Post-Dispatch Business pages

‘NEWSIES,’ ‘BEAUTIFUL’ ARE COMING TO THE FOX

A&E • D1

SUNDAY • 04.19.2015 • $2.50 • EARLY EDITION

DIVISIVE DEVICES Law enforcement in St. Louis and elsewhere use secret ‘cell site simulators’ to track phones, but prosecutors sometimes drop cases to keep technology from being scrutinized in court FREED FROM TESTIFYING

PRIVACY OVERREACH?

St. Louis police used the tool to locate robbery suspects, but more than a dozen charges were dismissed

Civil libertarians complain that device amounts to a warrantless search of countless properties

BY ROBERT PATRICK • St. Louis Post-Dispatch

ST. LOUIS • Just one day before a city police

officer was to face questions about a secret device used to locate suspects in a violent robbery spree, prosecutors dropped more than a dozen charges against the three defendants.

The move this month freed the officer from having to testify about a highly controversial surveillance tool — one that is subject to a confidentiality agreement between the St. Louis police and the FBI. Prosecutors insist the charges’ dismissal was unrelated to the impending inquiry. But a public defender who intended to ask some of the questions believes otherwise.

HOW IT WORKS See a graphic that explains the StingRay technology.

Inside, A6

See SECRECY • Page A6

Chesterfield is flexing muscle as a retail hub Skeptics had said that two outlet malls in the valley couldn’t coexist, but both developments are prospering as city’s shopping scene booms

A blueprint for Ferguson Two years into a consent decree with the Justice Department, East Haven, Conn., has made great strides

CHUCK RAASCH • craasch@post-dispatch.com

The Rev. James Manship (left) meets recently with Pedro Gutierrez in East Haven, Conn. The 2009 arrest of the priest sparked an intervention by the Justice Department. Gutierrez, the owner of a popular restaurant, said his business and relationship with police have improved under a federal consent decree.

BY CHUCK RAASCH St. Louis Post-Dispatch

that’s added hundreds of thousands of square feet of retail space in the last two years alone, with more on the way.

For many retailers without stores in the St. Louis region, real estate brokers say Chesterfield is among the first places they look to enter the market now, including European menswear boutique Lindbergh, which opened its first local store this year at Chesterfield Mall.

EAST HAVEN, CONN. • For Marcia Chacon, business is better, and she no longer worries about her patrons on Main Street being stopped, even assaulted, by police for no apparent reason.

Three years ago, the federal government began imposing reforms on the police department and local government in this classic New England town that has undergone an influx of Hispanic immigrants. The experiences of Chacon and other East Haven residents should elicit both hope and caution for residents of Ferguson, which also faces a future of change overseen by the Justice Department.

“Now it is different. It is better,” said Chacon.

“We have better communication with police, and they are very nice.”

But Chacon, owner of My Country Grocery

See CHESTERFIELD • Page A10

See CONSENT • Page A4

LAURIE SKRIVAN • lskrivan@post-dispatch.com

Workers start construction Thursday for a new convenience store in Chesterfield. Developer Dean Wolfe is adding several new retailers at his Blue Valley development, which is adjacent to St. Louis Premium Outlets.

GROWTH OF 2014 TAXABLE SALES

BY LISA BROWN St. Louis Post-Dispatch

Chesterfield

6.4%

CHESTERFIELD • Name a national

St. Charles County

5.6%

St. Louis

3.5%

St. Louis County*

2.9%

* excluding Chesterfield SOURCE: Missouri Department of Revenue

TODAY

73°/51°

More in store

CHANCE OF STORMS

TOMORROW

65°/44° DECREASING CLOUDS

WEATHER A25 POST-DISPATCH WEATHERBIRD ®

retailer and it’s likely already here, or plans to open a store here soon.

H&M opened late last year, construction crews are now erecting walls for a new Burlington store, and Gander Mountain plans to open in Chesterfield before the end of this year.

Those are just a few retail highlights in the west St. Louis County suburb

NFL MOCK DRAFT 3.0

Party at prom? Or an anti-prom?

Jameis Winston still tops board, our experts say

Making Highway K more friendly

• B1

SPORTS • C12

Gateway masters art of the click

• E1

Streaming a flood of TV choices

• H1

• D1

1 M Vol. 137, No. 108 ©2015

OP 24 E /7 N

BommaritoBuickGMC.com

A10 • ST. LOUIS POST-DISPATCH

LOCAL

M 1 • SUNDAY • 04.19.2015

Growth comes at expense of other centers

Laurie Skrivan • lskrivan@post-dispatch.com

George Salazar with Fenix Construction Co. sandblasts smooth the window opening in a concrete foundation wall for the Burlington Coat Factory on Thursday in Chesterfield. The Burlington apparel, furniture and accessories store is scheduled to open this fall.

CHESTERFIELD • from A1

“Chesterfield Valley and Chesterfield in general are quickly becoming the second go-to node behind the St. Louis Galleria (in Richmond Heights) and Brentwood area,” said Patrick Willett, director of leasing and vice president of brokerage at Pace Properties.

That growth also draws off retail sales from other retail centers in the St. Louis area, intensifying competition for consumer dollars, retailers and tax

revenue.

With stagnant population growth in the region, there’s the “same number of people, just dividing the pie” into smaller pieces, said Sean Phillips, regional marketing director for Tennessee-based CBL & Associates Properties. CBL owns five St. Louis-area malls: West County Center, Chesterfield Mall, the Shoppes at St. Clair Square, South County Center and Mid Rivers Mall.

The local retail scene got a jump-start when THF Realty,

co-founded by Michael Staen­ berg, developed the massive Chesterfield Commons in 1999.

At the time, Chesterfield Valley along Highway 40 (Interstate 64) was populated mostly with corn and soybean fields.

The more than mile-long stretch of retail now managed by the Staenberg Group runs the retail gamut, including a Walmart Supercenter, Target, Sam’s Club, and dozens of restaurants and retailers in smaller spaces.

The Commons has 2.5 million

square feet of retail space, with a vacancy rate of less than 1 percent, and it brings in $600 million in sales annually, Staenberg said.

“We have something for everybody,” he said.

To add to this emerging retail corridor, two outlet malls opened in August 2013 in Chesterfield Valley, a few miles apart along Highway 40. The two malls, totaling more than 600,000 square feet of retail space, brought more than 100 stores.

One of those outlets, Sim o n P r o p e r t y G r o u p ’s 350,000-square-foot St. Louis Premium Outlets, opened fully leased and is seeking city approval for a 78,300-square-foot addition. Its more than 90 existing tenants include Calvin Klein, Kate Spade New York and Armani Outlet.

Simon is not commenting on a timeline for an addition, said Brian Voyles, St. Louis Premium Outlets’ general manager.

See CHESTERFIELD • Page A11

therton

ek

Cre

Chesterfield Mall e xt Ba

LOCAL

ST. LOUIS POST-DISPATCH • A11

r

d Wil

04.19.2015 • SUNDAY • M 1

rse Ho

Post-Dispatch

Bustling site is attracting even more retailers ri R

Olive Street Rd.

Chesterfield A

irport Rd.

Spirit of St. Louis Airport

d Wil

C rse Ho

$1.5

iver

64 40

Taubman Prestige Outlets Chesterfield

.9

Chesterfield

Chesterfield Commons

k ree

1.2

.6 .3

Chesterfield Mall

’10

er xt

After the two outlet malls opened in Chesterfield, other malls in the region saw decreased foot traffic as some shoppers flocked to check out the newcomers.

The St. Louis Outlet Mall in Hazelwood, formerly called St.

In billions

Ba

RIVAL MALLS AFFECTED

CHESTERFIELD TAXABLE SALES

Blue Valley

n Etherto

“We are happy with the tenant mix we have here, with top retailers and brands,” Voyles said.

Taubman Prestige Outlets, a rival outlet a couple of miles away with 310,000 square feet of space, has about 50 stores, including Restoration Hardware Outlet, Banana Republic Factory Store and a Polo Ralph Lauren Factory Store.

“We have about five additional tenants that we’ll be announcing very shortly,” said Taubman’s general manager Colleen O’Neill.

The city estimates that sales at the two outlet malls surpassed $154 million in 2014, based on Missouri sales tax data.

“The outlet malls have given us a huge boost over the last couple of years,” said Libbey Malberg-Tucker, Chesterfield’s community services and economic development director.

“They’ve outpaced what they estimated they’d do.”

For those who expressed skepticism that the two outlet malls couldn’t coexist, they’ve been proved wrong, MalbergTucker said.

The outlet malls have helped boost Chesterfield retail sales.

Citywide, taxable sales rose 6.4 percent to $1.3 billion, according to data from the Missouri Department of Revenue.

For St. Louis County excluding Chesterfield, taxable sales rose only 2.9 percent to $14.1 billion, while those sales in St. Charles County grew 5.6 percent to $4.8 billion. Taxable sales also include sales from some services, such as utilities and hotels.

The city is part of a county pool system, through which its sales tax is combined with other municipalities’, so it doesn’t keep all of the taxes. Last year, it filed a lawsuit challenging the constitutionality of the pool system. That lawsuit is pending.

Mis sou

St. Louis Premium Outlets

Long

CHESTERFIELD • FROM A10

’11

’12

’13

’14

SOURCE: Missouri Department of Revenue | Post-Dispatch SOURCE

Post-Dispatch

“Chesterfield Valley and Chesterfield in general are quickly becoming the second go-to node behind the St. Louis Galleria and Brentwood area.”

Patrick Willett, director of leasing and vice president of brokerage at Pace Properties.

Louis Mills, saw several retailers close recently, including a Gap Outlet and a Banana Republic Factory Store.

But Frances Percich, the mall’s marketing director, said foot traffic is returning as the novelty of the outlet malls wear out.

“We came back from that,” she said. “It wasn’t phenomenal double-digit (growth), but in 2014 we had a very good year.”

Percich added that two new restaurants, including one with bowling lanes, are opening soon.

CBL’s West County Center in Des Peres, about a 15-minute drive east of the Chesterfield outlets, had a 6 percent drop in its sales per square foot in 2013, falling to $448. Chesterfield Mall, which is a few miles east of Taubman, saw its sales per square foot drop 9 percent in 2013 to $273. When it released quarterly earnings last year, CBL attributed a decline in sales per square foot at its five St. Louisarea malls in 2013 to the Chesterfield outlet mall openings.

Last year, the impact wasn’t as severe.

West County Center’s sales per square foot regained some ground, with sales per square foot rising 2.7 percent to $460

a square foot in 2014, according to CBL’s annual report released this month.

CBL’s other three malls’ sales per square foot declined in 2014, going against the national growth trend. Nationally, mall sales productivity rose 1.5 percent to $475 per square foot in 2014, according to the International Council of Shopping Centers.

Sales at South County Center in south St. Louis County dropped 2.8 percent to $352 a square foot in 2014; Mid Rivers Mall in St. Peters slipped about 0.3 percent to $295 a square foot; and St. Clair Square in Fairview Heights decreased 1.3 percent to $383 a square foot.

CBL didn’t disclose a sales per square foot figure for Chesterfield Mall in 2014 because the shopping center began a repositioning effort last year. That mall has been in a slump, and some worry that the outlet centers will continue to siphon customers.

At 1.4 million square feet, Chesterfield Mall is the region’s largest mall, and it’s too large for retailers’ evolving needs, Phillips said.

“The industry has changed,

and retailers are looking for smaller footprints,” he said.

CBL is evaluating using some of the space in the mall for other uses such as more restaurants, entertainment and service businesses.

This year, CBL’s local malls, including the two closest to the outlet centers — Chesterfield Mall and West County Center — are seeing a rebound in foot traffic, Phillips said. In January, CBL announced new store tenants totaling 80,000 square feet of space at its local properties.

“I think there was a lot of education needed by the customer on what an outlet truly is,” Phillips said. “People needed to try it, and I think it took time for people to figure out that you don’t get the same products.”

“It’s been an 18-months-long tryout, and we’ve seen improved traffic and sales since the fourth quarter of last year,” he said.

MORE COMING Construction was underway this week on more retail coming to Chesterfield on a large swath of land adjacent to St. Louis Premium Outlets.

Dean Wolfe, a former May Department Stores Co. execu-

CHESTERFIELD tive, bought 137 acres of former TAXABLE In billions farmland beginning in 2007 $1.5 that he envisioned as attractive for an outlet mall. After his 1.2 company Wolfe Properties sold ground to Simon for the out.9 let mall, he turned his attention to about 70 acres next door, .6 dubbed Chesterfield Blue Valley.

Visibility from the .3 thousands of drivers who cross the nearby Daniel Boone Bridge each day ’10 of ’11 ’13 is an attractive feature the ’12 SOURCE: Missouri Department of Revenue | property, Wolfe said.

“We have an unobstructed view, and that was the driving force in my pursuing this,” he said.

Several construction cranes were at the Blue Valley site last week, building a GasMart convenience store and a Burlington apparel, furniture and accessories store that will open this fall.

Asked about selecting Chesterfield for their sixth St. Louisarea store, Burlington spokeswoman Amanda Fields cited the city’s “vibrant and growing” community.

Another retailer, whose name Wolfe wouldn’t disclose, has signed a letter of intent to open another store at Blue Valley.

That retailer is outdoor equipment and apparel chain Gander Mountain, according to documents filed with the city of Chesterfield’s architectural review board. Gander Mountain opened its first Missouri store in Fenton last year and plans to open at Blue Valley this fall, according to public documents.

Cavender’s Boot City, which has a store in Joplin but none in the St. Louis region, also said this week that it plans to open a store at Blue Valley this fall.

“We’ll have between 150,000 and 175,000 square feet under construction in 2015,” Wolfe said About 60 acres remain at the Blue Valley development for other retail, housing or office uses, Wolfe said, adding the development should be complete within three to four years.

“Our timing was perfect,” he said of purchasing the Chesterfield farmland seven years ago.

Lisa Brown • 314-340-8127 @lisabrownstl on Twitter lbrown@post-dispatch.com

LOSE 20 - 45+ POUNDS IN 40 DAYS

GUARANTEED!

*

“The MOST Powerful Technology for a BETTER Life” LOSE 1-2 LBS PER DAY

**

Lose the FAT where you

WANT

Sex Life.......................................Lik e 22!

and keep it off!

YOUR OWN PERSONALIZED PROGRAM IS BASED ON THE INFORMATION FROM NRF WEIGHTLOSS TECHNOLOGY!

Dr. Kirk Price D. PSc.

It’s like having your “Hormonal Fingerprint” for weight loss!

This gives us the perfect “recipe” for you to burn fat the fastest.

You can burn 2,000 - 7,000 calories of fat per day all while raising your metabolism and resetting your weight set point so that you keep the weight off!

655 Craig Road, Suite #155, Cr Creve Coeur, MO 63141 Services available to members only, please contact office for details. Dr. Price is conventionally educated as a doctor of chiropractic with post graduate studies in natural health care. Pastoral Medicine is a Professional Blend of Scriptural Health Wisdom with Leading Edge Science.

He strongly believes that an effective system of healthcare is one that blends scriptural insight for health with science, a system referred to as “pastoral medicine”. This is an offering of pastoral health services and should not be confused with state regulated services.

Dr. Price practices as a Natural Healthcare provider and not as a chiropractor.

Dr. Kirk Price. D.PSc. - PMA License #11181542 Pastoral Medical Assoc - www.pmai.

Don’t alter or discontinue medications without advisement of your M.D.

800.711.MOST www.NutrimostStL.com

J O I N U S O N L I N E S T L T O D A Y. C O M / B U S I N E S S

SUNDAY • 04.19.2015 • E

STIFEL’S DEAL MACHINE Revenue In billions $2.5

$2.25

2.0

1.5

Sterne Agee purchase is firm’s latest bid to turn turmoil into opportunity 1.0

0.5 OFF GROWING PAYS

Stifel Financial has made 23 acquisitions in the last 10 years, increasing its revenue ninefold. The deals have paid off for investors, who0have seen Stifel’s stock price rise 2004 ’06 ’08 ’10 ’12 ’14 at a compounded annual rate of more than 20 percent.

DAVID NICKLAUS St. Louis Post-Dispatch

Stifel Financial is on a shopping spree that never seems to end.

The 125-year-old brokerage firm, based in downtown St. Louis, has made 23 acquisitions since 2005. The latest, of Sterne Agee Group, is the biggest yet in terms of revenue.

Don’t expect Stifel to pause for long after it closes that deal this month.

Ron Kruszewski, Stifel’s chief executive, made clear in an interview that he’ll continue to look at other potential

Revenue

Stock price

In billions

Weekly closes

$2.5

$60

$2.25

Friday close

$53.52

50

2.0

40

1.5 30

1.0

20

0.5

10

SOURCES: Reuters | Post-Dispatch 0 2004

’06

’08

’10

’12

Stock price

0 2004

’14

’06

’08

’10

’12

’14

SOURCE: Reuters | Post-Dispatch

$53.52

COMPANY ACES CLICK-BAIT $60

Will new rule oust the IRA riffraff?

50

40 30 20 10 0

(WITH LISTS, BUZZWORDS) ’06

’08

’10

’12

’14

SOURCE: Reuters | Post-Dispatch

g

si g

n

1t

JIM GALLAGHER St. Louis Post-Dispatch

nly

ou sy

•

:2

so

ro n

ble

ES

ew

sider n o r m a l d e r s co n • 9 ay r i d o s an ubw l town • 11 ways to d Cs d smal NY d r e o s s ju in a n’t up

gr

olu nta

ry n

oises

w e a l l m a ke a n d w hy

• c

p ro

to

we

op

ps

dd

ef

•

ing

rom

d re

“S c

21 b

sses

and

izar

f i t fo r a

al”

s re mu

•

p r i n ce s s

1 7 c ra z i e s t

•

27

unb e

ed o

g the trip co m

t h i ng s to

eums wor th makin

lie

ve a

•

bl

w

nt h

19 t

e

hi n g

Dylan Kickham spends a lot of time figuring out ways to get your attention.

Like other staffers at Claytonbased Gateway Media, he goes to work each day, dreaming of the next big hit. Of going viral.

Perhaps you’ve seen some of their work.

Just recently, one of his coworkers came up with “20 creepy pictures of celebs next to younger

versions of themselves.” That one grabbed 13 million page views.

And then there was “22 completely normal moments in Russia,” which attracted some 10 million views.

Today, Kickham is working on a new idea. Or rather an idea that’s shown some promise in the past.

It’s a slideshow based on abandoned cars. It was inspired by a similar article by a co-worker who was, in turn, inspired by something similar

so f

ivi

BY TIM BARKER St. Louis Post-Dispatch

eO l

Clayton’s Gateway Media makes mark in chase for viral content

st l ik

9

b

tand about the w under s i nt e r l l i w s (We r ne e staples Kendall ’re b r o r e d r Jenn a ha st w e 3 er l rd 1 w d yf o e r t o i e h h • e e v l r p a e y M y ol ou g at s h a t y ks to s w e e t i nl n thr ro u nn r u ou ck gh eb VS t u th yc

gw

nia

ce le

so TIM BARKER • tbarker@postdispatch.com

atin

nde

SIT

i nv

Gateway Media staffers gather at their Clayton office April 7 for a morning content and marketing meeting to brainstorm ideas and review recent articles. The company was spun off Answers.com last year.

f o o d s yo u a re e r y d ay

21 u

EB

12

ed

•

ay

ve 17 e

•

ng

•

11

le your nails dr y

A’S W

aP

•

n thi

gs t

whi o do

GATEWAY MEDI

Systems rewarding advisers to sell certain products persist

hi

!)

HE

AD

LIN

RO M F S E

See NICKLAUS • Page E4

Friday close

Weekly closes

2004

acquisitions even as Stifel integrates Sterne’s 730 financial advisers with its own 2,000-person sales force.

Kruszewski’s decade of dealmaking has reeled in large firms and small, specialty investment banking operations and broad-based retail brokerages such as Sterne Agee, which is based in Birmingham, Ala. Most had one thing in common: turmoil.

KBW, a New York firm known as the banking industry’s banker, was losing money when Stifel bought it in 2012.

Sterne Agee fired its chief executive, James Holbrook Jr., last May for allegedly misusing company assets.

“Our general strategy is that we tend

FOR YOUR INFORMATION

Gateway Media owns eight websites: Brainjet.com Suggest.com Aroundme.com Odometer.com Clipd.com Minq.com Oola.com Swifty.com

See GATEWAY • Page E3

The Labor Department has set out to purify the sometimes putrid advice people get on investments in their retirement accounts. But will the new rule proposed last week do the trick?

The rule says that financial advisers have to put the clients’ interest before their own when advising on retirement plans such as IRAs and 401(k)s. That’s a change for most of them.

But here’s the rub: The Labor Department lets the advice industry keep broker compensation schemes that can prompt rotten, self-serving advice, making brokers richer and clients poorer.

In effect, advisers will have to take a vow of financial chastity. They would be expected to resist the temptation to steer clients toward the products and behaviors that make brokers and their bosses the fattest profit.

See GALLAGHER • Page E4

High demand for wind energy is no guarantee of line’s success

BY JACOB BARKER St. Louis Post-Dispatch

Developers of a cross-state transmission line say there is overwhelming demand for capacity to transmit wind power, but opposition still threatens to undermine the project.

Clean Line Energy Partners, the Houston company behind construction of the 780-mile Grain Belt Express line, said it has received requests to transmit 20,600 megawatts of electricity on the line, more than 4.5 times what it can carry.

Ten wind generation companies want to sell 3,300 megawatts to Missouri customers, far more than the 500 megawatts the project can deliver to the state.

See WIND • Page E4

BUSINESS

1 M

12,000 Sq Ft Office Building For Sale on 1.35 Acres 1-15 Point West Blvd., St. Charles, MO 63301 For More Information: 314-994-4292 aklippel@naidesco.com Where Can We Help You?

COMMERCIAL REAL ESTATE SERVICES, WORLDWIDE

www.naidesco.com

Business

E2 • ST. LOUIS POST-DISPATCH

M 1 • Sunday • 04.19.2015

Commentary

Commentary

A banker too big to fail believes in unicorns

Embracing annuities requires new mindset

Dimon seems to say his smarts should grant a him a pass

As retirees age, emotions can overrule reason

By James Saft Reuters

By Janet Kidd Stewart Chicago Tribune

Jamie Dimon wants credit for being smart, but he also wants you to believe he’s living in a banking universe populated with unicorns.

The chairman and chief executive of JPMorgan Chase & Co., in his most recent letter to investors, which was also clearly meant to be read by regulators, complains that the Fed’s stress tests “built into every bank’s results some of the insufficient and poor decisions that some banks made during the crisis.”

I don’t quite know what an insufficient decision is, but Dimon seems to be implying that his track record of smart moves should qualify him, and JPMorgan, for a kind of big-kid hall pass.

But this claim is undermined later in the letter when Dimon, bemoaning the lack of liquidity in financial markets he blames, rightly, on regulatory changes making it more expensive for banks to take risks, writes: “Then on one day, October 15, 2014, Treasury securities moved 40 basis points, statistically 7 to 8 standard deviations — an unprecedented move — an event that is supposed to happen only once in every 3 billion years or so.”

Wow. Once every 3 billion years. What lucky people we are to be living in such a time of wonders. I want a ticket to the unicorn zoo.

It is both demonstrably false and tremendously self-serving for a too-bigto-fail bank CEO to cite this kind of risk metric. Financial market movements don’t follow a normal distribution. There is a long and ugly history of risk managers making capital allocation decisions based on the hope that markets won’t bite them in the behind with a massive move, only to see it happen, and a lot more frequently than every billion years.

That Dimon speaks this language indicates that, to borrow a phrase, some of the decisions may not be sufficient.

Dimon goes on to say that a move of 1 in 3 billion years in a 200-year-old market should make you “question statistics.” It isn’t the statistics that are the problem, it is the way in which they are used to justify usually profitable but occasionally disastrous capital allocations.

This is exactly why the Fed needs to assume poor or self-serving decisions by bank managers, no matter how they came through the last crisis.

Are we hard-wired to shun certain retirement investments?

Some new research suggests so, and that has implications as the government gives the green light to annuities in 401(k)s and IRAs. In a research brief for the Center for Retirement Research at Boston College, Jeffrey Brown of the University of Illinois notes that more than half of pensioners elect to keep their monthly payout rather than convert to a lump sum, but very few 401(k) owners elect to turn their balances into annuities.

This “may suggest a strong bias in favor of the pre-existing default rather than rational, well-informed decisions,” Brown wrote.

He also found consumers are way off the mark when they try to value monthly benefits.

Using Social Security benefits as a proxy for annuities, he found most individuals were only willing to pay a very small amount for a $100 increase in monthly benefits — an amount they could recoup in payouts in 30 months — and were only willing to give up $100 in benefits for a much higher price.

“Individuals were internally inconsistent,” Brown said in an interview. In other words, the same individual would demand an unrealistically cheap price to buy in to a higher monthly benefit, but if he had a monthly benefit would demand a much higher price to convert it to a lump sum.

What about legitimate concerns individuals might have about private annuities, including the risk of default of a carrier or their potential to lag behind inflation?

The study didn’t factor in those concerns but aimed to demonstrate that individuals have a difficult time — and some more than others depending on their cognitive abilities — making an informed decision about annuities, Brown said.

“We’ve conditioned people to think that the default is to take a lump sum and focus on wealth accumulation, but if we could make (the 401(k) market) a little more friendly to annuities, we could really move the needle” on shoring up retirees’ income picture, he said.

The 401(k) mentality stressing flexibility and transparency, at times, works against our best long-term interests, said Terry Burnham, author of “Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality.”

In other words, too much choice and too much information can be a bad thing, he said.

So what’s a retirement saver to do?

Consider these tips:

THE PRICE OF RISK There is an irony, of course, that risksuppressing measures by regulators might cause risky and sudden moves in financial markets, as appears to have been the case in October. Dimon goes on to argue that the regulatory changes put in place will have a big impact on the role banks will play in the next crisis, though even he says they make it less likely that the crisis comes from banks.

Banks, he says, will all rush for the same safe assets, which due to regulatory changes (not to mention official actions) will be in shorter supply. Banks will also be less-willing to play the role of relationship bank — extending credit, rolling over loans and doing the other kinds of helpful things he says JPMorgan did last time round.

And don’t count on those nasty nonbanks to lend in a pinch, because they won’t be there.

In his letter, Dimon writes that “banks continued to lend at fair prices in the last crisis because of the long-term and total relationship involved. Banks knew they had to lend freely because effectively they are the ‘lender of last resort’ to their clients as the Federal Reserve is to the banks.”

This isn’t so much special pleading but an attempt to make us see how letting banks take on more risk is good for us, too. But it isn’t true.

The most important relationship a too-big-to-fail bank has, as Dimon’s actions show, is not the dispensable one with its clients but the iron-hooped one it has with its regulators, who are the effective guarantors of its ability to weather what storms may come.

To say that banks are “lenders of last resort” to their clients is, obliquely, to acknowledge their quasi-government status. Only a central bank can be a true lender of last resort, and central banks shouldn’t be in the habit of sub-franchising to private banks, even very large and well-run ones. It isn’t fair and it isn’t healthy.

The price of credit will go up, and many will be hurt by this. But the allocation of credit will, over time, improve, as banks respond to market forces. That will lead to steadier and more fairly distributed growth.

associated press

JPMorgan Chase & Co. Chairman and CEO Jamie Dimon in 2014. In his recent letter to investors, he says all banks shouldn’t be judged by the poor decision-making of some.

Office Suites for Less!

Prime Location 2 SuiteS Left

We have raised the level of service for your new location at no additional cost

From 300 to 1100 sq. ft. *See Bommarito Leasing Representative For Full Details.

• Flexible Lease Terms Move In Ready • Primary Access to Hwy. 270, Hwy. 70 & Hwy. 170 • St. Louis's Best - Prices From $8.75 sq. ft. and $250.00 Per Month • Full Service Includes All Utilities • Minutes From St. Louis International Airport • Conveniently Located 2 Minutes From Hazelwood Post Office Ask For • Carpeted Offices Wall To Wall Stacie Kobusch • Door to Door Mail Service • Includes Janitorial Services • 24/7 Digital Video Surveillance skobusch • Great Hwy. Visibility @bommarito.net • Call Today for Details And Appointment $ave Money On Your Next Office Space

Today!

314-731-7025

BUSINESS CENTER 270 & North Lindbergh Blvd., 320 Brookes Dr.

www.bommarito.com “Bommarito - We Make Office Space Affordable!”

Post-Dispatch Business Staff ROLAND KLOSE

Business editor

314-340-8128

GREGORY CANCELADA

Assistant business editor

314-340-8330

Jacob Barker

Energy and environment

314-340-8291

Tim Barker

Biotech and agriculture

314-340-8350

LISA BROWN

Retail, consumer products and marketing

314-340-8127

TIM BRYANT

Real estate and construction

314-340-8206

JIM GALLAGHER

Personal finance and corporate affairs

314-340-8390

ROBERT KELLY

Networking

314-340-8345

Samantha Liss

Business of health

314-340-8017

DAVID NICKLAUS

Business columnist

314-340-8213

To e-mail a staff member, use the first initial and last name, followed by @post-dispatch.com

SUBMIT AN ITEM Bulletin Board and People in Business submissions should be sent to: biznetworking@ post-dispatch.com.

You can fax submissions to: 314-340-3060.

Or mail a release to: Business News, 900 NorthTucker Boulevard, St. Louis, Mo. 63101

The Bottom Line

Are we regularly waiving our right to sue?

Americans routinely sign away their right to sue when they apply for credit cards or cell phones. Go to stltoday.com to watch David Nicklaus and Jim Gallagher discuss why a government agency may want to end it.

Know your limits. Be aware of some of the mind games your brain can play, particularly as you age.

“Economists assume we will act rationally, but in fact emotion drives most of our financial behaviors, to our detriment,” said Peter Geismar, founder of Confident Choice, a consulting firm to financial and insurance companies.

“The closer we get to retirement age, the more our confidence in having enough money shifts in a negative direction,” Geismar said during a recent webinar for the Retirement Income Industry Association. “Uncertainty about the future increases, fear of bad outcomes increase, and the complexity of decisions that must be made increases.”

Avoid making huge all-or-nothing bets on retirement investments at a time like this, experts advised. You can buy into annuities over time, for example, just as you may have dollar-cost averaged into investments during your working years.

Frame your feelings. Be aware of the concept of framing, or the notion that the manner in which a topic is presented determines the response. A financial adviser might ask how you feel about annuities, or may ask how important it is to you to have a stream of income you can’t outlive.

If you would have two very different answers to those questions, take some time to clarify your own priorities.

Process, not product. Geismar counsels advisers not to leap into discussions about particular investment products before truly finding out what their clients want or need.

Consumers should do the same for themselves, he said.

How much of your fixed expenses would be covered by Social Security and traditional pensions? If it’s a high percentage, for example, maybe your goals for your investments should be more about flexibility than guarantees.

Business

04.19.2015 • Sunday • M 1

Mound City Money From David Nicklaus’ blog about St. Louis business. STLtoday.com/moundcitymoney Local firms get investments • Nine St. Louis companies received $7.1 million in venture capital investments in the first quarter, MoneyTree says. That compares with 12 deals and $5.5 million in last year’s first quarter.

For all of 2014, 48 St. Louis companies attracted $170 million in investment.

This year’s largest first-quarter deal was $2.5 million raised by Immunophotonics, which is developing a vaccine to treat cancerous tumors.

Other sizeable sums included $2 million raised by TopOpps, a sales-automation software firm, and $1.8 million for BacterioScan, which is developing diagnostic instruments. (04.16) Reinsurance CEO pay rises • An abovetarget bonus and a growing pension account helped more than double the pay received last year by Reinsurance Group of America Chief Executive Greig Woodring. The

Chesterfield company’s proxy statement lists Woodring’s 2014 compensation at $9.5 million, up from $4.4 million in 2013.

