DMN#DMN Main#BIZ D01 Business#05-07-2014#State#1#D#1#...

D1 05-07-2014 Set: 20:07:30Sent by: [email protected] Business CYANMAGENTAYELLOWBLACK

Business

. . . . . . . .

Jobs, real estate & misc.Classified, 6-9D

The Dallas Morning News Section D Wednesday, May 7, 2014

INSIDEEconomy & You 3Robert Miller 4Your Portfolio 5Jumble 7

DAILYROUNDUPU.S. stocks fell Tuesday asinvestors found little tocheer about in corporateearnings reports. YourPortfolio, 5D

NATION &WORLD

China’s Alibabafiles for IPOAlibaba Group, China’sleading e-commercecompany, filed papersTuesday for an initialpublic offering of stockseeking to raise at least $1billion. 2D

Also: Starting today,dividends now appeardaily, instead of once perweek. 2D

NASDAQ

DOW JONES

S&P 500

Crude oil, light sweet

+$0.02Close:

Dallas gas, regular

-$0.008Close:$3.464

-16.94Close: 1,867.72

-0.90%1day

S

d+1.05%YTD

+14.87%1year

-129.53Close: 16,401.02

-0.78%1day

d-1.06%YTD

+8.93%1year

-57.30Close: 4,080.76

-1.38%1day

d-2.29%YTD

+20.14%1year

u d

ENERGY WATCH

$99.50

(In thousands)

(In thousands)

May

May

May

(In thousands)

16.116.316.5

15.9

1.821.80

1.851.87

4.04.14.24.3

521

521

521

IPOsThe hot market forinitial public offeringscontinues this year, with97 IPOs priced so far inthe U.S., a 98 percentchange from last year.Additionally, throughFriday, the average IPOhas returned 7.5 percentfrom its offer price.

IPO PRICING RANGE

MONEYSNAPSHOT

SOURCE: IPO investment firmRenaissance Capital(www.renaissancecapital.com)

Notes: Excludes SPACs; includesIPOs with market capitalizationof $50 million or greater

Staff Graphic

2013 2014

Abovewhat is

expected

Within

Below

23.9%

47.3%

28.8%

16.5%

47.4%

36.1%

As celebrated British businessmanRichard Branson pitched the reasonsTuesday that Virgin America Inc.

should get two gates up for grabs at Dal-las Love Field, a U.S. Department ofJustice official made clear that theagency strongly supports Virgin’s entryinto the Dallas airport.

In a letter dated Monday and madepublic Tuesday, Justice official WilliamH. Stallings said Virgin America shouldget the gates because its entry into LoveField would promote competition.

The department opposes giving thegates to Dallas-based Southwest Air-lines Co. or Delta Air Lines Inc., wroteStallings, chief of the DOJ’s transporta-tion, energy and agriculture section.

The news came the day before theDallas City Council is scheduled to get abriefing on the great gate debate.

Feds: Gates shouldbe Virgin America’s

LOVE FIELD

Branson joins push on eve of Dallas council briefing

By TERRY MAXONStaff Writer

[email protected]

See DOJ 0DSOURCES: Bloomberg; The Associated Press Staff Graphic

Twitter plunges as lockup endsTwitter’s stock sank to an all-time low after a post-IPOlockup period preventing employees and early investorsfrom selling expired Tuesday. Twitter’s stock plunged nearly18 percent to close at $31.85 on Tuesday. Earlier, its shareshit their lowest point ever at $31.72. Trading volume wasunusually heavy. The stock soared as high as $74.73 inDecember but has declined sharply since.

$20

$30

$40

$50

$60

$70

$80

MAMFJDN0

30

60

90

120

150

MAMFJDN

Closing price Volume(In millions)

2013 2014 2013 2014

Tuesday: $31.85

Tuesday: 134.2 million

Sam and Charles Wyly used alabyrinth of offshore trusts tohide their share holdings fromthe U.S. Securities and Ex-change Commission and evadetrading limits on corporate in-siders, a lawyer for the regulatorsaid Tuesday in U.S. DistrictCourt in Manhattan.

“This was wrong,” SEC law-

yer Bridget Fitzpatrick told ju-rors during closing arguments inthe civil trial of former MichaelsStores Inc. chairman Sam Wylyand the estate of his dead brother.“It was dishonest and it wasagainst the law.”

Fitzpatrick also told jurorsthat Sam Wyly lied when he testi-fied on his own behalf.

She said Wyly lied duringmultiple days on the witnessstand when he said that he washappy to disclose information to

SEC: Wylys cheated,Sam lied on the stand

INSIDER TRADING TRIAL

Defense denies brothers hid dealings, says theyacted in ‘good faith’

FROM WIRE REPORTS

Kathy Willens/The Associated Press

Sam Wyly’s wife, Cheryl, wipes his coat as they arrivefor closing arguments in federal court in New YorkCity. The SEC wants Wyly and his late brother’s es-tate to forfeit $550 million in gains.See WYLY Page 2D

Developers who own a keyproperty in Uptown plan tobuild a high-rise office and resi-dential project.

RED Development of Phoe-nix has teamed up with Dallas’StreetLights Residential tobuild the $200 million AkardPlace mixed-use project atField Street and Cedar SpringsRoad.

The 16-story office towerand 20-story residential build-ing will occupy two vacantblocks just north of WoodallRodgers Freeway and the PerotMuseum of Nature and Sci-ence. It’s one of the last largebuilding sites in the neighbor-hood.

Ground-floor retail and alarge public plaza will connectthe two buildings.

“There is a great demandnow for restaurants and retailin Uptown,” RED Develop-ment managing partner MikeEbert said. “There is big de-mand for offices.

“We think the timing forthis project is outstanding.”

RED has been working onthe Akard Place developmentfor several years. In 2012, itbought the land from the Dal-las Police and Fire Pension Sys-tem. Ebert said the Dallas pen-sion fund is a partner in hisfirm’s holding company.

RED hired Seattle-basedGraphite Design Group as ar-chitect of Akard Place. Andlandscape architect OJB,which designed Klyde WarrenPark downtown, is also work-ing on the project.

Commercial real estate firmCBRE Group has been hired tomarket the office building tobusiness tenants.

Uptowntowersplanned

REAL ESTATE

Booming area will growby 2 high-rises under$200M development

By STEVE BROWN Real Estate Editor

[email protected]

See $200M Page 4D

I t’s Friday evening at Alley Cats inArlington. Two sweaty 10-year-old boys emerge breathless from

the laser tag arena at the family en-tertainment complex. A half dozenpreteens at a birthday party go intothe darkened chamber and prepareto do battle, holding plastic infrared-emitting guns and wearing chest-plates that register hits and keepscore.

George Carter watches this ex-change of troops and smiles.

“This is a hoot,” says the 68-year-old Dallas entrepreneur, who in-vented the game when he opened hisfirst Photon at Northwest Highway in1984.

Just about everyone except Carterthought the game was just a fad.

But 30 years later, laser tag is astaple of the family amusement in-dustry, with an estimated 3,000 fixedand mobile facilities worldwide that

bring in about $700 million in com-bined annual sales. And that doesn’tinclude laser tag toys and merchan-dise.

Those figures come from theLaser Tag Museum in Louisville, Ky.And yes, there is such a thing. “It’sfantastic George continues to receivethe recognition for being the creatorof laser tag,” says museum curatorErik Guthrie, considered the game’sleading expert.

So what gave Carter the idea for

Photos by Mona Reeder/Staff Photographer

Jackson McClintock, 10, played laser tag at Alley Cats in Arlington with a friend recently. An estimated 3,000 fixedand mobile laser tag facilities worldwide bring in about $700 million in combined annual sales.

George Carter, who invented laser tag inDallas in 1984, shows off some of theoriginal gear used in the game. He visitedAlley Cats in Arlington recently to checkout its laser tag facility.

Laser tag?He’s it

Dallas innovator came up with the game 30 years agoIDEAS AT WORK

CHERYL [email protected]

See LASER Page 4D

1/4 mile

N

McK

inney

35E

Harwood

HarryHines

Woo

dall R

odger

s

Ashla

nd

HoustonV

icto

ry

Akard Placeoffice andresidentialtowers

Field

Akard

Ced

ar

Sp

ring

s

D/FW

DALLASFORT

WORTH

Detail

Staff Graphic


2D Wednesday, May 7, 2014 dallasnews.com The Dallas Morning News

Nation&World

dallasnews.com© 2014, The Dallas Morning News

Business Editor .......................Dennis FultonDeputy Business Editor...........Janie Paleschic

CONTACT USPhone: 214-977-8429 Fax: 214-977-8776E-mail: [email protected]: P.O. Box 655237, Dallas, TX 75265

Business

EXECUTIVE SUMMARY

NORTH TEXAS

Sabre suffers afterswitch by Southwest

Stock in Sabre Corp. wastrying to recover Tuesday, aday after Southwest Airlinessaid it would switch its domes-tic reservations business to aSabre rival.

Sabre, which went publiclast month at $16, lost 2.32percent Monday to close at$16.02 a share. It traded below$16 for much of Tuesday andclosed at $15.92.

Southwest said it will useAmadeus for both domesticand international reserva-tions. Sabre said it will be paidthrough Dec. 31, 2016, for con-tinuing to provide reserva-tions services for all of South-west’s domestic flights.

Sabre said its SabreSonicCSS reservation system hasbeen selected by the combinedAmerican Airlines and US Air-ways. Sabre initially was partof American.

Karen Robinson-Jacobs

NATION

Bernanke signs bookdeal worth $1 million

Former Federal ReserveBoard Chairman Ben Ber-nanke has a book deal worth atleast $1 million.

Bernanke’s agreement iswith publisher W.W. Norton &Co. for a book that will coverhis years at the Fed and his re-sponse to the economic crisisof 2008. Norton said the bookis scheduled for 2015.

The book was in a multidayauction among rival publish-ers. Two publishing officialswith knowledge of the negotia-tions said bidding reached sev-en figures. The officialsweren’t authorized to discussthe deal and asked not to beidentified.

The Associated Press

Office Depot closing400 stores in U.S.

Office Depot is planning toclose at least 400 U.S. stores,as its merger with OfficeMaxresulted in an overlap of retaillocations.

The office supply retailerhad 1,900 stores in the U.S. atthe end of the first quarter; theplans call for closing about 21percent of them.

Office Depot and Office-Max Inc. completed their $1.2billion deal in November.


GM recalls Saturnsfor shift lever defect

General Motors is recallingnearly 60,000 Saturn Auracars because the automatictransmission shift levers canshow the wrong gear.

