262 replies to this topic

[The Voice of Reason]

The area around Hartford Hospital buch like the area around The Farmington UCONN Hospital can become major office areas. More so in Hartford than Farmington, but in the same way as in Houston. the medical office complex there is something like 10,000,000 SF of medical biotech and research office space.

I would love to see a partnership like this slowly move parts of the South end towards this kind of development. god knows there is land available. and the area could use the increased traffic and tax/employment base.

Park street could really make the come back it has shown us glimpses of.

EDIT
ok so I just saw in the courant a graphic about the merger by the numbers.

Hartford Hospital and Dempsey
total beds                     867-224
ER visits                    79,994-27,921
In patient discharges   39,269-9,931
average Length of stay    5.5-6 days
Total operating expenses   $697.97-$222.28
in millions

So this creates a pretty large health care providor.  
1,091 Beds
107,915 ER visits
49,200 In Patient Discharges
$920.25 Million in operating expenses.  

Then add in the deals with Middletown, New Britain etc...
this will be a great research situation.

Edited by The Voice of Reason, 22 November 2008 - 05:38 PM.

[The Voice of Reason]

http://www.courant.c...0,6859364.story
Wachovia's Waterbury Mortgage Office Shutting Down

65 jobs gone.

not a positive by any means.  but at least its 65 jobs and not 650.

I got laid off the day after christmass, so I am glad these guys got the news before they spend what little savings they might have,

[The Voice of Reason]

http://www.courant.c...0,7460939.story
Sovereign To Alter Car Loan Strategy, Cut Jobs
Sovereign Bank has decided to stop making auto loans through dealerships and will cut 60 jobs throughout the Northeast, a third of them in Rocky Hill.

yeah so thats 20 more jobs.

don't know how I missed this one.  pretty well sucks having more bad news.

[The Voice of Reason]

three banking articles came out recently.

one was basicly an add for CBT.

http://www.courant.c...0,3440002.story

Fledgling Community Bank Marked By Losses, But CEO Says CBT Will Survive
Connecticut Bank and Trust Co. opened in 2004 on promises of up-to-date financial technology, old-fashioned person-to-person customer service and an aggressive business plan. Chairman and CEO David Lentini has presided over an expansion from three to seven branches, as well as steady growth in assets and gross income. But the fledgling bank has not been immune to an industrywide crisis. Although it has expanded, CBT has posted losses in every quarter of its existence and has seen its stock go from a high of more than $20 a share to $4.25 recently. Lentini, however, said his bank, with assets of $225 million, is well positioned to weather the current financial malaise.

This bank was listed in another article as poorly capitolized by the FDIC, so this seems a more positive spin than anything. but the good news is that their deposits are up quite a bit lately, so maybe they have more cash than last reported to FDIC (september) they are saying they have 225M now and they were at 200 last quarter and had dropped even.

The other article was about Webster announcing its flagship Boston branch. It will be interesting to see how Webster expands into Mass as they have ZERO boston branches, so they are going to need to buy some smaller Boston area banks to build market share before this downtown branch opens in 2009.
http://www.hartfordb...m/news7300.html

They definately have the funds, but I dont think this is an area they can grow into organicly simply because of the current market conditions, and the need to stay pretty liquid.

If webster buys a few small banks it immediately gains the customers, and revenues from them without having to build branches and market share over the years.


A third article I read about banking
Peoples bank is again talking about acquisitions with the media.  "American banker" an industry publication and anaylist this time.
This time only two targets were mentioned
Colonial bancgroup from Montgomery Ala.  and Synovus Financial Group in Columbus Ga.

If either of these purchases happen Peoples united will more than double in size becoming a major player along the entire Atlantic coast.  

Edited by The Voice of Reason, 01 December 2008 - 01:38 PM.

[The Voice of Reason]

http://www.hartfordb...m/news7302.html
I liked a few pieces of this article.
it shows how small companies can have a large effect on the local economy.  The last paragraph is great.