Woodring’s salary was $1.06 million after a 2 percent raise, and has been raised another 2 percent for 2015. His bonus paid out at 195 percent of its target value, or $2.68 million.

Woodring also received $2.5 million in shares, contingent on the company’s achieving three-year goals for revenue growth and return on equity, along with $1.05 million in stock-appreciation rights.(04.13) Belden CEO pay increases • Belden Chief Executive John Stroup saw his total pay rise 10 percent last year to $6.4 million, even as reported earnings per share fell 27 percent.

Stroup’s pay, disclosed Monday in a proxy statement, included a salary of $850,000, up 1.5 percent from 2013. His $1.1 million bonus was 103.5 percent of the target level.

Stroup also received $2 million in performance-based shares and $1.9 million worth of stock appreciation rights, which are similar to options, and his pension increased in value by $387,080.

Belden’s share price climbed 12 percent

Slideshows are built around interests

ST. LOUIS POST-DISPATCH • E3 statement, big raises were in order. Chief Executive Jeffrey Davis’ salary went up 25 percent to $483,333 last year. He’s been given a further raise to $500,000 for 2015.

Because bonuses and stock grants are calculated as a multiple of salary, those sums went up too. Davis’ total compensation last year rose 36 percent to $3.0 million.

Perficient’s earnings per share rose 4 percent last year but its stock price fell 20 percent. (04.14)

last year. The company, based in Clayton, makes cable and networking products.

(04.14) Perficient CEO pay jumps • Perficient, a technology consulting firm based in Town and Country, decided last year that its top executives were underpaid.

Because their salaries were “below the desired 50th percentile of the external market,” Perficient says in a proxy

ST. LouiS PoST-DiSPaTch National St. Louis 1-year average: average:

cD

0.27 %

0.20 %

National St. Louis

new car average: average: loans 4.32 % 3.20 %

credit card

National average:

13.23 %

cD & Deposit Guide ADVERTISEMENT Check rates daily at http://stltoday.interest.com

Yields Available to St. Louis Area Residents Institution/Phone

Int Chking Money Acct Mkt Acct Min Min

Address/Internet

Concord Bank 12040 Tesson Ferry Road 888-898-0491 www.concordbank.com Specials: Call for special rates.

0.10 250

0.15 250

3 mo CD Min

6 mo CD Min

12 mo CD Min

18 mo CD Min

24 mo CD Min

36 mo CD Min

60 mo CD Min

0.15 0.20 0.45 0.45 0.65 0.85 1.26 1,000 1,000 1,000 1,000 1,000 1,000 1,000

EverBank 8300 Eager Road, Suite 700 0.30 0.61 0.34 0.51 0.75 0.93 1.10 1.26 1.85 888-900-6553 www.EverBank.com 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Specials: Call us to learn about a 6 month bonus interest rate for eligible checking and MMA. St. Louis Bank 14323 S. Outer Forty Road 0.05 0.30 0.10 0.15 0.40 0.45 0.65 0.90 1.35 888-963-3502 www.stlouisbank.com 100 10,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Specials: For a complete list of our current rates, please visit us at: www.stlouisbank.com Legend: Rates effective as of 4/17/15 and may change without notice. All institutions are FDIC or NCUA insured. Rates may change after the account is opened. N/A means rates are not available or not offered at press time. Yields represent annual percentage yield (APY) paid by participating institutions. Fees may reduce the earnings on the account. A penalty may be imposed for early withdrawal. Banks, Thrifts and credit unions pay to advertise in this guide which is compiled by Bankrate.com®, a publication of Bankrate, Inc. © 2015. To appear in this table, call 888-768-4243. To report any inaccuracies, call 888-509-4636. • http://stltoday.interest.com

Savings and Loan Rates u.S. RaTeS

BeST BaSic cReDiT caRD DeaLS

These were the highest yields available among U.S. banks These were the best standard credit card deals available surveyed by Bankrate.com® as of Tuesday: amongU.S.bankssurveyedbyBankrate.com® asofTuesday: MMA/Savings account My Savings Direct Barclays iGObanking.com ableBanking, a division of Northeast Bk CIT Bank

Phone

Min. to Yield earn int. (APY) Carry balances 1.05 1.00 1.00 1.00 1.00

Amalgamated Bank of Chicago Citizens Trust Bank Westfield Bank, FSB First Command Bank

800-903-8154 $ 2000 877-839-2737 10000 855-512-0989 1500 800-735-2465 5000 877-998-2265 10000

1.23 1.21 1.20 1.16 1.16

Citizens Trust Bank Westfield Bank, FSB First Command Bank iBERIABANK fsb

888-720-8756 $ 0 800-903-8154 25000 888-873-3424 1000 888-728-3151 2500 888-906-2559 0

2.25 2.25 2.12 2.10 2.00

Rates are for standard credit cards, and information applies to purchases only. Cash advances frequently are charged interest from the date of transaction. Additional fees may be charged such as for exceeding a credit line, making an ATM transaction, or if a check is returned.B=Billing,T=Transaction,P=Posting,V=Variablerate,F=Fixed.

Best Loan Rates

elsewhere.

Perched in front of his laptop, he’s scrolling through thousands of online pictures showing cars in various stages of decomposition.

“This is the bulk of my job, just sort of looking through Google images,” said Kickham, 24.

Gateway Media operates eight websites — its most popular are Brainjet.com and Suggest.com — focused on packaging and sharing online content. In a nutshell, staffers try to figure out what people are interested in seeing, and then build slideshows and short articles to satisfy those interests.

It’s “snackable” content — in the words of Gabe Douek, a St. Louis native and chief executive.

Until late last year, Gateway was part of Answers.com, a St. Louis-based heavyweight in the realm of question and answer websites. Gateway was spun off after Answers was acquired in October by U.K.based private equity firm Apax Partners in a deal reportedly valued at $900 million.

Following the split, Gateway has moved quickly to establish itself in the world of shared content providers.

Already the company is making plans to double its space in the Clayton office tower, where it occupies a third of the 12th floor. It has 42 employees — a mix of software engineers, marketers and writers — and an eye toward growing the number of websites in its portfolio. The company expects to pull in $60 million in revenue this year.

Douek’s goal is to turn Gateway into a dominant player in the world of shared content, a niche that’s grown up around the way we interact online.

A decade ago, Internet users were more focused on Google and other search engines, giving rise to companies such as Answers.com, which built their content around popular searches. People are still asking questions today, but increasingly, they turn to their social networking friends for answers and entertainment.

Gateway’s various sites — along with larger competitors viralnova.com, elitedaily.com and upworthy.com — use those interactions to draw traffic.

“It’s become one of the more pervasive trends in digital over the past two years,” said Andrew Lipsman, vice president of marketing and insights for Internet traffic monitor comScore.

Yet despite the traffic these sites generate (they can pull in 20 million or more unique visitors each month, according to comScore’s data), it’s understandable if you’ve never heard of them.

One of the challenges facing the business model is that users generally find their way to these websites by way of referral — and then move on.

“They can generate large audiences, but these aren’t audiences that stick around on the site,” Lipsman said.

It creates a constant need to churn out new slideshows, videos and articles aimed at capturing the attention of Internet denizens. But it’s not enough to get someone to click a link taking them to Minq.com, Odometer.com or Swifty.com. They need the exponential growth that only happens when users suggest the articles to friends through their social networks, particularly Facebook, with its 1.2 billion users.

“It’s not hard to produce good content,” Douek said. “It’s hard to produce content that gets shared by millions of people.”

BUZZWORDS AND MORE The quest for virality starts on Tuesday mornings when staffers gather around a

conference table arrayed with MacBooks.

The room is dominated by 20-somethings clad in jeans, hoodies and T-shirts.

They are, in many ways, the very demographic Gateway is chasing.

Leading a recent meeting is Chad Garrison, who recently left his job as editor of the Riverfront Times to become Gateway’s director of content.

His staff is broken into three squads, each with a writer, marketer and intern.

During the week, each group will focus its attention on two of the company’s eight websites, producing at least eight articles.

Included in the morning’s discussion is news that the company’s food-centric site, Oola.com, is up for a Webby Award, pitted against the New York Times and National Geographic.

“Let’s pay special attention to that this week,” Garrison says, as they talk about ways to spread the word through their own networks of friends — the winner will be decided by popular vote.

The short meeting also includes a bit of brainstorming and a postmortem on articles that did well the previous week, as well some that didn’t.

Garrison is particularly interested in analyzing why a seemingly timely feature “21 fascinating ‘Mad Men’ facts to prepare you for the final episodes” failed to gain traction.

“That was a good post,” Garrison said.

“The problem was we launched it on Friday.”

As in two days before the premiere of the second half of the hit show’s final season. A better strategy, he suggests, would have been to publish the article earlier.

It’s a swing and miss illustrating the challenge faced by Garrison and his staffers. They know what people are interested in and what they’re talking about. They see it on sites such as Reddit and Buzzsumo, which offer real-time snapshots of what’s trending on social networks.

“That’s where analytics come in,” said Scott Steinberg, a St. Louis-based technology consultant with TechSavvy. “You can see what people are searching for, and you work backwards. It’s almost like the story has pre-written itself.”

And yet there are no guarantees that any article will touch a collective public nerve.

Particularly not when there are droves competing for the Internet spotlight.

“It’s still a challenge to figure it out,” said Kickham, who’s been with Gateway for a little over a year.

That’s not to say that there aren’t some tricks to the trade.

Part of the job is finding buzzwords and other devices that can snag the attention of Web surfers.

It’s long been known, for example, that lists are hard to resist. Someone claims to have photos of the 19 scariest places on Earth, and you almost have to take a peek.

But there’s more.

Things in parentheses work (like, really well). As do buzzwords such as “hacks” and “ever.” “‘Creepy’ is big right now,” said Kickham, who joined Gateway shortly after graduating from Notre Dame.

For the St. Louis native, this is a far cry from the future he once envisioned. There was a time when he dreamed of working for a magazine such as Rolling Stone. This job — with its need for a quick production pace — is about as far from magazine writing as you can get.

Not that he cares.

“The main thing I wanted to do with magazines was to write about pop culture,” he said. “So I still get to do that.”

Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

7.50 V 9.25 V 10.24 V 10.25 V

37 0 0 0

25 25 25 25

B B B B

404-659-5959 800-368-8930 888-763-7600 800-217-7715

9.25 V 10.24 V 10.25 V 10.25 V

0 0 0 0

25 25 25 25

B B B B

For more information visit www.bankrate.com

5-year CD

GATEWAY • from E1

800-723-0303 404-659-5959 800-368-8930 888-763-7600

Pay off balances

Barclays Synchrony Bank First Internet Bank of Indiana Discover Bank Ally Bank

Tim Barker • tbarker@post-dispatch.com

Annual Annual Grace % rate fee period

877-752-1919 $ 1 888-720-8756 0 888-432-5890 1 877-505-1933 250 855-462-2652 25000

1-year CD Synchrony Bank BankDirect My e-BAnC by BAC Florida Bk California First National Bank VirtualBank

Gateway Media content specialist Dylan Kickham works on article April 7 for one of the Clayton-based company’s eight websites.

Phone

Deposit Trend

ST. LouiS RaTeS

naTionaL yieLD

These were the lowest loan rates available among St. Louis- National average is based on 100 largest institutions in area institutions surveyed by Bankrate.com® as of Friday: the top 10 U.S. markets.

Home equity loan U.S. Bank Heartland Bank Commerce Bank

Phone

Rate

800-872-2657 800-489-2660 800-453-2265

4.19 5.00 5.78

800-432-1000 800-489-2660 800-872-2657

2.29 2.74 3.37

0.15

800-432-1000 800-872-2657 800-489-2660

2.44 2.66 2.99

0.00

1-year cD national Trend

0.30 0.25 0.20

New car Bank of America Heartland Bank U.S. Bank

Used car Bank of America U.S. Bank Heartland Bank

0.10 0.05 14-Jan 21-Jan 28-Jan 4-Feb 11-Feb 18-Feb 25-Feb 4-Mar 11-Mar 18-Mar 25-Mar 1-Apr

8-Apr 15-Apr

Source: Bankrate.com 2015

Home equity loan: fixed rate, 5-year term, secured loan based on $30,000 at 80% LTV; New car: $22,000 fixed rate, 48-month term, 10% down Credit Unions have membership requirements. payment; Used car (3 years old): $10,000 fixed rate, 36-month term, 20% down payment.

HOW DO YOU PAY FOR ASSISTED LIVING? Speak to a live Family Advisor FOR FREE!

Our Family Advisors can help you find: Costs • Amenities • Can even schedule a FREE tour!

CALL TODAY! 1-800-304-9273

ReaderRewards

Subscribing has its privileges.

Win Four (4) Season Passes TO SIX FLAGS ST. LOUIS!

ACTIVATE

YOUR DIGITAL SUBSCRIPTION Current subscriber, but not enrolled?

Click the blue button at STLtoday.com.

If you have previously activated your digital subscription, you are already a member of Reader Rewards.

The Washington Post Free access to The Washington Post’s Premium Digital content

unlimited stlEXTRA! Content you can’t find anywhere else (that’s our stlEXTRA!).

unlimited e-Edition Unlimited access to our e-Edition on your desktop, tablet and mobile devices.

NOT A SUBSCRIBER?

www.stltoday.com/subscriberservices Must activate by Midnight CST on May 10, 2015, to be eligible to win. Subscribers who have already activated their Digital Access account will automatically be entered to win. Winner will be notified by May 12, 2015. Must be 18 years or older to win. For complete rules visit STLtoday.com/contests.

BUSINESS

E4 • ST. LOUIS POST-DISPATCH

THE WEEK IN REVIEW Bloomberg St. Louis last week

–9.19

Dow Jones Industrials

M 1 • SUNDAY • 04.19.2015

Nasdaq composite

19,000

5,200 5,000

18,000

4,800

17,826.30

O

N

D

J

F

M

A

2,200 2,100 2,000

4,600

17,000

–231.35

Standard & Poor’s 500

4,400

–64.16

16,000

4,931.82

O

N

D

J

F

M

A

4,200

1,900

–20.88 2,081.18

O

N

D

J

F

M

A

1,800

1,035.75 MARKET WATCH, NEXT PAGE

Stifel CEO says deals won’t stop soon Rep. Wagner calls NICKLAUS • FROM E1

to merge with companies that maybe are struggling, to use a polite word,” Kruszewski said. “We tend to be contrarians, and Sterne fit that description ideally.”

Stifel has shown a knack for buying companies that, although troubled, can be turned around quickly. And Stifel investors have reason to hope that the buying spree continues: The stock price has quintupled since the end of 2004.

“Stifel has had an incredible run,” says Michael Wong, an analyst at Morningstar. “There are very few other companies that have done as well with acquisitions.”

Kruszewski says the growth is about relevance, not size. When he became CEO in 1997, Stifel was little known outside the Midwest. By last year, it ranked No. 1 in some industry categories, such as equity underwriting for deals of under $500 million. It’s also

the nation’s biggest underwriter of school district bonds.

Stifel actually has tried to slow its growth recently because it’s approaching $10 billion in assets, a size at which bank holding companies receive more scrutiny from regulators.

Kruszewski says he’s prepared for that, and expects to hit the $10 billion mark later this year.

After that, Wong expects the firm’s growth to accelerate. “If anything inKruszewski teresting comes up, they’ll be ready,” he said. “Once they pass the $10 billion threshold, there’s probably nothing holding them back.”

Stifel’s growth has created jobs in St. Louis. It employs 1,273 people in the metro area, up from 500 in 2004.

Stifel does face new obstacles.

Wong says investment banking firms are very profitable right now, which

may make it difficult for Kruszewski to find bargains.

Meanwhile, a Labor Department proposal to impose a fiduciary standard on retirement accounts could force firms such as Stifel to reduce their reliance on brokerage commissions.

Kruszewski opposes the new rule, calling it “a threat to investor choice,” but he predicts that “the industry will figure it out” if it goes into effect.

Wong believes a fiduciary rule could be a challenge to Stifel, but that it also might have a silver lining. “To the extent it affects smaller players with less capability to adapt, that would present another opportunity to do roll-up acquisitions,” he said.

As Stifel has shown time and again, acquisitions are something it does very well.

David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Clean Line faces hurdles to win approval WIND • FROM E1

CLEAN LINE ENERGY PROJECTS

The company disclosed the amounts in late March as part of an open process to sign up customers required by the Federal Energy Regulatory Commission.

Despite the apparent demand, Clean Line still faces hurdles to winning approval for its route across Missouri: • The Missouri Public Service Commission must sign off on the route.

Clean Line hopes the PSC will decide this summer.

• Four of the eight county commissions along the line’s route through Missouri have rescinded their approval of the project.

• And a bill in the Missouri House could keep transmission developers like Clean Line from building in the state.

Missouri’s response to the project could set a precedent as more companies look to transmit wind energy from the sparsely populated Great Plains to the country’s big cities.

Grain Belt is crossing Missouri en route to the Illinois-Indiana border, and the other states on the route have all granted approval to a Clean Line project (Illinois just received the Grain Belt application this month, but it has already approved another Clean Line project).

Opponents of the project acknowledge Grain Belt probably won’t be the last company that seeks to run wires through the state’s rural farmland to connect wind power to the electric grid. With the amount of electricity wind generators want to wire through Grain Belt, it certainly looks like there could be similar projects coming through Missouri in future years.

“We never really thought that the supply would be the challenge to the project,” Mark Lawlor, Clean Line’s director of development, said in a phone interview.

Indeed, the U.S. Department of Energy projects big investments from wind developers. Already, wind is projected to serve about 7 percent of U.S. electricity demand by next year and rise to 25 percent over the next 35 years.

But many landowners along the route in Missouri and Illinois are opposed to the project. If the PSC signs off on it, Clean Line would be given the same power as utilities and could use eminent domain if it can’t reach agreements for easements.

“There’s a saying here in the country that their name is mud, and Clean Line’s name is very dirty in all the impacted counties,” said Jennifer Gatrel, a Caldwell County landowner who heads a group dubbed Block Grain Belt Express Missouri.

She pointed to disclosures the company submitted to the PSC last week saying it had only reached easement agreements with the owners of 45 tracts of property, though it passes through hundreds in the state.

“They are very strongly working with people trying to get easements signed,” Gatrel said. “And the fact that they were not able to do so is indicative that people will not voluntarily do business with them.”

Clean Line is not pursuing agreements yet, Lawlor said, and only very eager landowners have signed up thus far. A more concerted effort will start if and when the PSC grants approval to its route.

That effort will include convincing commissioners who rescinded their approval of the project to get on board again.

Lawlor said the company was “con-

Houston-based Clean Line Energy is working to permit three transmission lines that it says will be used to take wind power from the heartland to population centers farther east. In Missouri, up to 500 megawatts of wind would be pumped into the grid if regulators approve the project.

Rock Island

IOWA

NEBRASKA

INDIANA OHIO ILLINOIS

Grain Belt Express KANSAS

MISSOURI

KENTUCKY TENNESSEE

Plains & Eastern OKLAHOMA

ARKANSAS

Where the transmission line would cross Missouri St. Joseph BUCHANAN

CALDWELL

CHARITON

MONROE RALLS

CLINTON CARROLL

RANDOLPH

Kansas City

Missouri Rver

MISSOURI

fident” it would work out any issues with the county commissions, arguing county siting approval is an administrative function that must be granted if certain conditions are met.

“It’s not a political decision that the counties get to use as sort of a veto over infrastructure,” he said. “I think they all know that, and they realize that.”

A push in the Missouri Legislature could also derail the effort. Rep. Jim Hansen, R-Frankford, sponsored a bill to keep merchant transmission developers such as Clean Line from using eminent domain in the state.

At issue is Clean Line’s relatively novel business model — it assumes all the risk for signing up customers, unlike a more typical transmission development chosen by a regional grid operator. Typical transmission projects go through an extensive planning process and are chosen by grid operators. If chosen, their developers are repaid by increasing electricity rates on customers deemed to benefit.

Hansen’s bill would require transmission developers to go through that process.

“This utility company is basically operating outside of the processes that we have in the state,” Hansen said.

But Grain Belt is crossing multiple grid operators and multiple states, and experts say the grid managers haven’t perfected their process for evaluating interregional projects.

In Missouri alone, there are three different electric grid managers that operate different parts of the state: one in Kansas City Power and Light’s territory, one in Ameren’s territory, and one for everyone else.

For a line that crossed all three and wanted ratepayer reimbursement, each would have to agree the project was necessary and haggle over how much customers in each territory should pay to reimburse the developer. That kind of coordination is dif-

St. Louis

ficult, Clean Line says, which is why it’s assuming all the risk and selling space to power generators directly.

“Missouri’s stuck in the middle of three of these systems, which is a very inefficient process of looking at the state as a whole,” Lawlor said. “This bill would wipe out merchant transmission lines in a state that probably makes the strongest case for merchant transmission lines.”

Hansen’s bill faces a steep climb to pass before the session ends next month. However, Gatrel and Hansen both said they would push for passage next session, and they count the powerful Missouri Farm Bureau as an ally.

“I guarantee there will be another one (cross-state transmission project) after this,” Hansen said. “Whether we get this on the books this year or next year, I don’t think this issue is going to go away.”

Grain Belt, meanwhile, says it has the support of the Missouri Chamber of Commerce and large employers like Hubbell Power systems in Centralia and ABB Inc.’s St. Louis plant, which will supply millions of dollars in material for the project.

The Columbia, Mo., City Council recently endorsed the line after a recommendation by its city-owned utility board. The city has its own renewable energy target, and it hopes to buy some of the newly transmitted wind power.

There are few options available for wind developers in Kansas to get their electricity to market, Lawlor said, and they’re waiting on projects like Grain Belt.

Grain Belt Express “absolutely is critical to the future of the industry, particularly in the middle part of the country,” he said.

The bill is HB1027.

Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

rules an assault on local advisers GALLAGHER • FROM E1

But those devilish lures would still be out there, tugging advisers toward the dark side.

Today’s compensation schemes have nasty consequences, according to a report issued by the administration of President Barack Obama in February. It found that rotten advice from conflicted advisers costs savers 1 percent of their retirement savings, or $17 billion a year. The investment industry disputed that report.

Most brokers already give good advice. They build practices by pleasing customers and getting referrals.

But some succumb to pressure to produce revenue for their firms, and big paychecks for themselves.

Retirement plans are fat targets. About $1.7 trillion of IRA assets are invested in products that generate conflicts of interest, says the Obama administration. Most of that money was transferred from 401(k) plans — often at the urging of brokers who claim they can manage it better — for a nice fee, of course.

Some tales are egregious. Professor Rob Weagley, who teaches future financial advisers at the University of Missouri, recalls trying to clean up the mess left by an adviser who sold a 92-year-old woman a $200,000 lifetime annuity — which pays high commissions to the salesman.

The annuity promised income until she died — which she did two years later — leaving her heirs poorer.

“There are a lot of scoundrels out there,” says Weagley, who chairs Mizzou’s financial planning program.

The Labor Department would let financial firms keep commission systems that reward the adviser for selling more of one kind of product than another, or persuading investors to buy and sell frequently, which is not a good idea.

The government won’t ban the “revenue sharing” (read kickback) system in which mutual fund companies pay brokerage firms for putting lots of client money into their funds.

Brokerages can still talk up their house-brand mutual funds, even though other funds might have better records. They can keep selling clients bonds out of their firm’s own portfolios, even though the firms make money by selling bonds at high prices.

(They would have to hunt up two comparable prices in the open market to justify their charge to clients.)

All those conflicts of interest are just dandy if the broker ignores them and acts only in the interest of the client, according to Labor Department reasoning. The compensation would have to be disclosed to the client, but that doesn’t mean it’ll be understood.

So, faced with a new edict from Washington, will brokers really resist temptation? For the shady brokers, the answer will depend on their fear of lawyers.

The rule change “will definitely be helpful,” says one of those lawyers. Richard Fosher, of Oakes and Fosher in Brentwood, represents investors in arbitration cases against brokers accused of cheating.

“It will be crystal clear that the broker does have a fiduciary obligation to the client,” he said.

That makes it easier to win judgments against brokers and brokerages, and the new rule allows class action cases.

The rule would change a basic premise under which many brokers operate when advising people on retirement savings. Most now operate on a “suitability standard.”

They don’t have to pick the best investment for the customer, just one that’s suitable. For instance, an adviser can’t put a retiree’s life savings in a couple of high-risk stocks. But the adviser can put that client into mediocre mutual funds that reward the brokerage well, when other funds would be best for the client.

The new rule gives brokers a “fiduciary” duty to put the client’s interest first.

The rule applies only to advice for retirement plans, such as IRAs and 401(k)s. Brokers handling other accounts would continue to work under a suitability standard. The Securities and Exchange Commission is considering imposing a fiduciary standard on all brokers.

To further confuse things, a class of adviser called “registered investment advisers” already use a fiduciary standard.

The Labor Department proposed tougher rules in 2010 but retreated in the face of howls from the financial services industry.

The industry claimed that restrictions on commissions and other compensation schemes would make it unprofitable to advise customers who don’t have a lot of money. Well-off customers often pay the broker a percentage of their assets, rather than trade-by-trade commissions.

U.S. Rep. Ann Wagner, R-Ballwin, took up that argument last week. The new rule “potentially harms the very people that it claims to protect: lowand moderate-income Americans seeking advice for investing for their retirement,” she said. “This ill-advised, top-down assault on local financial advisers and broker-dealers is typical of President Obama and Sen. Elizabeth Warren,” she said.

Weagley notes that some brokerages charge a flat fee for a financial plan for people who aren’t welloff. They’re also rolling out cheap “robo-advisers,” computer programs that issue investment advice after customers plug in their information.

And the new rule, which will take effect after a 75-day comment period and hearing, still allows commissions.

Wall Street has been fairly silent since the new rule appeared on Monday. SIFMA, Wall Street’s main trade group, said it was looking at the proposal. “We want to ensure it protects investor choice and doesn’t unnecessarily reduce access to education or raise costs, particularly for low- and middle-income savers,” the organization said.

Jim Gallagher • 314-340-8390 jgallagher@post-dispatch.com

Market watch

weekly MARkeT wATCH

04.19.2015 • Sunday • M 1

d Ap 17 ST. LOUIS POST-DISPATCH • 2015 E5

Track sTocks and Thenews laTesT news • com sTlToday.com/business Track your your stocks and get the geT Latest • Stltoday /business .com 15 best larGe-caP stocKs W

M Netflix Inc Celanese Corp Freeport McMoRan EnCana Corp Sthwstn Energy Antero Resources Mattel Inc Range Resources Philip Morris Intl Crescent Point Engy Incyte Corp Mobileye NV Cenovus Energy Pembina Pipeline Turquoise Hill Res

NFLX CE FCX ECA SWN AR MAT RRC PM CPG INCY MBLY CVE PBA TRQ

...

1.00 .20m .28 ... .68 1.52 .16 4.00 2.76 ... ...

1.06 1.74 ...

...

1.5 1.0 2.1 ...

1.6 5.7 .3 4.7 ... ... ... ... ... ...

W

15 best Mid-caP stocKs

W

cc 568.75 299.50 16 66.35 49.42 dd 39.32 16.43 10 24.83 10.53 12 49.16 21.46 41 67.92 33.25 20 40.00 22.32 24 95.41 43.88 18 91.63 75.27 22 44.84 18.38 dd 103.74 40.30 ... 60.28 31.11 22 32.64 16.11 33 48.89 29.88 cc 4.16 2.65

571.55 116.98 67.18 8.26 20.67 2.42 13.05 1.47 27.16 2.90 41.47 4.12 26.75 2.52 60.73 5.48 85.26 7.36 26.51 2.06 101.66 7.85 46.28 3.32 18.85 1.24 34.52 1.99 4.02 0.23

W

M

W

M

25.7 14.0 13.3 12.7 12.0 11.0 10.4 9.9 9.4 8.4 8.4 7.7 7.0 6.1 6.1

33.4 19.6 12.3 17.6 20.2 15.1 11.4 23.1 7.3 16.3 6.4 6.7 12.7 6.4 34.4

|997652 69.6 |61 3.7 |9651 -33.9 |9821 -43.0 |98521 -44.8 |9641 -33.0 |9321 -29.3 |9631 -32.6 |6421 4.8 |87653 -27.2 |999986521 133.7 | 0.0 |963 -32.5 |65321 -6.2 |76 10.7

Builders FirstSource Penn West Petrol Ziopharm Oncology Sage Therapeutics Yandex NV Sturm Ruger Eclipse Resources California Resources BreitBurn Energy Kite Pharma Anglogold Ashanti Seadrill Ltd Clovis Oncology Inc Anacor Pharma Linn Energy LLC

BLDR PWE ZIOP SAGE YNDX RGR ECR CRC BBEP KITE AU SDRL CLVS ANAC LINE

... .04m ... ... ...

1.25e ... .04 .50m ... ... ... ... ...

1.25

10 worst larGe-caP stocKs W

M ServiceNow Inc Wynn Resorts Ltd Las Vegas Sands Time Warner Cable Kroger Co PVH Corp Darden Rest Prec Castparts ASML Holding NV Walgreen Boots Alli

NOW ...

WYNN 6.00a LVS 2.60f TWC 3.00 KR .74 PVH .15 DRI 2.20 PCP .12 ASML .81e WBA 1.35

...

4.8 4.7 2.0 1.0 .1 3.4 .1 .9 1.6

dd 18 16 21 21 20 50 16 ...

34

W

W

87 ... dd ... ...

29 ... ...

3 ... ...

1 dd dd 21

14.05 10.19 14.40 62.46 35.90 69.19 27.18 9.71 23.15 89.21 18.69 40.44 94.88 68.08 32.74

W 4.85 1.30 2.31 24.25 13.90 33.60 5.08 3.75 4.55 21.00 7.45 8.58 35.33 13.19 9.05

12.99 2.44 11.92 59.92 20.59 54.46 6.43 9.48 6.28 65.06 11.41 12.00 86.15 68.16 12.92

W

M

W

W

M

6.09 0.44 1.79 8.51 2.75 6.68 0.74 1.07 0.68 6.72 1.17 1.23 8.75 6.75 1.26

88.3 22.0 17.6 16.6 15.4 14.0 13.0 12.7 12.1 11.5 11.4 11.4 11.3 11.0 10.8

106.8 61.6 -14.2 12.3 40.7 7.8 6.5 28.3 4.5 -9.5 16.0 22.1 10.1 25.7 14.9

|86542 62.1 |8743 -68.3 |9987654 253.6 | 0.0 |743 -25.6 |641 -13.8 | 0.0 | 0.0 |8653 -60.1 | 0.0 |7641 -35.3 |86421 -57.0 |86541 61.8 |999876543 340.3 |842 -46.3

TCP Intl Hldgs Resolute Energy Molycorp Inc InVivo Therapeutics Travelzoo Inc Vantage Drilling Identive Inc Paragon Offshore MediciNova Inc Gulf Resources Inc Shake Shack Audience Inc ARC Group Wwde Synta Pharm Carbo Ceramics Inc

TCPI ... ...

REN ... ...

MCP ... ...

NVIV ... ...

TZOO ... ...

VTG ... ...

INVE ... ...

PGN .50 25.3 MNOV ... ...

GURE ... ...

SHAK ... ...

ADNC ... ...

ARCW ... ...

SNTA ... ...

CRR .40m 1.0

W

M

W

M HeartWare Intl Core-Mark Holding Co Coupons.com Inc North Star Asst Mgmt IRSA Inv Rep PRA Health Sciences Haemonetics Lannett Co Fresh Market Inc Wellcare Hlth Plans

HTWR ...

CORE .52 COUP ...

NSAM .40 IRS .12e PRAH ...

HAE ...

LCI ...

TFM ...

WCG ...

... .9 ...

