Stocks slide on weak earn­ings; Fed cuts stim­u­lus

The Times Herald (Norristown, PA) - - BUSINESS - By STEVE ROTHWELL

PLY­MOUTH MEET­ING — Ac­co­lade, Inc., an in­no­va­tive con­sumer ser­vices com­pany ded­i­cated to sim­pli­fy­ing and im­prov­ing the health care ex­pe­ri­ence for in­di­vid­u­als and their fam­i­lies, has been hon­ored by Inc. mag­a­zine as top job cre­ator in the state of Penn­syl­va­nia.

This is the sec­ond year for Inc.’s Hire Power Awards, which rec­og­nize pri­vate busi­nesses through­out the United States that have gen­er­ated the most jobs in the past three years. Ac­co­lade hired 327 new em­ploy­ees from Jan. 1, 2012 through June 30, 2013.

“We’re priv­i­leged to serve Amer­i­can fam­i­lies ev­ery day, help­ing them get the right care and have a bet­ter health care ex­pe­ri­ence,” said Tom Spann, CEO of Ac­co­lade. “To­day, con­sumers have more choice and ac­count­abil­ity for health care de­ci­sions than ever be­fore, but they need help to nav­i­gate the com­plex world of health care and health ben­e­fits. Our Ac­co­lade health as­sis­tants are on their side, help­ing with any is­sue, big or small, across all stages of care.”

Ac­co­lade also ranked fourth in job cre­ation across the United States health in­dus­try and placed among the top 40 pri­vate busi­ness job creators in the coun­try. In 2012, Ac­co­lade ranked among the top 10 job creators in the state.

“Hir­ing the best, most knowl­edge­able and car­ing peo­ple as Ac­co­lade health as­sis­tants is the cor­ner­stone of how we de­light our clients and drive sav­ings for our em­ployer cus­tomers,” said Mary Cree­don, EVP of hu­man re­sources at Ac­co­lade. “We’re al­ways on the look­out for great tal­ent and will con­tinue our rapid pace of hir­ing as we gain new cus­tomers and ex­pand our of­fice pres­ence to the Phoenix mar­ket­place.”

The Inc. Hire Power Award is for U.S.-based, pri­vate com­pa­nies (both for profit and non­profit). Com­pa­nies must have been founded in 2011 or ear­lier and have em­ployed at least 10 full-time U.S.based em­ploy­ees as of Dec. 31, 2012. Award cat­e­gories in­clude most jobs cre­ated in the U.S., most jobs cre­ated by state, most jobs cre­ated by in­dus­try and high­est em­ployee growth per­cent­age. A com­plete list of the win­ners can be found on www.Inc.com.

SAN FRAN­CISCO — Google is sell­ing Mo­torola’s smart­phone busi­ness to Len­ovo for $2.9 bil­lion, a price that makes Google’s big­gest ac­qui­si­tion look like its most ex­pen­sive mis­take.

The deal an­nounced Wed­nes­day will rid Google Inc. of a fi­nan­cial headache that has plagued the In­ter­net com­pany since buy­ing Mo­torola Mo­bil­ity for $12.4 bil­lion in 2012. Mo­torola has lost nearly $2 bil­lion since Google took over, while trim­ming its work­force from 20,000 to 3,800.

Google had pre­vi­ously re­cov­ered some of the money that it spent on Mo­torola by sell­ing the com­pany’s set-top op­er­a­tions last year to Ar­ris Group Inc. for $2.35 bil­lion. Google is also keep­ing most of the patents that came with the Mo­torola pur­chase.

NOR­RIS­TOWN — If you feel a sud­den grav­i­ta­tional pull draw­ing you into a new cof­fee­house on Swede Street, blame it on Galileo. And Al­bert Einstein. In life, the fa­thers of mod­ern sci­ence and rel­a­tiv­ity may have been sep­a­rated by 300 years or so, but at a down­town Nor­ris­town java joint, where cof­fee is treated as high art, they’ve be­come caf­feinated cronies in the daily grind, with their influences per­co­lat­ing here in some mean­ing­ful ways.

First, of course, there’s the mat­ter of the name.

When Fran­cis DeSi­mone, a na­tive son of Nor­ris­town who is some­thing of a his­tory buff, re­al­ized his long­time dream of open­ing a cof­fee­house, he de­cided to name the place Caffé Galileo just be­cause he liked the way it sounded.

“If DaVinci’s hadn’t al­ready been taken I might have called it that,” said DeSi­mone with a laugh, re­fer­ring to DaVinci’s Pub in Col­legeville.

DeSi­mone’s fas­ci­na­tion with beans and brews dates back to a time be­fore any­one around here even knew what a Star­bucks was, and the Swede Street lo­ca­tion is ac­tu­ally his sec­ond shot at pro­vid­ing folks in the area with their daily fix of rocket fuel.

NEW YORK — Stock in­vestors had plenty to dis­like on Wed­nes­day.

Dis­ap­point­ing earn­ings from big U.S. com­pa­nies, on­go­ing jit­ters in emerg­ing mar­kets and more cuts to the Fed­eral Re­serve’s eco­nomic stim­u­lus com­bined to push stocks lower for the fourth day out of the last five.

Boe­ing slumped af­ter the plane maker said its 2014 rev­enue and profit would fall short of an­a­lysts’ ex­pec­ta­tions as its de­fense busi­ness slows and it de­liv­ers more of its 787 planes, which are less prof­itable. AT&T, the largest U.S. telecom­mu­ni­ca­tions com­pany, fell af­ter its out­look for the year dis­ap­pointed in­vestors.

Cur­ren­cies in­clud­ing the Turk­ish lira and the South African rand fell against the dol­lar de­spite ef­forts by cen­tral banks in those coun­tries to stem the de­clines by rais­ing in­ter­est rates. In­vestors say those tighter credit poli­cies, which can re­strict lend­ing, come with risks.

“If the cen­tral banks out there con­tinue to hike in­ter­est rates, they are go­ing to de­stroy eco­nomic ac­tiv­ity,” said Peter Cardillo, chief mar­ket econ­o­mist at Rock­well Global Cap­i­tal. “That will im­pact the global econ­omy as well.”

The Stan­dard & Poor’s 500 in­dex fell 18.30 points, or 1 per­cent, to 1,774.20. The Dow Jones in­dus­trial av­er­age fell 189.77 points, or 1.2 per­cent, to 15,738.79. The Nas­daq com­pos­ite dropped 46.53 points, or 1.1 per­cent, to 4,051.43.

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