The problem, caused byfailure of the transmission

shift cable, has led to 28 crash-es and four injuries but nodeaths during the past sevenyears, GM said Tuesday. TheAuras can roll away unexpect-edly because the driver maythink the car is in Park whenit’s in another gear.

In 2011, GM covered thecars with an extended 10-year,120,000-mile warranty be-cause of the problem. Butdrivers had to experiencetrouble with their shifters forthe coverage to kick in.


Exports rebound, cutting trade deficit

The U.S. trade deficit nar-rowed in March as exports re-bounded to the second highestlevel on record, led by stronggains in sales of aircraft, autosand farm goods.

The deficit declined to$40.4 billion, down 3.6 per-cent from a revised Februaryimbalance of $41.9 billion, theCommerce Department re-ported Tuesday. The Februarydeficit had been the biggesttrade gap in five months.


WORLD

Agency cuts forecastfor global growth

A leading international or-ganization warned Tuesdaythat the global economy willgrow by less than expectedthis year after it lowered itsforecasts for the United Statesand China.

The Paris-based Organiza-tion for Economic Coopera-tion and Development saidthe global economy will grow3.4 percent this year, downfrom its forecast of 3.6 percentlast November.


Cutting back at the officeAs sales continue to slide, Wall Street celebrated Office Depot'sdecision to close at least 400 stores in the U.S. as part ofcontinued cost-cutting efforts. Office Depot and its rivalStaples, which said in March that it would close 225 stores inthe U.S. and Canada, are struggling with declining sales asshoppers shift their office supply purchases to online retailers.

Staff GraphicSOURCE: Bloomberg

MARKET PULSE RETAIL

0

$5

$10

$15

$20

MAMFJDNOSAJJM

STAPLES52-week range: $11.04-$17.30Market cap: $8.12 billion

OFFICE DEPOT52-week range: $3.74-$5.85Market cap: $2.61 billion

2013 2014

Tuesday’sclose:$4.83

Tuesday’sclose:$12.62

The e-commerce behe-moth Alibaba filed in theUnited States on Tuesday tosell stock to the public for thefirst time, in an embrace ofthe global capital marketsthat represents a coming ofage for the booming ChineseInternet industry.

“Alibaba is the fastest-growing Internet company inone of the fastest-growingeconomies in the world,” saidSameet Sinha, an analyst with

B. Riley & Co., a boutique in-vestment bank in Los Ange-les. “They are like an Amazon,an eBay and a PayPal.”

In the filing, Alibaba saidit intended to raise $1 billionin an initial public offering, afigure used to calculate itsregistration fee. But the com-pany is expected ultimately toraise $15 billion to $20 bil-lion, which would make it thebiggest American IPO sinceFacebook’s $16 billion offer-ing in May 2012.

When it makes its debuton either the New York StockExchange or the Nasdaq,Alibaba is expected to have a

share price that could valuethe company at roughly $200billion — more than the mar-ket value of Facebook, Ama-zon.com or eBay, althoughstill trailing that of Google orApple.

Many investors may seeAlibaba as their best chanceyet to buy into China’s enor-mous growth. But the offer-ing will also shine a brightlight on a company that is rel-atively unknown in the Westand whose complex web ofbusinesses and dealings mayput off potential sharehold-ers.

In China, Alibaba’s brands

are household names. It oper-ates an online shopping cen-ter, Tmall, where global com-panies such as Disney, Apple,L’Oréal, Nike and Procter &Gamble have set up virtualstorefronts to sell productsdirectly to Chinese shoppers.

Alibaba shares are not ex-pected to begin publicly trad-ing for several months as theSecurities and ExchangeCommission reviews thecompany’s offering materialsand the company holds aroadshow to promote itsprospects to institutional in-vestors.

The New York Times

Alibaba files for IPOSTOCKS

It’s open sesame forChinese e-commercegiant on U.S. market

We’ve made changes with one goal in mind: toprovide a more dynamic Business report forNorth Texans. Let us know what you think.

Reader feedback: 214-977-7970

MEXICO CITY — Mexi-can officials say they expectto open bidding on the firstround of private oil contractsin the first half of 2015.

A constitutional changepassed last year opened thestate-owned energy sector toprivate investment. But en-abling legislation is still be-

fore congress. Assistant Energy Secre-

tary Lourdes Melgar saidthe first round of bidding isexpected to offer a range ofonshore, offshore and deepwater fields.

Melgar said Mexicohopes to have private com-panies producing a half mil-lion barrels of oil a day by2018, while state-owned oilcompany Petroleos Mexica-nos should maintain pro-duction at about 2.5 million

barrels a day. Mexican tax authorities

said they expect govern-ment revenue, on average,to be about 50 percent ofproduction value from pri-vate projects operated un-der contract, license or con-cession.

Pemex will have firstchoice of which fields to de-velop. Those announce-ments are expected by Sept.17.


2015 to bring private oil dealsMEXICO

Bidding on 1st roundof contracts set forfirst half of year

the SEC and that he never hidassets in the Isle of Man, wherethe SEC says offshore trusts en-abled the brothers to make mil-lions on trades of the securitiesof their public companies with-out disclosing the depth oftheir ownership to the public.

The SEC seeks to imposepenalties and force Sam Wyly,79, and the estate of his broth-er, who died in 2011 at 77, toturn over $550 million ofgains. The brothers hid owner-ship of securities of companieson whose boards they sat andbroke disclosure regulations byfailing to tell the SEC the fullextent of their offshore hold-ings, the regulator says. Theyalso evaded laws limiting stocktransactions by corporate in-siders, the SEC said.

In the case of Sterling Soft-ware Inc. in 1999, they accu-mulated the company’s sharesahead of its $4 billion sale toComputer Associates Interna-tional Inc. and reaped a $31.7million profit, according to theregulator.

The Wylys’ lawyer, StephenSusman, countered in his clos-ing argument that the brothersused the offshore trusts for taxpurposes, estate planning andasset protection. They neverconcealed the offshore trusts,and they relied on “an army oflawyers” they trusted to ensurethat they complied with thelaw, he said.

“The Wylys acted in com-plete good faith,” Susman ar-gued.

Susman was unable to fin-ish his argument before U.S.District Judge Shira Scheindlinsent the jury home for the eve-ning. He’ll finish Wednesdaymorning. The SEC then willhave an hour for its response.

The SEC sued in 2010, aftera six-year investigation, accus-ing the Wyly brothers of using“an elaborate sham system oftrusts and subsidiary compa-nies” in the Isle of Man and theCayman Islands in a 13-yearscheme to hide their ownershipof stock in four public compa-nies on whose boards they sat.

Scheindlin said she will de-cide whether the Wylys are lia-ble for insider trading. A jurywill determine liability on oth-er allegations by the SEC. In asecond phase, if the Wylys arefound liable, Scheindlin willdecide penalties or remedies.

Susman urged jurors not tohold his clients’ wealth or theirhome state of Texas againstthem.

“Everyone, rich and poor,Texans and New Yorkers, is en-titled to equal justice under thelaw,” he said.

Bloomberg News,


Wyly trialclosingargumentscontinuing

Continued from Page 1D

TRENTON, N.J. — Ger-many’s Bayer plans to buyU.S.-based Merck & Co.’sconsumer health business,creating a combined medi-cine cabinet of householdnames including Bayer aspi-rin and Merck’s Claritin al-lergy pills.

The $14.2 billion deal an-nounced Tuesday wouldvault Bayer AG atop thenonprescription medicinebusiness across North andLatin America. It wouldmake Bayer No. 1 worldwidein skin and gastrointestinalproducts, a strong No. 2 inthe huge cold and allergycategory, and No. 3 in painrelievers.

“We are combining twohighly complementary busi-nesses with virtually nooverlap that will improveour product position over

multiple categories,” MarijnDekkers, Bayer’s CEO, saidon a conference call withjournalists.

Merck, widely consid-ered the most research-driv-en U.S. pharmaceuticalcompany, would divest aslow-growing business it in-herited in 2009 when itbought Schering-PloughCorp. to get its experimentalprescription medicines.

Bayer, which invented as-pirin more than a centuryago, already has a majorover-the-counter divisionwhose brands include Alevepain reliever, Alka-Seltzerand One-A-Day vitamins. Itwould add Merck’s Claritin,the Coppertone sun careline, Dr. Scholl’s foot careproducts and MiraLAX lax-ative.

The transaction is part ofa recent surge in pharma-ceutical industry deals.Some drug makers are sell-ing or swapping businesssegments to focus on areas

where they have the most ex-pertise, marketing prowessand prospects for growth, asMerck is doing. Others, likeBayer, are making acquisi-tions to beef up their portfo-lios of products or experi-mental drugs to boost futuresales.

Dekkers said any layoffsafter the deal closes, either inthe U.S. or Germany, wouldnot be significant.

“This is not a deal thathinges on job eliminationsas a key value driver,” he said.

Bayer, based in Leverku-sen, Germany, said the com-bined consumer care busi-ness would be based at itsnew U.S. health care head-quarters in Whippany, N.J.

Merck’s consumer busi-ness, based nearby in Sum-mit, N.J., has about 2,250employees. Bayer’s consum-er business, nearly 21⁄2 timesthe size of Merck’s, has about8,000 employees.

Linda A. Johnson,


Joe Raedle/Getty Images

Merck’s Coppertone line, along with Dr. Scholl’s foot care products and Claritinallergy pills, will soon fall under Bayer’s umbrella under a deal announced Tuesday.

Bayer to buy Merckconsumer health unit

PHARMACEUTICALS

$14.2B deal allowseach company tofocus on key lines

Selected distributions announced yesterday:

T

IRREGULARICICI Bank z A .7678 6-6 yInfosys z S .7178 5-30 yNthn Tier Energy Q .77 5-19 5-30Portugal Telecom z A .13862 5-29 ySturm Ruger & Co Q .49 5-16 5-30Westpac Banking z S .83475 5-15 7-14y- Pay date unannounced.z- Approx. amount per ADR or ADS.

STOCKOil States Intl x 5-21 5-30x- Two shares Civeo Corp for each share OIS held.Sunoco Logistics LP x 6-5 6-12x- 2 for 1 split.Theravance Inc x 5-15 6-2x- One share Theravance Biopharma for every 3.5 shares THRX held.