2.0 .7 ... ... ... ... ...

dd 30 dd ... ... ...

72 19 24 57

97.60 71.51 32.67 24.91 21.50 31.99 45.43 72.44 42.12 95.09

W 69.05 37.64 9.24 16.01 12.14 18.47 29.86 29.12 28.60 55.43

W

... 11.40 9 8.98 dd 5.15 ... 16.89 23 20.51 3 2.02 dd 21.31 ... 17.50 dd 5.90 5 2.86 cc 62.75 dd 13.11 ... 25.00 dd 4.97 16 156.00

W 1.76 .55 .28 1.88 8.45 .29 6.12 1.05 1.66 1.00 38.63 3.17 5.00 1.85 27.97

4.03 1.36 0.80 16.38 12.99 0.45 12.01 1.98 4.45 2.52 61.67 5.97 7.54 2.93 38.98

W

W

M

1.49 0.47 0.27 4.78 3.42 0.12 2.88 0.44 0.98 0.49 11.88 1.15 1.43 0.54 7.04

58.7 53.0 51.1 41.2 35.7 35.1 31.5 28.6 28.2 24.1 23.9 23.9 23.4 22.6 22.0

71.5 112.5 122.5 0.0 31.6 35.1 28.4 47.8 26.1 65.8 31.4 21.8 7.6 18.1 21.6

| 0.0 |997 -82.3 |9974 -83.5 | 0.0 |87421 -29.0 |98765421 -72.5 |95432 40.9 | 0.0 |99998432 166.7 |763 14.4 | 0.0 |9753 -48.6 |9841 -56.2 |864321 -25.0 |9876421 -70.2

10 worst sMall-caP stocKs

10 worst Mid-caP stocKs

73.29 -9.05 -11.0 -7.7 |99995432 55.5 125.50 -10.52 -7.7 -3.4 |998521 -34.7 55.16 -4.13 -7.0 -1.6 |987 -23.6 149.61 -11.20 -7.0 -5.2 |9765 19.4 71.84 -5.23 -6.8 -6.5 |9999876542 67.1 103.74 -6.64 -6.0 1.3 |87654 -13.1 64.94 -3.84 -5.6 -2.7 |9987652 39.7 201.15 -11.85 -5.6 -4.3 |976432 -19.3 94.50 -5.52 -5.5 -14.2 |96541 16.5 86.96 -5.06 -5.5 -1.4 9 | 9873 37.3

83.52 44.17 222.33 121.53 81.25 49.82 161.14 128.78 77.74 43.79 133.89 93.80 70.38 43.56 275.09 186.17 111.40 79.66 93.42 57.75

... ... ... ... ...

2.3 ... .4 8.0 ... ... ... ... ...

9.7

15 best sMall-caP stocKs

W

M

W

M

80.41 -14.06 -14.9 -6.5 |53 -1.7 55.62 -8.97 -13.9 -14.7 |9965432 47.9 12.41 -1.59 -11.4 8.7 |98521 -33.6 20.21 -2.03 -9.1 -16.3 | 0.0 17.86 -1.77 -9.0 -14.1 9 | 965421 47.6 27.58 -2.69 -8.9 -7.0 | 0.0 40.83 -3.93 -8.8 -7.8 |96321 24.6 64.89 -6.26 -8.8 -5.4 |9999875432 103.9 37.92 -3.55 -8.6 -7.7 |851 12.1 82.59 -7.61 -8.4 -11.9 |98532 33.9

Athersys Inc Pfenex Inc Akebia Therapeutics Ocwen Financial Capricor Therap Pernix Therapeutics Bio-Path Holdings Flexion Therapeutics Altisource Ptfl Sol Systemax Inc

ATHX PFNX AKBA OCN CAPR PTX BPTH FLXN ASPS SYX

... ... ... ... ... ... ... ... ... ...

... ... ... ... ... ... ... ... ... ...

dd 3.43 ... 19.95 dd 31.00 dd 40.44 dd 10.68 dd 12.88 dd 3.62 dd 30.37 3 126.14 dd 18.86

W

1.08 5.28 8.47 5.66 3.05 4.07 1.45 11.06 12.28 10.17

1.40 15.12 8.31 7.70 6.57 8.35 1.44 19.23 17.39 10.32

W

W

M

-1.63 -3.86 -2.10 -1.85 -1.43 -1.74 -0.29 -3.80 -3.14 -1.59

-53.8 -20.3 -20.2 -19.4 -17.9 -17.2 -16.8 -16.5 -15.3 -13.4

-56.3 2.6 -33.3 -9.6 -31.9 -19.7 -18.6 -32.1 30.5 -21.7

.24 .92f 2.16 .52 2.80f 2.68 .92 5.60f .52 2.56 2.12 2.10 .24

33 18 10 33 23 31 33 42 33 21 20 20 25 12 24 22 76 29 23 15 37 59 13 18 24 15 33 21 dd cc 18 13 22 20 28 22 45 21 19 14 22 33 dd 10 52 8 11 13 90 19 29 17 14 17 20 22 22 25 31

|8764321 -17.1 | 0.0 |999843 -64.9 |9999762 -80.2 |732 5.0 |999995321 93.1 |997432 -42.2 |9975321 42.8 |99998632 -85.0 |976542 -27.0

Note: Stocks classified by market capitalization, the product of the current stock price and total shares outstanding. Ranges are $100 million to $1 billion (small); $1 billion to $8 billion (mid); greater than $8 billion (large).

s&P 500 How to read tHe tab e D m w w N D

P

M

m w

m

ootNote

w

m

M D m

P

m

w

m %

w

m

w m

m

m m

w

m

m

w

m m D

w

D

D

w

w

w W w W

N w

m m

w

U

m m

m

m

m %

m W

M

W

W

W

ACE Ltd 2.60e 11 117.89 98.82 110.14 -1.76 -1.6 ADT Corp .84 23 42.88 28.85 40.63 -1.28 -3.1 AES Corp .40f 15 15.65 11.53 13.16 -.04 -.3 AFLAC 1.56 10 65.10 54.99 63.98 -.54 -.8 AGL Res 2.04f 11 57.75 46.50 49.70 -1.02 -2.0 AT&T Inc 1.88 27 37.48 32.07 32.51 -.26 -.8 AbbottLab .96 31 47.88 37.11 46.25 -.66 -1.4 AbbVie 2.04f 57 70.76 46.21 62.29 +.80 +1.3 Accenture 2.04e 20 96.78 73.98 92.39 -2.30 -2.4 Actavis cc 317.72 184.71 297.05 +2.26 +.8 AdobeSy cc 80.30 57.15 73.15 -3.38 -4.4 Aetna 1.00 19 109.90 66.85 107.72 -.19 -.2 AffilMgrs 25 221.46 174.43 218.02 +.32 +.1 Agilent .40 38 43.59 35.61 42.98 -.57 -1.3 AirProd 3.24f 31 158.20 114.28 149.85 -2.07 -1.4 Airgas 2.40f 21 119.00 101.36 104.74 -1.83 -1.7 AkamaiT 39 73.53 50.52 71.90 +.45 +.6 Alcoa .12 21 17.75 12.50 13.46 +.31 +2.4 Alexion 56 203.30 136.37 181.34 -1.34 -.7 AllegTch .72 90 46.32 27.12 29.84 -.33 -1.1 Allegion .40 ... 62.16 43.81 59.10 -2.14 -3.5 AlliData 26 307.98 230.54 294.67 -6.15 -2.0 Allstate 1.20f 12 72.87 54.81 70.87 -1.16 -1.6 AlteraCp lf .72 34 45.38 30.47 44.02 -.50 -1.1 Altria 2.08 20 56.70 37.74 51.75 -.76 -1.4 Amazon dd 389.37 284.00 375.56 -7.09 -1.9 Ameren 1.64 17 48.14 36.65 41.13 -.99 -2.4 AmAirlines .40 12 56.20 28.10 48.19 +.46 +1.0 AEP 2.12 17 65.38 49.06 55.73 -.66 -1.2 AmExp 1.04 14 96.24 77.12 77.32 -2.27 -2.9 AmIntlGrp .50 10 58.73 48.56 57.43 +.84 +1.5 AmTower 1.68f 48 106.31 80.61 96.10 +1.03 +1.1 Ameriprise 2.32 15 138.26 100.94 129.19 +4.66 +3.7 AmeriBrgn 1.16 cc 115.88 62.55 112.61 -2.74 -2.4 Ametek .36 21 54.50 45.12 51.71 -1.81 -3.4 Amgen 3.16 24 173.14 108.20 163.58 +.20 +.1 Amphenol s .50 26 60.54 45.15 57.96 -1.58 -2.7 Anadarko 1.08 dd 113.51 71.00 93.68 +3.58 +4.0 AnalogDev 1.60f 26 64.95 42.57 63.42 -.82 -1.3 Anthem 2.50f 17 160.64 90.75 152.48 -1.44 -.9 Aon plc 1.20f 23 107.08 78.26 96.17 -2.08 -2.1 Apache 1.00 dd 104.57 54.34 70.38 +2.54 +3.7 AptInv 1.12f 18 41.55 28.95 37.46 -.37 -1.0 Apple Inc s 1.88 17 133.60 73.05 124.75 -2.35 -1.8 ApldMatl .40 22 25.71 18.27 21.49 -1.01 -4.5 ArchDan 1.12f 15 53.91 41.63 48.28 +.32 +.7 Assurant 1.08 10 69.94 59.82 60.92 -.87 -1.4 AutoNatn 18 65.67 46.16 63.52 -1.94 -3.0 Autodesk cc 65.00 45.22 60.35 -2.39 -3.8 AutoData 1.96 28 90.23 64.37 83.53 -2.81 -3.3 AutoZone 20 704.45 491.93 683.43 -18.30 -2.6 AvagoTch 1.52f cc 136.28 57.27 121.85 -4.97 -3.9 AvalonBay 5.00f 32 181.69 132.07 168.31 AveryD 1.40 20 54.74 40.58 51.07 -2.97 -5.5 BB&T Cp .96 14 40.21 34.50 38.52 -.52 -1.3 BakrHu .68 16 75.64 47.51 66.98 +.44 +.7 BallCorp .52 21 77.20 53.61 71.80 -.62 -.9 BkofAm .20 23 18.21 14.37 15.56 -.16 -1.0 BkNYMel .68 15 41.79 32.68 40.50 -.36 -.9 Bard .88 45 180.35 132.81 171.06 +.58 +.3 Baxter 2.08 15 77.31 65.95 69.91 -.66 -.9

W

M

BectDck BedBath BerkH B BestBuy Biogen BlackRock BlockHR Boeing BorgWarn BostProp BostonSci BrMySq Broadcom BrownFB CA Inc CBRE Grp CBS B CF Inds CH Robins CME Grp CMS Eng CSX CVS Health CblvsnNY CabotO&G Cameron CampSp CapOne CardnlHlth CarMax Carnival Caterpillar Celgene s CenterPnt CntryLink Cerner ChesEng Chevron Chipotle Chubb Cigna Cimarex CinnFin Cintas Cisco Citigroup CitrixSys Clorox Coach CocaCola CocaCE CognizTch ColgPalm Comcast Comerica CompSci ConAgra ConocoPhil ConsolEngy ConEd ConstellA

2.40 24 14 17 .92f 10 34 8.72f 19 .80 13 3.64f 20 .52 20 2.60a 48 97 1.48 54 .56f 40 1.26 29 1.00 18 25 .60 20 6.00 11 1.52 22 2.00f 27 1.16 19 .72f 17 1.40 25 .60 16 .08 33 13 1.25 19 1.20 11 1.37 26 26 1.00 29 2.80 14 47 .99f 15 2.16 26 48 .35 8 4.28 11 48 2.28f 12 .04 17 .64 23 1.84f 17 .85f 22 .84f 17 .04 21 43 2.96 28 1.35 20 1.32f 25 1.12f 17 25 1.52f 29 1.00f 18 .80 15 .92 15 1.00 cc 2.92 12 .25 44 2.60 16 1.24 28

149.98 79.64 152.94 42.00 480.18 382.84 35.80 158.83 67.49 146.07 18.24 69.20 46.31 97.97 33.42 39.34 65.24 314.43 77.49 100.61 38.66 37.99 105.46 21.97 39.46 74.89 48.31 85.39 91.59 75.40 49.21 111.46 129.06 25.75 45.67 75.72 31.49 135.10 727.97 105.30 135.00 150.71 55.35 88.23 30.31 56.95 72.89 112.70 50.60 45.00 50.00 64.69 71.56 60.70 52.72 73.29 38.41 87.09 48.30 72.25 121.92

W

111.07 54.96 121.10 23.87 272.02 293.39 26.99 116.32 48.40 112.75 11.10 46.30 28.86 81.89 25.25 25.84 48.83 232.40 54.78 66.44 27.90 27.14 72.38 15.92 26.01 39.52 41.15 72.63 63.06 42.54 33.11 78.19 66.85 20.23 33.41 48.39 13.38 98.88 472.41 86.40 73.47 91.74 45.09 55.65 22.43 46.08 53.86 86.03 32.72 38.40 39.05 41.51 62.53 47.74 40.09 54.23 28.60 60.57 26.11 53.61 76.26

141.53 71.46 140.70 36.46 419.44 365.40 31.23 149.60 60.72 136.60 18.40 65.35 43.59 92.51 31.20 38.42 60.68 291.23 68.57 89.91 34.50 33.30 100.39 18.26 32.87 49.78 46.19 82.00 89.55 70.61 47.01 83.28 113.47 20.90 34.68 71.81 15.45 109.11 683.95 100.33 131.13 128.20 52.56 81.38 27.92 53.07 64.02 109.26 42.40 40.30 45.09 60.70 69.28 58.42 46.00 65.60 37.30 67.69 31.14 60.94 115.98

W

W

-1.68 -1.97 -2.80 -2.12 -6.21 -4.05 -.56 -4.78 -.59 -.98 +.30 +.71 -.64 -1.09 -.35 -.09 -.92 +6.71 -3.49 -2.36 -.34 -.45 -2.15 -.05 +1.87 +1.60 +.37 +1.39 -.97 -2.58 -1.32 +1.38 -3.60 +.14 -1.14 -3.19 +.61 +2.20 +.93 -.18 -2.18 +3.19 -.96 -.95 -.13 +.64 +.22 -1.41 -.63 -.58 -.63 -2.10 -.33 -1.39 +.40 -.25 -.55 +1.16 +2.43 +.08 -5.72

-1.2 -2.7 -2.0 -5.5 -1.5 -1.1 -1.8 -3.1 -1.0 -.7 +1.7 +1.1 -1.4 -1.2 -1.1 -.2 -1.5 +2.4 -4.8 -2.6 -1.0 -1.3 -2.1 -.3 +6.0 +3.3 +.8 +1.7 -1.1 -3.5 -2.7 +1.7 -3.1 +.7 -3.2 -4.3 +4.1 +2.1 +.1 -.2 -1.6 +2.6 -1.8 -1.1 -.4 +1.2 +.3 -1.3 -1.5 -1.4 -1.4 -3.3 -.5 -2.3 +.9 -.4 -1.5 +1.7 +8.5 +.1 -4.7

Mutual funds How to read tHe tables Friday value: Price at which shares can be sold.

Year-to-date return: Figures don’t reflect sales charges and assume reinvestment of dividends.

Three-year and five-year annualized return: Figures don’t reflect sales charges and assume reinvestment of dividends.

Objective: Fund’s investment category.

1-yr Rank: On a 1-to-5 scale, with 1 meaning the fund ranks in the top 20% of its category.

FUNd objectives: BALANCED TA - Target-Date 20002014 TD - Target-Date 2011-2015 TE - Target-Date 20162020 TG - Target-Date 2021-2025 TH - Target-Date 20262030 TI - Target-Date 20312035 TJ - Target-Date 20362040 TK - Target-Date 20412045 TL - Target-Date 2050+ MA - Moderate AlNAME

FRI NAV

AB GrandIncA m 5.58 AMG YacktmanSvc d 24.37 YkmFcsSvc d 25.24 AQR MaFtStrI 11.54 AllianzGI NFJAllCpVaA m 16.97 American Beacon LgCpVlIs 29.81 American Century EqIncInv 8.75 HeritA m 24.12 IntlGrA m 12.82 InvGrInv 29.84 SelectA m 58.36 UltraInv 36.34 American Funds AMCAPA m 29.20 AmBalA m 24.96 BondA m 13.02 CapIncBuA m 60.93 CapWldBdA m 19.85 CpWldGrIA m 48.28 EurPacGrA m 51.12 FnInvA m 52.83 GrthAmA m 44.69 HiIncA m 10.91 IncAmerA m 21.88 IntBdAmA m 13.68 InvCoAmA m 37.50 MutualA m 37.32 NewEconA m 38.95 NewPerspA m 38.50 NwWrldA m 56.62 SmCpWldA m 49.13 TaxEBdAmA m 13.14 WAMutInvA m 41.08 Artisan IntSmCpIv d 25.76 Intl d 31.41 IntlVal d 36.01 MdCpVal 25.48 MidCap 47.56 SmCap 30.94 SmCapVal 14.03 BBH CoreSelN d 22.65 Baird CrPlBInst 11.33 BlackRock Engy&ResA m 13.72 EqDivA m 24.72 EqDivI 24.77 GlobAlcA m 20.64 GlobAlcC m 18.93 GlobAlcI 20.76 HiYldBdIs 8.01 StIncInvA m 10.20 StrIncIns 10.20 CGM Realty 33.38 Causeway IntlVlIns d 15.93 Cohen & Steers Realty 77.68 Columbia 44.97 AcornIntZ AcornZ 33.23

location CA - Conservative Allocation RI - Retirement Income IH - World Allocation CV - Convertibles DOMEsTIC EquITY LG - Large Growth MG - Mid-Cap Growth sG - Small Growth LB - Large Blend MB - Mid-Cap Blend sB - Small Blend LV - Large Value MV - Mid-Cap Value sV - Small Value sN - Specialty Natural Res sT - Specialty Technology su - Specialty Utilities sH - Specialty Health sF - Specialty Financial sR - Specialty Real Estate sC - Specialty Communications BM - Bear-Market CA - Conservative Allocation MA - Moderate Allocation MR - Miscellaneous Sector LN - Leveraged Net Long CV - Convertibles LO - Long-Short International Equity sP - Specialty Precious Metals Ws - World Stock Es - Europe Stock GR - Global Real Estate

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR -.05 +1.5

+16.2 +14.5 LV

2

-.21 -3.0 -.22 -2.5

+12.9 +11.5 LB +12.6 +11.3 LB

5 5

-.21 +8.6

+11.0

2

-.06

+.6

+14.7 +12.5 LV

5

-.09 +2.4

+17.4 +13.2 LV

2

-.08 -.37 -.16 -.42 -.88 -.53

+.3 +7.9 +6.0 +3.7 +5.5 +4.5

+12.6 +14.5 +10.0 +13.9 +14.1 +16.2

+10.9 +13.9 +7.7 +13.1 +13.6 +14.8

LV MG FG LG LG LG

4 2 5 3 2 2

-.08 -.08 +.06 +.13 +.14 -.23 -.64 -.45 -.31 -.08 +.05 -.20 -.29 -.05 -.39 -.61 +.05 +.01 -.38

+4.3 +1.6 +2.2 +3.1 +.1 +5.1 +8.5 +3.0 +4.7 +3.3 +2.2 +1.6 +2.3 +1.0 +5.9 +6.1 +5.8 +8.4 +1.2 +.8

+18.4 +12.5 +3.1 +10.5 +1.0 +14.1 +10.9 +16.2 +17.8 +6.3 +11.8 +1.3 +16.9 +15.3 +19.5 +14.2 +6.4 +14.8 +4.4 +15.8

+14.4 +11.3 +4.4 +9.1 +2.7 +9.8 +7.0 +12.8 +13.2 +6.8 +10.7 +2.3 +12.7 +12.8 +14.8 +11.0 +5.3 +11.1 +5.4 +13.8

LG MA CI IH IB WS FG LB LG HY MA CS LB LV LG WS EM WS MI LV

3 2 3 1 3 2 2 3 3 4 3 1 3 1 5 2 3 1 1 3

+.52 -.53 -.31 -.12 -.69 -.08 -.06

+14.7 +4.8 +5.3 +3.4 +4.7 +5.3 -.8

+14.7 +12.4 +15.6 +13.8 +14.8 +15.3 +4.5

+11.0 +10.3 +11.9 +12.8 +16.4 +16.3 +5.2

FR FG FB MV MG SG SV

5 2 2 5 4 3 5

-.11

-.2

+.05 +2.3

+5.8

+14.0 +12.9 LB +4.3

W

M

+5.8 CI

5 1

+.46 +3.5 -.33 -.3 -.35 -.3 +4.4 +4.2 +4.5 +3.1 -.04 +1.4 -.04 +1.5

+1.3 +0.4 EE +12.1 +11.5 LV +12.4 +11.7 LV +7.9 +6.6 IH +7.1 +5.8 IH +8.2 +6.9 IH +8.7 +8.9 HY +4.6 +5.0 NT +4.9 +5.3 NT

3 4 4 2 2 2 1 2 1

-.63 +1.5

+10.6 +11.9 SR

1

-.03 +7.7

+11.7

3

+8.3 FB

-.90 +1.5

+12.6 +13.9 SR

-.21 +7.8 -.22 +4.0

+10.5 +8.7 FR 3 +12.6 +11.7 MG 5

2

DP - Diversified Pacific/Asia PJ - Pacific/Asia exJapan Stk Js - Japan Stock EM - Diversified Emerging Mkts Ls - Latin America Stock IH - World Allocation FV - Foreign Large Value FB - Foreign Large Blend FG - Foreign Large Growth FA - Foreign Small/Mid Value FR - Foreign Small/Mid Growth Municipal Bond HM - High Yield Muni ML - Muni National Long MI - Muni National Interm Ms - Muni National Short sL - Muni Single State Long sI - Muni Single State Int/Sh MY - Muni New York Long MN - Muni New York Int/Sh MC - Muni California Long MF - Muni California Int/Sh MP - Muni Pennsylvania MT - Muni Massachusetts MJ - Muni New Jersey MO - Muni Ohio sM - Muni Minnesota NAME

FRI NAV

GlDivOppA m 18.38 MdCpValA m 17.17 Credit Suisse ComStrInstl 5.85 DFA 1YrFixInI 10.33 2YrGlbFII 9.94 5YrGlbFII 11.13 EmMkCrEqI 20.47 EmMktValI 27.74 EmMtSmCpI 21.99 IntCorEqI 12.61 IntSmCapI 20.13 IntlSCoI 18.34 IntlValuI 19.08 RelEstScI 33.27 TAUSCrE2I 14.60 USCorEq1I 18.35 USCorEq2I 17.92 USLgCo 16.42 USLgValI 34.40 USMicroI 19.86 USSmValI 35.79 USSmallI 32.15 USTgtValInst 22.96 Davis NYVentA m 37.86 Dodge & Cox Bal 102.41 GlbStock 12.30 Income 13.93 IntlStk 45.16 Stock 179.91 DoubleLine TotRetBdN b 11.08 Eaton Vance FltgRtI 9.02 FMI LgCap 21.75 FPA Cres d 34.03 NewInc d 10.13 Perennial d 54.92 Fairholme Funds Fairhome d 35.83 Federated StrValI 6.04 ToRetIs 11.19 Fidelity AstMgr20 13.50 AstMgr50 17.62 Bal 23.38 Bal K 23.37 BlChGrow 72.19 BlChGrowK 72.27 CapApr 37.74 CapInc d 10.03 ChinaReg d 37.38 Contra 100.72 ContraK 100.68 ConvSec 32.42 DivGrow 34.07 37.43 DivrIntl d DivrIntlK d 37.38 EmergAsia d 37.09 EqInc 58.06 EqInc II 26.86 FF2015 13.08 FF2035 13.89 FF2040 9.78 FltRtHiIn d 9.77

ss - Muni Single State Short Taxable Bond GL - Long Government GI - Intermediate Government Gs - Short Government CL - Long-Term Bond CI - Intermediate-Term Bond Cs - Short-Term Bond uB - Ultrashort Bond BL - Bank Loan HY - High Yield Bond Mu - Multisector Bond IB - World Bond EB - Emerging Markets Bond VL - Stable Value IP - Inflation-Protected Bond 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, usually a marketing fee and either a sales or redemption fee.

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.

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR +.09 +2.9 -.21 +.9

+8.9 +7.5 WS 5 +17.3 +13.4 MV 4

+.13 -2.7

-10.1

+.01 +.01 +.04 +.05 +.43 +.10 +.03 +.10 +.11 +.13 -.30 -.14 -.18 -.17 -.17 -.24 -.24 -.37 -.41 -.24

+.4 +.4 +1.8 +8.2 +7.7 +10.6 +7.9 +8.2 +8.0 +8.1 +1.5 +2.7 +2.7 +2.7 +1.6 +1.6 +2.6 +2.4 +3.4 +3.8

-.41 +2.8 -.55 -.12 +.05 -.44 -1.69

+1.2 +4.0 +1.8 +7.2 +.7

+.5 +.6 +2.4 +3.4 +1.3 +6.4 +10.6 +13.7 +11.0 +10.4 +12.7 +18.1 +17.7 +18.1 +16.7 +20.2 +18.0 +18.2 +18.1 +18.4

-5.6 BB +0.6 +0.8 +3.3 +3.2 +0.4 +5.5 +6.4 +8.3 +8.2 +5.0 +14.8 +14.2 +14.4 +14.2 +14.1 +14.6 +14.6 +13.1 +14.5 +13.1

3

UB IB IB EM EM EM FV FA FQ FV SR MB LB MB LB LV SB SV SB SV

3 2 1 2 3 1 3 4 4 4 2 3 3 3 2 3 4 3 3 3

+14.7 +10.8 LB

5

+15.3 +11.5 MA 3 +17.5 +10.9 WS 3 +4.1 +5.0 CI 4 +14.6 +8.4 FB 2 +19.8 +13.8 LV 3

+.04 +1.9

+4.5

+7.9 CI

1

+.01 +2.4

+4.1

+4.4 BL

2

-.14 +2.5

+16.2 +12.7 LB

2

-.19 +.9 +.01 +.8 -.54 +2.7

+11.0 +9.7 MA 5 +1.5 +1.8 NT 2 +17.6 +14.4 MG 3

+.55 +2.1

+12.2

+6.0 LV

5

+.02 +2.9 +.03 +2.3

+14.0 +13.5 LV +3.6 +4.7 CI

4 3

+4.9 +9.1 +12.6 +12.7 +19.3 +19.4 +18.1 +9.7 +19.7 +15.8 +15.9 +13.2 +16.2 +12.4 +12.5 +10.9 +15.0 +15.4 +8.2 +11.8 +11.9 +3.6

3 3 1 1 1 1 2 1 2 3 3 3 2 2 2 1 4 2 1 1 1 3

-.05 -.08 -.08 -1.06 -1.07 -.38 -.03 +1.03 -1.44 -1.43 -.17 -.40 -.51 -.50 +.40 -.28 -.20 -.03 -.09 -.07 +.02

+2.3 +3.8 +3.1 +3.1 +5.5 +5.5 +4.7 +4.9 +21.9 +3.8 +3.8 +.9 +1.9 +8.7 +8.7 +13.6 +1.8 +1.1 +3.7 +4.8 +4.7 +2.7

+5.3 +8.3 +11.0 +11.2 +16.5 +16.6 +14.9 +8.8 +12.2 +14.4 +14.5 +10.4 +12.4 +7.8 +8.0 +8.8 +10.8 +11.2 +7.5 +9.5 +9.5 +3.9

CA MA MA MA LG LG LG HY CH LG LG CV LB FG FG PJ LV LV TD TI TJ BL

Corning Costco CrwnCstle Cummins DR Horton DTE Danaher Darden DaVitaHlt Deere DelphiAuto DeltaAir Dentsply DevonE DiaOffs DirecTV Discover DiscCmA s DiscCmC s Disney DollarGen DollarTree DomRescs Dover DowChm DrPepSnap DuPont DukeEngy DunBrad E-Trade eBay EMC Cp EOG Rescs EQT Corp EastChem Eaton Ecolab EdisonInt EdwLfSci ElectArts EliLilly EmersonEl Endo Intl ENSCO Entergy Equifax Equinix EqtyRsd EssexPT EsteeLdr EversrceE Exelon Expedia ExpdIntl ExpScripts ExxonMbl F5 Netwks FLIR Sys FMC Corp FMC Tech Facebook FamilyDlr Fastenal FedExCp FidNatInfo FifthThird FstSolar FirstEngy Fiserv Flowserve Fluor FordM Fossil Grp FrankRes FrptMcM FrontierCm GameStop Gannett Gap Garmin GenDynam GenElec GenGrPrp GenMills GenMotors GenuPrt Genworth GileadSci GoldmanS Goodyear Google A Google C Graingr HCA Hldg HCP Inc Hallibrtn

.48f 1.42a 3.28 3.12 .25 2.76 .54f 2.20 2.40 1.00 .36 .29f .96 .50 1.12f 1.15f .88 2.59f 1.60 1.68 1.92f 1.88 3.18 1.85f .46 .67 .12 1.60 2.20f 1.32 1.67 2.00f 1.88 .60m 3.32 1.16f 9.26e 2.21f 5.76f .96 1.67f 1.24 .72 .64 2.76 .44f .66f 1.24 1.12 .80 1.04f .52 1.44 .72f .84 .60 .60a .20m .42f 1.44f .80 .92f 2.04f 2.76f .92 .68 1.76f 1.44f 2.46f 2.60f .24 4.32 2.26f .72

16 28 83 15 18 15 24 50 24 11 19 15 23 17 9 16 12 13 ...

