| | The Daily Insider
Morning News & Headlines
Friday, December 20, 2002
9:00am ET | |
| |
| • | Charlotte Chamber Of Commerce To Welcome Robert Johnson To Town Today |
| • | Nike Brand Co-President On "Power Lunch" On Heels Of Q2 Earnings Release |
| • | Harrah's Scheduled To Close Today On $73M Purchase Of LA Downs |
| • | NJ Gladiators To Officially Announce Move To Las Vegas Today |
| • | Vans Reports $3.7M Loss For Q2 As U.S. Sales Decline Over 14% |
| • | A Lighter Buzz/In Other News/Laugh Track/TV Monitor/Final Jeopardy! |
The Morning Buzz will not publish Monday, December 23 through Friday, December 27 in observance of the holiday season. We will return on Monday, December 30. Have a safe, enjoyable week.
LOCAL BUSINESSMAN HUGH MCCOLL BUYING INTO NEW NBA TEAM
The CHARLOTTE OBSERVER reports that the Charlotte Chamber of Commerce today will host a 4:00pm ET reception for NBA expansion franchise Owner Robert Johnson at the Charlotte Convention Center. The 500-1,000 people expected to attend the reception "will receive a party favor – an index card, asking if they want a luxury suite, club seat or season ticket." Meanwhile, Bank of America CEO Hugh McColl yesterday said that he will own part the team, "a development that will likely help ticket sales" (CHARLOTTE OBSERVER, 12/20).
NIKE REPORTS NET PROFIT, REVENUE UP FOR Q2 OVER LAST YEAR
Nike Brand co-President Charlie Denson will appear today on CNBC's "Power Lunch," which begins at noon ET, after the company released earnings for its Q2, ended November 30 (THE DAILY). Nike's net profit for the period increased to $152M, or $0.57 per share, up 18% from $129.3M, or $0.48 per share. Revenue increased 8% from $2.34B to $2.51B, even though U.S. revenue and future orders for delivery between December '02 and April '03 decreased by 4%. Nike Brand co-President Mark Parker said that the company is "altering its retail sales strategy to address the gap in its U.S. footwear business left by a big decrease in business with Foot Locker, its biggest customer." Nike execs said that "aside from mall-based athletic footwear chains" like FootAction and The Finish Line, "independent stores and small regional chains will play a larger part in the company's strategy" (WALL STREET JOURNAL, 12/20).
HARRAH'S TO GAIN CONTROLLING INTEREST IN LA DOWNS
The DAILY RACING FORM reported that Harrah's Entertainment today is scheduled to close on its $73M purchase of controlling interest in Louisiana Downs in Bossier City, LA. Louisiana Downs, which has a license to install slot machines, "will be a joint venture between Harrah's and the Downs Entertainment Group," a collection of LA-based investors headed by Shreveport attorney Jim Davis. Last year, Davis' group "entered into an agreement to purchase Louisiana Downs from current owner John York, and then approached Harrah's about a partnership in June" (DAILY RACING FORM, 12/19). The SHREVEPORT TIMES adds that the LA Racing Commission yesterday "approved the transfer with a 13-1 vote" (SHREVEPORT TIMES, 12/20).
NJSEA UPSET WITH TEAM, CLAIMS THEY WERE NOT TOLD OF MOVE
The LAS VEGAS REVIEW-JOURNAL reports that AFL NJ Gladiators Owner James Ferraro will hold a news conference today to announce the team's move to Las Vegas. Ferraro said that the team is moving because "of the prohibitive use of Continental Airlines Arena, … the facility's location, an expensive lease agreement and the lack of priority given the team by" the NJSEA. NJSEA CEO George Zoffinger said that the authority was unaware the team was moving, a claim that Ferraro refutes. Zoffinger: "They never called to say they were leaving, and they won't return our phone calls to answer whether they intend to live up to their financial obligations" (LAS VEGAS REVIEW-JOURNAL, 12/20).
