Tired old birds?
Just when you thought those mischievous Angry Birds were here to stay, their just released earnings tell a very different tail…er tale. Rovio, the company behind our avian friends posted earnings that weren’t exactly soaring. The company’s net profit fell over 50% in 2013 to $37.3 million. Back in 2012 those ubiquitous birds pulled in $77 million. Rovio sees this a as minor and temporary dip and expects to take flight again real soon with a theatrical animated release in July 2016 featuring our addicting feathered friends. However, others see this decline as the birds getting Candy Crush-ed, if you know what I mean. And I think you do. Released in 2009, the curmudgeonly birds and their tricked out slingshots have been downloaded more than two billion times.
Oops! Did I do that?
Just when Bank of America ( or as the cool kids call it, BofA) was about to raise their dividend from a single itty bitty penny a share, to one whole shiny a nickel per share and then buy back $4 billion of its own stock, the Fed stepped in and said I don’t think so (of course in a much fancier way, I presume). Apparently a not so slight error was made by the Charlotte, North Carolina based bank when it over-stated exactly how much capital it had after it scooped up Merrill Lynch during the financial crisis of 2009. And to think it was just last month that BofA passed the Fed’s “stress test” – the government’s way of checking to see if a big bank is healthy enough to financially weather another fiscal crisis. If a bank is not healthy, they are put on a strict financial regimen designed to help it achieve fiscal fitness. Got that? Good. Because, after all, taxpayers probably don’t want to see their taxes being used to bail out banks.
Everything’s bigger – and apparently cheaper and better – in Texas…
Toyota is strapping on its cowboy boots to leave Southern California and head on over to Texas. It will be joining Occidental Petroleum and Boeing, also transplants from the Golden State. And who can blame them? The great state of Texas has better tax incentives for big companies and they’re way more chillax about auto regulations than California. In fact, Forbes recently named the Lone Star State the seventh best state in which to do business. California ranked an abysmal 39th place. Naturally, a move like that will deal a hefty blow to the job market in southern California adding to the state’s already high 8.1% unemployment rate. Perhaps California ought to start thinking a little less about plastic bags and a little more about how to keep from losing more jobs…and creating new ones.