24 21 27 21 16 17 21 18 29 16 25 dd 20 18 24 15 18 29 12 19 21 32 19 28 dd 13 31 dd 44 cc 26 19 18 32 24 32 11 26 21 17 14 73 39 24 19 27 11 16 17 26 15 18 20 12 14 dd 54 11 8 14 25 18 18 73 21 22 20 dd 14 10 3 25 25 19 17 22 11

25.16 156.85 89.44 161.03 29.29 92.27 88.10 70.38 83.04 94.89 85.21 51.06 56.25 80.63 55.37 89.46 66.75 44.99 44.00 108.94 76.39 84.22 80.89 91.84 54.97 81.45 80.65 89.97 137.25 28.67 60.93 30.92 118.89 111.47 90.55 79.98 118.46 69.59 150.41 60.21 77.46 69.94 96.58 55.89 92.02 94.90 244.97 82.53 243.17 85.28 56.83 38.93 100.09 49.51 89.59 104.76 136.11 37.42 78.50 63.92 86.07 80.97 51.18 183.51 68.98 21.90 73.78 41.68 80.97 79.70 79.93 18.12 115.20 59.43 39.32 8.46 46.59 37.76 46.85 62.05 146.13 28.68 31.70 57.73 38.99 109.00 18.74 116.83 202.87 28.98 608.91 599.65 269.69 80.20 49.61 74.33

W NAM NA H FourInOne 38.39 -.23 FrdmK2015 14.11 -.03 FrdmK2020 14.80 -.05 FrdmK2025 15.48 -.07 FrdmK2030 15.86 -.10 FrdmK2035 16.35 -.11 FrdmK2040 16.40 -.11 FrdmK2045 16.83 -.11 Free2010 15.92 -.02 Free2020 15.96 -.05 Free2025 13.69 -.05 Free2030 16.87 -.09 GNMA 11.74 +.03 GrDiscov 24.74 -.36 GrowCo 139.48 -1.53 GrowInc 30.79 -.24 GrthCmpK 139.34 -1.53 HiInc d 9.05 IntlDisc d 41.22 -.40 InvGrdBd 8.03 +.03 LowPrStkK d 52.06 -.10 LowPriStk d 52.09 -.11 Magellan 95.67 -1.06 MidCap d 40.33 -.37 MuniInc d 13.57 +.01 NewMktIn d 15.59 -.02 OTC 84.76 -.68 Puritan 22.09 -.15 PuritanK 22.08 -.15 RealInv d 41.47 -.36 SASEqF 14.25 -.11 SEMF 17.94 +.01 SInvGrBdF 11.62 +.04 STMIdxF d 61.16 -.60 SersEmgMkts 17.89 +.01 SesAl-SctrEqt 14.26 -.11 SesInmGrdBd 11.62 +.05 ShTmBond 8.63 +.01 SmCapDisc d 30.60 -.37 SmCpVal d 19.16 -.26 StratInc 10.89 +.03 TotalBd 10.87 +.04 USBdIdx 11.89 +.04 USBdIdxInv 11.89 +.04 Value 117.60 -.93 Worldwid d 23.68 -.24 Fidelity Advisor NewInsA m 27.42 -.28 NewInsC m 25.06 -.26 NewInsI 27.93 -.29 StratIncC m 12.11 +.04 Fidelity Select Biotech d 259.78 +.89 ConsStpl d 96.81 -1.05 Energy d 48.20 +1.04 HealtCar d 238.70 -2.01 MedEqSys d 38.81 -.49 NatRes d 33.14 +.66 Fidelity Spartan 500IdxAdvtg 73.47 -.72 500IdxAdvtgInst 73.47 -.73 500IdxInstl 73.47 -.73 500IdxInv 73.46 -.73 ExtMktIdAg d 57.43 -.58 IntlIdxAdg d 40.27 -.11 TotMktIdAg d 61.15 -.61 Fidelity® SeriesGrowthCoF 12.70 -.15 First Eagle GlbA m 54.39 -.28 FrankTemp-Frank Fed TF A m 12.54 +.01 FrankTemp-Franklin CA TF A m 7.58 GrowthA m 77.25 -.85 HY TF A m 10.68 Income C m 2.45 +.01 IncomeA m 2.42 IncomeAdv 2.40 MO TF A m 12.18 -.02 RisDvA m 52.13 -.56 StrIncA m 10.07 +.02 Utils A m 16.95 -.14 FrankTemp-Mutual Discov Z 35.09 -.28 DiscovA m 34.52 -.28 Europ C m 22.13 -.51 Shares Z 30.72 -.23 SharesA m 30.45 -.23 FrankTemp-Templeton GlBond C m 12.52 -.09 GlBondA m 12.49 -.10 GlBondAdv 12.45 -.09 GrowthA m 24.83 -.01 WorldA m 18.03 +.06 GE S&SUSEq 55.17 -.46 GMO EmgMktsVI d 10.47 +.09 IntItVlIV 23.86 +.12 QuIII 22.64 -.21 USEqAllcVI 16.27 -.17 Gabelli SmCpGrAAA m 50.70 -.78 Goldman Sachs HiYieldIs d 6.87 MidCpVaIs 42.72 -.29 SmCpValA m 53.46 -.51 Guggenheim MgFtrStrH b 26.14 -.37 Harbor CapApInst 62.52 -.82 IntlInstl 70.25 -.62 Hartford CapAprA m 38.84 -.25 CpApHLSIA 57.58 -.30 Heartland SelectVal m 31.95 -.17 Hodges Retail m 40.71 +.30 INVESCO ComstockA m 25.95 -.19 EqIncomeA m 10.46 -.05 GrowIncA m 26.79 -.20 IntlGrA m 34.38 -.18

W

W

17.03 111.45 71.29 124.30 19.29 71.60 70.12 43.56 66.60 78.88 58.23 30.12 43.83 51.76 26.02 73.54 54.02 28.72 27.66 76.31 53.00 49.69 64.71 67.13 41.45 50.98 63.70 68.81 98.44 18.20 46.34 24.92 81.07 71.33 67.13 57.11 97.78 53.63 77.16 26.71 57.35 54.95 53.62 19.78 70.26 64.75 170.00 57.19 164.76 68.36 41.92 30.66 66.93 38.14 64.64 82.68 99.26 28.32 51.04 34.85 54.66 55.64 39.46 130.64 51.17 17.14 39.18 29.98 54.91 52.75 51.80 13.26 79.50 49.12 16.43 5.44 31.69 25.53 35.46 44.57 104.22 23.41 22.03 48.32 28.82 82.15 6.75 65.59 153.10 18.87 490.91 487.56 223.92 47.79 39.34 37.21

N +3.8 +3.8 +3.9 +4.2 +4.5 +4.7 +4.8 +4.8 +3.4 +3.9 +4.2 +4.6 +1.3 +4.7 +5.9 +2.4 +6.0 +3.3 +8.5 +2.2 +3.7 +3.7 +3.4 +5.1 +1.3 +3.7 +6.5 +3.2 +3.2 +1.5 +3.4 +7.5 +2.2 +2.4 +7.4 +3.3 +2.2 +.9 +1.7 +1.2 +3.0 +2.6 +2.1 +2.0 +3.8 +6.2 +3.4 +3.1 +3.4 +2.7

W

22.46 +.04 +.2 144.57 -5.07 -3.4 85.84 +1.15 +1.4 133.84 -2.71 -2.0 28.27 -.34 -1.2 80.70 -1.03 -1.3 84.22 -.76 -.9 64.94 -3.84 -5.6 81.26 -.64 -.8 87.51 -1.56 -1.8 83.27 -1.44 -1.7 44.76 +1.53 +3.5 50.36 -1.34 -2.6 65.92 +1.06 +1.6 30.44 +.83 +2.8 86.60 -.72 -.8 59.08 +1.12 +1.9 32.80 -.24 -.7 31.15 -.67 -2.1 106.69 -.26 -.2 74.42 -1.65 -2.2 79.14 -3.73 -4.5 71.47 -.43 -.6 72.13 +2.73 +3.9 49.66 +1.27 +2.6 76.98 -1.74 -2.2 71.55 -.68 -.9 77.31 -.53 -.7 131.25 +.34 +.3 27.56 -.70 -2.5 55.79 -1.55 -2.7 26.61 +.78 +3.0 97.23 +.81 +.8 87.38 +2.72 +3.2 75.86 +3.56 +4.9 69.11 +.42 +.6 115.20 -1.16 -1.0 61.07 -2.72 -4.3 139.94 -1.74 -1.2 56.03 -2.33 -4.0 72.47 -1.45 -2.0 58.43 +1.58 +2.8 93.34 -1.12 -1.2 24.85 +1.19 +5.0 77.29 -.80 -1.0 91.84 -1.57 -1.7 236.14 -3.51 -1.5 75.32 -.30 -.4 222.46 +.27 +.1 82.82 -.62 -.7 50.05 -.45 -.9 32.99 -.39 -1.2 96.10 -3.10 -3.1 45.60 -1.27 -2.7 85.55 -3.30 -3.7 86.93 +1.37 +1.6 116.22 +2.40 +2.1 30.09 -1.11 -3.5 58.02 -.36 -.6 39.31 +.44 +1.1 80.78 -1.27 -1.5 78.75 -.99 -1.2 40.54 +.53 +1.3 168.00 -6.37 -3.7 63.33 -2.17 -3.3 18.91 -.14 -.8 61.94 +.64 +1.0 35.07 -1.18 -3.3 77.43 -1.63 -2.1 57.24 +1.46 +2.6 59.52 +.39 +.7 15.76 -.27 -1.7 82.45 -2.91 -3.4 51.18 -.55 -1.1 20.67 +2.42 +13.3 7.02 -.41 -5.5 39.66 -.74 -1.8 34.95 -1.34 -3.7 40.63 -.51 -1.2 46.67 +.01 131.27 -4.64 -3.4 27.25 -1.26 -4.4 28.56 -.08 -.3 56.09 -.40 -.7 36.64 +.07 +.2 91.67 -1.60 -1.7 8.02 +.29 +3.8 101.38 -.39 -.4 197.35 +1.71 +.9 27.23 -.48 -1.7 532.74 -15.80 -2.9 524.05 -15.96 -3.0 239.33 +4.62 +2.0 78.04 -.20 -.3 43.22 +.58 +1.4 46.89 +.63 +1.4

+13.3 +8.3 +9.0 +10.3 +11.0 +11.9 +12.1 +12.3 +7.8 +8.9 +10.2 +10.9 +2.4 +16.2 +18.3 +17.1 +18.5 +6.8 +12.0 +3.5 +16.6 +16.5 +18.0 +17.1 +4.4 +4.6 +21.0 +12.6 +12.7 +12.4 +17.4 +4.2 +3.4 +17.1 +4.0 +17.2 +3.3 +1.3 +18.8 +17.4 +4.7 +3.9 +2.9 +2.8 +19.9 +14.2

N

O

+10.9 +7.6 +8.0 +8.8 +9.2 +9.6 +9.7 +9.8 +7.2 +7.9 +8.7 +9.1 +4.1 +15.8 +17.0 +14.1 +17.2 +7.4 +7.5 +5.0 +14.0 +13.9 +11.8 +13.2 +5.5 +6.5 +17.3 +11.0 +11.2 +14.8 +14.0 +3.4 +4.8 +14.3 +3.2 +13.8 +4.7 +1.7 +16.3 +13.4 +5.7 +5.2 NA +4.2 +14.3 +11.5

AL TD TE TG TH TI TJ TK TA TE TG TH GI LG LG LB LG HY FG CI MV MV LG MG ML EB LG MA MA SR LG EM CI LB EM LG CI CS SB SV MU CI CI CI MV WS

2 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 1 2 2 2 3 3 2 5 3 2 1 1 1 2 3 2 2 2 2 3 2 3 2 1 2 2 2 2 2 2

+15.0 +13.5 LG +14.1 +12.6 LG +15.3 +13.8 LG +3.6 +4.6 MU

5 5 5 3

+20.3 +2.5 +7.8 +14.0 +10.6 +9.0

+47.7 +15.3 +6.1 +37.8 +27.1 +4.4

+33.5 +14.5 +6.3 +27.4 +17.9 +4.9

SH CC EE SH SH EE

1 1 2 2 5 2

+1.7 +1.7 +1.7 +1.6 +5.4 +8.2 +2.4

+16.8 +16.8 +16.8 +16.7 +18.1 +10.9 +17.0

+14.1 NA NA +14.1 +14.9 +6.5 +14.3

LB LB LB LB MB FB LB

2 2 2 2 2 3 2

+6.0

NA

NA LG

1

+3.7

+9.2

+8.9 IH

3

+1.1

+4.3

+5.4 ML

3

+1.7 +3.4 +1.7 +2.3 +2.5 +2.6 +1.5 +.3 +1.8 -3.9

+5.4 +6.2 MC 1 +16.0 +13.3 LG 2 +4.7 +6.1 HM 4 +9.3 +8.4 CA 5 +9.8 +8.8 CA 5 +10.1 +9.1 CA 5 +2.7 +4.3 SL 2 +13.8 +12.9 LB 5 +4.6 +5.4 MU 5 +13.0 +13.5 SU 1

+5.3 +5.2 +8.6 +4.1 +4.0

+14.3 +10.1 WS 2 +14.0 +9.8 WS 2 +12.7 +7.3 ES 1 +15.3 +11.1 LV 3 +14.9 +10.8 LV 3

+1.1 +1.2 +1.4 +4.3 +4.8

+4.1 +4.5 +4.8 +14.3 +13.0

+1.6

+17.0 +13.1 LG

4

+7.3 +8.7 +1.1 +1.0

-.2 +0.9 EM +11.7 +6.3 FV +13.6 +13.0 LB +13.9 +12.9 LB

3 5 4 5

+4.0 +4.5 +4.7 +9.5 +9.2

IB IB IB WS WS

2 2 2 5 5

+3.3

+16.6 +13.5 SB

+3.5 +2.7 +2.2

+7.7 +7.9 HY 2 +18.5 +14.0 MV 1 +16.8 +13.9 SB 3

+8.5

+5.3

+0.8

4

2

+6.8 +8.4

+16.4 +14.9 LG +8.2 +6.8 FB

1 5

+4.7 +5.2

+18.7 +11.7 LB +17.7 +12.3 LB

2 3

+2.0

+14.4

+6.5

+23.5 +14.0 MB 3

+2.0 +1.4 +1.2 +6.7

+17.4 +13.4 LV 3 +13.3 +10.0 MA 2 +16.2 +11.6 LV 3 +10.2 +8.2 FG 2

+9.9 MV 5

W

M

Hanesbds s HarleyD Harman HarrisCorp HartfdFn Hasbro HltCrREIT HelmPayne HSchein Hershey Hess HewlettP HomeDp HonwllIntl Hormel Hospira HostHotls HudsCity Humana HuntBncsh ITW IngerRd IntegrysE Intel IntcntlExch IBM IntFlav IntPap Interpublic Intuit IntSurg Invesco IronMtn JPMorgCh JacobsEng JohnJn JohnsnCtl JoyGlbl JnprNtwk KLA Tnc KC Southn Kellogg KeurigGM Keycorp KimbClk Kimco KindMorg Kohls KraftFGp Kroger L Brands L-3 Com LabCp LamResrch LeggMason LeggPlat LennarA LeucNatl Level3 LincNat LinearTch LockhdM Loews Lorillard Lowes LyonBas A M&T Bk Macerich Macys Mallinckdt MarathnO MarathPet MarIntA MarshM MartMM Masco MasterCrd Mattel McCorm McDnlds McGrwH McKesson MeadJohn MeadWvco Medtrnic Merck MetLife MKors Microchp MicronT Microsoft Mohawk MolsCoorB Mondelez Monsanto MonstrBev

.40f 1.24f 1.32 1.88 .72 1.84f 3.30f 2.75 2.14 1.00 .64 2.36f 2.07 1.00 .80a .16 1.16f .24 1.94 1.16 2.72 .96 2.60 4.40 1.88 1.60 .48f 1.00 1.00 1.90a 1.60 2.80 1.04 .80 .40 2.00a 1.32f 1.96 1.15 .26 3.52f .96 1.92f 1.80f 2.20 .74 2.00f 2.60f .72 .64 1.24 .16 .25 .80 1.20 6.00 .25 2.64f .92 2.80 2.80 2.60 1.25 .84 2.00 .80 1.12 1.60 .36 .64 1.52 1.60 3.40 1.32f .96 1.65f 1.00 1.22 1.80 1.40 1.43f 1.24 1.64f .60 1.78

33 16 30 16 12 21 57 11 25 26 10 12 24 19 25 45 13 30 24 15 13 20 21 14 24 13 23 20 18 35 42 16 17 12 14 18 27 13 dd 23 23 34 31 14 26 43 48 17 51 21 26 15 20 17 24 64 16 29 42 10 22 17 27 22 27 11 16 8 16 ...

7 11 31 21 52 11 28 20 23 20 dd 31 28 31 25 14 9 17 29 9 17 24 28 29 25 49

34.80 74.13 145.00 81.89 43.42 66.32 84.88 118.95 143.89 111.35 104.50 41.10 117.99 106.15 58.98 88.15 24.50 10.77 183.05 11.32 100.14 69.42 83.72 37.90 240.05 198.71 123.08 57.90 22.69 100.88 548.38 41.98 41.53 64.48 64.99 109.49 52.00 65.36 26.13 73.12 126.49 69.89 158.87 14.74 119.01 28.54 44.09 79.60 91.32 77.74 95.78 132.92 131.19 85.70 59.19 46.95 53.67 26.78 55.95 60.84 49.57 207.06 44.88 71.24 76.25 115.40 129.58 95.93 69.98 134.26 41.92 108.32 85.00 58.74 146.21 27.40 93.00 40.00 78.70 103.78 109.13 232.69 105.45 55.15 79.50 63.62 57.57 98.96 52.44 36.59 50.05 188.29 79.18 39.54 128.79 143.90

W

W

18.34 54.22 84.48 60.78 33.29 48.01 61.23 54.00 109.34 87.88 63.80 31.00 74.61 82.89 44.91 42.16 19.73 8.53 103.89 8.80 79.06 52.47 56.46 25.74 182.40 149.52 91.64 44.24 16.14 72.81 346.46 34.00 23.28 52.97 37.87 95.10 38.60 37.77 18.41 49.39 96.12 58.83 90.08 11.55 103.50 21.54 32.10 50.90 53.33 43.79 53.03 99.33 95.12 50.54 43.45 31.54 35.74 20.96 36.00 45.25 37.56 154.21 38.01 52.54 44.13 70.06 111.78 62.62 54.82 59.00 24.28 74.64 55.00 46.94 103.09 19.50 69.60 22.32 64.92 87.62 71.93 164.34 81.23 37.28 55.85 52.49 46.10 62.65 36.92 21.25 38.51 120.37 56.60 31.83 105.76 63.00

W NAM NA H IVA WorldwideI d 17.94 -.01 +2.7 Ivy AssetStrA m 26.20 -.40 +2.8 AssetStrC m 25.18 -.38 +2.6 AsstStrgI 26.47 -.40 +2.8 GlblGrA m 43.03 -.91 +6.4 JPMorgan CoreBdUlt 11.94 +.05 +2.1 CoreBondA m 11.93 +.05 +1.9 CoreBondSelect 11.93 +.06 +2.0 DiscEqUlt 24.12 -.27 +2.1 HighYldSel 7.74 +3.3 LgCapGrA m 36.22 -.55 +4.9 LgCapGrSelect 36.30 -.55 +4.9 MidCapVal m 37.37 -.51 +2.5 MidCpValI 38.12 -.52 +2.6 ShDurBndSel 10.93 +.02 +.8 USEquityI 14.81 -.16 +2.0 USLCpCrPS 29.88 -.37 +1.6 ValAdvI 30.25 -.22 +1.5 Janus 31.14 -.09 +2.2 BalT FlexBdT 10.72 +.04 +2.3 GlbLfScT 61.83 +17.7 John Hancock DisValMdCpI 20.79 -.25 +4.1 DiscValI 19.02 -.14 +.3 LgCpEqA m 40.78 -.28 +2.5 LifBa1 b 16.01 -.06 +3.8 LifGr1 b 17.00 -.09 +4.4 Lazard EmgMkEqInst d 17.72 -.04 +3.1 Legg Mason CBAggressGrthA m214.67-.90 +5.4 CBAggressGrthI 232.93 -.97 +5.5 WACorePlusBdI 11.86 +.03 +2.8 WAManagedMuniA m16.92 +1.4 Leuthold CoreInv d 18.82 -.13 +1.9 Longleaf Partners LongPart 31.48 -.20 +.8 Loomis Sayles BdInstl 14.76 +.11 +.3 BdR b 14.69 +.11 +.3 Lord Abbett AffiliatA m 16.31 -.12 +.8 ShDurIncA m 4.47 +.01 +1.4 ShDurIncC m 4.50 +.01 +1.2 ShDurIncF b 4.46 +1.4 MFS IntlValA m 35.89 -.27 +8.6 IsIntlEq 22.79 -.17 +9.0 ValueA m 35.22 -.27 +1.4 ValueI 35.40 -.27 +1.5 MainStay Mktfield 16.62 +2.3 Mairs & Power BalInv 87.23 -.43 +1.1 GrthInv 116.62 -1.63 +.4 Matthews Asian China d 25.94 +.25 +20.9 GrInc d 19.23 +.15 +6.8 Meridian ContraFdCl d 41.17 -.33 +6.1 MeridnGr d 37.30 -.39 +2.6 Metropolitan West TotRetBdI 11.06 +.05 +1.9 TotRtBd b 11.06 +.05 +1.8 TtlRtnBdPl 10.43 +.05 +1.9 Mutual Series Beacon C m 17.34 -.18 +6.0 Beacon Z 17.63 -.18 +6.3 BeaconA m 17.49 -.18 +6.2 Natixis LSInvBdY 11.84 +.09 +.5 LSStratIncC m 16.36 +.10 +.4 Northeast Investors Northeast 5.55 -1.0 Northern HYFixInc d 7.18 +3.1 StkIdx 25.59 -.26 +1.6 Nuveen HiYldMunI 17.27 -.01 +1.7 Oakmark EqIncI 32.43 -.01 +1.6 Intl I 25.23 -.16 +8.1 Oakmark I 66.99 -.53 +.9 Select I 41.26 -.16 +1.2 Old Westbury GlbOppo 7.96 +4.9 GlbSmMdCp 17.08 -.16 +5.3 LgCpStr 13.43 -.17 +4.0 Oppenheimer CapIncA m 9.95 -.01 +2.4 DevMktA m 36.82 -.28 +3.7 DevMktY 36.37 -.28 +3.7 EquityA m 14.19 -.15 +2.6 GdSpcMnrA m 13.58 +.28 +.1 GlobA m 82.40 -1.11 +8.4 IntlGrY 37.59 -.13 +7.2 LtdTmGovA m 9.09 +.01 +1.0 MainStrA m 49.09 -.47 +2.5 QuBalA m 18.13 -.15 +6.4 SrFltRatA m 8.18 +.01 +2.1 Oppenheimer Rocheste FdMuniA m 15.37 -.02 +2.2 Osterweis OsterStrInc 11.54 +.03 +2.7 PIMCO AllAssetI 11.87 +.06 +3.0 AllAuthIn 9.33 +.05 +2.9 ComRlRStI 4.44 +.12 -.7 EMktCurI 9.28 +.05 +1.8 EmgLclBdI 8.08 -.01 -.9 ForBdInstl 11.00 -.02 +2.6 HiYldIs 9.30 -.02 +3.6 Income P 12.47 -.03 +2.9 IncomeA m 12.47 -.03 +2.8 IncomeC m 12.47 -.03 +2.6 IncomeD b 12.47 -.03 +2.8 IncomeInl 12.47 -.03 +2.9 LowDrIs 10.10 -.01 +1.1 RealRet 11.22 +.12 +3.1

W

33.58 -.92 -2.7 60.60 -1.91 -3.1 137.03 -1.32 -1.0 78.55 -2.45 -3.0 41.90 -.66 -1.6 65.89 +1.68 +2.6 75.26 -.93 -1.2 73.64 +.56 +.8 138.27 -3.59 -2.5 100.27 +.18 +.2 77.46 +4.34 +5.9 32.53 +.42 +1.3 112.10 -3.14 -2.7 101.70 -3.00 -2.9 56.35 -1.36 -2.4 87.46 -.29 -.3 20.60 +.67 +3.4 9.50 -.08 -.8 177.48 -1.00 -.6 11.11 +.06 +.5 95.87 -1.67 -1.7 67.34 -1.25 -1.8 72.28 -.43 -.6 32.47 +.54 +1.7 223.67 -8.24 -3.6 160.67 -2.19 -1.3 116.28 -2.69 -2.3 54.05 -2.23 -4.0 20.83 -.98 -4.5 95.58 -3.31 -3.3 540.70 +10.34 +1.9 39.88 -.12 -.3 36.88 -.29 -.8 62.84 +1.14 +1.8 47.46 +.86 +1.8 99.58 -2.48 -2.4 50.54 +.45 +.9 40.80 +1.50 +3.8 23.73 -.04 -.2 58.00 -1.13 -1.9 104.49 -1.84 -1.7 64.39 -1.34 -2.0 112.80 -3.74 -3.2 14.09 +.03 +.2 106.78 -.08 -.1 25.30 -.61 -2.4 43.90 +.97 +2.3 74.47 -3.93 -5.0 86.73 -2.54 -2.8 71.84 -5.23 -6.8 89.44 -5.24 -5.5 122.44 -3.60 -2.9 124.41 -1.66 -1.3 70.66 -2.44 -3.3 53.47 -.96 -1.8 43.53 -1.74 -3.8 48.58 -1.92 -3.8 22.71 -.36 -1.6 52.12 -1.56 -2.9 56.79 -.02 46.17 -.33 -.7 194.82 -5.58 -2.8 41.84 +.67 +1.6 70.68 +.17 +.2 72.55 -2.35 -3.1 95.65 +4.24 +4.6 120.81 -3.58 -2.9 82.52 +1.17 +1.4 66.45 -2.71 -3.9 122.38 -6.71 -5.2 30.52 +1.34 +4.6 98.72 -1.70 -1.7 77.64 -2.68 -3.3 56.19 -.93 -1.6 140.24 +1.70 +1.2 25.65 -.92 -3.5 86.93 -1.64 -1.9 26.75 +2.52 +10.4 76.47 -1.28 -1.6 94.88 -2.92 -3.0 102.86 -2.25 -2.1 228.03 +3.69 +1.6 100.16 -2.52 -2.5 47.19 -1.88 -3.8 76.49 -1.44 -1.8 56.88 -.37 -.6 50.50 -.32 -.6 63.25 -1.35 -2.1 49.20 -.80 -1.6 28.02 41.62 -.11 -.3 177.10 -6.76 -3.7 76.97 -.93 -1.2 36.97 -.44 -1.2 116.70 -3.44 -2.9 136.91 -1.44 -1.0 N

+8.3

N

O +7.7 IH

3

+8.2 +7.5 +8.5 +10.4

+7.6 +6.8 +7.8 +9.3

IH IH IH FG

5 5 5 2

+3.1 +2.8 +2.9 +18.6 +7.4 +13.8 +14.0 +18.8 +19.3 +.8 +18.0 +18.7 +18.0

+4.7 +4.3 +4.5 +15.2 +7.6 +15.6 +15.9 +15.7 +16.3 +1.4 +14.3 +14.0 +14.8

CI CI CI LB HY LG LG MV MV CS LB LB LV

2 3 3 1 2 1 1 1 1 3 1 1 1

+11.2 +9.4 MA 1 +4.0 +5.1 CI 4 +39.8 +27.9 SH 2 +20.3 +16.8 MV +17.4 +13.6 LV +16.3 +11.1 LG +9.9 +8.6 MA +12.0 +9.8 AL +1.5

1 3 4 4 3

+2.4 EM

5

+22.6 +18.8 LG +23.1 +19.3 LG +4.9 +6.0 CI +4.3 +5.5 ML

3 3 1 2

+10.1

2

+6.3 TV

+14.0 +10.8 LB +6.3 +6.0

5

+7.2 MU 4 +6.9 MU 4

+16.2 +10.8 LV +3.0 +3.6 CS +2.3 +2.9 CS +3.0 +3.6 CS

2 2 3 2

+14.6 +10.9 FB +10.7 +8.3 FG +16.6 +13.0 LV +16.9 +13.3 LV

1 3 2 1

+3.8

+4.9 LO

5

+11.8 +10.9 MA 4 +16.7 +13.9 LB 5 +7.7 +8.3

+4.7 CH +7.4 PJ

3 5

+17.6 +13.6 MG 3 +13.0 +14.3 SG 1 +5.4 +5.2 +5.4

+6.2 CI +6.0 CI NA CI

2 2 2

+15.1 +10.4 LB +16.3 +11.5 LB +15.9 +11.2 LB

4 3 3

+4.6 +7.2

+6.0 CI 5 +7.3 MU 4

+4.4

+4.9 HY

5

+7.3 +7.8 HY +16.7 +14.0 LB

3 2

+9.0

+9.2 HM 1

+11.4 +8.9 MA +15.2 +9.7 FB +18.3 +14.2 LB +19.3 +15.3 LB

4 3 4 3

+9.4 +7.1 IH +12.0 +10.7 WS 3 +13.1 +8.3 WS 1 +7.5 +4.4 +4.7 +15.6 -24.5 +15.3 +10.9 +1.1 +15.3 +9.4 +4.6

+7.6 +5.1 +5.5 +11.9 -15.6 +10.8 +9.1 +1.7 +13.4 +6.2 +5.2

CA EM EM LG SP WS FG GS LB IH BL

3 4 4 3 5 1 5 2 3 4

+3.6

+5.3 MY 1

+5.3

+5.9 HY

+4.5 +1.6 -10.3 -1.6 -3.7 +7.6 +7.4 +9.9 +9.6 +8.9 +9.7 +10.0 +1.9 +.8

+6.1 +4.3 -3.5 -0.1 +0.4 +7.4 +7.6 +10.9 +10.6 +9.9 +10.7 +11.0 +2.5 +4.4

3

TV TV BB CR EB IB HY MU MU MU MU MU CS 3 IP 2

W

M

Moodys MorgStan Mosaic MotrlaSolu MurphO Mylan NV NRG Egy NasdOMX NOilVarco Navient n NetApp Netflix +25.7 NewellRub NewfldExp NewmtM NewsCpA NextEraEn NiSource NielsenNV NikeB NobleCorp NobleEngy Nordstrm NorflkSo NorTrst NorthropG Nucor Nvidia OReillyAu OcciPet Omnicom ONEOK Oracle OwensIll PG&E Cp PNC PPG PPL Corp PVH Corp Paccar PallCorp ParkerHan Patterson Paychex Pentair PeopUtdF PepcoHold PepsiCo PerkElm Perrigo Pfizer PhilipMor Phillips66 PinWst PioNtrl PitnyBw PlumCrk Praxair PrecCastpt PriceTR Priceline PrinFncl ProLogis ProctGam ProgsvCp Prudentl PSEG PubStrg PulteGrp QEP Res Qualcom QuantaSvc QstDiag RLauren RangeRs Raytheon RltyInco RedHat Regenrn RegionsFn RepubSvc ReynAmer RobtHalf RockwlAut RockColl Roper RossStrs RylCarb Ryder SCANA SLGreen StJude Salesforce SanDisk Schlmbrg

1.36f .40 1.10f 1.36 1.40 .58f .60 1.84 .64f .66

W

W

W

23 106.17 74.70 104.40 -1.33 12 39.19 28.68 36.75 +.51 17 53.83 40.32 45.32 -.53 27 70.26 57.79 60.68 -1.85 10 68.43 42.19 49.64 +.26 30 72.62 44.74 69.82 -.43 31 38.09 22.78 24.96 +.39 20 51.22 33.49 48.68 -1.91 9 86.55 46.08 54.59 +.16 ... 22.71 15.00 19.93 -.33 19 43.75 33.34 35.97 +.50 cc 568.75 299.50 571.55+116.98

.76f 28 40.73 22 45.43 .10 23 27.40 36 18.41 3.08f 17 112.64 1.04 26 45.10 1.00 44 49.61 1.12 28 103.79 1.50 dd 30.27 .72 16 79.63 1.48f 21 83.16 2.36f 16 117.64 1.32 21 72.72 2.80 17 172.30 1.49 21 58.76 .34 20 23.61 29 222.94 2.88 14 105.64 2.00 18 80.98 2.42 31 71.19 .60f 18 46.71 24 35.18 1.82 16 60.21 2.04f 13 96.71 2.88f 23 237.90 1.49 12 38.14 .15 20 133.89 .88a 16 71.15 1.22 27 106.19 2.52 16 133.41 .88f 21 51.49 1.52 27 51.72 1.28 55 80.57 .67f 18 15.50 1.08 24 27.92 2.62 22 100.76 .28 37 51.85 .50f 61 215.73 1.12f 25 35.53 4.00 18 91.63 2.00 11 87.98 2.38 18 73.31 .08 28 234.60 .75 14 28.37 1.76 36 45.45 2.86f 22 134.84 .12 16 275.09 2.08f 18 88.64 25 1329.90 1.44f 14 55.07 1.44f 36 47.56 2.65f 25 93.89 .69e 13 27.90 2.32 10 94.30 1.56f 17 44.45 5.60 36 206.92 .32 18 23.36 .08 13 35.91 1.92f 14 81.97 22 37.49 1.52f 20 78.33 2.00f 16 187.49 .16 24 95.41 2.68f 16 113.36 2.27 48 55.54 76 77.82 cc 495.50 .20 12 10.96 1.12 25 42.05 2.68 27 76.23 .80f 26 63.27 2.60 18 128.57 1.20 20 98.82 1.00 26 174.19 .94f 23 108.91 1.20 23 85.56 1.48 23 99.32 2.18f 14 65.57 2.40 27 135.81 1.16f 18 71.90 dd 71.00 1.20 21 108.77 2.00 23 118.76