VANS SALES DOWN; ANALYST SAYS DIFFICULTIES WILL REMAIN
Skateboard shoe manufacturer Vans yesterday reported earnings for its Q2 ended November 30. The company lost $3.7M, or $0.20 per share. For the same period last year, the company turned a $500,000 profit. Sales decreased 11.3% to $60.6M. U.S. sales fell to $42.2M, down 14.2% from $49.2M last year. For Q3, Vans expects sales between $82-85M. Wedbush Morgan Securities analyst Mitch Kummetz said that the "business is difficult and will probably remain difficult for a while going forward" (SAN GABRIEL VALLEY TRIBUNE, 12/20).
TITLE IX PROPONENTS WARN THAT CHANGES WOULD DENY WOMEN
The National Association for Women and Girls in Education held a teleconference yesterday regarding the Commission on Athletic Opportunity's expected Title IX recommendations, and the AP reported those on the call argued that "changes under consideration to the 30-year-old law requiring gender equity in collegiate sports would set back women's sports." Univ. of IA Women's AD Christine Grant: "Such proposals would permanently deny women equal access to play sport" (AP, 12/19).
National Women's Law Center VP & Dir of Educational Opportunities Jocelyn Samuels: "I think the danger here is that the Bush administration has the authority to make incredibly radical changes in current Title IX policies by administrative decision making alone" (INDIANAPOLIS STAR, 12/20).
Smith College sports economist Andrew Zimbalist argued that "less popular men's sports could be salvaged if universities stopped the football 'arms race' that has led to massive spending on stadiums, coaches and extras such as a hotel rooms for teams the night before home games." Zimbalist: "NFL teams have 53-man rosters. The average Division I-A team has 32 walk-ons plus 85 scholarship players. If football scholarships were cut to 60, the average college would save $750,000 annually – enough to finance more than two wrestling teams" (AP, 12/19).
A LIGHTER BUZZ
The DETROIT NEWS reports that Burton-Katzman Development will announce today that Palace Sports & Entertainment will join its effort in bidding to "convert the Pontiac Silverdome into a theme park and entertainment center." The group has raised its offer for the property from $16M to $20.3M (DETROIT NEWS, 12/20).
The TORONTO GLOBE & MAIL reports that Raptors F Vince Carter currently leads all Eastern Conference players with 597,684 All-Star votes. Lakers G Kobe Bryant is first overall will 659,998 votes (TORONTO GLOBE & MAIL, 12/20).
The AP reported that a "last-minute deal has helped the German Tennis Federation avoid bankruptcy," which "ensures the survival of two clay-court tournaments in May," the $1.26M women's German Open in Berlin and the $2.45M men's German Open in Hamburg (AP, 12/19).
The AP reports that former Univ. of AR men's basketball coach Nolan Richardson yesterday "sued the university in federal court, … claiming its chancellor and athletic director violated his free-speech rights and discriminated against him because he is black." Richardson is requesting that he be given his job back at the university (AP, 12/19).
ATTENDANCE WATCH:
- The N.Y. DAILY NEWS reports that 20,049 people attended last night's Lakers-Nets game at Continental Airlines Arena, which was "filled for the first time this season" (N.Y. DAILY NEWS, 12/20).
TODAY'S EVENTS
The Detroit Free Press today will donate $100,000 to the Robert G. McGruder Scholarship Fund, "which supports promising students at Wayne State University's Journalism Institute for Minorities" (DETROIT FREE PRESS, 12/20).
IN CASE YOU MISSED IT…..
Every Friday, the Morning Buzz highlights a video clip, chart or piece of information that might have fallen through the cracks. This week, The Daily pities the fool who hasn't been watching VH1's "I Love The 80's" premieres. Here, in its recap of 1985, various people – including ESPN's Rich Eisen – breakdown that "shuffling crew," Da Bears. Come to think of it, why didn't the "Super Bowl Shuffle" ever make it to Broadway? (THE DAILY).