Demand for the technology made Premise the 71st fastest-growing technology company in the nation in Deloitte’s 2007 Technology Fast 500 for its five-year growth rate of 2,265 percent.

In just the past few months, Premise’s bed management system has signed contracts with Children’s Hospital Boston, Hospital for Special Surgery and the University of California at San Francisco Medical Center. The client list reads like an all-star roster of U.S. hospital systems.

Premise is now in five of the top eight hospitals in U.S. News & World Report’s ranking of the country’s best hospitals.

The technology costs hospitals between $100,000 and $1 million, depending on the number of beds. While there’s no definitive way to determine the actual value of the technology, a study conducted by an Arizona hospital using Premise’s bed management system found that admitting one additional patient each day amounted to about $1 million in revenue.

Popular Conference

For the past five years, Premise has hosted a client conference in Hartford aimed at improving the technology. This year’s conference brought in more than 200 people to Hartford over several days. The healthy attendance is a great source of pride for Rosow and CFO and COO John Hannon. Both men grew up in Connecticut and received millions in early venture capital funding from Aetna Ventures LLC and Connecticut Innovations Inc.

“That’s what I get most proud of, is seeing all these people from all over the map coming into Hartford,” Hannon said. “I like being a small piece of the puzzle that is making Hartford something.”

[The Voice of Reason]

Pratt & Whitney Laying Off 350 Nationally
http://www.courant.c...0,3306868.story


Whitlow says of the 350 jobs cuts, 280 are in Connecticut operations.

thats a pretty sizable chunk of jobs.


In Southington
Southington Officials Detail Development Benefits
http://www.courant.c...0,4813169.story

Completed and potential projects will add at least 300 new jobs and more than $1.5 million in additional tax revenue to the town, despite the bleak national economy, according to town economic development records.

The presentation, a result of a request by town council members, cited numerous projects, including the new Target store opened last month and the Lowe's soon to open nearby on West Street, development of a former 10-acre farm on Westfield Drive into industrial lots, plans by Yarde Metals for a 280,000-square-foot warehouse and a proposed housing and retail conversion at the vacant Ideal Forging site that could create 264 condos and construction work for 1,000 people.

[The Voice of Reason]

YAY!!!

HIG has a great day.
the article is from mid day, but the shares actually doubled today, and the future looks clear if not bright.  so the most publicly distressed Hartford based company looks to be through the woods... for now.


http://www.courant.c...,0,894544.story
Hartford Financial Raises Guidance; Shares Jump

[Theophrastus Bombastus]

I heard that 3 of the boarded-up Showcase Cinemas (EH, EWindsor, Milford) were bought by a Fairfield developer who will raze them and build retail.   Lousy timing, but I hope it works!

[HartfordTycoon]

Theophrastus Bombastus, on Dec 9 2008, 10:49 AM, said:

I heard that 3 of the boarded-up Showcase Cinemas (EH, EWindsor, Milford) were bought by a Fairfield developer who will raze them and build retail.   Lousy timing, but I hope it works!

Yeah, I started a topic for that in the CT section. The developer is the same one who is moving UI out of New Haven and into the fomer Showcase Cinemas in Orange.

UP: Developer Has Hopes For Former Showcase Cinemas Sites

[The Voice of Reason]

XL Insurance has put themselves up for sale

this could be bad for hartford since they have major operations in downtown.
GS is advising on the sale.