W NAM NA H ShtTermIs 9.80 -.01 TotRetA m 10.90 +.02 TotRetAdm b 10.90 +.02 TotRetC m 10.90 +.02 TotRetIs 10.90 +.02 TotRetrnD b 10.90 +.02 TotlRetnP 10.90 +.02 UnconstrBdIns 11.16 -.08 PRIMECAP Odyssey AggGr 35.62 -.19 Growth 27.07 -.31 Parnassus CoreEqInv 40.26 -.55 Permanent Portfolio 40.28 +.13 Pioneer CoreEqA m 17.34 -.19 Principal LCGrIInst 13.03 -.18 Prudential Investmen JenMidCapGrZ 42.58 -.68 Putnam CpSpctrmY 38.67 -.33 DivrInA m 7.44 -.13 GlbUtilA m 12.42 -.12 GrowIncA m 21.97 -.03 IncomeA m 7.26 MultiCapGrA m 79.25 -1.14 RS PartnersA m 31.09 -.12 Royce LowStkSer m 9.75 -.01 SpecEqInv d 22.94 -.34 ValPlSvc m 15.17 -.12 Schwab 1000Inv d 53.60 -.54 FUSLgCInl d 15.40 -.13 HlthCFoc d 27.82 -.24 S&P500Sel d 32.68 -.33 Scout Interntl 34.63 -.23 Sequoia Sequoia 253.22 -3.62 T Rowe Price BlChpGr 71.47 -.98 CapApprec 27.05 -.15 EmEurMed d 13.37 +.02 EmMktBd d 12.29 -.06 EmMktStk d 35.17 -.27 EqIndex d 56.09 -.56 EqtyInc 32.74 -.19 FinSer 22.71 -.01 GrowStk 55.42 -.73 HealthSci 78.70 -.31 HiYield d 6.92 +.01 InsLgCpGr 29.12 -.38 IntlDisc d 56.18 +.19 IntlGrInc d 14.77 +.04 IntlStk d 17.08 -.12 LatinAm d 21.73 -.02 MidCapE 46.29 -.40 MidCapVa 29.84 -.15 MidCpGr 80.85 -.66 NewHoriz 46.97 -.23 NewIncome 9.72 +.02 OrseaStk d 10.18 -.03 R2015 14.95 -.03 R2025 16.37 -.07 17.47 -.09 R2035 Real d 27.35 -.29 Rtmt2010 18.24 -.02 Rtmt2020 21.50 -.07 Rtmt2030 24.07 -.11 Rtmt2040 25.12 -.15 Rtmt2045 16.80 -.10 ShTmBond 4.77 SmCpStk 45.85 -.45 SmCpVal d 46.75 -.60 SpecInc 12.81 +.02 TaxFInc 10.46 +.01 Value 35.47 -.21 TCW TotRetBdI 10.43 +.04 TIAA-CREF BdIdxInst 11.07 +.04 EqIx 15.88 -.16 IntlE d 18.91 -.06 Templeton InFEqSeS 22.12 +.06 Thornburg IncBldC m 21.92 -.04 IntlI 31.02 +.13 Thrivent LgCapStkA m 26.58 -.24 MidCapA m 21.90 -.22 MuniBdA m 11.72 Torray Torray 47.95 -.22 Tweedy, Browne GlobVal d 27.51 -.23 U.S. Global Investor EastEuro m 6.68 +.09 USAA Grow 24.95 -.37 Income 13.41 +.07 PrcMtlMin 12.10 +.17 Vanguard 500Adml 192.06 -1.91 500Inv 192.05 -1.91 BalIdxAdm 30.21 -.13 BalIdxIns 30.22 -.12 BdMktInstPls 11.02 +.04 CAITAdml 11.82 CapOpAdml 127.13 -1.60 DevMktIdxAdm 13.17 -.03 DevMktIdxInstl 13.18 -.04 DivGr 22.95 -.32 EmMktIAdm 36.23 -.02 EnergyAdm 107.80 +3.50 EqInc 31.37 -.22 EqIncAdml 65.74 -.47 ExplAdml 92.06 -.96 ExtdIdAdm 70.20 -.71 ExtdIdIst 70.20 -.71 ExtdMktIdxIP 173.25 -1.74

28.27 38.71 -1.33 22.31 38.48 +1.29 17.60 23.57 +1.24 14.28 15.59 -.33 90.33 103.15 -1.75 34.72 43.15 -.73 40.56 44.21 -1.80 71.10 98.55 -1.42 13.15 16.94 +.71 41.01 52.10 +1.18 59.97 76.43 -3.81 91.91 100.65 -5.70 58.30 69.83 -1.03 116.11 160.16 -5.19 42.93 46.41 -1.81 16.77 22.20 -.56 141.12 214.05 -5.97 71.70 80.53 +2.08 64.03 76.94 -1.68 39.53 49.54 +1.29 35.82 43.00 -.51 22.65 24.20 -.22 42.85 52.36 -.68 76.69 90.93 -2.04 171.56 226.61 -2.89 31.31 33.29 -.76 93.80 103.74 -6.64 55.34 62.77 -.47 76.59 98.08 -1.28 99.82 121.47 +.94 37.03 46.95 -1.38 39.83 48.28 -1.00 59.09 63.59 +.93 13.61 15.04 -.03 20.72 26.57 -.18 83.05 95.81 -.39 38.96 50.99 -.48 125.37 198.98 +.43 27.51 35.04 -.40 75.27 85.26 +7.36 57.33 78.01 -.33 52.13 62.65 -1.13 127.31 177.93 +5.41 21.15 23.27 -.32 38.70 42.27 -.36 117.32 120.45 -1.91 186.17 201.15 -11.85 71.78 82.42 +1.44 990.69 1187.53 -1.97 42.90 50.77 +.49 37.12 42.88 +.39 77.29 82.53 -.82 23.20 26.75 -.15 74.51 79.13 -1.21 34.05 40.98 -.69 162.34 190.07 -3.62 16.56 22.19 -.13 18.15 22.71 +.30 62.26 67.11 -2.05 25.34 29.11 +.49 54.90 75.33 -.91 127.29 133.78 -4.34 43.88 60.73 +5.48 89.17 107.72 -2.24 40.56 49.26 -.25 47.45 73.93 -1.82 269.50 447.52 -13.87 8.59 9.59 33.99 39.36 -1.66 53.17 74.70 +.34 39.57 58.72 -.78 98.55 112.31 +.76 71.89 95.03 -3.25 126.75 167.08 -3.23 61.83 100.40 -3.06 49.65 79.03 -2.21 77.14 94.48 -.95 47.77 54.05 -1.10 99.42 126.68 -1.17 54.80 67.76 -.41 48.18 65.81 -1.83 63.00 67.01 -3.68 75.60 92.86 +3.75 N

+.7 +2.6 +2.7 +2.4 +2.7 +2.6 +2.7 +.2 +8.2 +3.9 -.9 +1.8

+1.4 +3.5 +3.6 +2.7 +3.9 +3.6 +3.8 +2.2

O +1.5 UB +4.5 CI +4.7 CI +3.7 CI +4.9 CI +4.6 CI +4.8 CI +2.5 NT

-1.3 +1.4 -1.2 -3.0 +.5 -.6 +1.6 -3.8 +.3 -1.6 +1.4 -3.3 +3.5 +5.6 -2.1 -1.7 -1.7 -3.9 -1.4 +4.4 +2.3 -4.7 -5.4 -1.5 -3.1 -3.8 -2.5 -2.7 +2.7 -2.1 +2.7 -1.2 -.9 -1.3 -2.2 -1.3 -2.2 -6.0 -.7 -1.3 +.8 -2.9 -2.0 +1.5 -.2 -.7 -.4 -.9 +.2 -1.1 +9.4 -.4 -1.8 +3.1 -1.4 -.8 -1.6 -5.6 +1.8 -.2 +1.0 +.9 -1.0 -.6 -1.5 -1.7 -1.9 -.6 +1.3 -3.0 +1.7 -1.2 -3.1 +9.9 -2.0 -.5 -2.4 -3.0 -4.0 +.5 -1.3 +.7 -3.3 -1.9 -3.0 -2.7 -1.0 -2.0 -.9 -.6 -2.7 -5.2 +4.2 N 1 3 2 4 2 2 2 2

+28.9 +20.1 MG 1 +20.9 +14.5 LG 2 +17.9 +13.2 LB +.3

3

+4.3 CA

5

+.9

+14.4 +12.9 LB

4

+6.3

+16.9 +15.4 LG

+6.4

+14.9 +14.4 MG 2

-.4 -.8 -2.8 +1.7 +1.7 +3.8

+18.7 +17.8 LB +5.0 +5.0 NT +8.9 +5.4 SU +17.6 +12.7 LV +5.5 +5.6 CI +17.3 +14.6 LG

4 5 5 3 5 2

+14.2 +11.0 SB

5

+2.7 +4.0 SB +11.5 +10.4 SB +14.6 +10.6 SG

5 4 4

+2.1 +.7 +11.4 +1.6

+16.7 +17.3 +28.0 +16.7

LB LV SH LB

2 2 5 2

+6.3

+7.7

+5.8 FG

4

+3.1 +.3 +6.6

+7.8

+14.0 +13.5 +21.7 +14.1

+17.8 +17.2 LG

3

+6.2 +3.5 +6.6 +3.6 +8.6 +1.6 +.2 +2.2 +6.7 +15.8 +3.8 +6.0 +8.9 +7.3 +9.4 -1.0 +7.4 +3.5 +7.2 +7.3 +2.1 +8.1 +3.3 +4.2 +4.9 +2.3 +2.9 +3.8 +4.6 +5.0 +5.0 +.8 +3.5 -.1 +1.8 +1.3 +2.4

+18.0 +14.5 -9.2 +3.6 +4.2 +16.5 +14.5 +19.0 +17.5 +38.3 +8.0 +18.4 +13.4 +9.7 +9.4 -9.8 +19.8 +18.0 +19.1 +20.0 +3.2 +10.8 +9.6 +11.9 +13.5 +12.5 +8.2 +10.8 +12.8 +13.9 +13.9 +1.0 +17.2 +12.6 +4.9 +4.4 +20.0

1 1 5 2 1 2 5 1 1 2 2 2 1 3 1 1 1 2 1 1 3 2 1 1 1 2 2 1 1 1 1 4 4 5 3 3 1

+1.7

+5.9

+2.1 +2.4 +8.4

+16.6 +12.3 -7.3 +5.6 +3.2 +13.9 +11.2 +10.3 +15.9 +29.1 +8.1 +16.1 +10.8 +6.4 +7.2 -7.0 +16.9 +12.8 +16.3 +20.0 +4.3 +7.4 +8.8 +10.3 +11.3 +14.7 +7.8 +9.6 +10.9 +11.6 +11.6 +1.5 +15.7 +11.5 +5.6 +5.3 +14.6

LG MA MQ EB EM LB LV SF LG SH HY LG FR FV FG LS MG MV MG SG CI FB TD TG TI SR TA TE TH TJ TK CS SG SB MU ML LV

+6.8 CI

+2.8 +4.2 CI +17.1 +14.2 LB +11.0 +6.5 FB

2 2 3

+10.3

+11.1

+6.5 FV

2

+5.9 +13.2

+10.6 +9.1

+8.4 IH +6.7 FG

1 1

+6.2 +2.8 +1.1 -.1

+14.1 +10.2 LB 4 +17.1 +13.2 MB 3 +3.8 +4.9 ML 4 +14.6 +12.0 LV

3

+5.6

+12.1

1

+1.8

-7.9

+9.5 FV

-6.8 MQ 5

+2.5 +2.3 +2.5

+18.7 +14.8 LG +4.3 +5.3 CI -24.4 -15.2 SP

2 3 3

+1.7 +1.6 +2.3 +2.3 +2.1 +.9 +4.4 +8.7 +8.7 +1.0 +9.2 +7.1 +1.2 +1.2 +6.5 +5.4 +5.4 +5.5

+16.8 +16.7 +11.4 +11.4 +2.9 +4.1 +24.5 +10.9 +10.9 +15.4 +3.3 +3.5 +15.7 +15.8 +18.1 +18.2 +18.3 +18.3

2 2 1 1 2 2 1 3 3 4 1 3 3 3 3 3 2 2

+14.1 +14.0 +10.5 +10.5 +4.4 +5.1 +15.3 +6.5 +6.5 +13.8 +2.9 +3.9 +14.6 +14.7 +15.3 +15.0 +15.0 NA

LB LB MA MA CI MF LG FB FB LB EM EE LV LV SG MB MB MB

W

M

Schwab ScrippsNet SeagateT SealAir SempraEn Sherwin SigmaAld SimonProp SkywksSol Smucker SnapOn SouthnCo SwstAirl SwstnEngy SpectraEn StanBlkDk Staples Starbucks s StarwdHtl StateStr Stericycle Stryker SunTrst Symantec Sysco TE Connect TECO TJX Target TenetHlth Teradata Tesoro TexInst Textron ThermoFis 3M Co Tiffany TW Cable TimeWarn Torchmrk s TotalSys TractSupp Transocn Travelers TripAdvis 21stCFoxA TycoIntl Tyson UnderArmr UnionPac s UPS B UtdRentals US Bancrp UtdTech UtdhlthGp UnivHlthS UnumGrp UrbanOut VF Corp

1.48 2.08 .48 .64 1.50f 1.20 1.38 .80 .60 1.20 1.16 .90f .84f 2.08 1.70f 1.36 .08 .60 4.10f 1.52 3.00 1.40f .54f .40 .64 3.00 2.20 .30 .82f .40 2.20f 2.92f .98 2.56f 1.50 .40 .66 1.28

31.73 86.48 69.40 48.44 116.30 292.51 138.83 206.31 102.77 118.64 150.83 53.16 47.17 49.16 43.12 100.44 19.40 49.60 86.76 80.92 142.69 98.24 43.23 27.32 41.45 73.73 22.02 71.03 83.98 63.61 48.07 94.83 59.99 46.32 139.03 170.50 110.60 161.14 88.25 56.84 39.25 90.49 46.12 110.49 111.24 39.27 46.64 44.00 85.94 124.52 114.40 119.83 46.10 124.45 123.76 122.05 37.15 47.25 77.83

W

W

23.35 67.69 48.49 29.85 95.88 188.25 91.61 162.43 34.90 94.46 108.94 41.87 22.35 21.46 32.43 77.72 10.70 33.97 68.53 62.67 108.62 75.78 33.97 19.99 35.42 51.03 16.90 51.91 55.25 37.95 37.66 47.70 41.47 32.22 107.33 130.60 82.64 128.78 62.44 49.71 28.17 55.95 13.28 84.84 66.04 31.01 38.15 34.90 45.05 90.36 94.05 81.25 38.10 97.30 73.61 73.06 30.72 27.89 57.89

W

30.25 -.45 -1.5 68.56 -.45 -.7 57.43 +1.85 +3.3 44.05 -2.25 -4.9 106.67 -1.18 -1.1 282.14 -8.51 -2.9 138.39 -.06 188.26 -3.01 -1.6 94.28 -5.36 -5.4 117.42 +.67 +.6 146.16 -2.20 -1.5 44.11 -.51 -1.1 41.79 -1.03 -2.4 27.16 +2.90 +12.0 37.85 +.74 +2.0 96.25 -.25 -.3 16.03 -.69 -4.1 47.62 -.55 -1.1 81.89 -2.46 -2.9 75.68 -.67 -.9 138.06 -3.87 -2.7 92.50 -1.24 -1.3 41.41 -.09 -.2 24.24 -1.34 -5.2 37.33 -.84 -2.2 69.78 -1.22 -1.7 19.33 -.29 -1.5 65.25 -3.28 -4.8 80.02 -3.55 -4.2 51.38 +.84 +1.7 43.10 -1.76 -3.9 84.79 -1.19 -1.4 57.33 -.37 -.6 44.81 -1.31 -2.8 132.10 -1.63 -1.2 161.71 -5.36 -3.2 84.59 -4.86 -5.4 149.61 -11.20 -7.0 83.40 -2.09 -2.4 56.49 +.63 +1.1 38.11 -.15 -.4 87.00 -.28 -.3 17.98 +1.41 +8.5 105.40 -2.25 -2.1 80.71 -2.22 -2.7 33.43 -.91 -2.6 42.43 -1.02 -2.3 39.03 -.35 -.9 85.14 +1.39 +1.7 108.42 -3.00 -2.7 95.38 -1.41 -1.5 96.46 +.50 +.5 42.44 -1.31 -3.0 115.11 -3.35 -2.8 118.71 -.29 -.2 119.78 +1.34 +1.1 33.49 -.39 -1.2 42.00 -1.85 -4.2 73.

M m m M W M W W M W W W W W W W Wm W W m W

m

m m mm

NAM NA GNMA 10.84 GNMAAdml 10.84 GrthIdAdm 55.57 GrthIstId 55.57 HYCorAdml 6.03 HltCrAdml 96.88 229.65 HlthCare ITBondAdm 11.72 ITGradeAd 10.02 InfPrtAdm 26.60 InfPrtI 10.84 InflaPro 13.55 InstIdxI 190.18 InstPlus 190.19 InstTStPl 47.56 IntlGr 23.38 IntlGrAdm 74.35 IntlStkIdxAdm 28.05 IntlStkIdxI 112.18 IntlStkIdxIPls 112.20 IntlVal 36.79 LTGradeAd 10.98 LifeCon 18.91 LifeGro 29.88 LifeMod 24.89 MidCapIdxIP 174.41 MidCpAdml 160.08 MidCpIst 35.36 MorgAdml 82.43 MuHYAdml 11.32 MuIntAdml 14.28 MuLTAdml 11.75 MuLtdAdml 11.04 MuShtAdml 15.83 Prmcp 105.44 PrmcpAdml 109.27 PrmcpCorI 22.08 REITIdxAd 115.87 REITIdxInst 17.93 STBondAdm 10.57 STCor 10.75 STGradeAd 10.75 STIGradeI 10.75 STsryAdml 10.74 SelValu 29.12 ShTmInfPtScIxIv 24.44 SmCapIdxIP 168.86 SmCpGrIdxAdm 47.10 SmCpIdAdm 58.50 SmCpIdIst 58.50 SmCpValIdxAdm 46.87 Star 25.56 StratgcEq 33.83 TgtRe2010 27.05 TgtRe2015 15.77 TgtRe2020 29.42 TgtRe2030 30.10 TgtRe2035 18.51 TgtRe2040 30.93 TgtRe2045 19.38 TgtRe2050 30.79 TgtRetInc 13.20 Tgtet2025 17.11 TlIntlBdIdxAdm 21.65 TlIntlBdIdxInst 32.49 TlIntlBdIdxInv 10.83 TotBdAdml 11.02 TotBdInst 11.02 TotBdMkInv 11.02 TotIntl 16.77 TotStIAdm 52.59 TotStIIns 52.60 TotStIdx 52.57 TxMCapAdm 106.48 ValIdxAdm 32.89 ValIdxIns 32.89 WellsI 25.97 WellsIAdm 62.91 Welltn 39.68 WelltnAdm 68.53 WndsIIAdm 67.02 Wndsr 22.07 WndsrAdml 74.45 WndsrII 37.76 Virtus EmgMktsIs

W H +.02 +.02 -.73 -.73

N +1.4 +1.4 +3.8 +3.8 +2.8 +11.6 +11.6 +3.1 +2.9 +2.9 +2.9 +2.8 +1.7 +1.7 +2.4 +8.5 +8.6 +8.2 +8.2 +8.2 +8.4 +4.1 +3.0 +3.7 +3.4 +4.7 +4.7 +4.7 +5.0 +1.5 +1.0 +1.2 +.5 +.2 +2.5 +2.6 +2.0 +1.5 +1.5 +1.3 +1.4 +1.4 +1.4 +.7 +2.6 +1.0 +4.8 +6.4 +4.8 +4.8 +3.3 +3.8 +5.1 +2.8 +3.1 +3.4 +3.7 +3.8 +3.9 +3.9 +4.0 +2.6 +3.5 +2.4 +2.4 +2.4 +2.1 +2.1 +2.1 +8.2 +2.4 +2.4 +2.4 +2.6 +.4 +.4 +2.3 +2.3 +2.0 +2.0 +1.2 +2.8 +2.9 +1.2

+2.3 +2.4 +16.9 +16.9 +7.3 +30.4 +30.4 +3.8 +4.5 +.6 +.6 +.5 +16.8 +16.8 +17.2 +10.2 +10.4 +8.8 +8.8 +8.8 +10.7 +8.1 +7.7 +12.2 +10.0 +18.7 +18.6 +18.7 +16.1 +5.1 +3.5 +4.7 +1.4 +.7 +21.8 +21.9 +20.9 +12.9 +12.9 +1.3 +2.3 +2.4 +2.4 +.7 +18.2 NA +18.4 +17.4 +18.3 +18.3 +18.9 +11.4 +21.4 +7.4 +9.1 +10.3 +12.0 +12.8 +13.3 +13.3 +13.4 +6.0 +11.1 NA NA NA +2.9 +2.9 +2.8 +8.7 +17.1 +17.1 +17.0 +17.2 +17.0 +17.0 +8.5 +8.6 +12.2 +12.3 +16.0 +19.0 +19.1 +15.9

O +4.0 GI +4.1 GI +15.2 LG +15.2 LG +8.2 HY +22.5 SH +22.5 SH +6.0 CI +6.0 TW +4.3 IP +4.4 IP +4.2 IP +14.1 LB +14.2 LB +14.4 LB +7.8 FG +7.9 FG NA FB NA FB NA FB +5.8 FV +10.3 TW +7.2 CA +10.2 AL +8.9 MA NA MB +15.5 MB +15.5 MB +14.3 LG +6.0 MI +4.6 MI +5.5 ML +2.0 MS +1.0 MS +15.6 LG +15.7 LG +15.1 LG +14.9 SR +14.9 SR +2.0 CS +2.6 CS +2.7 CS +2.8 CS +1.3 GS +14.2 MV NA IP NA SB NA SG +14.6 SB +14.6 SB NA SV +9.8 MA +17.3 MB +7.5 TA +8.4 TD +9.2 TE +10.1 TH +10.6 TI +10.9 TJ +10.9 TK +10.9 TN +6.6 RI +9.6 TG NA IB NA IB NA IB +4.3 CI +4.4 CI +4.2 CI +5.3 FB +14.3 LB +14.3 LB +14.2 LB +14.3 LB +13.2 LV +13.3 LV +9.1 CA +9.2 CA +10.6 MA +10.7 MA +12.6 LV +13.9 LV +14.1 LV +12.6 LV

10.39 -.12 +5.1

+3.3

+8.2 EM

-.46 -1.10 +.06 +.05 +.34 +.14 +.18 -1.88 -1.89 -.47 -.18 -.55 +.01 +.03 +.03 -.02 +.11 -.14 -.06 -1.86 -1.71 -.38 -1.11 +.01

-1.34 -1.38 -.28 -1.11 -.17 +.02 +.02 +.02 +.02 +.01 -.13 +.14 -1.66 -.48 -.57 -.57 -.45 -.08 -.35 +.01 -.02 -.07 -.12 -.09 -.18 -.11 -.17 +.01 -.05 +.03 +.04 +.02 +.04 +.04 +.04 -.52 -.52 -.52 -1.06 -.24 -.24 +.06 +.14 -.12 -.20 -.35 -.09 -.31 -.20

Waddell & Reed Adv NewCncptA m 11.39 -.10 +4.7

N 1 1 2 2 1 4 4 1 3 1 1 1 2 2 2 4 3 2 2 2 2 1 1 2 2 1 1 1 2 1 2 3 2 4 2 2 2 2 3 1 1 1 1 3 4 5 1 3 1 1 1 2 1 1 1 1 1 2 2 2 2 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 1 1 2 2 3 1 1 3 1

+14.1 +14.3 MG 3

Wasatch 1stSrcInc d

10.27 +.03 +1.3

Weitz Hickory Value

59.66 -.45 +4.8 47.06 -.54 +3.9

+14.3 +13.7 MB 3 +16.1 +13.8 LB 4

Wells Fargo CommStkA f

23.70 -.28 +3.8

+15.0 +12.5 MG 5

Westcore PlusBd

11.07 +.04 +2.2

+1.4

+3.5

+2.3 CS

+4.8 CI

1

2

Business

E6 • ST. LOUIS POST-DISPATCH

Suntrup West County VOLVO

Companies use more of their credit lines

April SAleS event!

120

OVER

VOlVO’s in stOck!

By David Henry and Lauren Tara LaCapra Reuters

SAVE UP TO $8,500!

2015 VOlVO s60 t5 DRiVE-E PREMIER PAckAGE & HEATED SEATS. NAVIGATION, WI-FI HOTSPOT MSRP: SAVINGS:

$37,870 $7,879

STOck #17294

YOUR PRIcE: $29,991

M 1 • Sunday • 04.19.2015

37 MPG HWY

NEW YORK • U.S. banks are reporting that companies are tapping more of their credit lines to fund hiring and expand their businesses, a promising sign for the economy.

Companies are using the funds for a variety of things, from boosting manufacturing capacity to investing in new businesses and building inventory as customer demand increases.

“Confidence is back,” said Laura Oberst, an executive vice president at Wells Fargo & Co. who oversees commercial banking for the central U.S. region.

“It’s fragile still, but stronger than I’ve seen it since the meltdown of 2008.”

A Wells Fargo spokeswoman could not immediately provide a bankwide utilization rate for commercial and industrial borrowers, but said it has gone up a few percentage points over the past year.

Commercial borrowers are using two or three percentage points more of their credit lines than they were a year ago,

2015.5 VOlVO Xc60 t5 DRiVE-E PREMIER PAckAGE & HEATED SEATS. NAVIGATION, WI-FI HOTSPOT MSRP: SAVINGS: cONqUEST: OWNER LOYALTY:

$43,825 $6,150 $750 $750

reaching levels not seen since before the financial crisis was at its height in 2009, senior officials at a number of major banks also said in interviews and on conference calls this week.

Bank of America Corp. Chief Financial Officer Bruce Thompson said commercial and industrial borrowers were using “in the high 30s” percent of their credit lines last quarter, the highest in six years and up from a range “in the very low 30s” during the recession. The bank declined to comment on where levels stood a year ago.

The increased usage represented about $1 billion worth of loan growth over the past year in Bank of America’s commercial lending business, Thompson told reporters on a conference call on Wednesday.

While companies in distress — such as energy companies hit by the plunging oil price — often use lines of credit for emergency funding, that was not where most of the demand for Bank of America funds was coming from, Thompson said. Bank of America is the second-largest U.S. bank by assets.

Hear what life has to offer.

If you've been experiencing hearing loss, but have put off getting help because of misperceptions about hearing aids or because of budget concerns, now is a good time to learn about Ignite.

STOck #17466

YOUR PRIcE: $36,175

Ignite is Starkey's latest line of value-priced hearing aids designed with our usual high quality standards, but at a more economical price.

31 MPG HWY

2015.5 VOlV V PREMIER PAckAGE & HEATED TED SEATS. NAVIGATION, WI-FI HOTSPOTT MSRP: SAVINGS: OWNER LOYALTY:

Only $995* each

$40,575 $4,350 $1,000

YOUR PRIcE: $35,225

STOck #17408

Feedback Cancellation - greatly reduces annoying buzzing and whistling Noise Management - automatically recognizes and reduces noise for more comfortable listening in loud environments.

Directional Settings - designed to help you understand the speech in front of you while filtering out unwanted background noise.

* To qualify for $750 Conquest allowance on XC60, you must be a current owner of Acura, Audi, BMW, Cadillac, Infiniti, Lexus, Lincoln, Mercedes, Ford, Honda, Mercury, Nissan, Subaru, Toyota, Volvo, Volkswagen or Saab. See dealer for details. Expires April 30, 2015.

Ask your audiologist about Ignite today and discover all that you've been missing.

WE WANT YOUR TRADE

*Discounted pricing may not be available with some insurance plans.

Call Dr. Nancy Richman to schedule your personal demonstration of this ground breaking technology today!

Suntrup West County VOLVO 14410 Manchester Rd.• Manchester, MO 636-227-8303 • wcvolvo.com

Beyond Compare: Emily’s Smile – Your Help

Nancy M. Richman, Au.D., CCC-A

"Hear the Difference a Doctor of Audiology Can Make"

314-647-EARS (3277)

ACCREDITED BUSINESS

Doctor of Audiology

6651 Chippewa, Ste. 217 • St. Louis, MO 63109 For more information, please visit www.southcityhearing.com

thepost-dispatchstore.com

THERE’S NO SUCH THING AS TOO MUCH BLUE re Sto s! tch ed pa r ne a Dis st- ff ge Po o he Play it t r Vis l you al for

Emily Wednesday is Imo’s For Kids Day

Order anything from any participating Imo’s this Wednesday, April 22 and Imo’s will donate 10% of all sales to Variety, The Children’s Charity of St. Louis, which helps thousands of area kids with special needs to reach their full potential.

Please join us and enjoy these special coupons.

PREMIUM APPAREL

WOMEN’S SHIRTS MEN’S SHIRTS

ca re

The Square Beyond Compare ® Each Store Independently Owned and Operated.

ORDER ANYTIME ONLINE

Coming Soon - New Rewards Program!

BY PHONE 9 AM - 5 PM MON - FRI: 1-877-POST-STL (1-877-767-8785)

Sponsored In Part by

Follow us on:

Limited quantities available. SHOP EARLY. CHECK BACK OFTEN.

S E RV I N G T H E P U B L I C S I N C E 1 878 • W I N N E R O F 1 8 P U L I TZ E R P R I Z E S

FRIDAY • 05.29.2015 • $1.50

GUN THEFTS SOAR IN CITY FIREARM THEFTS UP BY 65 PERCENT THROUGH FIRST FOUR MONTHS OF 2015 60 50 40 30 20 10

2012

2013

2014

2015

SOURCE: St. Louis Police Department

PD

Post-Dispatch

65 percent increase • Most thefts are from vehicles, police say

SCRIPPS NATIONAL SPELLING BEE

More weapons available • Gun sales and permit applications are up

BY WALKER MOSKOP St. Louis Post-Dispatch

Reports of firearm thefts in St. Louis are up significantly this year, according to police figures.

In the first four months of the year, 183 guns were reported stolen, a 65 percent rise from the same period in 2014. The total figure probably is higher, because some gun thefts are not reported to police. Missouri does not require people to report when guns are lost or stolen.

In May, an additional 29 had been reported stolen as of Monday, the latest figures available, on pace with May 2014.

St. Louis Police Chief Sam Dotson said most stolen guns are taken from vehicles. He suspects that as more people have bought firearms and obtained concealed-carry permits, more are leaving guns unsecured in their cars when they go to venues that prohibit firearms, such as Busch Stadium.

“Criminals have figured this out,” he said, adding that in many of the break-ins, the firearm is the only item missing from the car. “That’s what they’re looking for.”

Missourians are not required to have permits to carry guns in vehicles.

See GUNS • Page A3

Pesticide-free zones for honeybees sought ASSOCIATED PRESS

Vanya Shivashankar, 13, of Olathe, Kan., and Gokul Venkatachalam, 14, of Chesterfield, hoist the trophy Thursday as co-champions of the Scripps National Spelling Bee.

Cool hand Gokul wins Chesterfield teen — a Parkway West eighth-grader — and his co-champ swagger through the competition’s toughest offerings

BY CHUCK RAASCH St. Louis Post-Dispatch

N AT I O N A L H A R B O R , M D. • Chesterfield eighth-grader

Gokul Venkatachalam’s favorite word is “sangfroid,” which means coolness under pressure.

He embodied sangfroid Thursday night.