IN OTHER NEWS….
The WASHINGTON POST reports that 14 consumer electronics manufacturers and seven cable operators yesterday "reached an agreement that should make digital televisions a little simpler to buy and watch for cable TV customers," by eliminating the need for a proprietary digital cable box (WASHINGTON POST, 12/20).
FINAL JEOPARDY QUESTION
Last night's "Final Jeopardy!" category was "TV & Music."
"Scooby-Doo's name was inspired by a line in this 1966 song standard."
LAUGH TRACK
THE MONOLOGUES:
CBS' David Letterman: "If you're at home watching us on TiVo, you're probably fast-forwarding through this part. … This morning I had to go in and mail some stuff, and pick up some stamps at the post office, and it was so crowded a postal employee had to leave the building to go berserk. ... This just in: Trent Lott has apologized on Telemundo. It's not all that funny. It's just fun to say. Telemundo! ... Here's where we stand now: Trent Lott – six apologies, Cardinal Law – four. ... I heard Trent Lott on one of the morning shows, and here's what he said, "I plan to stay on and fight this.' ... Translation – he'll be gone in a week" ("Late Show," CBS, 12/19).
NBC's Jay Leno: "Man it was cold last night. The coldest night of the year in L.A. ... It was so cold last night I saw Christina Aguilera wearing clothes. ... Ever notice when you go to the mall, stores are right next to each other that shouldn't really be next to each other? Like here in Burbank, over at the mall, Haagen-Dazs and Victoria Secret's are right next to each other. ... You can't go in both! ... What does Trent Lott have in common with Christmas trees? By next week, all will be gone. ... Let's forget about Trent Lott's apology. When are the Lakers going to start apologizing? ... On CNN the other night, they said al Qaeda exists in 98 countries. Isn't that amazing? They're like the Starbucks of terrorism. ... McDonald's has a new item on their dollar value menu. Their stock. ... McDonald's announced for the first time in 47 years that they will post a quarterly loss. Did somebody say McPanic? ... I just hope this doesn't cause them to lower the quality of the McNuggets. ... (FL St. Univ. QB) Chris Rix will not be allowed to play in the Sugar Bowl. He was suspended for oversleeping and missing a final exam. Did you ever hear of that? A college football QB having to take an exam. ... A Cincinnati lawmaker is calling for people who are not using their Cincinnati Bengals' season tickets to give them to the poor. ... That's great, and it's going to work out great because now the poor and disadvantaged get to go to the games, watch the Bengals play and go, 'Wow, there are people out there in worse shape then we are.' ... I have a better idea. Let's let the poor and disadvantaged just suit up and play. They couldn't do any worse" ("Tonight Show," NBC, 12/19).
LATE NIGHT LAUGHS:
Last night's Top Ten list was "Top Ten Things We Can Say Now That 'Survivor: Thailand' Is Over," read by the contestants of "Survivor: Thailand" via satellite ("Late Show," CBS, 12/19).
| 10) "I had no idea we were being videotaped." |
| 9) "My lowest moment: being dehydrated and thinking I was Richard Chamberlain." |
| 8) "The locals would not stop asking if we knew Becker." |
| 7) "On the first day, one guy went looking for water and nobody's seen him since." |
| 6) "Thailand? We thought we were in Belgium." |
| 5) "The north side of the island had a McDonald's and a day-spa." |
| 4) "I lived for one week on sunscreen and tree bark." |
| 3) "Usually I voted off whoever smelled the worst." |
| 2) "During a period of political instability in July, I was briefly the Prime Minister of Thailand." |
| 1) "I've still got sand in my ass." |
THURSDAY NIGHT'S TV MONITOR
ESPN's 10:30pm ET "SportsCenter" led with Lakers-Nets, followed by Spurs-Kings.
FINAL JEOPARDY ANSWER
"What is 'Strangers In The Night?'"
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