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The Big Picture » 10 MidWeek PM Reads
7 hours 47 min ago

Car dealer Jim Reed dead at 90

Jim Reed III, whose name has been synonymous with the Nashville automobile business for decades, passed away yesterday. He was a couple of weeks shy of his 91st birthday. In 1959, Reed took the helm of the Broadway dealership his father had founded in 1930. Sons James H. Reed IV and John Clay Reed later joined him at the company. An extensive funeral-home obit is at this link. Details on services:
Visitation with the family will be held on Wednesday, April 21, 2010 from 5-7 p.m., at West End United Methodist Church, and an hour before the service on April 22, 2010. Funeral services will be conducted at the church on Thursday, April 22, 2010 at 2 p.m. Interment will be in the Reed Mausoleum at Mt. Olivet Cemetery. His family is grateful for the many gestures of kindness he received, especially in his later years. They believe that these are the most fitting tributes to his life and his legacy of good citizenship. In lieu of memorials, please extend an act of kindness to someone in need.
Apr 21, 2010 1:16 PM

Council hikes building fees

Metro Council last night voted 27-8 to increase fees by 30 percent for building permits and other construction-related processes. Opponents were blunt with their comments.
“It sends the wrong signal to the community in a time when we’re desperately seeking new development and new projects in this county,” Tygard said. “It has the potential to move some of those projects across county lines.”
Apr 21, 2010 1:10 PM

Analyst action: Gaylord, Pinnacle, Regions

Jeffrey Donnelly at Wells Fargo has raised his rating on shares of Gaylord Entertainment to 'outperform' in anticipation of continued improvements in the broader economic picture. Gaylord (Ticker: GET) has risen more than 60 percent so far this year and is near where it traded before the 2008 financial crisis hit full force. At Keefe Bruyette & Woods, Jefferson Harralson has downgraded to 'market perform' Pinnacle Financial following the bank's Q1 report, which featured still-rising credit problems. Pinnacle shares (Ticker: PNFP), which fell 7 percent on Tuesday, are giving up another 4 percent today. And staying in banking, analyst Kevin St. Pierre at Sanford Bernstein has cut his rating on Regions Financial to 'market perform.' That's also where Friedman Billings' Scott Valentin still has the stock (Ticker: RF). Valentin sees loan losses at the largest bank in Middle Tennessee beginning to ease this summer.
Apr 21, 2010 12:38 PM

A bubble all the same

Economist Robert Shiller says both the housing and equity markets have gotten ahead of themselves a bit, mostly because of government stimulus.
We have had kind of a mini-bubble in the stock market and the housing market. It wasn't just because of rate cuts. It was also because of government stimulus and bailouts. So the question is: Are we at risk for even more price increases, and another bubble? I think we are at risk, but I'm not predicting it. I think it's more likely we don't do so well from here.
Apr 21, 2010 12:17 PM

'First and foremost homes'

Barbara Kiviat at Time hopes the re-emergence of the investment aspect of house buying isn't a sign that we're slipping into our bad old habits.
[I]t's not clear to me at what point metrics like price-to-rent ratios go from being tools used by homebuyers to stand-alone reasons people decide to buy. If everyone starts talking about how "cheap" houses are, don't you want to grab your piece of the action? Doesn't that quickly become the sort of attitude that got us into this mess in the first place?
Apr 21, 2010 11:52 AM

The look of improving credit quality

Tennessee Commerce has it, Pinnacle doesn't. UPDATE: The spread has gotten wider as the day has grown longer. Check the updated chart here.
Apr 21, 2010 11:42 AM

Cracker Barrel adds kids clothing line

Cracker Barrel stores across the country have begun selling a line of T-shirts and hats developed by a South Carolina mother two years ago. The Bee-Tees brand is also being extended to stationery, greeting cards and note pads.
Apr 21, 2010 9:56 AM

Sitel adding hundreds of jobs in Philippines

Nashville-based call center operator Sitel, which already employs almost 4,000 people in the northern Philippines, says it will build another facility in the region and add 500 jobs to an existing site. And there's more to come.
Dela Pena said Sitel has four other sites all located in Metro Manila but the company is now eyeing two more cities for future expansion. He said Sitel would be the first to set up a business process outsourcing (BPO) facility in Poro Point where it would follow the strategy for the Baguio operations.
Apr 21, 2010 9:39 AM

Western Express completes debt sale

Nashville-based Western Express has wrapped up its $285 million bond sale that will help it pay off its current debt and upgrade its truck fleet. The company also extended its revolver.
Apr 21, 2010 8:33 AM

Clayton Associates looking to raise fifth fund

Matt King tells VentureWire his team at Clayton Associates is bucking the industry trend and looking to raise up to $75 million for its fifth venture fund later this year. The firm's investment strategy also will be tweaked a bit.
By funding fewer companies, Clayton Associates aims to have a greater stake in each holding, he said. The largest investment it has made so far has been $5.7 million, but with fund five it intends to go up to $7 million or $8 million, he said.
Apr 21, 2010 8:14 AM