INCREASEDAutoliv Q .54 8-20 9-4Bank Mutual Q .04 5-16 5-30Baxter Intl Q .52 6-6 7-1Chesapeake Utils Q .405 6-16 7-7HNI Corp Q .25 5-16 5-30MKS Instruments Q .165 6-2 6-13MSA Safety Q .31 5-20 6-10NRG Yield Q .35 6-2 6-16PepsiCo Q .655 6-6 6-30Prospect Capital M .11055 10-31 11-20Prospect Capital M .11058 11-28 12-18Prospect Capital M .1106 12-31 1-22TransAct Tech Q .08 5-20 6-13

INITIALPark-Ohio Hldgs Q .125 5-23 6-9Transglobe Engy g Q .05 6-16 6-30

SPECIALTransglobe Engy g .10 5-22 5-28

DIVIDENDS

Period amt rec date Gross Date Pay


The Dallas Morning News dallasnews.com Wednesday, May 7, 2014 3D

Economy&YouPERSONAL FINANCE ADVICE POWERED BY

Need help? Email [email protected] question will be sent to a member of theFinancial Planning Association of Dallas-Fort Worth.

dollarwiseblog.dallasnews.com

M y16-year-old son wasfollowing me aroundthe store recently,

trying to pry out of me what Iwanted for Mother’s Day.

“Your love is all I need,” I said.“That and promising to takecare of me in my old age.”

He wasn’t amused.He pressed on. He asked

about board games I liked as achild. He asked if I wantedanother Scrabble game set. Ididn’t. Frustrated, I said he couldjust pick out a nice Mother’s Daycard and save his money. Helooked hurt and walked towardthe card section with his headdown, looking more 6 than 16.

Of my three children, my sonis the most persistent aboutpurchasing something on Moth-er’s Day. It’s not that my daugh-ters don’t want to get me pre-sents. They just don’t hound me.But this isn’t another columnabout how store-bought giftsdon’t matter. I’m not going to tellyou it’s the thought that countsor that you shouldn’t spend a lotof money for Mother’s Day.

The expression I saw on myson’s face that day in the storehas changed my perspective.

Sometimes a thought isn’tgood enough for people whoselove language is the giving ofgifts.

“From early years, childrenare inclined to give gifts to theirparents, which may be anotherindication that gift giving isfundamental to love,” writesGary Chapman in his book TheFive Love Languages. “Gifts arevisual symbols of love.”

So I’m addressing those ofyou, like me, who normallybrush off people who earnestlyask what you want for yourspecial day. Let’s make it easierfor folks who want to buy ussomething.

In early April, the NationalRetail Federation polled 6,535consumers to find out theirpurchasing plans for Mother’sDay. On average, survey partici-pants plan to spend $162.94 ontheir moms this year. The most

popular gift is flowers. I remem-bermy grandmother loved to getflowers on Mother’s Day. BigMama would quip: “I want myflowers while I’m alive when Icansmell them.”

Although I loathe that themany ways we celebrate specialeventscome with feeling pres-suretogive something with aprice tag, I understand the ex-pression of love is often symbol-ized by gifts. So mothers, here’swhat you should do if you typical-lysay you don’t want or needanything:

■ Provide an idea for a pre-sent. For givers who need a clueoraskoutright what you want,think of a few things you wouldlike even if you don’t need them. Itold my 13-year-old daughter totellherbrother to get me ear-rings. I’m always losing my ear-rings or ending up with just oneofaset.

■ Putoff buying things youneedso that they can become giftitems.What are some of thethings you have on your list tobuy for yourself? I needed ahands-free Bluetooth headsetbecause I lost mine. Instead ofbuying it myself, I could have toldmy son to get me one. At $30, itwas in his budget.

■ Embrace the concept thatit’s better to give than to receive.Don’t deprive your children oftheir desire to honor you with agift. They want a tangible way toexpress love. Don’t dismiss theirefforts.

I’m going to be much morecooperative now when my chil-dren try to figure out what I maywantorneed.

Even if receiving a presentisn’t important to me, the joy I seeintheir faces when they give me agift is a gift to remember.

Remember thatgifts show love

COLOR OF MONEY

MICHELLE SINGLETARYThe Washington Post

There’s lots of chatter thesedays about the chance of defla-tion and the risk of a slow-growth trap in the EuropeanUnion and other major econo-mies. While the chances ofworldwide deflation are mod-est, recent trends in Europehave been worrisome.

Inflation rates have beenslowing in the powerhouseeconomies over the past year.Germany’s 12-month inflationrate of 1percent was 1.4 percenta year ago; the U.K.’s rate hasfallen from 2.8 percent to 1.6percent; France’s, from 1 per-cent to 0.6 percent; and Italy’s,from 1.6 percent to 0.4 percent.Many of the European periph-ery countries are experiencingprice declines: Spain, Sweden,Greece, Portugal, Slovakia,Croatia, Bulgaria and others.

Inflation rates look better in

the advanced economies out-side Europe, though they arestill low. The rate is 1.5 percentin the U.S., Japan and Canada,and 2.4 percent in China. Chi-nese producer prices, however,have been declining for twoyears, indicating potentialoversupply in the industrialsector.

Deflation can be good forconsumers, but it’s a high-stakes risk. A downward pricecycle is self-reinforcing in thesame way that an inflationaryprice spiral is, as Japan hascause to know. In 1999, whenprices there started to slide,consumers put off purchasesand businesses delayed invest-ments, assuming prices wouldbe better tomorrow. Slowerconsumption hurt output, hir-ing and income, which damp-ened prices and buying even

more, and Japan spent a de-cade struggling to grow. Twodecades later, prices are still be-low their 1994 level, despitemassive increases in both pub-lic spending and debt.

What’s more, deflation isnearly impossible to uproot. In-terest rates can go only so low,and, in real terms, deflationerodes their stimulative effect.So even a slim prospect of defla-tion can spook investors andbusinesses.

The European Central Bankis preparing to do what it takesto head it off. Already, the ECBhas cut its interbank lendingrate (similar to the federalfunds rate set by the FederalReserve) to 0.25 percent. Buy-ing up bank loans in a kind ofquantitative easing, like theFed’s QE3 bond buying, maywellcome next, though that will

take time. Another option is forthe ECB to charge a fee forbanks to keep their reservesparked there, a kind of negativeinterest rate, meant to encour-age banks to plow their reservesinto the economy instead.

But there’s little margin forerror in Europe. Any shock tothe economy could tip it intodeflation and derail the region’sslow move back to health. Fail-ure would mean slower exportsand stronger headwinds forU.S. growth. In China, any de-flation preventive may be asbad for the U.S. as the disease.Because it’s only producer pric-es that are sliding in China, Bei-jing will be tempted to bolsterindustrial production, lower-ing the value of the yuan.

David Payne

and Glenn Somerville,

Kiplinger

WORLD ECONOMY

Deflation fears rise

Daniel Roland/Agence France-Presse

The European Central Bank has cut its interbank lending rate — similar to the federal funds rate set by the FederalReserve — to 0.25 percent. Buying up bank loans in a kind of quantitative easing may well come next.

Falling inflation not a big threat now, but signs are worrisome

The financial crisis of 2008may have driven many peopleto betray their wedding vows,according to data from AshleyMadison, an unusual and verypopular website for those seek-ing extramarital relations.

Ashley Madison has expan-ded rapidly, but 2008 was abanner year for the company.According to the site, member-ship swelled 166 percentworldwide that year and 192percent in the United States,compared with average yearlygrowth of 50 percent world-wide and 71 percent domesti-cally since the site’s launch 12years ago. Each month, around130 million people around theworld visit Ashley Madison.

Analysts at Ashley Madisonfound evidence of a relation-ship between the economy andinfidelity when they examineduser data in individual states.They compared the change inthe number of employed peo-ple in each state with thegrowth in Ashley Madison’smembership there. The tenta-tive conclusion: People who’velost their jobs might be more

likely to cheat — or, at least, aremore likely to sign up for anadultery dating site.

From the end of 2007 to theend of 2009, in states where theeconomy remained relativelystrong, fewer people signed upfor Ashley Madison.

There was a lot of variationamong the states, and it’s easyto think of other possible causesbesides economic ones forthose differences.

Ashley Madison’s market-ing campaigns might explainmembership increases in someareas, for example. In addition,74 percent of Ashley Madison’susers have a college degree, so alower concentration of highlyeducated people might corre-spond to a smaller target audi-ence for the site. During thosetwo years, Ashley Madison’smembership nearly quadru-pled in Massachusetts, the statewith the highest level of educa-tional attainment, even thoughthe economy there fared rela-tively well during the crisis.

All the same, in states wherethe employment level fell fur-ther, more people signed up forAshley Madison. People out ofwork might find they havemore time to pursue an affair.Also, a reduction in family in-come might spark stress and

conflict between spouses.“It may very well be that in

times of distress that one’s part-ner could also be viewed withantipathy, leading one tocheat,” said Eric Anderson, a so-ciologist at the University ofWinchester in England who isworking as a consultant to Ash-ley Madison. He also said an ex-tramarital affair might look likean easy way for people to dis-tract themselves from worry-ing about financial problems.

Separate research by Chris-tin Munsch, a sociologist atFurman University, suggestsanother reason that adulteryand the economy might be con-nected. After controlling forfactors such as a person’s in-come, education and satisfac-tion in his or her relationship,Munsch found that men whoearned very little relative to

their wives were much morelikely to stray. Perhaps as menlost their jobs during the reces-sion, they might have wanted tocompensate for what they feltto be their professional failureby asserting their sexual prow-ess.

Munsch also found thatamong very wealthy women,those who made significantlymore than their husbands werealso more likely to cheat.

More analysis would beneeded to determine whetherthe financial crisis truly helpedAshley Madison’s success dur-ing 2008 and 2009. Yet thepreliminary evidence suggeststhe economy did have some ef-fect — another reminder thatunemployment can alter a per-son’s sense of who they are.

Max Ehrenfreund,

The Washington Post

-15% -12% -9% -6% -3% 0 3%

50%

100%

150%

200%

250%

300%

CA MA

NV AZ

ND

AK

NEWV

Seeking comfort outside of marriageas labor markets falterRelationship between change in employment rate and visitsto ashleymadison.com, by state:

State job losses, 2007-09, as apercentage of jobs in December 2007

SOURCE: ashleymadison.com The Washington Post

Percentage growthin visits by state toashleymadison.com,2007-08

Job loss led someinto temptation

RECESSION

Extramarital datingsite saw rapid growthduring economic crisis

According to a recent sur-vey, one-third of adults whocombine finances with a part-ner or spouse have committedfinancial infidelity.

Of those who said they hadcheated, 3 in 10 hid cash, apurchase, a statement or bill,or even a bank account fromtheir significant other. And 13percent engaged in more sig-nificant deceptions, such aslying about how much theyearn or what they owe.