I got this off my Bloomberg terminal

XL Capital, Bermuda's Biggest Insurer, Is Said to Seek a Buyer         Page 1/3

By Zachary R. Mider and Erik Holm
     Dec. 10 (Bloomberg) -- XL Capital Ltd., the biggest Bermuda-
based insurer by assets, is seeking a buyer after reporting
investment losses larger than its market value, four people with
knowledge of the matter said.
     XL hired Goldman Sachs Group Inc. to gauge interest from
potential bidders, said the people, who declined to be identified
because the talks are confidential. XL's market value shrank to
less than $2 billion yesterday from more than $20 billion a year
ago, making it more affordable for rivals including Everest Re
Group Ltd., Zurich Financial Services AG and Ace Ltd.
     ``The company is under a lot of pressure, and a sale to a
better capitalized firm would alleviate a lot of their
problems,'' said Paul Newsome, a Chicago-based analyst at Sandler
O'Neill & Partners. ``The first companies you would look for
would be other Bermuda companies.''
     The property and liability underwriter, whose founding in
1986 helped establish Bermuda as the world's insurance capital,
has been buffeted this year by losses stemming from the global
credit crisis and downgrades from three major credit-rating

Edited by The Voice of Reason, 10 December 2008 - 10:57 AM.

[HartfordTycoon]

The Voice of Reason, on Dec 10 2008, 11:20 AM, said:

XL Insurance has put themselves up for sale

this could be bad for hartford since they have major operations in downtown.
GS is advising on the sale.

What's GS?

[Theophrastus Bombastus]

HartfordTycoon, on Dec 10 2008, 12:32 PM, said:

What's GS?

Goldman Sachs

I hope The Hartford buys them, then UConn and the Whalers can play at The Hartford Civic Center.....

[The Voice of Reason]

HartfordTycoon, on Dec 10 2008, 11:32 AM, said:

What's GS?

sorry
Goldman Sachs
I am at work and I write like I talk while at work.
you will notice most times I use an abreviation for a company it is the stock tiker

GS Equity Go

[The Voice of Reason]

Theophrastus Bombastus, on Dec 10 2008, 12:17 PM, said:

Goldman Sachs

I hope The Hartford buys them, then UConn and the Whalers can play at The Hartford Civic Center.....

I cant quite write LOL
but I definately chuckled out loud

we should also all be a little worried about PNX  they are on credit downgrade watch again.  this could bring them down to BAA1 and even though this is still concidered corporate quality it is not good. especially since insurance companys live and die by their ratings

[HartfordTycoon]

Hartford Courant

Courant.com
INSURANCE
Insurer XL Capital Might Be Sold
By ZACHARY R. MIDER and ERIK HOLM

Bloomberg News

December 11, 2008

XL Capital Ltd. is seeking a buyer after reporting investment losses larger than its market value, four people with knowledge of the matter said Wednesday.

The insurer's shares plunged 33 percent Wednesday. The property-casualty underwriter has been buffeted this year by losses stemming from the global credit crisis and downgrades from three major credit-rating companies.

XL has operations at 100 Constitution Plaza in Hartford and has a six-year agreement to have its name on the former Hartford Civic Center downtown.

XL hired Goldman Sachs Group Inc. to gauge interest from potential bidders, said the sources, who declined to be identified because the talks are confidential. XL's market value has shrunk to less than $2 billion from more than $20 billion a year ago, making it more affordable for rivals, including Everest Re Group Ltd., Zurich Financial Services AG and Ace Ltd.

[HartfordTycoon]

Bad news out of New Britain. I'm not sure where the plants they are referring to are though. I suppose they might not even be in CT.

Courant.com
Stanley Works To Cut 2,000 Jobs, Close 3 Plants
The Associated Press

9:39 AM EST, December 11, 2008

The tool maker Stanley Works says it plans to cut 2,000 jobs, or about 10 percent of its work force, and close three manufacturing facilities. The New Britain-based company cited weakness in its construction and industrial segments and the effect of a stronger dollar for the cutbacks disclosed Thursday.

It did not identify in the news release which of its 45 plants will be closed.

The Stanley Works says the most of cuts will take place in this month and will result a pretax charge of about $80 million, or 70 cents per share, in the fourth quarter.

It hopes to save $115 million in 2009 as a result of the moves.

[The Voice of Reason]

HartfordTycoon, on Dec 11 2008, 10:04 AM, said:

Bad news out of New Britain. I'm not sure where the plants they are referring to are though. I suppose they might not even be in CT.