With cool confidence, dressed in his favorite white sneakers, the Parkway West Middle School student finished as co-champion See SPELL • Page A8

A WINNING WORD Nunatak A noun, from the Inuit — an exposed, rocky part of a mountain not covered with snow or ice on an ice field or glacier

Showing the love

TODAY

84°/68°

Cooking up fun

STORMS POSSIBLE

SATURDAY

78°/69° STORMS LIKELY

WEATHER A16 POST-DISPATCH WEATHERBIRD ®

Federal environmental regulators have a new plan for keeping bees alive.

The Environmental Protection Agency on Thursday proposed a rule that would create temporary bans on pesticide spraying in areas where commercial honeybees are being used to pollinate crops.

The goal is to protect bees from pesticides identified as acutely toxic to them, the EPA said in an 18-page summary.

The rules would only cover

TOM TIMMERMANN • ttimmerman@post-dispatch.com

so-called foliar applications, where pesticides are sprayed on the plant. Still, the move was applauded by Missouri beekeepers, who worry over the future of insects responsible for pollinating plants that produce a fourth of our food.

“It’s terrific news for bees,” said Robert Sears, president of the Eastern Missouri Beekeepers Association. “It addresses the most acute problem, which is accidental exposure.”

The rule, which will be published in the Federal Register on See PESTICIDE • Page A8

2,000 steelworkers get reprieve in Granite City

BY JIM GALLAGHER St. Louis Post-Dispatch

St. Louis Football Club goalie Mark Pais (in purple, with gloves) is mobbed by fans, mostly members of the team’s supporters group, the St. Louligans, after STLFC’s win over Minnesota in the U.S. Open Cup on Wednesday.

INSIDE > Players say they appreciate the boisterous efforts of supporters. C1

BY TIM BARKER St. Louis Post-Dispatch

The Metro East dodged a major economic blow Thursday with the news that U.S. Steel won’t shut its Granite City Works or lay off 2,000 workers.

The Pittsburgh-based steel giant in March gave a 60-day warning that it planned to close the mill until the flagging demand for steel revived. In a surprise reversal, the company confirmed Thursday that only 80 jobs will go. The mill will

Baker man

Cards-Dodgers rivalry long, even

• C1

‘Cake Boss’ Buddy Valastro will share sweets and stories at the Family Arena

Avian flu takes toll on egg prices

• B1

GO! MAGAZINE

Casino plan bogs down in Illinois

Six Flags ride gets rave reviews

continue to operate but at a lower production rate.

U.S. Rep. Mike Bost, R-Murphysboro, revealed the change of plans Thursday. He said U.S. Steel gave him no reason for its change of heart.

Bost is pushing a measure in Congress that would make it easier and quicker for American steelmakers to win antidumping tariffs against foreign competitors — a key goal of U.S. Steel.

See STEEL • Page A8

• A11

1 IM • A4

Vol. 137, No. 149 ©2015

BommaritoAudiWestCounty.com OP 24 E /7 N

FROM A1

A8 • ST. LOUIS POST-DISPATCH

M 1 • FRIDAY • 05.29.2015

Steel imports have declined in each of last 3 months STEEL • FROM A1

HUY MACH • hmach@post-dispatch.com

Workers leave during a shift change at U.S. Steel Granite City Works on March 25 after layoff plans were announced. The company has reversed plans to idle its operations in Granite City — plans that would have affected more than 2,000 local workers.

270

Mississippi River

ILL.

Mis sou

3

ri

203

Maryville

MO.

Maryville

to prove. American steelmakers a job,” Bailey said.

M Osup.

270 would no longer have to prove Local trucking firms and they’ve been damaged, he said, pliers also depend on the GranMississippi River only that ite City Works.

I L L . the market had been The Granite City mill was flooded with unfairly priced 203 idled for six months beginning steel.

He said the amendment in December 2008. At that time, 3 the city learned that 39 percent would also speed up the prolast round of comof its workforce lived in and cess. The Granite City plaints took three years to renear Granite City. said, and American Last week, U.S. Steel CEO solve,isonhe23rd ad Mario Longhi told Reuters he mills M were at the point of closwas close to filing several anti- ing when a decision was made.

U.S. Steel “It’s as if your house is on fire, dumping complaints with U.S. call the fire deauthorities. Such complaints and203you can’t Horseshoe Lake your house has generally allege that foreign partment until Post-Dispatch 2 MILES down,” he said. steelmakers are selling steel in burned Steel imports to the U.S. rose the U.S. at less than the cost of 38 percent DETAIL in 2014 versus 2013. producing it.

AREA Bost and Rep. Rodney Da- Jim Gallagher St. • 314-340-8390 Louis vis, R-Taylorville, hope to at- jgallagher@post-dispatch.com MO. tach an amendment to a trade ILL. bill to make such cases easier ri

U.S. Steel is installing a more efficient and capable caster at one of the plant’s blast furnaces. A caster shapes newly made steel, and workers hope it will prompt U.S. Steel to move more work to Granite City. The company has mills in Texas, Alabama, Indiana, Michigan and Pennsylvania.

Granite City grew up around its steel mill.

“It’s everything to this town,” said Wayne Bailey, who manages the bar at Eddie’s Bar and Grill. “There is no doubt.

Without that mill, half of these places will close,” he said as he ate lunch at Petri’s Cafe in Granite City’s little downtown.

If the mill closed, many of the customers at Eddie’s would stop coming. “I might be out of

Mis sou

U.S. Steel said the decision to keep the plant open was “based on market conditions.” Spokeswoman Sarah Casella said she couldn’t speculate about whether more cutbacks might be needed in the future. “For right now, this is where we’re at,” she said.

Production will continue at one of two blast furnaces at the mill. The other was previously closed for the installation of a new caster.

Most steel produced at the plant is shipped to a Texas mill where it is made into pipe for the oil and gas business. A sharp drop in oil prices beginning last year led to a steep decline in oil drilling and falling demand for pipe.

The mill also makes steel for appliances and other uses.

“I have not had any indication that demand for energy tubular products is picking back up,” said Andrew Lane, an analyst at Morningstar in Chicago. Nor has he seen a rise in demand for other products made with Granite City’s steel.

Casella would not comment on the current trend in orders.

U.S. Steel in March issued layoff warning notices to its 2,080 workers. That advance notice, required by law for mass layoffs, would have become effective this week. At the time, the company blamed rising steel imports for the closure decision.

Lane noted that imported steel volume has declined for three months in a row, but remains “very high” by historical standards.

The news was a relief to mill workers, but they’re not feeling secure. Many are already on layoff, said Paul Morris, a mill worker for 19 years. U.S. Steel had been cutting work hours even before the March announcement. “I’m keeping my fingers crossed. That’s all I can do,” he said.

“We do have orders,” said Morris, who is getting overtime at his job in the shipping department. “I don’t like that when people are on layoff.”

Granite City

s

i ad M

on

23rd

U.S. Steel Horseshoe Lake

203

Post-Dispatch

2 MILES

MO.

St. Louis

DETAIL AREA

ILL.

Honeybee losses blamed on pesticides, loss of foraging area

Competition runs out of words for spellers

PESTICIDE • FROM A1

of the 88th annual Scripps National Spelling Bee. He ended tied with Vanya Shivashankar, 13, of Olathe, Kan., after neither would yield in a half-hour, word-for-word battle that ended when the judges, citing official rules, said they ran out of words chosen for the final.

Gokul had to spell “nunatak” to share the title. He didn’t even ask for the usual pronunciations and word origins.

“I didn’t want to delay. She wanted it. I wanted it,” Gokul said, smiling afterward in an interview on a confetti-covered stage. “Waited five years for it.

I didn’t want to wait another minute.”

He called it a “culmination of all the hard work I have put in.”

“Honestly, I have no clue,” he said, explaining how he stayed so cool.

What’s next? Watch the NBA finals and his hero, LeBron James. He said he feels kinship with the NBA star in that both felt failure before winning a championship.

His parents and younger brother, sitting in the front row, leapt and hugged when the decision was announced. It is the second-straight year of cochampions. Gokul is the first St. Louis-area winner since George Thampy in 2000.

His first correct word, “cocozelle,” is a summer squash.

Then followed “poblacion,” Spanish for town or village.

“Canossa,” a Roman castletown, was third. Then, “zygoneure,” a neuron connector.

Then, in order, “caudillismo,” and “scytale,” as he and Vanya survived alternating pressure at the microphone and two-minute commercial breaks.

His seventh correctly spelled word was “cypseline,” a swallow-like bird. “Filicite” came next, followed by “sprachgefuhl.” Gokul broke out into a wide smile when he heard that German word.

“Nixtamal” was next, then “paroemiology” and “pipsissewa.”

Gokul fairly raced through “pyrrhuloxia.”

In a video during the live final on ESPN, Gokul said his favorite athlete was Cleveland Cavaliers star James, “because he does many things well rather than focusing on one thing.” The video showed Gokul playing point

Friday, would apply to pesticide applications to blooming crops where bees have been contracted to pollinate and would cover 76 active ingredients used in pesticides, including a popular class of insecticide known as neonicotinoids.

The decline of the nation’s honeybee population started in the 1980s and has been blamed on a variety of factors, including insecticides and the varroa mite, a parasite that may contribute to colony collapse disorder. Bees also have struggled to find food, with the increased use of herbicides wiping out large tracts of foraging areas.

Whatever the causes, the impact on honeybees has been substantial. There are an estimated 2.5 million honeybee colonies in the United States today, less than half the population found in the 1940s, according to the U.S. Department of Agriculture. The rate has increased in the past year, with managed colony losses hitting 42.1 percent from April 2014 through April 2015, the secondhighest annual loss to date, according to the USDA. Recovery was managed by dividing surviving hives.

Neal Bergman owns Delta Bee Co., a commercial operation in Kennett, Mo., with 6,000 hives. His bees pollinate crops in southeast Missouri. And he sends some every year to California, where they work on almond trees.

He’s been in business in Missouri since 1982. And he’s witnessed firsthand what happens when a hive is hit by one of these pesticide sprays.

“I’ve lost lots of bees to sprays,” Bergman said. “I’ve gone out and just had mounds of dead bodies.”

He sees benefits in the EPA’s proposed rules, but points out that it should already be happening, since pesticide makers are clear that their products should not be used when bees are in the area.

“It’s basically enforcing label guidelines,” he said.

It’s not clear how farmers will react to the proposal. The Missouri Farm Bureau, on Thursday, said it does not have a position.

And a spokeswoman for the Illinois Farm Bureau said there was

ASSOCIATED PRESS

Volunteer Adam Martinez, a horticulturalist with the Cincinnati Zoo, searches a honeycomb Wednesday for a honeybee queen at EcOhio Farm in Mason, Ohio.

no one available to comment.

The proposal appears to have no impact on Creve Coeur-based Monsanto, which said it doesn’t sell any foliar-applied insecticides.

“Pollinators play a vital role in our agricultural system, and we share concerns about bee health.

Our vegetable seed business relies on healthy pollinators to produce seed for our customers and our customers need pollinators to produce their harvests,” the company said in a statement.

While debate continues to rage over the cause of honeybee deaths, the White House has formed a task force to study the issue, and the EPA said Thursday it continues to conduct “chemical-specific risk assessments for bees” and will consider additional product-specific mitigation efforts.

Lori Ann Burd, environmental health director for the Center for Biological Diversity, applauded the proposed rule, but said neonics, which are commonly used as seed treatments, by Monsanto and others, on crops such as corn, need to be banned. In seed treatments, the pesticide is applied to the seed before it is planted.

“EPA needs to take the next step and ban these poisoned seeds,” Burd said in a statement.

The proposal needs public comment, then will be finalized.

If all goes according to plan, new rules and new pesticide labels will be ready for spring 2016.

Reuters and The Associated Press contributed to this report.

Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

SPELL • FROM A1

guard on his club team back home, in which he vowed at the end: “I’m taking my talents to the National Spelling Bee.” Cole Shafer-Ray, 14, of Norman, Okla., was third.

The final 10 survived competition involving more than 11 million spellers in all 50 states, several territories, and several foreign countries. The competition was tough from the beginning.

Sylvie Lamontagne, 12, of Lakewood, Colo., was the first to fall, missing on “cerastes,” a serpent in Greek legend, in the first round of the finals. Up next, Siyona Mishra of Orlando, Fla., stumbled on “hacek,” a symbol to indicate pronunciation in Czech. Eight spellers made it into the second round.

Two more, Paul Keaton of Pikeville, Ky., and Tejas Muthusamy of Richmond, Va., fell out on their second words.

Snehaa Ganesh Kumar of Folsom, Calif.; Siddarth Krishnakamur, of Pearland, Texas; and Dev Jaiswal, of Louisville, Ky., a charismatic crowd favorite, were eliminated on their third words.

It was Gokul’s secondstraight appearance in the finals, and his fourth-straight year representing the St. Louis area in the national competition.

Gokul, 14, finished third last year, and in a video shown during the semifinals, he had declared: “I am not saying I will win, but I want to win.” He said it would be redemption for falling out last year when he left out an “e” in the word “Kierkegaardian.”

His father, Venkatachalam Krishnan, said that through four years of competition at the Bee nationals, Gokul has been “exposed to failures and successes” and “small, real-life situations.”

Before the finals began on ESPN, the 10 finalists were described as competitors about to flex “muscles of the mind.”

During the semifinals, an ESPN 2 lead-in described the spellers as “athletes of the English language.”

Paige Kimble, executive director of the Scripps Spelling Bee, who won the competition in 1981, said one nearly universal trait of the 283 competitors this year was they were read to, and exposed to books and language at an early age.

“Overall they seem like a very

confident bunch,” she said.

“These are kids who can’t tell you when they first remember being introduced to the Bee, probably because they were toddlers when they first saw it on TV.” Gokul was a study in sangfroid on stage throughout two days of spelling.

While others spelled in the semifinals, he sat nonchalantly with an arm draped over the back of his chair.

During the finals, he smiled and joked with fellow competitors Cole and Dev. Gokul smiled when Tejas, a competitor from Virginia, got the word “billiken,” an elflike creature that serves as the mascot for St. Louis University.

He slapped hands with other competitors when they spelled correctly. He got up during commercial breaks and laughed and smiled with competitors who had been eliminated in earlier competition who were also on stage.

Other contestants were openly more nervous. Some took deep breaths into the microphone. Some finger-spelled words on their palms or their large name placards, or looked into the distance of the auditorium.

Some engaged in banter with Jacques Bailly, the 1980 champion and pronouncer.

But Bailly, a classics associate professor at the University of Vermont, said he is always struck by how well the competitors handle the pressure, even during two-minute commercial breaks in which the competitors sit onstage in their seats.

Many competitors know Bailly’s voice before meeting him in person because he records words Scripps offers as audio aids for contestants.

“Being on television energizes these kids more than anything,” Bailly said. “I have seen very few of them grow really nervous on it.”

Besides his father, Gokul’s mother, Sreepriya Vaidynathan, his longtime spelling coach, and his younger brother, Mehul, 10, were in Washington again this year cheering him on.

Gokul won the St. Louis PostDispatch Spelling Bee in March, sponsored by McKendree College.

Chuck Raasch • 202-298-6880 @craasch on Twitter craasch@post-dispatch.com

J O I N U S O N L I N E S T L T O D A Y. C O M / B U S I N E S S

FRIDAY • 05.29.2015 • B

Wholesale egg prices soar as millions of birds are lost to disease

AVIAN FLU HITS WALLETS

H5N2

41 MILLION

A mixed-origin virus is similar to but distinct from Asian bird flu.

It is not infectious in humans, but in birds it spreads rapidly and is often fatal.

Dead chickens are buried this month in a farm field near Rose Acre Farms near Winterset, Iowa, after the avian influenza virus was discovered there two weeks ago.

Eggs may be at high prices around the U.S. in the next few months.

12

29,000

Since the USDA began tracking cases in December, more than 41 million birds have been killed to prevent the disease’s spread.

Birds culled in two Missouri infections at commercial farms.

A third case was reported in a backyard operation.

BY TIM BARKER St. Louis Post-Dispatch

The cost of a dozen eggs may rise for consumers, but the flu isn’t affecting chicken prices in stores.

CONFIRMED U.S. CASES OF AVIAN INFLUENZA Number of cases*

5 1

2

1

2

85

9

61 cases 27.1 million birds killed to control the flu’s spread

10

61

3 2

IOWA

1 1

MINNESOTA

3

85 cases 6.6 million birds killed

1

DES MOINES REGISTER

MISSOURI 3 cases 29,470 birds killed

* As of Thursday evening Source: USDA

Tech leader nurtures entrepreneurs Region needs better connections, retiring ITEN founder says DAVID NICKLAUS St. Louis Post-Dispatch

When Jim Brasunas began trying to help technology entrepreneurs in St. Louis, he says it was like watering a desert.

He knew some seeds of startup activity had been planted, but signs of

life were few and far between. When he founded the Information Technology Entrepreneur Network, known as ITEN, in 2008, he assumed he Brasunas would find a handful of firms that needed nurturing.

Seven years later, that startup desert is blooming. ITEN has provided mentoring, training and other services to more than 280 early-stage

technology firms, and employs five entrepreneurs in residence to provide firms with hands-on help.

And Brasunas, the former entrepreneur who guided ITEN’s growth, is retiring as its executive director.

He’s 66 and ready to take some time off, and he says the nonprofit organization is strong enough to continue without him.

Before leaving, Brasunas agreed See NICKLAUS • Page B4

A troubling nationwide outbreak of bird flu is on the verge of announcing itself to consumers by way of higher prices for eggs.

Already, avian influenza is responsible for the deaths of millions of chickens and turkeys. And it’s wreaking havoc on the bottom lines of companies such as Brentwoodbased Post Holdings, which has seen about 35 percent of its egg supply interrupted by the disease. That could cost the company at least $40 million, according to a recent research note by Stifel Nicolaus.

But earlier this week, a U.S. Department of Agriculture report on wholesale egg prices offered a glimpse of what could be facing consumers.

Prices paid by wholesalers and retail stores jumped above $2 for a dozen large eggs. A week earlier, they were about $1.50 a dozen, according to the USDA’s weekly egg market news report. “We’re talking about an egg price story that’s just beginning to unfold,� said Scott Brown, agriculture economist at the University of Missouri-Columbia.

The surge, however, doesn’t mean grocery store shoppers are going to see an immediate See BIRDS • Page B5

Dynegy is accused of skewing market Illinois AG, advocates cite energy auction, price hikes

BY JACOB BARKER St. Louis Post-Dispatch

Missouri submits air cleanup over EPA objections Despite federal regulators’ concerns with a state plan to control air pollution in Jefferson County, the Missouri Department of Natural Resources is submitting it anyway.

The Environmental Protection Agency must approve state plans for cleaning up air in areas that fall outside of federal guidelines. The Missouri Air Conservation Commission’s blessing Thursday of a DNR plan that didn’t address the agency’s criticisms means the EPA could well reject it.

But that’s not a bad thing, say environmentalists, for the area’s biggest

Illinois Attorney General Lisa Madigan and consumer advocacy group Public Citizen Inc. are accusing Dynegy Inc. of manipulating electricity markets in a recent auction that sent prices for Ameren Illinois customers skyrocketing.

In a complaint filed with the Federal Energy Regulatory Commission Thursday, Madigan’s office and Public Citizen asked the agency to keep new electricity rates from taking effect next week in downstate Illinois.

Electricity consumers there who weren’t on fixed contracts for power were facing a sharp increase in prices, estimated at about 10 percent, or $150 a year for households, by the Illinois Citizens Utility Board.

The two groups accuse Houston-based Dynegy of being able to control the price for a component of electricity in downstate Illinois because of the number of power plants it owns there.

See CLEANUP • Page B4

See DYNEGY • Page B5

BY JACOB BARKER St. Louis Post-Dispatch

ROBERT COHEN • rcohen@post-dispatch.com

Ameren plans to shutter by 2022 its Meramec coal-burning power plant, just north of the Jefferson County border. The plant lacks sulfur dioxide controls.

MEMORIAL, BJC SEEK OK FOR PARTNERSHIP • B4

SYNGENTA DEFENDS AGAINST MONSANTO BID • B5 BUSINESS

CD Specials - U.S. Bank Certificate of Deposit Our CD specials are all FDIC1 insured with a guaranteed rate of return. For more information, or to apply for a Certificate of Deposit, stop in any U.S. Bank office for more information. More than 100 convenient St. Louis area locations!

%

APY 2

% APY 2

1. FDIC insured to the maximum allowed by law. 2. Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. CD special rates are applicable for maximum deposit of $249,999.99 with a $1,000 minimum opening deposit. Penalty will be imposed for early withdrawal. Fees could reduce earnings. Offer and same term apply for business CDs and Individual Retirement Accounts at U.S. Bank branches only. Not valid for brokerage deposits, institutional investors, Public Funds, or in conjunction with other promotional offers. APY accurate as of 04/23/14, is offered at the bank’s discretion, and is subject to change without prior notice. Member FDIC. Š2015 U.S. Bank 150004

1 M

Business

B2 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

McCarthy building medical care center Ladue-based McCarthy Building Cos. Inc. is building a $35 million, 80,000-square-foot CHI Ambulatory Building, which is part of a new academic complex for Creighton University Medical Center at Omaha, Neb. The facility, to open in late 2016, will take a team-based approach to health care, education and the community.

McCarthy serves as construction manager and general contractor for the new building, which will house the region’s first free-standing emergency department as well as outpatient and diagnostic services and community space. The facility will also be home to Creighton University’s Family Medicine Residency Program with new technology that enables virtual visits with physicians situated across town as well as student-patient learning.

Ladue-based McCarthy Building Cos. Inc. is building this $35 million, 80,000-square-foot CHI Ambulatory Building, which is part of a new academic complex for Creighton University Medical Center at Omaha, Neb.

Business Bulletin Board

People in Business

Evans is KAI Design & Build brand manager KAI Design & Build hired Jasmine Evans as its brand manager.

Evans will oversee information about KAI’s brand assets and manage marketing initiatives, in- Evans cluding advertising and public relations. Most recently, she worked as a marketing and communications specialist for Forest Park Forever. She also is an adjunct professor in communications at Lindenwood University. Evans has a master’s degree in communications from Lindenwood University and a bachelor’s in communications from Southeast Missouri State University.

AWARDS Christina Carney, an adviser at Tiller-Hewitt HealthCare Strategies LLC, received the American College of Healthcare Executives Regent’s Award for health care management excellence from the Mid-America Healthcare Executives Forum.

MEMORIAL WEEK SALES EVENT

CSI Latina Financial Inc., a subsidiary of CSI Leasing, was recognized with an Impact Award from the Overseas Private Investment Corp. for its leasing work to small and medium enterprises in Latin America.

CASH 2015 Audi 0 DOWN A3

$

Hood’s Automotive & Towing, 198 Northwest Industrial Court, Bridgeton, added U-Haul rentals to its line of services.

Hanner

Brown

Davis

Rogles

297

Mosanyi

Pruitt

Hill

Conforte

Aje

McAdamis

Grimes

Lofgren

Stranghoener

Kell

Givens

Stubits

Shea

Shepard

Harvath

$

DIVERSITY

EXPANDING

Kinamore

ENDS SAT., MAY 30TH AT 6PM

The St. Louis Forum presented business consultant and former Clayton mayor Linda Goldstein with its 2015 Trailblazer Award for helping elevate the image of women in business.

Wellston-based Phillips Concrete Services LLC ready-mix concrete supplier received Minority Business Enterprise and Disadvantaged Business Enterprise certification from the St. Louis Airport Authority.

Bea

PER MONTH FOR 36 MONTHS*

2015 Audi CASH Q5 $0 DOWN

399

$

PER MONTH FOR 36 MONTHS*

GETTING BETTER

2015 Audi A5 Cabriolet

CR Magnetics Inc. received UL U.S. and Canada recognition on all current indicators and all current relays and switches the company manufactures and assembles in the United States.

Edwardsville-based law firm Gori Julian & Associates donated $250,000 to the Land of Lincoln Legal Assistance Foundation, which provides free civil legal services to low-income and elderly people.

The Emerson Charitable Trust donated $55,000 to Special Olympics Missouri.

Darden Restaurants Foundation donated $12,000 to Operation Food Search to help combat hunger in the St. Louis area.

BP and the Cuba, Mo.-based Wallis Cos. donated $10,000 to the Jackie JoynerKersee Center in East St. Louis.

GCS Credit Union employees raised $1,050 for the National Alliance on Mental Illness of Southwestern Illinois.

0

$

NEW BUSINESS Lake Saint Louis selected Silex, Mo.-based Mick Mehler & Sons Inc. to construct the Oak Terrace Stormwater Improvement Project, which consists of an extension to the city’s existing storm sewer system and construction of a detention basin along Oak Hill Drive. Construction will begin soon.

St. Louis-based 4M Building Solutions received a contract to clean 11 buildings on the Sprint World Headquarters campus, totaling over 2 million square feet, in Overland Park, Kan. OPENING Alliance Credit Union opened a new headquarters:

CASH DOWN

PER MONTH FOR 36 MONTHS*

*36 month closed end lease, 10,000 miles per year (more miles available). $0 cash down or trade. Includes Audi loyalty incentive. Taxes not included.

Offer expires 5/31/15.

Audi West County 15736 MANCHESTER ROAD • EAST OF CLARKSON 636-391-7228 • 1-888-386-9021

Bommarito www.audiwestcounty.com

First Financial Federal Credit Union employees raised $744 for the Urban League of Metropolitan St. Louis programs.

International Brotherhood of Electrical Workers Local One electricians teamed with electrical contractor members of the St. Louis Chapter, National Electrical Contractors Association to donate services to repair 23 low-income homes in the St. Louis area.

399

$

HELPING OUT

Business Calendar TUESDAY Best workplaces • The St. Louis Regional Chamber will host a program on What It Takes to Become A Best Place To Work, featuring a discussion by local experts on workplaces.

• 7:30-9 a.m., at Regional Chamber offices, One Metropolitan Square, 211 North Broadway.

• $15, includes continental breakfast.

Register: www.stlregionalchamber.com/ events JUNE 5 Financial management • The Missouri Career Center will host a financial

management workshop.

• 9 a.m., at the Career Center, 1108 Washington Square shopping center, Washington, Mo. • Free. Register: 636-239-6703 JUNE 6 Startups • SCORE St. Louis–Chapter 21 will host a seminar on How to Start and Manage Your Own Business.

• 8:15 a.m.-3 p.m., at St. Louis Community College at Meramec, Room SO-108, 11333 Big Bend Boulevard.

• $60 in advance; $70 at the door. Register: stlouis.score.org

Post-Dispatch Business Staff ROLAND KLOSE

Business editor

314-340-8128

• 1280 South Highway Drive

GREGORY CANCELADA

Assistant business editor

314-340-8330

Fenton, Mo. 63026

Jacob Barker

Energy and environment

314-340-8291

636-343-7005

Tim Barker

Biotech and agriculture

314-340-8350

RECOGNITION

LISA BROWN

Retail, consumer products and marketing

314-340-8127

McCarthy Building Cos. Inc. ranked as a top U.S. business technology innovator on this year’s InformationWeek Elite 100.

TIM BRYANT

Real estate and construction

314-340-8206

JIM GALLAGHER

Personal finance and corporate affairs

314-340-8390

ROBERT KELLY

Networking

314-340-8345

Samantha Liss

Business of health

314-340-8017

DAVID NICKLAUS

Business columnist

314-340-8213

John Talley, chief scientific officer for St. Louis-based Euclises Pharmaceuticals Inc., was selected for the Medicine Maker’s 2015 Power List.

To e-mail a staff member, use the first initial and last name, followed by @post-dispatch.com

SUBMIT AN ITEM Bulletin Board and People in Business submissions should be sent to: biznetworking@ post-dispatch.com.

You can fax submissions to: 314-340-3060.

Or mail a release to: Business News, 900 NorthTucker Boulevard, St. Louis, Mo. 63101

S. M. Wilson & Co. promoted Brian Bea, Jack Kinamore and Mike Hanner to senior project managers.

HOK promoted these members of its St. Louis office staff: Dianne Brown to associate, legal; Jill Davis to associate, marketing; Anne Rogles to associate, accounting; Peter Mosanyi to senior associate, legal; and Michele Pruitt to senior associate, human resources.

The Austin Co. added David Cousley as vice president of business development, Vincent Martino as a project superintendent and Joe DeMartino as an architectural designer, all based at its west St. Louis County office.

The Business Bank of St. Louis hired Kiley Hill as vice president of commercial lending.

Brinker & Doyen LLP hired Jarred Conforte as an associate.

RubinBrown promoted these St. Louis office staff members to partners: Peter Aje and Jason McAdamis, tax services group; Jim Grimes, business advisory services group; Mary Kay Lofgren, assurance services group; and Eric Stranghoener, strategic client development.

HLK marketing agency added Erin Gitau as a strategist and Luke Yamnitz as a junior strategist.

Switch marketing agency added Josh Kell as executive creative director.

Northwestern Mutual named Rob Givens as director of selection and Andrea Stubits as an executive assistant, both at its network office in downtown St. Louis.

Tiger Docks added Bob Shea as a project engineer.

NorthMarq Capital added Curtis Shepard as a vice president and producer at its regional office in Brentwood.

NewLAWu.s. added Daniel Harvath as an affiliate attorney.

MARKET WATCH

05.29.2015 • Friday • M 1

full-year profit forecast. $18

Stocks closed slightly lower Thursday. Industrial and energy stocks were among the biggest decliners in the Standard & Poor’s 500 index. Traders had their eye on developments in Greece, which is hoping to clinch a deal with its creditors to avoid a default.

Mkt. Cap: $1.47 b

Express

Abercrombie & Fitch

to improve. $30

16

25

14

Business 12 $11.80

disappointed Wall Street. $20

M A 52-week range

15

20 15

M $18.10

$19.34

10

M A 52-week range

M

ST. LOUIS POST-DISPATCH • B3 5

$45.50

$6.65

M A 52-week range

M

$16.99

Track your your stockssTocks and get the Latest /business Track and geT laTesT news • sTlToday.com/business .com Vol.: 8.6m (5.7x The avg.) news PE: 21.6• Stltoday.com Vol.: 11.5m (3.6x avg.)

PE: 31.4 Vol.: 2.0m (10.6x avg.)

PE: 19.5 Stocks closed slightly lower Thursday. Industrial and energy stocks were among the biggest decliners in the Standard & Poor’s 500 index. Traders had their eye on developments in Greece, which is hoping to clinch a deal with its creditors to avoid a default.

Express

0.1%)

M

EXPR

$11.80

M A 52-week range

15

M

$19.34

$18.10

5

M $45.50

$6.65

RALY

Close: $19.45 5.94 or 44.0% The cloud-based software and services company is being bought by CA Technologies for about $480 million in an expansion move. $20 15

10 M A 52-week range

Yield: ...

Rally Software

TLYS

15

Vol.: 11.5m (3.6x avg.)

PE: 31.4 Mkt. Cap: $1.55 b Yield: 3.6%

Vol.: 8.6m (5.7x avg.)

PE: 21.6 Close: $17.41 0.79 or 4.8% Charts show stocks that made the news yesterday.

Mkt. Cap: $1.47 b Yield: ...

The clothing retailer reported better-than-expected first-quarter finanAbercrombie & Fitch ANF cial results and increased its Close: $22.30 2.65 2,160or 13.5% 18,360 full-year profit forecast.

Dow Jones industrials The teen clothing retailer reported $18 Close: 18,126.12 worse-than-expected 2,120first-quarter fi18,160 Change: -36.87 (-0.2%) nancial results, but it expects sales 16

Mkt. Cap: $118.99 m

Close: $9.78 -3.22 or -24.8% The clothing and accessories retailer reported better-than-expected profit, but its revenue and outlook disappointed Wall Street. $20

20

14

Yield: 3.6%

Tillys

ANF

25

16

EXPR

Mkt. Cap: $1.55 b

Close: $22.30 2.65 or 13.5% The teen clothing retailer reported worse-than-expected first-quarter financial results, but it expects sales to improve. $30

Close: $17.41 0.79 or 4.8% The clothing retailer reported better-than-expected first-quarter financial results and increased its full-year profit forecast. $18

12

Yield: ...