Not surprisingly, a finan-cial deception ultimatelycaused an argument nearlyhalf the time. What may sur-prise you, however, is thatfights about money lead to di-vorce more often than dis-agreements about chores, in-laws, spending time togetheror even sex, according to re-search by Utah State Univer-sity professor Jeffrey Dew, anexpert in money and familyrelationships.

But most couples can ad-dress financial infidelity withfinancial psychologist BradKlontz's four-step process,which he calls SAFE.

Start with “S” for “Speakthe truth.” It’s crucial to fessup and then have a seriousconversation about your bud-get and spending habits. Startby determining whether youand your partner are aligned

in your money values. Maybeone of you is focused on thephysical comforts of life (anice house, car, wardrobe)and the other cares moreabout experiences (travel, thearts or professional sports).

In Klontz’s program, “A”stands for “Agree to a plan.”Determine joint goals (adown payment on a home,say), then compromise bybudgeting for the vacationand the new car. Maybe you’llagree to keep a certain por-tion of your finances sepa-rate. (About 35 percent ofthose committing financialinfidelity said they did it be-cause they believe some as-pects of their finances shouldremain private.) Or perhapsyou’ll decide to discussspending anything over acertain threshold — $100,$200 or whatever the two ofyou deem appropriate.

F is for “Follow the agree-ment,” which sounds easierthan it is. Revisit your plan ina month or two, so that youcan tweak it instead of givingup.

Finally, “Establish anemergency plan.” If you’refighting a lot or you’re at animpasse, it’s time to consultwith a counselor.

Anne Kates Smith,

Kiplinger

Money secrets? Ownup and work together

FINANCIAL INFIDELITY


4D Wednesday, May 7, 2014 + dallasnews.com The Dallas Morning News

Accounts subject to approval. $500 minimum opening deposit required to earn the advertised Annual Percentage Yield (APY). APY accurate as of 4/2/2014. Rates are subject to change. Substantial penalty for early withdrawal. Fees could reduce earnings on accounts. Other limitations may apply. See branch for details. BBVA Compass opens CD accounts that have no certificate known as Time Deposits or TDs. CDs are FDIC insured up to applicable limits. BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, Member FDIC.

18 month CD – 1.15% APY

In today’s environment, a competitive rate is hard to find. Until now.

1-800-COMPASS • bbvacompass.com

Dallas-Fort Worth

Trader Joe’s will open in Mc-Kinney later this year in a shop-ping center that has been hithard by major road construc-tion.

Spokeswoman Alison Mo-chizuki confirmed Tuesday thatthe grocer will open an 11,600-square-foot store in Eldorado

Plaza.The shopping center, on the

northwest corner of U.S. High-way 75 and Eldorado Parkway,has been surrounded by heavyequipment and detours for twoyears, resulting in a few storedepartures.

Trader Joe’s is moving intospace vacated by World Market,said Eldorado Plaza developerFrank Mihalopoulos of Dallas-based Corinth Properties.

Trader Joe’s is part of the re-positioning of the shoppingcenter, he said. Bed Bath & Be-yond will move into a former

Linens ’n Things store aroundthe same time.

Eldorado Plaza was almostfully leased before the road con-struction but lost several ten-ants, including Old Navy andKirkland’s.

The state Department ofTransportation expects thework directly around EldoradoPlaza to be finished by year-end, Mihalopoulos said. Butthe highway construction inMcKinney will continue intonext year. It’s scheduled to endby July 2015.

Trader Joe’s, which has

stores open on Lower Green-ville Avenue in Dallas, on Pres-ton Road in Plano and on Hu-len Street in Fort Worth, willopen its second Dallas storeMay 30 in Inwood Village. Itsstore under construction at thenorthwest corner of North Cen-tral Expressway and WalnutHill Lane is expected to openlater this year.

More stores are in the works,but Mochizuki declined to con-firm locations.

Follow Maria Halkias on Twitterat @MariaHalkias.

Trader Joe’s goes northGROCERS

Chain confirms plansfor store in McKinney’sEldorado Plaza

By MARIA HALKIASStaff Writer

[email protected]

U.S. patent 4,695,058?He was 32 and in the

go-cart track business whenStar Wars hit theaters in1977.

“Watching scenes ofthem running up and downthe hallways of the space-ships looked like fun,” Car-ter recalls at his home inPreston Trails. “It’s the samegame little boys have beenplaying forever — cowboysand Indians, cops and rob-bers. ‘I shot you.’ ‘No, youdidn’t.’ And then the gamewould end because nobodycould keep score. I thoughtit would be a great game forthe amusement business ifyou could keep score.”

But he had to shelve theidea until technology beganto catch up with it.

In1981, Carter spent$50,000 to hire electronics,computer and telecomwizards to create a proto-type system and artists forconcept drawings.

“The guy who did mostof our software had donereal-time programming forsatellites,” Carter says. “Igave them the general con-cept. They wrote the codeand built the system.”

In1983, he formed Pho-ton Entertainment with$300,000 borrowed frombankers with loose lendingstandards.

Carter wanted to namethe company “Laser Tag,”but his attorney said thatwas too generic to trade-mark. “I should have arguedmore,” he says.

Fleetwood Mac hadinvested in Carter’s earlierventure here, ChaparralGrand Prix at Shiloh Roadand LBJ Freeway. SingerStevie Nicks’ dad owned anamusement park across thestreet from Carter’s originalChaparral Speedway inPhoenix. The band had somuch fun racing the 55-mph souped-up go-cartsone night after a concert inPhoenix that they investedmore than $1million tobring that concept here.

Carter hired one ofFleetwood Mac’s producersto make music that coordi-nated with the game. “Wedid all this fog and lightingeffects to make what is nowcalled immersive entertain-ment,” Carter says.

To keep score, Carter’stech team took parts fromgarage-door openers andused hobby radio frequen-cies to communicate withthe central computer.

“Our joke was that whenwe opened, all the nearbygarages were going to startopening and closing,” Car-ter says. “We put chickenwire around the entirearena — it’s called a Faradaycage — so that the signalswouldn’t go out and noth-ing could get in.”

Remarkably, it worked.“Helmet, chest pod,

phaser,” he says, holding upthe original clunky-lookinggear. “We didn’t say gun,just phaser. You didn’t killpeople. You zapped them.We also had a battery beltthat was quite heavy thatplugged in to a battery wall.The gear weighed about 15pounds total.

“Elite players played itathletically and trained forit. Six minutes would wearyou out. It’s been toneddown because it turned intoa kids’ game.”

Players in the Dallasmarket typically pay $6 to$9 for a 10- to 12-minutesession, Guthrie says. Overthe years, the industry has

adopted rules to keep in-juries and liability insur-ance rates down. There’s norunning, climbing, kneelingor physical contact, sothere’s no need for helmets.

But apparently there isenough shooting, dodging,stooping and peering overbarriers to get hearts pump-ing.

“It feels like forever,” saysLogan Polson, one of thered-cheeked 10-year-olds.His buddy Jackson McClin-tock nods in agreement.

Carter had a bit of unex-pected luck early on.

A few months after thefirst Photon opened, Dallashosted the RepublicanNational Convention. Car-ter hired buses to take mem-bers of the media out to playlaser tag, and that generatednational publicity.

The next year, JohnStossel did a feature onABC’s 20/20 shortly after afranchise in New Jerseyopened. Carter feared hewas in for a “hatchet job”over the game’s contro-versial violence. But Stosselwound up having fun andgiving laser tag a thumbs up.

After the segment aired,the phone started ringingwith potential franchisees,Carter says. More than 40centers were built across thecountry.

Carter had three compa-ny-owned arenas: one atNorthwest Highway andShiloh Road, a Starbase inthe West End Marketplaceand a mammoth operationin California.

Photon made millions inroyalties from toys and a TVcartoon show in 1986. Butthe kiddie phasers, actionfigures and lunch boxesturned into a curse.

“Our players had a medi-an age of about 25, with jobsand a lot of money to spend,”Carter says. “As soon as thetoys hit, the player ageplummeted. Apparently25-year-olds don’t think it’scool to be doing somethingthat little 8-year-olds like.”

Getting many of thefranchisees to pay theirroyalties was a struggle. Andbanks wouldn’t lend to him.

“The word I kept hearingover and over again was‘fad,’ ” Carter says.

In 1987, he decided to gopublic, released the franchi-sees from their obligationsand had a $12 million IPOlined up for early Novem-ber.

The stock marketcrashed 500 points on BlackMonday, Oct. 19. “That wasthat,” Carter says. “We didn’tfail. We just wound down.”

Carter, who continues toinvent things, made severalmillion dollars with lasertag. But he can’t help think-ing about the millions hemissed out on.

“We had a lot of funbuilding it,” Carter says.“But it was frustrating theway it ended. We came soclose to making it.”

Laser tag wasborn in Dallas

Continued from Page 1DAT A GLANCEGeorgeCarter

Age: 68Grew up: PhoenixResides: Preston TrailsFirst invention: A motorizedsurfboard when he was 19Latest project: A non-shooting assault rifle fortraining military troops thatuses a $200 digital cameraand smartphone technologyto score hitsEducation: 30 hours of creditat Arizona State UniversityPersonal: Married to Debi for29 years with a growndaughter and stepdaughter

CHERYL HALL

StreetLights Residential,which just built the Taylorapartment tower in Uptown,was selected as the apartmentdeveloper.

“We wanted a strong localpartner on the residential,” Eb-ert said.

StreetLights CEO DougChesnut said he’s been inter-ested in RED’s developmentsite for a long time.

“The property is right in themiddle of everything,” Chesnutsaid.

He said plans call for about300 apartments in the residen-tial tower, which will be at thenortheast end of the property.

“The real amenity with thisproject is the plaza — that’swhat will draw people to thisbuilding,” Chesnut said. “That’swhat we have that’s differentfrom everyone else.”

The developers are seekingplanning approvals for the pro-ject and plan to start construc-tion early next year.

“We plan to open apart-

ments end of 2016 and officeabout same time,” Ebert said.

RED Development is a pri-vately owned real estate firmthat’s built projects in 11 states.The company’s latest effort isthe CityScape complex inPhoenix, which includes office,hotel residential and retailspace.

RED is also building theRayzor Ranch Town Centerand Marketplace shoppingcenter in Denton.

Along with the Dallas Policeand Fire Pension System,RED’s investment partners in-clude JPMorgan and USAA.

Akard Place is the latest in aseries of new high-rise projectsplanned for Uptown.

Other nearby developmentsin the works include CrescentReal Estate’s new McKinneyAvenue office tower, Houston-based Hines’ office high-rise atVictory Park and Harwood In-ternational’s Frost Bank Towerand Bleu Ciel condominium.

