 1896, the Dow is one of the oldest gauges of a stock wealth — and easy to dismiss as a relic. When it was created, Grover Cleveland was U.S. president. Companies like the Pacific Mail Steamship were counted among its ranks.

And the index only tracks 30 stocks. The Standard and Poor's 500, a rival gauge that reflects the performance of 500 stocks, is the one that professional investors watch most closely to see how their own portfolios are performing.

Still, the Dow continues to be widely cited and isn't seen as wildly distorted.

One reason is that, for all its flaws, the Dow has largely mirrored the ups and downs of the much larger S&P 500.

In the past 12 months, for instance, the Dow has risen 9.2 percent. The S&P 500 has climbed 10.8 percent.

IN-AND-OUT

AT&T, meanwhile, has bounced in and out of the blue chip average over the Dow's long history. It first entered in 1916 as American Telephone & Telegraph, joining Central Leather, Studebaker and other industrial giants in an elite club of 20 companies. In recent times, AT&T was kicked out in 2004 only to return the following year when it merged with SBC Communications.


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