Courant.com
Stanley Works To Cut 2,000 Jobs, Close 3 Plants
The Associated Press

9:39 AM EST, December 11, 2008

The tool maker Stanley Works says it plans to cut 2,000 jobs, or about 10 percent of its work force, and close three manufacturing facilities. The New Britain-based company cited weakness in its construction and industrial segments and the effect of a stronger dollar for the cutbacks disclosed Thursday.

It did not identify in the news release which of its 45 plants will be closed.

The Stanley Works says the most of cuts will take place in this month and will result a pretax charge of about $80 million, or 70 cents per share, in the fourth quarter.

It hopes to save $115 million in 2009 as a result of the moves.

I was gonna post this.  very bad stuff.  I do hope that the plants are outside of CT.  I was wonderin the other day how things were going over at Stanley.  Lets hope the jobs are not local and that this company recovers well and continues its growth and diversification after this shakes out.

[The Voice of Reason]

The courant has an article about how the Big affect the state in terms of jobs/job loss.
http://www.courant.c...0,3243486.story


the article is crap is you ask me because if GM is not being sold, something else will take its place, and the dealers will switch to that and the jobs would not be lost as much as shuffled around.

fact of the matter is that its a retail job.

This bit of the article is more real.  these guys and gals jobs are definately numberd.  I would not want to rely on the ordering of GM SUV parts

One of Connecticut's few car parts manufacturers, DriveSol, which makes steering shafts in Watertown, mainly for sport utility vehicles, has laid off 200 workers in 2008 alone. At any given time, up to 40 percent of the 230 left are on furlough, according to company executives.

Edited by The Voice of Reason, 11 December 2008 - 09:41 AM.

[The Voice of Reason]

http://www.courant.c...0,7112653.story


Lake Compounce was counting on $3.3 million in state aid before it undertakes a five-year project to add slides, waterfront deck areas, kiddie attractions and more at its Splash Harbor water park, but that money won't be forthcoming this year.


The company wants the state to pay for moving about a half-mile-long stretch of Mount Vernon Road away from the park, making space for roughly $20 million in additions to Splash Harbor. Deputy Republican Leader William Hamzy of Plymouth and Rep. Frank Nicastro, D-Bristol, pressed state officials for support throughout the fall, saying the $3.3 million would ensure $20 million in private investment by Parques Reuindos, the park's Madrid-based owner. That money would generate employment and richer tax revenues from the park, they've said.

Lake Compounce, which straddles the Bristol-Southington line, is a major taxpayer in both communities. It employs about 1,300 seasonal workers and 45 people year-round. The first phase of its Splash Harbor expansion would add 20 to 30 seasonal jobs and two year-round ones. Future stages would create about 50 more seasonal jobs, General Manager Jerry Brick said.

[HartfordTycoon]

Forbes

United Technologies sees slight profit rise in '09
By STEPHEN SINGER , 12.11.08, 07:46 PM EST
  

Industrial conglomerate United Technologies Corp. said Thursday it expects profit to rise slightly in 2009 despite a grim outlook for the economy, though revenue is forecast to decline.

The Hartford-based manufacturer of Sikorsky helicopters, Otis elevators, Pratt & Whitney jet engines told analysts in New York it expects earnings per share between $4.65 and $5.15 next year. At the high end, that would represent a slight increase over the $4.90 per share earnings it expects for 2008.

Analysts surveyed by Thomson Reuters expect earnings per share of $5.03 for 2009.

Revenue next year is forecast at $57 billion, down about 3 percent from 2008.

"We expect difficult and uncertain economic conditions through much of 2009," Chief Executive Louis Chenevert said.

Chenevert, who led his first annual outlook meeting since being elevated to the top job in April, cited the strengthening dollar as a major headache.

The recent rise in the dollar has put pressure on exporters such as United Technologies. Revenue for its international business was $34.16 billion last year, about 62 percent of total revenue.