Follow Steve Brown on Twitterat @SteveBrownDMN.

$200M projectset for Uptown

Continued from Page 1D

RED Development

Akard Place will include a 16-story office building and a20-story residential tower joined by a plaza. RED Devel-opment and StreetLights Residential are the developers.

T he Hamon Charita-ble Foundation haspledged $10 million to

the I Stand for Parklandcapital campaign to build thenew Parkland hospital, saidDr. David E. Krause, presi-dent and CEO of ParklandFoundation. The Hamonfoundation had already giv-en $5 million, creating a $15million commitment.

Campaign chairs NancyHalbreich and Don Glen-denning said the campaignstands at $130 million of its$150 million goal toward the$1.32 billion hospital.

“The generosity of theHamon Charitable Founda-tion will be recognized in thenew Parkland hospitalthrough the creation of theCenter for CollaborativeMedicine, which honors theclinical care and teachingexcellence of Parkland andits partners, the Universityof Texas SouthwesternMedical School and Chil-dren’s Medical Center ofDallas,” Krause said.

The Hamon CharitableFoundation was created byNancy Hamon after herhusband died in 1985.

Jake Hamon was an oiland gas executive and theonly private operator to serveas president of the Amer-ican Petroleum Institute.

Nancy Hamon enjoyed abrief career in Hollywoodduring the 1940s, then mar-ried and worked on philan-thropic projects until her

death in 2011.“The Hamon Charitable

Foundation intends to con-tinue the interests of Nancyand Jake Hamon in supportof education, medicine andhumanitarian causes in thecity of Dallas,” said KellyRoach, president of theHamon Charitable Founda-tion.

“This gift will ensuretheir commitment to thesecauses continues while en-hancing the critical care andteaching excellence of Park-land and its partners.”

The 2.5 million-square-foot Parkland hospital willadd space in critical areassuch as the emergencyroom, operating room, burncenter and neonatal in-tensive care unit. Construc-tion is expected to be com-pleted in 2014, and the hos-pital should open to patientsin 2015.

Individuals and organiza-tions contributing $1 millionor more to the campaigninclude:

$50 million: HaroldSimmons Foundation.

$25 million: The Rees-Jones Foundation.

$15 million: The Hamon

Charitable Foundation.$3 million: Parkland

Auxiliary.$1,827,000: Crystal

Charity Ball.$1.5 million: The Mead-

ows Foundation and NexenPetroleum U.S.A.

$1 million: Bank ofAmerica Charitable Foun-dation, Building ParklandFund, The Harlan R. Crow

Family/The Trammell S.Crow Family/The StuartM. Crow Family, HillcrestFoundation, Hirsch FamilyFoundation, HoblitzelleFoundation, EugeneMcDermott Foundation,Dr. Bob & Jean SmithFoundation and the Stem-mons Foundation.

To learn more, visit istandforparkland.org.

PHILANTHROPY

ROBERT [email protected]

Foundation adds $10M gift for Parkland


The Dallas Morning News dallasnews.com Wednesday, May 7, 2014 5D

Mon's sales ............31,843Mon's open int. ...340,085

-1116 Chg Mon's sales ..............6,029Mon's open int. .....44,369

+44 Chg

AH Belo AHC 13 10.82 -.37AT&T Inc T 11 35.49 -.27AZZ Inc AZZ 19 43.20 -1.57AlliData ADS 25 239.01 -1.16AlonUSA ALJ dd 16.41 -.42AlonUsaLP ALDW 13 19.68 +.23AmAirl n AAL dd 36.67 +.07ACareSrce ANCI dd 1.91 ...AmrRlty ARL 48 7.65 -.27Approach AREX 51 20.45 -.14AshfordHT AHT 10.30 -.10Atmos ATO 19 51.16 +.11Atrion ATRI 21 289.33 +2.33BasicEnSv BAS dd 25.63 -.44Brinker EAT 20 49.08 -.27BldrFstSrc BLDR dd 7.52 -.35CIM CTr rs CMCT 23 22.54 ...CambLrn ABCD 2.17 +.03CapSenL CSU dd 24.46 -.25CapSwst s CSWC 35.01 -.26CapsteadM CMO 13 12.89 +.01CashAm CSH 9 44.53 +.29Celanese CE 13 61.08 -.33Cinemark CNK 23 29.33 -.47ClubCorp n MYCC dd 18.37 -.52Comerica CMA 15 47.07 -.89CmclMtls CMC 28 18.89 -.29Compx CIX 19 9.20 -.10ComstkRs CRK 19 26.78 +.79Copart CPRT 26 36.20 -.54CubicEngy QBC dd .20 ...DGSE DGSE dd 2.38 -.23DR Horton DHI 14 22.43 -.55Darling DAR 20 19.84 -.03DeanFds rs DF 15.27 -.23DelFriscos DFRG 31 26.16 -.26DenburyR DNR 16 17.31 +.27DexMedia DXM 9.40 +1.75Diodes DIOD 40 26.46 +.04DorchMin DMLP 20 27.96 +.42DrPepSnap DPS 16 56.15 +.29

Dallas-Fort Worth Top Companies Highlights for locally based stocks

Stock Sym PE Close Chg

ExcoRes XCO 37 5.93 -.01ExxonMbl XOM 11 102.67 -.24FelCor FCH dd 9.61 -.14FiestaRst FRGI 37.10 -.88FstCashF h FCFS 16 48.92 +.07Flowserv s FLS 21 74.36 -.42Fluor FLR 19 74.40 +.12

Fossil Grp FOSL 19 108.43 -.13GameStop GME 12 37.66 -.49GblPowEq GLPW 22 16.40 -.93Grtbatch GB 23 45.69 -1.05GreenHntr GRH dd .98 -.02HallmkFn HALL 19 8.33 -.12HallwdGp HWG dd 12.29 +.08

HilltopH HTH 16 21.40 -1.32HollyEngy HEP 36 33.86 -.58HollyFront HFC 14 51.59 -.01HHughes HHC dd 147.87 +.37IncOpR IOT 5 6.79 +.06IndepBkTX IBTX 30 48.51 -.30Interphase INPH dd 5.06 -.31KimbClk KMB 20 109.86 -.37KosmosEn KOS dd 10.49 +.22KronosWw KRO dd 15.62 +.08Lennox LII 23 84.12 -2.02Mannatech MTEX 14 14.70 -.32MatadorRs MTDR 21 27.31 -.19MidConEn MCEP 17 22.21 -.50MoneyGrm MGI 9 12.61 -.06NL Inds NL dd 9.75 -.18Nationstar NSM 12 28.93 -1.17NewConcEn GBR 7 2.22 -.03NexstarB NXST dd 41.86 -.71OmniAmB OABC 44 24.37 +.27PMFG PMFG dd 5.65 -.20Penney JCP dd 8.09 -.41PFSweb PFSW dd 7.65 -.22Pier 1 PIR 17 17.98 -.41PioNtrl PXD dd 198.12 -.13PizzaInn PZZI dd 5.89 -.14Primoris PRIM 21 28.85 +1.43QksilvRes KWK 3 2.81 -.43RSP Per n RSPP 28.16 -.74RadioShk RSH dd 1.37 +.06RangeRs RRC 66 90.30 -.31RealPage RP 43 17.37 -.22RegncyEn RGP cc 27.24 -.21RentACt RCII 14 28.49 -.55RetractTc RVP dd 3.45 -.07SP Bncp SPBC 35 28.51 +8.01SWS Grp SWS dd 7.30 -.21SabnR SBR 13 54.10 +.11SallyBty SBH 17 25.34 +.14SJuanB SJT 24 19.00 +.06SixFlags s SIX 34 40.18 -.04

EagleMat EXP 38 83.27 -1.31EnLinkLP ENLK dd 29.35 -.18EncorW WIRE 22 48.60 -.82EngyTEq s ETE cc 47.29 +.53EngyTsfr ETP dd 56.75 ...EnLkLLC n ENLC 36.40 +.01Ennis Inc EBF 28 14.61 -.41

Your PortfolioContact us to have your stock or mutual fund listed on Saturday’s page. Also, please share your thoughts on the changes we’ve made to our market and investment coverage.