M A 52-week range

Vol.: 2.0m (10.6x avg.)

Mkt. Cap: $118.99 m

10

M $16.99

$8.24

PE: 19.5 Yield: ...

M A 52-week range

Vol.: 12.4m (27.6x avg.)

Mkt. Cap: $498.76 m

M $19.48 PE: ...

Yield: ...

Tillys TLYS Rally Software RALY Broadcom BRCM Close: $9.78 -3.22 or -24.8% 18,360 Close: $19.45 5.94 or 44.0% ExchangeRates Close: $56.25 -0.91 or -1.6% Futures S&P 500 Dow Jones industrials The clothing and accessories retail- CHICAGO BOT The cloud-based software serRival Avago Technologies is buying DATE CLOSE and CHG FOREIGN CURRENCY IN DOLLARS Close: 2,120.79 Close: 18,126.12 er reported better-than-expected 18,160 vices company is being bought by the chipmaker in a $37 billion CLOSE PREV Corn Jul 15 353.50 +4 profit, but its revenue and outlook CA Technologies forChange: about $480 mil- (-0.2%)cash-and-stock deal as the compaChange: -2.69 (-0.1%) -36.87 disappointed Wall Street.

Argentina .1113 .1113 lion in an expansion move. nies try to boost growth.

Soybeans Jul 15 926 -1 to improve.

17,960 2,080 17,960 10 DAYS 10 DAYS 10 DAYS $20 14 $60 Australia .7653 .7724 $30 Wheat $20 Jul 15 488.75 +1 2,150 18,400 18,400 Brazil .3159 .3180 15 25 12 CHICAGO MERC CLOSE CHG 15 DATE M A M Britain 50 1.5321 1.5341 10 20 224.95 +3.53 52-week range 2,100 18,000Feeder cattle Aug 15 18,000 Canada .8046 .8020 5 10 40 15 $11.80 $18.10 Live cattle Jun 15 153.50 +1.03 M A M M A M M .1613 A M.1612 M A M China 52-week range 52-week 84.60 range 52-week range 52-week range Jun 15 +.83 PE: 21.6 Vol.: 8.6m (5.7x avg.)

2,050 17,600Hogs 17,600 Euro 1.0951 1.0890 $6.65 $16.99 $8.24 $19.48 $31.35 $57.70 $19.34 $45.50 Mkt. Cap: $1.47 b Yield: ...

Milk Jul 15 17.19 +.32 India .0157 .0156 Vol.: 2.0m (10.6x avg.)

PE: 19.5 Vol.: 12.4m (27.6x avg.)

PE: ...

Vol.: 86.6m (10.3x avg.)

PE: 49.0 Vol.: 11.5m (3.6x avg.)

PE: 31.4 Jun 15 279.30 Yield: +.55... Israel Mkt. Cap: $30.88 2,000 17,200 .2585 .2579 17,200 Mkt. Cap: $118.99 m Yield: ... Copper Mkt. Cap: $498.76 m b Yield: 1.0% Mkt. Cap: $1.55 b Yield: 3.6% Abercrombie & Fitch ANF Japan .008071 .008075 ICE DATE CLOSE CHG Close: $22.30 2.65 or 13.5% Rally Software RALY Broadcom BRCM Mexico GoPro GPRO Tillys TLYS .065194 .065370 1,950 16,800 16,800 Cotton D Jul 15 D J F Close: M A M J F 64.33 M +1.28 A M M A M The teenDclothingJretailerFreported $19.45 5.94 or 44.0% Close: $56.25 -0.91 or -1.6% 3.53 or 6.6% .0193 Russia Close: $56.81 .0190 Close: $9.78 -3.22 or -24.8% worse-than-expected first-quarter fiCoffee Rival Avago Jul 15 Technologies 125.15 is buying +.65 The cloud-based software and serThe high-tech camera The clothing and accessories retailSo. Africa .0824 maker’s .0830 vices company is being bought by nancial results, but it expects HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD sales founder and CEO said the company er reported better-than-expected Sugar the chipmaker Jul 15 in a $37 24.73 billion +.02 So. Korea .000902 CA Technologies for about $480 milcash-and-stock deal as the compawill expand into the drone and.000900 virtuto improve. profit, but18066.40 its revenue and outlook -36.87 DOW 18154.14 18126.12 -0.20% t s t +1.70% lion in an expansion move. nies try to boost growth. al reality businesses.

Switzerland 1.0609 1.0513 disappointed Wall Street.8367.42 DOW Trans.

8435.69 8325.14 -76.90 -0.91% t t t -8.45% $30 DATE CLOSE CHG NEW YORK NYSE NASD $20 t s t $60 $150 $20 DOW Util.

588.89 584.09 587.75 +1.54 +0.26% -4.91% Crude oil Jul 15 57.68 +.17 25 1,673 Vol. (in mil.)

2,889 NYSE Comp.

11135.96 11075.67 11132.74 -10.61 -0.10% t s s +2.71% 100PreciousMetals 15 15 s s s Gas blend 50 Jun 15 1.9851 +.0406 1,761 Pvs. Volume 3,031 NASDAQ 5106.65 5080.25 5097.98 -8.61 -0.17% +7.64% CHG NEW YORK CLOSE 20 50 10 Advanced 1296 1276 S&P 500 2122.16 2112.86 2120.79 -2.69 -0.13% t s s +3.01% Heating oil Jun 15 187.04 +1.38 Gold 1188.10 +2.20 10 t s s 15 40 Declined 1803 1465 0 S&P 400 1536.80 1528.92 1534.38 -3.25 -0.21% 5 M A +5.64%M M A M Natural gas Jul 15 2.706 -.141 M 65 A M J A S O16.70 N D J F M A+.06 M M A M Silver New Highs 90 Wilshire 5000 22422.94 22306.71 22391.29 -31.65 -0.14% t 52-week s s range+3.33% 52-week range 52-week range 52-week range 52-week range New Lows 59 50 Russell 2000 1253.20 1246.07 1253.10 -1.26 -0.10% +4.02% Platinum 1116.30 -2.70 Chicago BOT is in cents. $8.24t s s $19.48 $31.35 $57.70 $29.50 $98.47 $6.65 $16.99 $19.34 $45.50 Vol.: 12.4m (27.6x avg.)

PE: ...

Vol.: 86.6m (10.3x avg.)

PE: 49.0 Vol.: 15.8m (2.0x avg.)

PE: 63.3 Vol.: 2.0m (10.6x avg.)

PE: 19.5 NET 1YR PE: 31.4 Vol.: 11.5m (3.6x avg.)

Interestrates Mkt. Cap: $498.76 m Yield: ...

Mkt. Cap: $30.88 bInterestrates Yield: 1.0% Mkt. Cap: $5.11 b Yield: ...

Mkt. Cap: $118.99 m Yield: ...

TREASURIES LAST CHG AGO Mkt. Cap: $1.55 b Yield: 3.6% 52-WK YTD% 1YR% 52-WK YTD% 1YR% NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV SOURCE: Sungard AP Broadcom BRCM GoPro GPRO Rally Software RALY 3-month T-bill

-0.01 .03 Tillys TLYS Close: $56.25 -0.919.95 or -1.6% Close: 3.53 or 6.6% Close:-3.2 $19.45 5.94 or Aegion AEGN 15.31 25.52 18.01 -.14 -0.8 -26.0 13 ... 44.0% LMI Aerospace LMIA 9.95 15.39 -.11 -1.1 -29.4 -27.3 dd $56.81 ...

6-month T-bill .06 -0.02 .04 Rival Avago Technologies is buying The high-tech camera maker’s The cloud-based software and serClose: $9.78 -3.22 or -24.8% 52-wk T-bill .25 +0.04 .09 the chipmaker in a $37 billion founder and CEO said the company Allied Health 1.29 3.70 -47.6 dd ... bought Laclede Group LG 44.96 55.75 53.34 +.52 +1.0 +0.3 +17.7 15 1.84 vices-17.9 company is being by The clothing andAHPI accessories retail-1.51 +.10 +7.1 2-year T-note .63 -0.02 .37 cash-and-stock deal as the compawill expand into the drone and virtuCA Technologies for about $480 miler reported better-than-expected nies try 2.74 to boost growth.

Amdocs DOX 44.06 55.85 54.66 +.74 +1.4 19 0.68 Lee Ent LEE 4.72 3.11 -.03 -1.0 -15.5 -22.3 24 ... al reality businesses.

The yield on the lion +17.2 in an +13.4 expansion move.

5-year T-note 1.52 -0.01 1.48 profit, but its revenue and outlook $60 10-year Treasury $150 $20 10-year T-note 2.14 ...

2.44 Ameren AEE 36.65 48.14 40.44 +.05 +0.1 -12.3 +8.0 16 1.64 Mallinckrodt MNK 67.18 134.26 130.18 +.57 +0.4 +31.5 +66.2 ... disappointed Wall Street. remained at 2.14 100 30-year T-bond 2.89 +0.01 3.30 $20 50 105.76 128.79 118.60 +.04 ... -0.7 +0.2 25 1.78 percent ThursAmerican Railcar ARII 46.18 82.82 54.41 -.60 -1.1 15 +5.7 -12.9 10 1.60 Monsanto Co MON 50

StocksRecap

LocalStocks

15

Arch Coal

OLN 40 20.43 34.34 29.44 +.16 +0.5 M A M range +.08 ...

PNRA 142.41 52-week 188.24 183.29 $31.35 $57.70 BTU 3.40 (10.3x 17.31 avg.)

3.43 PE: ... 49.0...

Vol.: 86.6m Mkt. Cap: $30.88 Yield: SKIS 5.76 9.19 b 7.05 +.10 1.0% +1.4

.47 -.04 -7.3 10-73.6 -86.4 dd ... Olin M A M Belden Inc BDC 58.06 95.56 85.28 -.35 -0.4 +8.2 +19.2 cc 0.20 52-week rangePanera Bread 5 $8.24 $19.48 M M 31.67 +.26 +0.8 -1.5 +19.9 18 0.28 Peabody Energy Brown Shoe Co BWS A 25.30 33.67 Vol.: 12.4m (27.6x avg.)

PE: ...

52-week range Mkt. -18.9 Cap: +15.5 $498.76 Yield: ...

Build-A-Bear Wkshp BBW 10.07 $16.99 23.00 16.31 -.20 -1.2 18 m ... Peak Resorts $6.65 ACI

10

0.50

3.81

GoPro14.05 21.57 19.02 +.23 GPRO PRFT +1.2 Close: $56.81 3.53 or 6.6% POST 30.94 52.21 42.63 -.86 The high-tech camera maker’s -2.0 founder and CEO said the company PULB 10.78 13.38 12.65 +.05 +0.4 will expand into the drone and virtual reality businesses.

RGA 72.34 95.48 94.02 ... ... $150 RELV 1.06 2.17 1.13 ... ...

100

CassInfo 57.54 49.73 -.43 -0.9 -6.6 +0.5 24 0.84 Perficient Broadcom BRCM Vol.: 2.0m (10.6xCASS avg.)39.00 PE: 19.5

Mkt. Cap: $118.99 m

Yield: ...

Close: $56.25 -0.91 ... or -1.6% 35.49 74.26 72.41 +.26 +0.4 +39.5 +94.9 30 Post Holdings Rival Avago Technologies is buying the chipmaker $37 billion Rally SoftwareCBSH 39.53 47.65 RALY Commerce Banc.

44.81 +.25 +0.6 +3.0 +9.2 in17 a 0.90b Pulaski Financial cash-and-stock deal as the compaClose: $19.45 5.94 or 44.0% nies try to boost growth.

Emerson EMR 54.95 68.80 61.02 +.07 +0.1 -1.2 -6.1 16 1.88 ReinsGrp The cloud-based software and ser$60 Energizer ENR 111.16 144.95 vices company is being bought by144.25 +1.26 +0.9 +12.2 +26.4 47 2.00 Reliv Centene

CNC

CA Technologies for about $480 mil50 Enterprise Financial EFSC 16.38 21.74 21.49 -.04 -0.2 +8.9 +22.5 15 0.24f Sigma-Aldrich lion in an expansion move.

Esco Technologies ESE 32.77 39.73 37.68 -.02 -0.1 40 +2.1 +10.8 23 0.32 $20 M A Stereotaxis M Express Scripts

15

ESRX

65.08 91.21

day. Yields affect

+29.3 +11.3 26 0 0.80 J A S O rates N D JonFmortM A M gages rangeand other +4.9 +19.3 29 ...52-week consumer loans. $29.50 $98.47 -55.7 -79.0 dd 0.01 Vol.: 15.8m (2.0x avg.)

PE: 63.3 Yield: ...

-11.9 Mkt. ... Cap: 0.55$5.11 b SOURCE: Sungard +2.1 +0.5 26 ... +1.8 -12.3 dd

...

+2.6 +16.4 12 0.38 +7.3 +22.2 9 1.32 -3.4 -38.9 14

FCLF

10 Foresight Energy M

FELP A 13.09 20.78 M

8.38 12.34

STXS 0 J1.32 A S 3.77 O N D1.82 J F+.05 M A+3.0 M +23.2 -49.9 dd 52-week range SF +0.3 +5.5 +15.9 22 $29.5041.47 57.75 53.85 +.14 $98.47

0

2015 CRUZE

60

50 40

$

M A 52-week range

GoPro LEASE FOR

GPRO PER

Brown 50 Shoe is now Caleres • It’s official. Clayton-based Brown Shoe 0 said Thursday J A Sthat O NitsDshareholders J F M A M 52-week range had approved the new name Caleres, $29.50 $98.47 which was announced April 16.

CAL also the company’s new ticker Vol.:is15.8m (2.0x avg.)

PE: 63.3 Mkt. Cap: $5.11 b York Stock Yield: ... symbol on the New Exchange.

Caleres comes from the AP SOURCE: Sungard Latin word “calere,” which translates to “passionate, to glow,” the company said. Incorporated in the new company logo is the “Star-Five-Star” mark Brown began using in 1885. “Brown” had been part of the corporate name since the company’s founding in St. Louis in 1878. George Warren Brown was a co-founder of the company in the 19th century.

Energizer to exit industrial blades • Energizer Holdings Inc. plans to exit its industrial blade business “due to a shift of management focus to other segment products,” the company announced Thursday in a regulatory filing. The Town and Country-based company expects to leave the business, either by winding down operations or selling it, by Sept. 30, 2016. Energizer said that if it couldn’t sell some or all of the business, the company expects to incur about $35 to $45 million in pretax exit costs, which includes severance, facility closure costs, and noncash charges due to asset impairments at the business’ three operations in Verona, Va.; Obergon, Mexico; and the United Kingdom. The company didn’t describe this business or provide information on the size of its sales, but Energizer’s unit Personna offers bulk sales of single-edge blades used to cut and scrap, according to its website.

Energizer is in the midst of splitting itself into two publicly held companies, one focused on batteries and the other on its razor and personal products.

The split is planned to happen by July 1.

... 2.89

GlobalMarkets S&P 500 Frankfurt DAX London FTSE 100 Hong Kong Hang Seng Paris CAC-40 Mexico City Bolsa Tokyo Nikkei 225 Sao Paolo Bovespa Toronto Zurich

EXCLUSIVE

CHEVROLET

*

SOUTH COUNTY 6127 South Lindbergh (314)487-9800

2120.79 11677.57 7040.92 27454.31 5137.83 44807.31 20551.46 53976.28 15107.00 9394.25

-2.69 -93.56 +7.59 -626.90 -44.70 +124.72 +78.88 -259.97 -3.47 -1.99

-0.13% -0.79% +0.11% -2.23% -0.86% +0.28% +0.39% -0.48% -0.02% -0.02%

+3.01% +19.09% +7.23% +16.31% +20.25% +3.85% +17.77% +7.94% +3.24% +4.57%

2015 SILVERADO REG. CAB

Thursday, May 28, 2015

BUY FOR

18,997

$

*

COME SEE "WHERE PRICE SELLS CARS AND TRUCKS" EVERYDAY

*Sale Price includes $1,000 trade assist, conquest and all applicable rebates. Sale prices include all rebates and discounts. **All leases are 36 month closed end leases, 10k miles per year. Tax, title, license and 1st payment due at signing. In stock vehicles only. Must qualify and be approved through Ally Financial. Not compatible with leases and some other offers. +0% for 60 months = $16.67 per $1,000 financed.†See dealer for details. ††Bommarito advantage offer. Sale ends 5/31/15.

Business digest‌ 100

3.12

3 YEAR MAINTENANCEAPINCLUdEd wITH EVERY NEw CHEVROLET PURCHASE††

MONTH**

Close: $56.81 3.53 or 6.6% The high-tech camera maker’s founder and CEO said the company will expand into the drone and virtual reality businesses. $150

1.85 -0.02 1.72

Barclays US Corp

SOURCE: Sungard

PE: 49.0 Yield: 1.0%

119

$

Mkt. Cap: $30.88 b

3.94 -0.04 4.21

Barclays CompT-BdIdx

INDEX LAST CHG CHG YTD

10 YEaR/200,000 MILE

M

$57.70

Moodys AAA Corp Idx

...

NaTIONWIDE WaRRaNTY† WITH EVERY NEW Vol.: 15.8m (2.0x avg.)

PE: 63.3 CHEVROLET PURCHaSE MOS. Mkt. Cap: $5.11 b Yield: ... bureau of Missouri MISSOURI'S #1 AUTOMOTIVE GROUP-THERE CAN ONLY BE ONE #1 Source, Automotive registration.

12,997

$31.35 BUY FOR Vol.: 86.6m (10.3x avg.)

... 2.21

Barclays US High Yield 5.95 -0.01 5.03

...

which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution Close: $56.25 orfund -1.6% date.

PE Footnotes: q - Stock is -0.91 a closed-end - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months.

100

%

4.41 -0.01 4.49

Barclays USAggregate 2.23

.13 .13 .13

3.25 3.25 3.25

2.76 +0.01 3.09

Bond Buyer Muni Idx

SIAL 50 97.38 139.59 138.88 -.07 -0.1 +1.2 +42.9 33 0.92

52-week 89.23 -.50 -0.6 +5.4 +27.0 31 range ... Stifel Financial $31.35 $57.70 8.92 ... Vol.: ... 86.6m +1.8 -2.3 8 avg.)

0.24 SunEdison (10.3x PE: 49.0 Mkt. Cap: $30.88 b Yield: 1.0% 13.84 +.07 +0.5 -18.0 ... 1.48f SunEdison Semi

Rival Avago Technologies is buying 50 the chipmaker in a $37 billion 0 cash-and-stock deal as the compaJ A S O N D J F M A M a BOMMaRITO + nies try to boost growth.

52-week range $29.50 $98.47 $60 APR FOR

AP PRIME FED RATE FUNDS

Barclays LongT-BdIdx

...

Vol.: 15.8m PE: 63.3 SUNE 13.09 (2.0x 30.87 avg.)

31.05 +.37 +1.2 +59.1 +58.3 dd ...

Mkt. Cap: $5.11 b Yield: ...

SEMI 14.25 27.93 23.92 -.32 -1.3 +28.8 +57.9 ...

SOURCE: Sungard AP 52-week range GoPro GPRO FutureFuel FF 9.94 17.55 11.62 +.06 +0.5 -10.8 -30.2 9 0.24m Synergetics USA Inc. SURG 2.95 5.95 4.42 +.10 +2.3 +1.6 +27.4 23 ... $8.24 $19.48 Close: $56.81 3.53 or 6.6% Huttig Building Prod HBP 2.70 5.45 3.28 -.09 -2.7 -2.1 -24.7 camera 14 ...maker’s Viasystems Group Inc VIAS 9.75 18.47 18.27 -.06 -0.3 +12.2 +77.4 dd ...

The high-tech Vol.: 12.4m (27.6x avg.)

PE: ... founder and CEO said the company Mkt. Cap: $498.76 m 6.25 Yield: Isle of Capri ISLE 15.39 ...

14.35 -.08 -0.6 +71.4 + 103.5 dd ...

WldPntTm WPT 15.90 21.25 17.63 +.10 +0.6 -12.4 -3.9 14 1.20 will expand into the drone and virtureality Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rateal plus stock. c -businesses.

Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announceBroadcom BRCM ment. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends$150 paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, First Clover Leaf

YEST 6 MO AGO 1 YR AGO

NET 1YR BONDS LAST CHG AGO

Teva settles • Federal regulators announced Thursday that Teva Pharmaceuticals Industries will pay $1.2 billion to settle charges that one of its subsidiaries illegally blocked the launching of low-cost generic versions of the blockbuster sleeping pill Provigil. The settlement is a major victory in the federal government’s ongoing campaign against a common drug industry practice known as “pay for delay” deals. Drugmakers have long maintained that the deals help resolve costly patent litigation between branded drugmakers and their generic competitors. But Federal Trade Commission officials have argued for over a decade that the agreements keep cheaper forms of medicines off the market, driving up costs for consumers and the U.S. health system.

Avago buys Broadcom • Avago Technologies is buying rival chipmaker Broadcom in a cash and stock deal worth about $37 billion, vastly expanding its lineup of products for the rapidly growing wireless device market at a time when sales growth has otherwise been tough to come by for smaller chipmakers.

Hock Tan, Avago’s president and chief executive, says that the deal will make his company the third largest semiconductor maker in terms of revenue and give it the most diversified communications platform in the industry, adding that there is very little overlap between Avago and Broadcom’s products.

Amazon expands same-day shipping • In another blow to bricks-andmortar retail stores, Amazon.com is launching free same-day delivery for Prime members in 14 metropolitan areas, though the St. Louis region isn’t among those areas. Starting Thursday, shoppers who belong to Amazon’s

annual Prime membership program and make a purchase of $35 or more by noon will receive their items by 9 p.m. that day, seven days a week.

The initial rollout includes more than 1 million items, such as books, cables and chargers, games, cooking tools and electronics. The same-day option will be available in the metropolitan areas of San Diego, Los Angeles, San Francisco, Seattle, Phoenix, Dallas, Indianapolis, Tampa Bay, Fla., Atlanta, Washington, Baltimore, New York, Philadelphia and Boston. Amazon, the nation’s largest e-commerce operation, began offering same-day delivery in select markets a few years ago and, before Thursday’s announcement, charged a same-day delivery fee of $5.99 per order for Prime members; non-Prime members pay a higher $8.99 delivery fee plus a 99-cent-per-item fee for sameday service. Going forward, Prime members with orders totaling less than $35 will still pay the $5.99 sameday delivery fee.

Jobless claims rise • More Americans sought unemployment benefits last week, though the overall level remains low and points to a healthy job market.

Weekly applications increased 7,000 to a seasonally adjusted 282,000, the Labor Department said Thursday.

The four-week average, a less volatile measure, rose 5,000 to 271,500. The average had fallen to a 15-year low two weeks ago. Applications are a proxy for layoffs. They have remained below 300,000, a historically low number, for 12 weeks. That suggests Americans are experiencing solid job security.

It also indicates that employers are confident enough in the economic outlook to hold onto their staffs.

From staff and wire reports

Wentzville aldermen OK warehouse, subassembly facility tied to GM plant

By Mark Schlinkmann St. Louis Post-Dispatch

WENTZVILLE • The Board of Aldermen has approved tax

incentives and other items requested to attract a 1.3-million-square-foot warehouse and subassembly facility tied to the city’s General Motors assembly plant.

The package for the developer, NorthPoint Development LLC, includes an abatement of 34 percent of real estate property taxes for 10 years to help offset the cost of public infrastructure improvements.

The Post-Dispatch reported last month that city officials were considering incentives for the project.

Aldermen also approved on Wednesday night annexing the 130-acre site, at Highways 61 and A, into the city and passed zoning and development ordinances for the project.

The city, St. Charles County and NorthPoint are funding $5.8 million in road improvements connected with the project.

Brent Miles, NorthPoint vice president, called on Thursday the aldermanic approval “an important step toward likely approval” by GM. Construction of the $40 million to $50 million project is expected to begin in mid-June, with completion in December. About 800 jobs would be created at the facility when it begins operations.

Earlier this month Miles told aldermen that GM typically doesn’t sign off on such supplier park projects until after local governments give the go-ahead.

Plans call for much of the facility to handle assembly of parts that would then be taken to the nearby GM plant for final assembly. GM plant employs about 3,700 people to build full-size vans and midsize pickups.

NorthPoint, based in suburban Kansas City, is building similar supplier parks near GM plants in other parts of the country.

GM cuts its costs by having its suppliers situated closer to its plants, Miles said.

City officials say the new building will be the second largest in St. Charles County, trailing only the GM plant.

​Mark Schlinkmann • 636-255-7233 mschlinkmann@post-dispatch.com

Business

B4 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

Best of Building Blocks

Memorial, BJC seek OK for partnership

Highlights from our real estate and development blog: STLtoday.com/ buildingblocks.

The two hope to jointly run 316-bed Memorial Hospital

Area housing market favors buyers • A report says the city of St. Louis led the nation in the average price, by percentage, of homes that sold in April for less than their estimated market value.

The report by RealtyTrac, a real estate data company, said St. Louis homes sold for 77 percent of their supposed market value. St. Louis was just ahead — rather, make that behind — Baltimore at 78 percent, a suburban Pittsburgh county at 82 percent and a suburban Atlanta county at 84 percent.

Daren Blomquist, RealtyTrac’s vice president, said in the report that, nationwide, single-family homes and condos sold for almost exactly 100 percent of their estimated full market value on average. Most local markets, however tipped in favor of either sellers or buyers, RealtyTrac said.

Markets in which houses sold for more than their market value were led by part of the San Francisco area, at 108 percent, and Washington, at 107 percent.

But wait a second. Housing markets are intensely local. The argument could be made that whatever a house sells for in St. Louis, Baltimore or San Francisco is the market value. Just saying.

Another new report shows that foreclosure rates in St. Louis fell in March.

CoreLogic, also a real estate data firm, said the rate of St. Louis-area foreclosures among outstanding mortgage loans was 0.72 percent in March, down 0.08 percentage point compared with March 2014.

Foreclosure activity in St. Louis was lower than the national foreclosure rate of 1.39 percent in March 2015.

In addition, the St. Louis mortgage delinquency rate dipped. According to CoreLogic data for March, 3.05 percent of mortgage loans were 90 days or more delinquent compared with 3.52 percent for the same period last year. (05.28) Sara buys Fenton building • Four months after opening an office in Chesterfield, Sara Investment Real Estate of Madison, Wis., has bought its first property in the St. Louis area.

Sara Investment said it had completed its purchase of the 49,996-square-foot building at 1533 Larkin Williams Road, in the Fenton Industrial Park. Tenants include BJC Healthcare and Surgical Instruments Manufacturing.

Jared Stinehagen, Sara’s vice president of operations and head of the Chesterfield office, said in a statement the company is seeking additional investment opportunities in the St. Louis area. Before joining Sara, Stinehagen worked for Westfield Corp. and CBL & Associates Properties.

(05.26) Karpel relocating to Sunset Hills • Karpel Solutions, a software developer, plans to move this summer from south St. Louis County to a building it bought in Sunset Hills.

The new facility is at 9717 Landmark Parkway. Karpel, which has about 40 employees, will occupy most of the second floor of the 23,607-square-foot building and lease out the rest.

Karpel is projecting more than $8 million in revenue this year. It’s current office is in leased space at 5714 South Lindbergh Boulevard.

(05.21)

Commercial real estate notes NAI Desco represented both parties in the sale of the 8,500-square-foot office warehouse at 1832 Vandalia Street, Collinsville, by Francis Martin Revocable Trust to CR Investments.

BARBERMurphy Group represented parties in these transactions: • Both parties in the sale of the 5,676-square-foot office building at 1014 East Plaza Drive, Collinsville,

by Phillip Johnson Trust and Steve Johnson to Health Central Illinois Holdings LLC. • Threlkeld Investment Fund in the lease of 3,000 square feet of retail space at 216 Frank Scott Parkway, Swansea, to Heros in Style Inc. • Float Rooms USA LLC in the lease of 2,000 square feet of retail space at 3720 Green Mount Crossing Drive, Shiloh, from Green Mount Crossing LLC. Gershman Commercial Real Estate represented parties in these transactions: • Kurowski Shultz LLC in the lease of 24,000 square feet of office space at 496 Regency Park, O’Fallon, Ill., from Greenmount Development Group LLC. • Lucas Place LLC in the sale of 9,150 square feet of office space at 614 North 11th Street, St. Louis, to P & F Properties LLC. • Woodchase Plaza LLC in the lease of 2,920 square feet of retail space at 13379 Olive Boulevard, Chesterfield, to Chesterfield Arts Inc. Send items to bizrealestate@post-dispatch.com.

By Samantha Liss St. Louis Post-Dispatch

Memorial Group, the operator of Memorial Hospital in Belleville, and St. Louis-based BJC HealthCare are seeking approval for their proposed partnership from Illinois state health regulators.

According to their applications submitted to the Illinois Health Facilities and Services Review Board, the hospital operators say the partnership meets the board’s definition of change in control or change in ownership.

That means they’ll need approval from the board, said Juan Morado Jr., general counsel for the board.

“Though we are still in the due diligence phase, we are hopeful that we will move toward an affiliation agreement with BJC later this summer.

Given the timeline it takes for review and consideration by

J.B. Forbes • jforbes@post-dispatch.com

Steve Lipstein (left), president and CEO of BJC HealthCare, and Mark J. Turner, president and CEO at Memorial Hospital, speak last month at Memorial Hospital in Belleville. Memorial Group and BJC HealthCare are seeking approval for their proposed partnership.

state and federal regulators, we felt it prudent to begin the process now,” Anne Thomure, spokeswoman for Memorial, said in a statement.

In April, the hospital operators announced they would create a “strategic partnership” that would allow the two to jointly run 316-bed Memorial

Hospital, though few details were given.

According to the regulatory applications, BJC and Memorial formed the nonprofit Memorial Regional Health Services Inc., or MRHS, on May 15. MRHS will serve as the parent corporation for both Memorial hospitals, the one in Belleville and

Toxic emissions exceed federal limits CLEANUP • from B1

polluters — Ameren Missouri’s coal-fired power plants.

“If DNR puts a plan in that DNR knows is deficient, that EPA would have to reject, that process buys Ameren another year or so before they have to install pollution equipment,” said John Hickey, director of the Sierra Club’s Missouri chapter. “There is a winner when the DNR puts a plan in that it knows is illegal, and the winner is Ameren and the loser is the people of Jefferson County.”

Sulfur dioxide emissions that cause respiratory and cardiovascular disease exceed federal limits in Jefferson County, requiring the DNR to develop a plan to bring the area into compliance.

The state environmental regulators’ plan contends that the shutdown of the Doe Run lead smelter in Herculaneum, a large industrial source of sulfur dioxide, at the end of 2013 will bring the area into compliance. It doesn’t propose any limits for Ameren’s Rush Island power plant in southern Jefferson County, even though it emitted more sulfur dioxide than the smelter did in 2012, the last full year emissions from both are available.

But the EPA, in comments submitted to the state, criticized DNR’s modeling method because it “may be underestimating the potential impacts of AmerenUE power plants.”

In addition to Rush Island, Ameren also operates the Meramec plant just north of the Jefferson County border and the hulking Labadie plant 40 miles away. None of them have sulfur dioxide controls, commonly called scrubbers.

The issue, EPA says, is that the DNR is looking only at the area where the Doe Run smelter used to operate. The federal Clean Air Act requires a state agency to show that the whole area will be in compli-

ance.