Listings hotline: 214-977-7970

Wall Street Watch How the 300 most active stocks fared

AES Corp AES 16 14.19 -.10AK Steel AKS dd 6.91 +.04AT&T Inc T 11 35.49 -.27AbbottLab ABT 24 38.58 -.26ActivsBliz ATVI 20 19.31 -.11AdobeSy ADBE cc 59.44 -2.00AMD AMD 80 4.01 -.08AlcatelLuc ALU 3.98 +.09Alcoa AA 43 13.31 -.22AlldNevG ANV 18 3.28 -.19AlphaNRs ANR dd 4.45 -.10Altria MO 18 39.76 -.13Amazon AMZN cc 297.38 -12.67Ambev n ABEV 7.41 +.09AmAirl n AAL dd 36.67 +.07AEagleOut AEO 15 11.00 -.27AmIntlGrp AIG 9 50.54 -2.18ARltCapPr ARCP dd 12.86 -.04Anadarko APC dd 102.73 +3.24Annaly NLY 3 11.63 -.01Apple Inc AAPL 14 594.41 -6.55ApldMatl AMAT 48 18.86 -.11ArchCoal ACI dd 4.45 -.20ArenaPhm ARNA dd 6.85 -.03AresCap ARCC 9 16.87 -.48AriadP ARIA dd 7.09 -.54AstraZen AZN 18 79.12 -.75athenahlth ATHN dd 109.21 -17.58Atmel ATML cc 7.77 +.12AvagoTch AVGO 30 67.34 +3.09AvanirPhm AVNR dd 4.76 +.06Avon AVP dd 13.31 -.17B/E Aero BEAV 26 97.98 +.76BP PLC BP 12 51.12 +.31BakrHu BHI 26 70.30 +.22BallardPw BLDP dd 3.08 -.26BcoBrad pf BBD 15.48 +.20BcoSBrasil BSBR 6.60 -.06BkofAm BAC 19 14.73 -.35BkNYMel BK 14 33.60 -.70Barclay BCS 16.58 -.70B iPVix rs VXX q 39.83 +.26BarrickG ABX dd 17.45 -.02BerkH B BRK/B 16 124.67 -1.94BestBuy BBY 17 25.18 -.73BlackBerry BBRY dd 7.67 -.26Blackstone BX 14 29.07 -.41BlockHR HRB 34 28.03 -.79Boeing BA 23 130.83 -1.13BostonSci BSX 22 12.95 -.12BrMySq BMY 29 50.93 +.90Broadcom BRCM 41 29.76 -.68BrcdeCm BRCD 13 8.64 -.06CBS B CBS 19 56.79 -1.40CSX CSX 16 27.93 -.05CVS Care CVS 19 74.44 -.54CabotOG s COG 46 38.55 -.06CpstnTurb CPST dd 1.45 -.25Cemex CX 12.81 -.07Cemig pf s CIG 7.30 +.06CntryLink CTL dd 34.46 -.38ChesEng CHK 42 28.35 +.04Chevron CVX 12 124.97 -.39Cisco CSCO 15 22.72 -.24Citigroup C 10 46.36 -.82Coach COH 13 42.61 -.78CocaCola KO 22 40.49 -.27CognizTc s CTSH 24 49.20 -.06Comcast CMCSA 19 51.81 -.65ConocoPhil COP 12 77.08 +.19Corning GLW 16 20.66 -.29CSVInvNG DGAZ q 2.66 -.19CSVelIVST XIV q 33.05 -.22CSVxSht rs TVIX q 5.95 +.02Cree Inc CREE 46 46.17 +.57DCT Indl DCT 7.63 -.21DR Horton DHI 14 22.43 -.55DeltaAir DAL 3 37.69 +.14DenburyR DNR 16 17.31 +.27DirecTV DTV 16 81.74 +1.90DrxFnBear FAZ q 20.94 +.72DrxSCBear TZA q 18.00 +.80DrxSCBull TNA q 65.36 -3.32DiscComA DISCA 25 74.71 -3.06Disney DIS 22 81.03 -.19DowChm DOW 13 49.11 -.25DryShips DRYS dd 3.07 -.02E-Trade ETFC 43 21.57 -.88eBay EBAY dd 50.95 -1.05EMC Cp EMC 20 25.57 -.21EOG Res s EOG 26 103.63 +4.38Emulex ELX dd 4.70 +.09EnCana g ECA 21 22.58 +.02Ericsson ERIC 12.08 +.05ExcoRes XCO 37 5.93 -.01Exelon EXC 17 36.04 -.20ExpScripts ESRX 30 67.01 +.18ExterranH EXH 24 44.16 +2.20ExxonMbl XOM 11 102.67 -.24Facebook FB 77 58.53 -2.69FifthThird FITB 11 20.28 -.31FireEye n FEYE 37.13 -3.10FirstEngy FE 15 32.65 -.77Flextrn FLEX 22 9.46 -.04FordM F 10 15.56 -.18ForestOil FST 12 2.03 +.24FMCG FCX 12 33.84 -.23FrontierCm FTR 50 5.96 -.04FuelCellE FCEL dd 2.10 -.07GT AdvTc GTAT dd 16.19 -.48Gap GPS 14 39.32 -.53GenElec GE 20 26.19 -.39GenMotors GM 14 34.75 ...Genworth GNW 14 17.63 -.14Gerdau GGB 6.29 +.07GileadSci GILD 29 78.32 -1.51Globalstar GSAT dd 2.94 +.09Goodyear GT 13 24.75 -.48Groupon GRPN dd 6.72 -.17HalconRes HK dd 5.42 -.10


Hallibrtn HAL 21 63.52 -.39HarmonyG HMY 3.18 -.16HeclaM HL dd 3.06 -.01HercOffsh HERO dd 4.56 -.13Hertz HTZ 36 28.30 -1.10HewlettP HPQ 12 32.13 -.37Hologic HOLX dd 23.61 +.43HomeDp HD 21 77.42 -1.27HostHotls HST 36 21.24 -.07HuntBncsh HBAN 13 9.02 -.09Hyperdy rs HDY dd 3.69 -.77iShBrazil EWZ q 48.69 +.57iShJapan EWJ q 11.14 -.03iSTaiwn EWT q 14.75 +.01iShChinaLC FXI q 34.76 +.06iShEMkts EEM q 41.57 +.19iSh20 yrT TLT q 112.48 +.45iS Eafe EFA q 68.23 -.12iShR2K IWM q 110.07 -1.82iShREst IYR q 70.22 -.26iShHmCnst ITB q 23.18 -.48InovioPhm INO dd 2.26 -.14IntgDv IDTI 22 12.34 +.48Intel INTC 14 26.20 +.03Interpublic IPG 26 17.48 +.06IsoRay ISR dd 2.53 +.19ItauUnibH ITUB 16.71 -.11JDS Uniph JDSU 26 10.61 -.28JPMorgCh JPM 13 53.34 -.88JetBlue JBLU 17 8.20 -.16JohnJn JNJ 19 99.51 -.49JnprNtwk JNPR 27 24.60 -.20KB Home KBH 22 16.05 -.40KandiTech KNDI dd 13.14 +.81Keycorp KEY 13 13.39 -.28KindMorg KMI 28 32.55 -.19KodiakO g KOG 22 12.29 -.14

LVSands LVS 28 78.92 -.82LeapFrog LF 7 7.29 +.46LibGlobA s LBTYA dd 42.69 -.01LibGlobC s LBTYK 40.86 -.04LillyEli LLY 16 58.56 -.32LinkedIn LNKD dd 142.33 -8.58Lowes LOW 21 45.39 -.90MGIC Inv MTG 37 8.40 -.24MGM Rsts MGM dd 25.68 -.51Macys M 14 55.10 -1.57MagHRes MHR dd 7.93 -.19Manitowoc MTW 28 28.21 -.10MannKd MNKD dd 6.26 -.15MarathnO MRO 14 36.19 -.26MarathPet MPC 19 96.69 +.88MktVGold GDX q 24.28 -.13MktVRus RSX q 22.87 +.49Masco MAS 26 19.54 -.64MasterCd s MA 28 73.81 -1.01Merck MRK 38 57.11 -1.52MetLife MET 15 49.94 -1.59MicronT MU 11 26.68 -.06Microsoft MSFT 15 39.06 -.37Mondelez MDLZ 16 35.22 -.39MorgStan MS 17 29.46 -.61MotrlaSolu MSI 17 66.40 +.25Mylan MYL 31 48.48 -1.41NII Hldg NIHD dd .69 -.07NRG Egy NRG dd 34.23 +.48NBGrce rs NBG 3.94 -.12NatCineM NCMI 22 14.65 -.64Navient n NAVI 16.34 -.47Newcastle NCT 12 4.42 ...NewLead rs NEWL .06 -.00NokiaCp NOK 7.26 -.01NStarRlt NRF dd 15.79 -.17Nvidia NVDA 25 18.25 -.38

OcciPet OXY 13 95.83 +1.13OcwenFn OCN 14 32.14 -1.59Offi ceDpt ODP dd 4.83 +.66Oi SA C OIBR/C 1.00 -.09Oi SA OIBR .98 -.05OnSmcnd ONNN 20 8.95 -.05Oracle ORCL 17 41.01 -.20PG&E Cp PCG 22 44.31 -.55PPL Corp PPL 13 34.20 -.16Pandora P dd 22.52 -2.21PeabdyE BTU 93 18.56 -.03Penney JCP dd 8.09 -.41PepcoHold POM 24 27.30 +.16PetrbrsA PBR/A 16.35 +.72Petrobras PBR 15.30 +.74Pfi zer PFE 16 29.43 -.53PlugPowr h PLUG dd 3.80 -.26Potash POT 20 36.21 -.03PwShs QQQ QQQ q 86.81 -1.14ProUltSP SSO q 104.81 -1.83ProctGam PG 22 81.13 -.57ProgsvCp PGR 12 24.58 -.28ProUShSP SDS q 28.27 +.46PUShQQQ rs QID q 59.05 +1.44PShtQQQ rs SQQQ q 55.45 +2.02ProspctCap PSEC 10.74 -.07PulteGrp PHM 3 18.27 -.24Qualcom QCOM 20 79.31 -.25QuantFu rs QTWW dd 3.04 -3.28QksilvRes KWK 3 2.81 -.43RF MicD RFMD 52 8.77 +.08Rackspace RAX 46 27.71 -.01Realogy RLGY 10 37.57 -1.47RegionsFn RF 13 10.11 -.14RetailNot n SALE dd 30.18 -2.53RiteAid RAD 35 7.77 -.09RosettaR ROSE 14 46.74 -.63

SLM Cp SLM 3 8.90 +.11SpdrDJIA DIA q 163.73 -1.20S&P500ETF SPY q 186.78 -1.64SpdrHome XHB q 30.73 -.63SpdrShTHiY SJNK q 30.86 +.01Salesforce CRM dd 51.78 -1.87SandRdge SD dd 6.70 -.11Schlmbrg SLB 19 101.00 -.10Schwab SCHW 31 25.88 -.70SiderurNac SID 4.14 +.13SiriusXM SIRI 53 3.19 -.04SouFun s SFUN 17 11.61 -.64SwstAirl LUV 22 24.20 -.06SwstnEngy SWN 82 46.55 -.24Sprint n S dd 8.68 -.08SP HlthC XLV q 57.62 -.51SP CnSt XLP q 43.82 -.28SP Consum XLY q 63.39 -.92SP Engy XLE q 94.30 +.14SPDR Fncl XLF q 21.59 -.31SP Inds XLI q 52.53 -.40SP Tech XLK q 36.17 -.41SP Util XLU q 42.67 -.21StdPac SPF 15 7.69 -.23Staples SPLS 13 12.62 +.07Starbucks SBUX 28 69.58 -1.08StateStr STT 14 63.55 -.58SunEdison SUNE dd 19.84 -.42Supvalu SVU 10 6.99 +.02SwftEng SFY dd 11.89 +.95Symantec SYMC 16 20.09 -.01Synovus SNV 20 3.17 -.08TableauA n DATA cc 58.02 +.03TaiwSemi TSM 20.00 +.34TalismE g TLM 10.21 +.10Target TGT 19 57.64 -2.23TeslaMot TSLA dd 207.28 -9.33

Tesoro TSO 17 55.02 -.03TevaPhrm TEVA 99 49.58 -1.07TexInst TXN 24 45.38 -.343D Sys DDD cc 50.50 +2.41TimeWarn TWX 15 67.49 +.02TripAdvis TRIP 58 81.37 -3.3421stCFoxA FOXA 32.41 -.41Twitter n TWTR 31.85 -6.90Tyson TSN 14 38.25 -.19US Bancrp USB 13 40.15 -.30US NGas UNG q 26.63 +.60USSteel X dd 25.45 -.26UtdhlthGp UNH 14 75.26 +.03Vale SA VALE 13.38 +.01Vale SA pf VALE/P 12.11 +.02ValeroE VLO 11 58.51 +.25VangEmg VWO q 41.22 +.16VerizonCm VZ 11 47.47 +.08VimpelCm VIP dd 8.13 +.07Vivus VVUS dd 5.57 +.38Vringo VRNG dd 3.71 -.38WPX Engy WPX dd 21.56 +.06WalMart WMT 16 78.01 -.61WeathfIntl WFT dd 21.22 +.16WellsFargo WFC 12 49.09 -.47Wendys Co WEN 76 8.38 -.12WstnUnion WU 11 16.13 -.14WholeFd s WFM 32 47.95 -.33Windstrm WIN 20 9.04 -.07Xerox XRX 12 11.72 -.26YY Inc YY 56.78 -5.18Yahoo YHOO 30 36.49 -.42Yamana g AUY 37 7.38 -.04Yandex YNDX 27.01 +.17Yelp YELP dd 52.13 -8.06Zoetis ZTS 31 30.89 +.36Zynga ZNGA dd 3.71 -.13


NASDAQ S&P 500 Wilshire 5000

Russell 3000

-57.30Close:

4,080.76

Chg ............... -1.38%YTD chg ....... -2.29%1-yr chg .....+20.14%

Stock Sym PE Close Chg Stock Sym PE Close Chg Stock Sym PE Close Chg Stock Sym PE Close Chg

-16.94Close:

1,867.72

Chg ................. -.90%YTD chg .......+1.05%1-yr chg .... +14.87%

-199.69Close:

19,796.97

Chg ............... -1.00%YTD chg .........+.46%1-yr chg .... +15.36%

-10.71Close:1,115.67

Chg ................. -.95%YTD chg .........+.67%1-yr chg .... +15.43%

New York Stock Exchange

Close:10568.68

-61.46NASDAQ

Close:4080.76

-57.30

ALL SHARESAdvanced ...........976Declined ..........2,136Unchanged ........102

Total issues ....3,214New Highs ..........93New Lows ...........38

ALL SHARESAdvanced ...........553Declined ..........2,030Unchanged ........127

Total issues ....2,710New Highs ..........38New Lows ...........91

100 827.06 -.97% +.39% +13.28%Bank index 207.52 -1.51% -.80% +17.65%MidCap 1,351.56 -.74% +.67% +14.42%SmallCap 640.25 -1.63% -3.80% +17.89%

Close Chg YTD chg 1-yr chg

-129.53Close:16,401.02

DOW JONES INDUSTRIAL

Solera SLH cc 65.56 -.37SthcrssEn SXE dd 17.10 +.09SwstAirl LUV 22 24.20 -.06SummitMP SMLP 44.67 -.03TGC Inds TGE dd 4.87 -.22TandyLthr TLF 14 9.74 +.03TenetHlth THC dd 45.34 -.02TxCapBsh TCBI 21 53.69 -1.62Texas Inds TXI dd 86.42 -1.19TexInst TXN 24 45.38 -.34Torchmark TMK 14 79.15 -.89TrnsRty TCI 16 13.00 -.21Trinity TRN 12 77.67 +.49TuesMrn TUES dd 13.36 -.52TylerTech TYL 65 78.49 -2.73US Concrte USCR dd 23.87 -.25USMD USMD 12.04 -.35USLime USLM 19 55.21 -1.33Valhi VHI dd 7.64 +.03ViewPtFn VPFG 30 24.73 -1.03WestwdH WHG 18 55.17 -2.31ZaleCp ZLC 97 21.23 -.03Zix Corp ZIXI 18 3.23 -.04

The equity listings show daily close and change. Other data shown on the following rotating basis:

Tuesday: Highest and lowest trading prices of the last 52 weeks

Today: Stocks ticker symbol, along with price-to-earnings ratio

Thursday: Dividend/dividend yield

Friday: 1- and 5-yr earnings growth

Saturday: 1-week change and 52-week high and low

Stock Sym PE Close Chg Stock Sym PE Close Chg Stock Sym PE Close Chg



STOCK FOOTNOTES cld- issue has been called for redemption by company • ec-company formerly listed on the American Exchange’s Emerging Company Marketplace • g-dividends and earnings in Canadian dollars • h-Does not meet continued-listing standards • lf-late fi ling with the SEC • n-stock was a new issue in the last year — the 52-week high and low fi gures are calculated from their start date • nya-stock trades on NYSE Arca Exchange • pf-preferred stock issue • pr-preferences • pp-holder owes installments of purchase price • rs-stock has undergone a reverse stock split, decreasing outstanding shares by at least 50 percent within the past year • rt-right to buy security at a specifi ed price• s-stock has split, increasing outstanding shares by at least 20 percent within the last year • wi-trades will be settled when the stock is issued • wd-when distributed • wt-warrant, allowing a purchase of a stock • un-unit, including more than one security • v-trading halted on primary market • vj-company in bankruptcy, receivership or being reorganized under the bankruptcy law — this appears in front of the name

MUTUAL FUND FOOTNOTES b - Fee covering market costs is paid from fund assets. d - Deferred sales charge, or redemption fee. f - front load (sales charges). m - Multiple fees are charged. NA - not available. p - previous day´s net asset value. s - fund split shares during the week. x - fund paid a distribution during the week. Source: Morningstar.

Energy & metals

Contract high . . . . . . . . . . . . .106.00Contract low . . . . . . . . . . . . . . .87.90

Contract high . . . . . . . . . . . 1392.20Contract low . . . . . . . . . . . . 1268.30

Light sweet, near-term

Close:$99.50

+$.02COMX

Close:$1308.30

-$.70

MOST ACTIVE

Penney 19,144,900 8.09 -.41AT&T Inc 16,536,600 35.49 -.27DR Horton 9,014,900 22.43 -.55AmAirl n 8,806,600 36.67 +.07ExxonMbl 8,660,000 102.67 -.24

Stock Volume Close Chg

SP Bncp 28.51 +8.01 +39.1DexMedia 9.40 +1.75 +22.9Primoris 28.85 +1.43 +5.2ComstkRs 26.78 +.79 +3.0KosmosEn 10.49 +.22 +2.1

Stock Close Chg %Chg

QksilvRes 2.81 -.43 -13.3DGSE 2.38 -.23 -8.8HilltopH 21.40 -1.32 -5.8Interphase 5.06 -.31 -5.8GblPowEq 16.40 -.93 -5.4


MexicoBolsa IPC

CanadaS&P/TSX

U.K.FTSE 100

JapanNikkei 225

+422.94Close:

41,470.82

-84.74Close:

14,612.29

-23.86Close:

6,798.56

-27.62Close:

14,457.51

Buenos Aires 6,813.48 -1.03% +26.39%Frankfurt 9,467.53 -.65% -.89%Hong Kong 21,976.33 -1.28% -5.71%

Seoul 1,959.44 -.12% -2.58%Sao Paulo 53,779.74 +.62% +4.41%Sydney 5,462.70 +.35% +2.05%

Market Close Chg YTD Market Close Chg YTD

Chg ...............+1.03%YTD chg ....... -2.94%1-yr chg ....... -2.21%

Chg ................. -.58%YTD chg .......+7.27%1-yr chg .... +17.23%

Chg ................. -.35%YTD chg .........+.73%1-yr chg .......+3.68%

Chg ................. -.19%YTD chg ..... -11.26%1-yr chg .......+1.96%

vs. Euro

$1 will buy .7177

-.0029

Close YTD 1-yr in dollars chg chg

Pound 1.6986 +2.54% +9.27%Canad. dollar .9189 -2.32% -7.47%Euro 1.3934 +1.34% +6.55%Yen .009845 +3.68% -2.14%Peso .076844 +.46% -6.98%

+0.51Close: 13.80

Chg ...............+3.84%1-mo chg ......-7.32%YTD chg .........+.58%1-yr chg .......+7.56%

Volatility of near-term

S&P 500 index options

52-week range:11.69 - 21.91

Twitter n 124,576,500 31.85 -6.90BkofAm 92,860,100 14.73 -.35S&P500ETF 65,191,200 186.78 -1.64SPDR Fncl 59,723,600 21.59 -.31Offi ceDpt 54,579,600 4.83 +.66


Dynegy wt 3.25 +.46 +16.5Offi ceDpt 4.83 +.66 +15.8ForestOil 2.03 +.24 +13.4Nautilus 9.79 +.93 +10.5BarSelMLP 32.33 +2.71 +9.1


DoralFn rs 2.76 -.60 -17.9Twitter n 31.85 -6.90 -17.8Hyperdy rs 3.69 -.77 -17.3StdRegis rs 6.22 -1.03 -14.2Fabrinet 18.99 -3.07 -13.9


Facebook 54,919,000 58.53 -2.69PwShs QQQ 30,679,200 86.81 -1.14SiriusXM 26,585,900 3.19 -.04PlugPowr h 26,115,400 3.80 -.26Groupon 25,362,800 6.72 -.17


SP Bncp 28.51 +8.01 +39.1ApplRecyc 3.70 +.82 +28.4DexMedia 9.40 +1.75 +22.9Sypris 3.45 +.50 +16.9PingtanM 3.35 +.33 +10.9


QuantFu rs 3.04 -3.28 -51.9AdvEnId 16.87 -4.52 -21.1IntactInt 50.16 -11.94 -19.2Fluidigm 32.78 -6.27 -16.1EducMgmt 2.38 -.40 -14.4


Jun 14 137.75 138.30 +.78Aug 14 137.35 137.92 +.67Oct 14 141.75 142.25 +.78

Contract Open Settle Chg

40,000 lbs.- cents per lb.

May 14 183.65 183.47 +.82Aug 14 190.15 191.25 +1.45Sep 14 191.60 191.87 +1.37



May 14 94.00 93.70 -.92Jul 14 94.40 93.98 -.77Oct 14 85.00 84.72 -.20



May 14 503 513 +9.75Jul 14 507.25 517.50 +9.50Sep 14 502.75 513 +9.25


5,000 bu minimum- cents per bushel

Jun 14 99.38 99.50 +.02Jul 14 98.66 98.65 -.08Aug 14 97.75 97.70 -.12Sep 14 96.78 96.76 -.15Oct 14 95.91 95.86 -.18


1,000 bbl.- dollars per bbl.

Mon's sales ....... 362,666Mon's open int. 1,645,526

+1061 Chg

Mon's sales ..........202,929Mon's open int. 1,343,315

-3615 ChgMon's sales ............12,860Mon's open int. ...193,300

+3690 Chg

Grains, softs and livestock

Benchmarks

Prime 3.25 3.25Discount primary 0.75 0.75Fed funds target .00-.25 .00-.25T-bill, 6 mo yld 0.05 0.04

3 month 0.22 0.236 month 0.32 0.33

60 days 3.98 3.99

Latest 1-wk

Latest 1-wk Latest 1-wk

Fannie Mae 30-yr mortgage yield

3-yr used car loan 3.11%5-yr new car loan 2.96%1-yr CD 0.67%30-yr fi xed mtg 4.22%15-yr fi xed mtg 3.29%

US TX Avg. Bank rates

May 14 1309.40 1308.30 -.70Jun 14 1309.70 1308.60 -.70Jul 14 1310.20 1308.80 -.70Aug 14 1310.00 1308.90 -.70Oct 14 1312.00 1309.00 -.80


100 troy oz.- dollars per troy oz.

Mon's sales ....... 134,507Mon's open int. 398,636

+9250 Chg

Jun 14 4.702 4.799 +.111Jul 14 4.732 4.818 +.103Aug 14 4.727 4.812 +.100Sep 14 4.714 4.786 +.097Oct 14 4.707 4.790 +.094


10,000 mm btu's, $ per mm btu

Mon's sales ....... 119,560Mon's open int. 1,077,170

-9350 Chg

May 14 1949.0 1959.8 +7.8Jun 14 1951.5 1962.1 +7.6Jul 14 1962.5 1964.5 +7.4Sep 14 1967.5 1967.9 +7.4Dec 14 1966.0 1972.1 +7.5


5,000 troy oz.- cents per troy oz.

Mon's sales ..........29,233Mon's open int. 150,049

-1122 Chg

Jun 14 2.9057 2.8858 -.0234Jul 14 2.8800 2.8650 -.0203Aug 14 2.8458 2.8347 -.0182Sep 14 2.8076 2.7970 -.0163Oct 14 2.6465 2.6419 -.0152


42,000 gallons- dollars per gallon

Mon's sales ....... 124,657Mon's open int. 318,022

+592 Chg

May 14 344.0 338.4 -3.1Jul 14 339.1 341.7 -.7Sep 14 345.0 345.0 -1.0Nov 14 343.0 345.0 +.9Jan 15 n/a 345.0 +6.0


110,000 bd. ft.- $ per 1,000 bd. ft.

Mon's sales ...............504Mon's open int. .....4,362

-24 Chg

3,187,057,260Vol 1,771,783,764Vol

News and advice powered by The Street. dallasnews.com/businessTHE STREET

Saturday’s page includes expanded equity and mutual fund listings. To request a listing there, call 214-977-7970.EXPANDED LISTINGS

Dow Transport. 7,656.51 -.25% +3.46% +19.68%Dow Utility 544.86 -.56% +11.07% +3.49%Nasdaq 100 3,556.51 -1.35% -.99% +20.44%Russell 1000 1,042.15 -.89% +1.15% +15.51%Russell 2000 1,108.01 -1.62% -4.78% +14.49%

Close Chg YTD chg 1-yr chg

D-FW ACTIVITY TRACKER

MAJOR U.S. INDEXES DOLLAR COMPOSITE TRADING DIARY

WORLD INDEXES

AGRICULTURE FUTURES

GAS BLEND LUMBER

NATURAL GAS SILVER

CRUDE OIL GOLD

¤

3.43%3.10%0.68%4.24%3.34%

u d

$-

¤¤d d -d -d

d d d d

u d d d

u

BEST PERFORMERS WORST PERFORMERS

ABOUT THE LISTINGS

U.S. GOVT. RATES

LIBOR

SECONDARY MARKET

COMX FUTURESNMER FUTURES

NMER FUTURES COMX FUTURES

NMER FUTURES CMER FUTURES

MOST ACTIVE MOST ACTIVE

BEST PERFORMERS BEST PERFORMERS

WORST PERFORMERS WORST PERFORMERS

CMER CATTLE CMER FEED CATTLE

ICEX COTTON CBOT CORN

S&P INDEXES

OTHER MAJOR U.S. INDEXES

CBOE VIX

Close Chg YTD 1-yr

2-yr T-note .43 +.01 +.05 +.215-yr T-note 1.68 -.01 -.06 +.9310-yr T-note 2.59 -.02 -.44 +.8130-yr T-bond 3.38 -.03 -.56 +.38

Gold, per troy oz Close Chg

London a.m. fi xing 1308.50 +27.25Handy & Harman base 1306.25 -6.75Engelhard industrial 1310.37 -42.58

Silver, troy oz Close Chg

Handy & Harman base 19.630 +0.055London a.m. fi xing 19.640 +0.470Engelhard industrial 19.650 -0.030

U.S. BONDS

CASH PRICES

Close Chg YTD 1-yr

10-year .44 ... -.34 +.44

TIPS

Coins, per troy oz Close ChgAmerican Eagle, 1 oz 1365.03 +26.12American Eagle, .50 oz 705.38 +13.50American Eagle, .25 oz 355.95 +6.81American Eagle, .10 oz 146.30 +2.80U.S. Gold Buffalo, 1 oz 1365.03 +26.12Austla. Kangaroo, 1 oz 1365.03 +26.12Aus. Philharmonic, 1 oz 1365.03 +26.12Maple Leaf, 1 troy oz 1365.03 +26.12China Panda 1992, 1 oz 1384.63 +26.50Krugerrand, 1 troy oz 1358.50 +26.00U.S. Silver Coins $1000 14249.95 +336.05U.S. Silver Eagle, 1 oz 22.39 +0.47U.S. Platinum Eagle, 1 oz 1522.50 +26.25

Mutual funds

S&P500ETF SPY 65,191,200 186.78 -0.9 +1.1SPDR Fncl XLF 59,723,600 21.59 -1.4 -1.2iShR2K IWM 40,644,500 110.07 -1.6 -4.6iShEMkts EEM 38,925,300 41.57 +0.5 -.5PwShs QQQ QQQ 30,679,200 86.81 -1.3 -1.3B iPVix rs VXX 25,265,200 39.83 +0.7 -6.4DrxSCBear TZA 22,535,500 18.00 +4.7 +6.1iShBrazil EWZ 15,657,600 48.69 +1.2 +9.0iShChinaLC FXI 14,818,300 34.76 +0.2 -9.4iShJapan EWJ 14,658,300 11.14 -0.3 -8.2SpdrHome XHB 11,113,000 30.73 -2.0 -7.7SP Util XLU 10,543,100 42.67 -0.5 +12.4VangEmg VWO 9,658,100 41.22 +0.4 +.2iS Eafe EFA 9,073,500 68.23 -0.2 +1.7MktVRus RSX 8,565,500 22.87 +2.2 -20.8MktVGold GDX 8,085,400 24.28 -0.5 +14.9DrxSCBull TNA 7,681,500 65.36 -4.8 -15.6iShREst IYR 7,508,600 70.22 -0.4 +11.3SP Engy XLE 7,396,200 94.30 +0.1 +6.5CSVelIVST XIV 7,314,800 33.05 -0.7 -3.9

YTDVolume NAV % Chg % chg

PIMCO TotRetIs ★★★★✩ 10.85 ... +2.2Vanguard TotStIdx ★★★★✩ 47.04 -.46 +1.2Vanguard TotStIAdm ★★★★✩ 47.06 -.46 +1.2Vanguard InstIdxI ★★★★✩ 171.31 -1.54 +1.7Vanguard 500Adml ★★★★✩ 172.43 -1.56 +1.7Vanguard InstPlus ★★★★✩ 171.32 -1.54 +1.7Vanguard TotStIIns ★★★★✩ 47.07 -.46 +1.3Fidelity Contra ★★★★✩ 93.26 -1.12 -2.0American Funds GrthAmA m ★★★✩✩ 42.86 -.40 -.3American Funds IncAmerA m ★★★★✩ 21.27 -.08 +3.8American Funds CapIncBuA m ★★★✩✩ 59.88 -.10 +3.9Dodge & Cox IntlStk ★★★★✩ 44.83 -.10 +4.2Vanguard WelltnAdm ★★★★★ 67.12 -.24 +3.1American Funds CpWldGrIA m ★★★✩✩ 46.38 -.21 +2.7Dodge & Cox Stock ★★★★✩ 169.30 -1.60 +.9American Funds InvCoAmA m ★★★✩✩ 37.65 -.25 +3.0FrankTemp-Franklin IncomeA m ★★★★★ 2.51 -.01 +5.9American Funds WAMutInvA m ★★★✩✩ 40.00 -.34 +1.9Vanguard TotIntl ★★★✩✩ 17.00 ... +2.2American Funds BalA m ★★★★✩ 24.62 -.15 +1.3Harbor IntlInstl ★★★★✩ 72.94 -.20 +2.7American Funds FnInvA m ★★★✩✩ 51.35 -.42 Fidelity Spartan 500IdxAdvtg ★★★★✩ 66.29 -.60 +1.7American Funds NewPerspA m ★★★★✩ 37.35 -.20 -.6T Rowe Price GrowStk ★★★★✩ 50.53 -.79 -3.9Vanguard TotBdAdml ★★★✩✩ 10.78 +.01 +3.0FrankTemp-Temp GlBondAdv ★★★★✩ 13.06 ... +1.0Vanguard InstTStPl ★★★★✩ 42.67 -.41 +1.3Vanguard 500Sgnl ★★★★✩ 142.43 -1.29 +1.7Fidelity ContraK ★★★★✩ 93.22 -1.12 -2.0American Funds EurPacGrA m ★★★✩✩ 49.22 -.16 +.3Vanguard MuIntAdml ★★★★★ 14.10 +.01 +4.0Oakmark Intl I ★★★★★ 26.78 +.05 +1.7Fidelity LowPriStk d ★★★★✩ 49.74 -.25 +.6Vanguard WndsIIAdm ★★★★✩ 66.95 -.49 +2.6

YTDMorningstarrating NAV % Chg % rtn

Ranked by assets

ETFsRanked by volume

.70

.71

.72

.73

.74

MayApril

14,000

14,500

15,000

15,500

16,000

16,500

17,000

MayAprilMarchFeb.Jan.Dec.Nov.

May

16,000

16,300

16,60020 DAYS

S&P 500: D-FW Index:

20

30

-10

0

10

Top 150 area companies vs. S&P 500Percentage change from a year ago:

MAMFJDNOSAJJ

14.32 8.97

Chg ................. -.78%YTD chg ....... -1.06%1-yr chg .......+8.93%

90

95

100

105

1.2

1.3

1.4

MayApril MayApril

(In thousands)

DMN#DMN Main#BIZ D01 Business#05-07-2014#State#1#D#1#...

Documents

Transcript of DMN#DMN Main#BIZ D01 Business#05-07-2014#State#1#D#1#...