“Of key concern is that the current analysis performed and submitted by MDNR does not appear to ensure that the entire area within the nonattainment area boundary will attain the standard,” EPA wrote to Wendy Vit, of DNR’s air pollution control program.

The DNR, in a published response to the EPA, contends that it does show that the entire area will comply with sulfur dioxide emission limits by the federal deadline. However, that model uses actual emissions from Ameren plants, not limits set by state regulations, as the EPA recommends.

“The problem with using actuals in your attainment modeling is there’s nothing that would legally require these sources to continue emitting at those levels,” said Ken Miller, an environmental scientist at the Washington University Interdisciplinary Environmental Clinic. “They have every right to go up, and in some cases substantially.”

The EPA, for instance, pointed out that emission averages over time at Rush Island were generally higher than what the DNR used. It also had several other criticisms of the modeling methods DNR used.

EPA’s concerns didn’t make the Air Conservation Commission hesitate. The appointed board, after listening to DNR staff’s recommendation for approval, unanimously passed the proposal.

No one asked any questions during the hearing that was webcast Thursday morning.

Reached by phone, commission chairman David Zimmerman, said he thought “due diligence has been done” and it was “up to EPA now.”

Asked about EPA’s concerns, he said the DNR’s responses to EPA comments “pretty well covers everything.”

The DNR is requiring Ameren to install monitors to measure sulfur dioxide near the

Rush Island plant.

Ameren’s environmental services director, Steve Whitworth, called the state action “the correct and practical approach.” “From our position, what we’re trying to do is ensure that the air quality is meeting the standard by continuing to move forward with the monitoring systems to get the best available information,” he said.

NOT IN KANSAS CITY The DNR is also developing a plan for Missouri’s other area that exceeds federal sulfur dioxide limits, in Kansas City.

There, the DNR is proposing that a Veolia Energy plant cut its allowed emissions by 95 percent in order to comply with the federal rules. Miller, at Washington University, said that amounted to roughly a 75 percent cut in its actual emissions, according to 2010 data.

The company has been discussing either switching to natural gas or installing coal pollution controls, he said.

Hickey, at the Sierra Club, said he suspected the DNR “bowed to pressure” from Ameren, a politically mighty force in Jefferson City, in writing a weaker plan on the eastern side of the state.

“The polluting entity in Kansas City is Veolia, so it’s an entity without much political power — it’s a French-based multinational,” Hickey said.

“One interpretation might be the DNR is willing to enforce the Clean Air Act if the polluting entity doesn’t have political power.”

DNR declined to make officials available for comment.

Spokeswoman Steph Deidrick did not return phone calls and when asked about EPA’s concerns via email, she referred a reporter to the DNR’s written response to comments on the plan.

Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Charter leases space at the former Northwest Plaza for call center

By Tim Bryant St. Louis Post-Dispatch

Charter Communications said Thursday that it had leased space at the former Northwest Plaza shopping center, which is under redevelopment as a mixture of stores and offices.

The company provided few details of its plan for the space but said the facility would be an expansion of its St. Louisarea operations.

Northwest Plaza, renamed the Crossings at Northwest, is in St. Ann. Matt Conley, St. Ann’s city administrator, said Charter was leasing what had been the upper level of the Macy’s store . Charter plans to use the 135,000-square-foot space as a call center able to accommodate about 1,000 employees, he said.

“Believe it or not, the store lends itself very well as a call center,” Conley said.

Wes Shirley, a Charter spokesman, declined to provide details of the company’s operation at Northwest. He

said the project was in the planning phase.

“We’re looking forward to expanding and continuing job growth here in the St. Louis area,” he said.

Conley said Charter’s rehab of the former Macy’s store would be “a clever and efficient reuse of the space.” He added that what had been huge parking lots for mall shoppers were ideal for workers.

Unaffected by the Northwest project is a Charter call center opened last year in Bridgeton, Shirley said. That facility, in a renovated Western Union building on Hollenberg Drive, employs more than 400 people. Charter also has a call center in Town and Country.

Charter leased the Northwest space before the cable company announced earlier this week that it would spend $55 billion in cash and stock to acquire Time Warner Cable.

The deal will make Charter one of the largest TV and Internet providers in the United States.

In 2012, Charter moved its

headquarters from Town and Country to Stamford, Conn.

However, it has kept a large presence in the region.

The company said about a year ago that it had 3,500 employees in the St. Louis area. In addition to call centers, Charter still has a technology hub, other back-office operations and service technicians in the St. Louis area.

Raven Development, of St. Louis, began work in 2012 to renovate the nearly empty Northwest Plaza, which opened in the 1960s and was touted as the world’s largest shopping mall. Raven’s $106 million redevelopment involves tearing down much of the mall, renovating the 12-story office tower and building new retail structures.

A Menards store is scheduled to open at Northwest this summer. Efforts to reach Raven officials for comment were unsuccessful.

Tim Bryant • 314-340-8206 tbryant@post-dispatch.com

the one called Memorial Hospital East under construction in Shiloh, Ill. BJC and Memorial Group will have equal representation on the MRHS board, according to the application.

Within the application it asks for the “acquisition price,” and in that column BJC and Memorial put “not applicable.”

In the applications, BJC and Memorial say they will not substantially change the number of beds or services at the Memorial and the Memorial East hospitals for at least 12 months following the change of ownership.

Both hospitals will not make the charity care policies more restrictive. They will keep the charity care policies that were in effect for a two-year period after the change of ownership, according to the application.

In its application, Memorial Group reported that it earned $3.1 million in 2014, compared with a $29.2-million loss in 2013.

Samantha Liss • 314-340-8017 @samanthann on Twitter sliss@post-dispatch.com

Nonprofit promotes connectivity NICKLAUS • from B1

to share his thoughts on the growth of St. Louis’ technology sector and where it might be headed.

What was missing before ITEN, he believes, was not so much ideas or capital but connectivity.

“Entrepreneurs were isolated,” he says. “I’d go and talk with somebody and they would say, ‘I think I’m the only guy in town who is trying to do something like this. Nobody in St. Louis gets it.’ Then I’d talk to somebody else and hear the same thing. To the extent ITEN has made a difference, a lot of it has been from making those connections.”

By co-sponsoring events such as Startup Connection and Startup Weekend, ITEN made sure those entrepreneurs met one another. It also trains them on crucial skills such as how to present their ideas to investors.

“Jim’s creation of ITEN created a focal point for the conversation on what our potential could be in St. Louis,” says Jay DeLong, founder of Active Capital here.

Brasunas doesn’t think St. Louis has reached that potential yet, but it has come a long way.

“When people try to say St. Louis is one of the top metros for entrepreneurs, I’m not sure about that,” he says, “but when we compare ourselves to the way we were before, it’s huge.”

What does St. Louis need to do now? That’s simple, Brasunas says: Build more connections.

Some of those are between startups and the region’s large corporations. ITEN is piloting a program that will let the corporations see technology being developed in St. Louis — and help the startups meet potential customers.

More fundamentally, Brasunas believes connections need to be made among parts of the community — St. Charles and Metro East, north St. Louis and West County — that rarely talk with one another.

He thinks those connections should be physical, as in a greatly expanded MetroLink system, as well as political and social.

“There are a lot of different cultures in St. Louis, and we are not that well connected,” he says. “We don’t even know how much that is holding us back.”

If that sounds like a pie-inthe-sky vision with no money to back it up, it is. So, too, was the idea in 2008 that a technology organization might make St. Louis’ entrepreneurs more visible. Brasunas stretched an initial $135,000 state grant for 18 months before finding resources to expand ITEN’s services.

Vision, he says, was far more important to ITEN’s success than money. There’s a lesson in that for every entrepreneur, and indeed for all of us.

David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Business

05.29.2015 • Friday • M 1

ST. LOUIS POST-DISPATCH • B5

Syngenta bracing for new Monsanto bid Offer for Swiss agrochemical maker is likely to be increased, sources say

By Andrew Noël and Aaron Kirchfeld Bloomberg News

LONDON • Syngenta, the Swiss agro-

chemical maker that rejected an unsolicited $45 billion takeover offer from Monsanto Co., is building up defenses as it prepares for a potential higher bid from its U.S. rival, according to people with knowledge of the situation.

The Swiss maker of Polo and Force insecticides has added UBS Group to its stable of advisers to speak with investors and monitor changes in shareholdings, said the people, who asked not to be identified because the information is private.

Syngenta expects that Creve Coeurbased Monsanto could return as soon as next week with a bid that tops the unsuccessful 449 franc-a-share offer, they said.

Monsanto has to weigh whether it makes financial sense to increase its offer amid volatile agricultural cycles that affect crop prices and demand for Syngenta’s range of cropcare chemicals. Syngenta, which snubbed Monsanto’s $45 billion proposal because it deemed the offer too low and the execution risk too high, may be willing to consider an offer of 500 francs a share or more, said one of the people.

Sygenta’s U.S.-listed ADRs rose $2.20, or 2.4 percent, to close Thursday at $92.95. Monsanto rose 4 cents to close at $118.60.

Goldman Sachs is leading the advisory team for the Swiss firm, alongside JPMorgan Chase and UBS, according to people familiar with the matter. Monsanto is working with Morgan Stanley and Cen-

Tracking the disease has been difficult

associated press

Chickens stand in their cages at an egg farm near Stuart, Iowa, in 2009. Avian flu has been found at 61 sites in Iowa. In South Dakota, the disease was found this month at nine sites, including one farm with 1.3 million birds. All will have to be destroyed.

Birds • from B1

increase in prices. In the short term, it’s more likely to mean fewer sales. That could change, though, if those wholesale prices remain high for an extended period, Brown said.

One of the bigger uncertainties is that no one knows how long it’s going to take to contain this outbreak of the so-called H5N2 virus, which does not appear to be a threat to humans.

After first appearing in British Columbia late last year, the disease crossed into the United States in December and began working its way through a scattering of farms in the Pacific Northwest.

“No one really thought it would cross the Rockies,” said Dan Shaw, veterinarian and poultry pathologist at Mizzou’s College of Veterinary Medicine.

And then it did.

First, it hit a Minnesota turkey flock in early March, claiming 26,000 birds.

A few days later, the disease was found in Missouri, striking two commercial turkey flocks (one in Moniteau County and the other in Jasper County) with a combined 29,000 birds.

Since then, there’s just been one other reported incident in Missouri, involving a small backyard flock in Lewis County.

There have been no reported cases in Illinois.

But the disease has devastated flocks in northern states such as Minnesota and Iowa, with containment efforts claiming the lives of more than 41 million turkeys and chickens. Once a flock has been diagnosed with the disease, all of the birds are killed.

Frustratingly for investigators, they’ve been unable to pinpoint exactly how the disease is spreading or where it might go next.

“In the old days, you could track it, because it would follow lines of transportation,” Shaw said.

It made it easier to contain, by isolating farms that were contaminated — or likely to be contaminated.

“We’re not having that kind of result with this outbreak,” he said.

One possible factor, he said, has been

this year’s erratic winter, which has witnessed periods of warming followed by more cold. That may be forcing ducks and other waterfowl — likely carriers of the disease — into haphazard migratory patterns.

It doesn’t help he said, that some northern states are still relatively cold.

“We’re hoping for some help from Mother Nature, if they can ever get warmed up, up there,” he said.

MORE OF THE SAME Unless something changes, the most dramatic impact — from a food supply standpoint — is expected in the realm of eggs. The way the industry operates, flocks are dedicated either to egg or meat production. And it’s been the northern egg-laying flocks that have suffered the most.

Meat production is actually running ahead of where it was a year ago, according to the USDA. Last week, farmers produced 726 million pounds of ready-tocook chicken, nearly 7 percent more than they did during the same week last year.

For now, stricken growers will focus on rebuilding their flocks, a process that could happen relatively quickly, considering that it takes just four months before newly hatched chicks are old enough to start laying eggs, said Ken Koelkebeck, agriculture professor at the University of Illinois at Urbana-Champaign.

In the meantime, we could see egg prices rise 25 to 30 percent as consumers, bakeries and companies such as Post Holdings scramble for a more limited inventory.

And while there could be price increases on everything from ice cream to cake mixes, Koelkebeck isn’t expecting anyone to be forced to go without eggs.

“The small bakers will still find a supply. It just might be from someplace else,” he said. “The immediate concern is economic pressure — people will be spending more money but getting the same product.”

Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

We Specialize in Area Rugs!

More Selection at Sale Prices!

Over 8,400 Rugs!

60-70% Off Suggested retail

Volume Rug Gallery St. Louis’ Best Kept Secret

8994 Manchester (2 blocks West of Brentwood) VolumeCarpet.com

314-963-7847

terview Partners. The two companies have continued to hold informal, bilateral talks, one of the people said.

Representatives for Syngenta, Monsanto and UBS declined to comment.

Newspaper Schweiz am Sonntag reported earlier that Monsanto may boost its offer this week.

Syngenta has questioned Monsanto’s understanding of the political and social complexities of bringing together the world’s top genetically modified crop supplier with the No. 1 agrochemical maker, against a backdrop of antipathy toward Monsanto’s technology in Europe.

The U.S. company’s room for maneuverability may in part come down to its ability to get a good price for Syngenta’s conventional and GM seeds business, which would need to be sold to meet an-

titrust demands, said the people. Selling that unit could enable Monsanto to increase the cash element of the deal, compensating for a perceived risk of failure among Swiss investors, said two of the people.

Syngenta’s seed business generated revenue last year of 2.89 billion Swiss francs, or $3 billion, or 21 percent of total sales.

Selling the seeds unit plus some herbicide businesses could generate $8 billion, according to a note from Deutsche Bank.

Monsanto has said proceeds from a sale of the seed business would help the enlarged group have a “responsible capital structure post-close.” Advisers have checked on the level of interest from other potential buyers, including Bayer AG and BASF SE, one of the people said.

Some prices jumped 800 percent Dynegy • from B1

The increase was because of an auction last month held by grid manager Midcontinent Independent System Operator, or MISO, that determines a part of the overall price of electricity. Known as a capacity auction, it is meant to set the price at which power plant owners agree to stay available to pump juice into the grid at peak times to avoid brownouts or blackouts.

In downstate Illinois (northern Illinois is served by a different grid operator, PJM Interconnection), prices jumped 800 percent, to $150 per megawatt day from $16.75 per megawatt day last year.

“These consumers have a right to rely on MISO’s representations that the (auction) is a competitive market process free from market power or manipulation that will produce least cost, just and reasonable prices for Illinois electricity consumers,” Madigan’s petition with FERC says. “The (auction) has not delivered on its promise that it would ‘establish competitive capacity prices.’ ” In other areas where the grid is operated by MISO, including Ameren’s Missouri territory, prices didn’t rise above $3.50 per megawatt day. In eastern Missouri, prices fell to $3.48 per megawatt day from $16.75.

Tyson Slocum, director of Washington-based Public Citizen’s energy program, pointed to the large increase in clout Dynegy gained when it bought Ameren’s Illinois coal power plants at the end of 2013. That transaction more than doubled the capacity the Houston-based power plant operator owned in downstate Illinois.

“It gave them significant control over capacity, which enabled them to withhold capacity from the auction, which allowed for the significant price increase,” Slocum said.

Madigan’s office says the Ameren buy made Dynegy a “pivotal supplier,” meaning that in order to meet the reliability standards set by MISO, Dynegy must participate in the auction. Thus, it can ask for any price from the market, according to Madigan’s petition.

Slocum called withholding capacity the “oldest trick in the book,” equating it

to the electricity market schemes defunct energy giant Enron pulled more than a decade ago.

“Dynegy offered all of its megawatts into the MISO auction with no physical or economic withholding in accordance with MISO tariffs and as approved by the Independent Market Monitor,” the company said. “MISO’s Independent Market Monitor has publicly stated that ‘the auction results are reliable and participants’ behavior was in line with all tariff rules and procedures.’”

Both the Illinois Attorney General and Public Citizen cited MISO’s own internal proposal last year to combine the Southern Illinois MISO zone with the area covering Eastern Missouri.

That came after MISO staff said they were “concerned with Dynegy’s offer strategy in the next (auction) as they are now the dominant provider of capacity in the zone,” according to MISO meeting minutes referenced in Public Citizen’s petition. The proposed merger was to mitigate Dynegy’s market power, Slocum said, but Dynegy opposed it, and MISO dropped the proposal.

He also pointed to Dynegy’s past talk of leaving MISO for another grid operator such as PJM. That can be used to make operators, which are privately run organizations, hesitant to make changes large members don’t like, Slocum said.

“There’s a serious political science problem with these (regional transmission organizations),” Slocum said. “MISO has an enormous self-interest to retain membership. They don’t want a lucrative member like Dynegy to flee, because it might open the floodgates.”

MISO, in a statement, said it was still reviewing the complaints and would respond during FERC proceedings.

Unlike most areas within MISO, Illinois operates a deregulated electricity market, which allows customers to shop for power producers. Often, municipalities aggregate their citizens’ buying power to negotiate contracts in Illinois. Ameren Illinois only delivers the power, serving much of downstate as a delivery-only regulated utility.

Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Business

B6 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

Automakers expand Takata air-bag recalls Owners can check on vehicles online; congressional hearing is set for Tuesday From News Services

DETROIT • Five automakers widened on

Thursday recalls of cars and trucks with Takata Corp. air bags, and the U.S. Congress set a hearing next week on the safety issue, which has been linked to six deaths.

Takata complied last week with demands of U.S. safety regulators and doubled the vehicles to be involved in air bag recalls to 34 million, making it the largest recall in American history. The total number globally is more than 53 million vehicles. The air bags are at risk of exploding with too much force and spewing metal fragments inside the car, regulators say.

All six deaths linked to the problem were in Honda Motor Co. Ltd. vehicles.

The recalls announced on Thursday

by Fiat Chrysler Automobiles, Honda, BMW, Ford Motor Co. and Mitsubishi Motors Corp. are included in the figures issued last week by Takata and the National Highway Traffic Safety Administration.

Automakers, regulators and Takata have yet to identify the root cause of the problem.

A hearing billed as an update on the Takata safety issue will be held Tuesday afternoon by the U.S. House Subcommittee on Commerce, Manufacturing and Trade.

Rep. Fred Upton, R-Mich., said on Thursday: “When an air bag — a device built to enhance motorist safety — is actually putting families in peril, we can’t wait years for a fix.”

U.S. lawmakers have complained that both Takata and the NHTSA were mishandling the air bag safety issue. The NHTSA has tried to show its bite under new head Mark Rosekind, who took the helm in January.

Rosekind will appear before the subcommittee next week. The panel will also hear from Takata Executive Vice President Kevin Kennedy, two leaders of automaker lobbying groups and the director of an independent testing organization.

When the NHTSA announced the wider recall last week, makes and models were unavailable.

The best way to tell if your car or truck is being recalled is to key in the vehicle identification number at https://vinrcl.safercar.gov/vin/. The number is stamped on the driver’s side of the dashboard near the windshield and also is on many state registration cards. Automakers are still posting recall information by number, and the task may take several days or even weeks.

So it’s wise to keep checking periodically.

These models and numbers were released Thursday by manufacturers and U.S. and Canadian safety regulators. The

Associated Press

Hiroshi Shimizu, senior vice president of global quality assurance at Takata, testifies in December before the House Commerce, Manufacturing and Trade subcommittee on Capitol Hill in Washington. The company’s faulty air bag inflators have caused six deaths.

recalled vehicles include driver and passenger air bags. Some could overlap with previous recalls:

Honda Motor Co. Adds 350,000 vehicles in U.S. including 2005 Civics and 2006-2007 Accords. No vehicles added in Canada, where 705,000 were recalled previously. Vehicles now covered include 2001-2007 Accord, 20012005 Civic, 2002-2006 CR-V, 2003-2011 Element, 2002-2004 Odyssey, 20032008 Pilot, 2006 Ridgeline, 2003-2006 Acura MDX, 2002-2003 Acura TL, 2003 Acura CL, 2005 Acura RL.

Fiat Chrysler Automobiles Adds about 2 million vehicles globally including U.S. Expansion brings total affected to 5.2 million globally. Models include 2003 Ram 1500/2500/3500, 20052009 Ram 2500 Pickup, 2004-2008 Ram 1500 Pickup, 2006-2009 Ram 3500 Pickup, 2007-2009 Ram 3500 Cab Chas-

sis, 2008-2010 Dodge Ram 4500/5500 Cab Chassis, 2008-2009 Sterling 4500/5500 Cab Chassis, 2004-2008 Dodge Durango, 2007-2008 Chrysler Aspen, 2005-2010 Chrysler 300/300C/ SRT8, 2005-2010 Dodge Charger/Magnum, 2005-2011 Dodge Dakota, 20062010 Mitsubishi Raider.

BMW Adds about 280,000 vehicles in U.S. including 2002-2005 325i/325xi/330i/330xi, 2002-2005 325xi/325i Sports Wagon, 2002-2006 330Ci/325Ci/M3 Convertible, 20022006 325i/330i/M3 Coupe, 2002-2003 M5/540i/525i/530i, 2002-2003 540i/525i Sports Wagon, 2003-2004 X5 3.0i/4.4i Sports Activity Vehicle. U.S. total in recall is nearly 421,000.

Ford Motor Co. Adds nearly 967,000 vehicles to the recall, mainly in the U.S. and Canada, bring-

ing total to just over 1.5 million. Models include 2005-2014 Mustang, 2005-2006 Ford GT, 2004-2006 Ford Rangers.

Mitsubishi Motors North America Expands passenger air bag recall from Gulf Coast to nationwide. Total is just under 83,000 vehicles. Models include recall to include 2004-2006 Lancer/Lancer Evolution and 2004 Lancer Sportback.

Eleven automakers have vehicles included in the Takata recall. Other companies include General Motors, Daimler Trucks, Mazda, Nissan, Subaru and Toyota. Nissan Motor Co. said it would not add U.S. vehicles in the latest recall expansion. Vehicles from other automakers will be announced later.

For more details on the recall, go to www.safercar.gov/rs/takata/index.html.

The Associated Press and Reuters contributed to this report.

SUNTRUP PRE-OWNED Or visit us online for complete inventory

www.SuntrupBuickGMC.com 2014 chevY IMPALA

2012 buIck encLAve

lIMITED lT oNlY 9,XXX #P3242

lEaThEr, 35K, gM cErTIfIED #P3239

WAS

Now

16,901

18,499 $

$

2014 chevY cruze LT gM cErTIfIED #P3244

WAS

17,990

$ WE BUY D

USE !

CARS!

47255-1 23426-1 47080-1 47271-1 46990-1

On YOur neXT

Pre-OWneD vehIcLe!!!

WAS

30,995

$

Now

27,901

$

2014 chevY eXPreSS

2014 chevY MALIbu LT

cargo 2500 # P3230

18K, gM cErTIfIED #P3253

Now

15,901

$

SAve $1,000’S

Now

22,901

WAS

$

Now

18,901

WAS $

$ 20,990 25,499 GREAT SELECTION! GREAT PRICES! $

Sensational Used Cars

2000 lINColN lS Loaded!.................................... $4,995 2005 VolVo S40, Sunroof, Leather....................... $7,477 2007 NISSAN mAxImA,V6,Auto.......................... $7,901 2009 ChEVy mAlIbU lTz, Sunroof, Leather,...... $10,477 2009 ToyoTA CAmRy lE Leather, Sunroof......... $10,901

P3208 2012 foRD mUSTANG V6, Black........................ $16,477 23235-5 2009 lINColN mKS Sunroof, Leather ..................$16,901 P3256 2014 NISSAN AlTImA .......................................... $17,990 P3265 2014 ChEVy CRUzE lTz, 10K Miles,.................... $19,477 P3248 2014 DoDGE ChARGER V6,Auto......................... $19,990

WE BUY USED CARS!!

Sensational Used Trucks

47153-1 2008 GmC ACADIA SlT Sunroof, Leather .................... $13,888 47227-1 2005 GmC SIERRA Leather, 4x4, Crew..........................$15,888 46982-1 2009 GmC ACADIA Nav, Sunroof, Leather ................... $15,888 46812-4 2005 ChEVy SIlVERADo 4x4, 68K Miles .....................$15,501 47069-2 2009 ChEy TRAVERSE lT FWD ...................................... $16,477

46851-1 2010 mERCEDES bENz ml350 Gray, Must See! ...........$22,801 47239-1 2010 ToyoTA TAComA SR5 Crew Cab, 4x4 .....................$22,888 47181-1 2012 NISSAN fRoNTIER SV Crew Cab, 4x4 ....................$22,901 47216-1 2011 GmC ACADIA SlE 48K, GM Certified........................$22,990 P3225 2014 NISSAN PAThfINDER SV 4x4....................................$23,901

for more Great Cars and Trucks See www.SuntrupBuickGMC.com P3267-1 23382-1 32424-1 P3302 23265-1 P3296

2005 ChRySlER 300C 93K, Leather & More..... $10,990 2012 hyUNDAI ElANTRA GLS, 38K................... $11,701 2012 hyUNDAI ElANTRA GLS........................... $12,990 2014 foRD fIESTA SE....................................... $13,801 2009 bmW 328xi Black...................................... $13,901 2014 foRD foCUS SE........................................ $14,990

P3287 2014 foRD fUSIoN Eco, SE, Leather, Ht. Sts ...... $19,990 P3234-2 2011 mINI CooPER Countryman S All 4 .............. $19,990 47005-2 2013 hyUNDAI SoNATA lTD, Sunroof, Leather... $20,888 P3301 2013 hoNDA ACCoRD Exl, Sunroof, Leather...... $22,888 P3228 2014 ChEVy CAmARo lT GM Certified................ $24,801 P3288 2013 DoDGE ChARGER R/T, Leather, Ht. Sts........ $28,477

877-262-8426

P3282 2014 KIA SoUl PlUS .........................................................$16,901 46710-1 2008 GmC yUKoN SlE 92K............................................. $17,990 P3231 2014 DoDGE GRAND CARAVAN SXT, DVD ................. $18,901 P3224-1 2012 hoNDA CRV AWD, ES............................................. $19,901 P3283 2014 hyUNDAI TUCSoN SE Heated Seats..................$20,888 P3273 2014 hyUNDAI SANTA fE Sport .....................................$20,888

Credit Problems?

CALL

636-939-0800

47176-1 2012 mAzDA Cx-9 GRAND ToURING Nav., Roof, Lth..$24,901 P3309 2014 foRD E 250 CARGo LWB ............................................$24,990 P3260 2012 CADIllAC SRx Performance, Nav., Sunroof..........$28,901 P3289 2014 foRD EDGE limited, Leather, Chrome Wheels.....$28,990 P3245 2015 GmC ACADIA SlT Leather, Heated Seats ................$34,701 P3275 2014 DoDGE DURANGo lImITED Leather, Nav.............. $34,888

4200 N. SERVICE RD. I-70 & CAVE SPRINGS

Storm clouds can be seen behind the farm near Trinity Church on Church Road at Highway 94 in St. Charles county on Monday.

J.B. FORBES • jforbes@post-dispatch.com

FRIDAY • 06.19.2015 • B

Weather woes worry Missouri farmers

ACCELERATOR SEEKS SPORTS STARTUPS

Storms delay planting, maybe for the season

Founders seek to raise $10 million and invest in five firms this fall

BY TIM BARKER St. Louis Post-Dispatch

It’s safe to say this summer is not being kind to Missouri farmers.

A seemingly endless string of storms, showers and cloudy days has conspired to keep large tracts of farmland virtually unworkable.

And much of it may simply go unused this year.

Greg Sharpe, who farms northwest of Hannibal, has been in the business for some 35 years. This year, he said, is among the worst he’s seen.

He went into the season planning to lay down 500 acres of corn and 300 acres of soybeans. So far he’s managed to plant just 200 acres of corn. “I don’t have any beans planted at the moment,� Sharpe said. “There are areas

Tim Hayden (left) and Art Chou, co-founders of Stadia Ventures.

See FARMERS • Page B5

DAVID NICKLAUS St. Louis Post-Dispatch

The sporting goods business, Art Chou says, is starting to resemble the pharmaceutical business.

Rather than spending money to create new products, big companies increasingly let small startups do the innovating. Buying the startup is cheaper than investing in research and development.

For that model to work, though, entrepreneurs need to get their ideas in front of deep-pocketed companies. Corporate executives need to be confident that they’re seeing all of the best deals.

Chou, a former Rawlings Sporting Goods executive, hopes to make those

connections through a new sports-business enterprise called Stadia Accelerator.

Like other accelerator programs, it will combine a venture-capital-like investment with a period of intensive mentoring and business development. Stadia will be based in the T-Rex building downtown, where it will join a stable of accelerators managed by Cultvation Capital.

Chou thinks Stadia will find plenty of entrepreneurs who have invented a better golf club or fishing lure or a way of analyzing fitness data. “You have investors who understand and invest in sports,� he said. “You have companies that need innovation and you have entrepreneurs, but right now there’s nothing to put those three together.�

His co-founder at Stadia is Tim Hayden, director of St. Louis University’s See NICKLAUS • Page B4

• ARCH GRANTS HANDS OUT MONEY TO 11 STARTUPS. PAGE 4

Sia’s Italian Ice growing sales

Noranda cuts dividend, ponders reverse split

This month, Sia’s signed with three distributors to expand company’s reach in the Midwest

BY JACOB BARKER St. Louis Post-Dispatch

Noranda Aluminum has hired Morgan Stanley and Co. and is exploring “strategic alternatives� in the face of low aluminum prices and a plummeting stock price.

The announcement could signal trouble for a company that buys so much electricity from Ameren Missouri that it affects the price paid by other St. Louis utility customers.

The news sent Noranda tumbling. The shares fell 26 cents, or 21 percent, to close Thursday at 97 cents.

BY LISA BROWN St. Louis Post-Dispatch

See NORANDA • Page B4 PHOTOS BY DAVID CARSON • dcarson@post-dispatch.com

Containers of Sia’s Italian Ice cool in the freezer at the company’s store in Des Peres on Wednesday. Sia’s started out as food truck but is rapidly expanding.

Lawsuit accuses SSM surgeon of botched surgery

BY SAMANTHA LISS St. Louis Post-Dispatch

A neurosurgeon employed by SSM Health has been accused of operating on the wrong part of a patient’s brain, causing permanent injuries.

The lawsuit, filed May 26 in St. Louis County Circuit Court, accuses Dr. Gregory Bailey of removing healthy brain tissue instead of a tumor during a surgical procedure at St. Mary’s Health Center in Richmond Heights.

Bailey, according to the lawsuit, was to have performed a “left temporal See SSM • Page B5

Emily Strohschein, 4, of Des Peres, enjoys some lemon-flavor Sia’s Italian Ice.

Less than three years after Sia’s Italian Ice’s food truck began rolling around the region, the frozen fruit treat maker expanded by opening a retail store this year.

With new distribution deals in place, Sia’s now is eyeing growth at more restaurants, schools and grocery stores throughout the Midwest.

Barth Holohan, 43, says Sia’s began as a way to promote Continuum, a business he founded to provide nursing, transportation and other home care services to seniors.

Barth His initial idea was to Holohan take a pushcart loaded is the owner with Italian ice treats to and founder golf tournaments and other of Sia’s events to promote Contin- Italian Ice uum. Instead of a pushcart, he decided instead to start a food truck in May 2013 and make Sia’s a standalone business.

The treats quickly gained a following.

The fat-free, non-dairy products — made with fruit, purified water and sugar — have about 55 calories for a 4-ounce serving and are attractive to those seeking lower-calorie, gluten-free options, Holohan said.

Holohan’s entrepreneurial drive is in his genes. His great-grandfather founded Falbo Cheese in Chicago in 1904.

See SIA’S • Page B4

BUSINESS

CD Specials - U.S. Bank Certificate of Deposit Our CD specials are all FDIC1 insured with a guaranteed rate of return. For more information, or to apply for a Certificate of Deposit, stop in any U.S. Bank office for more information. More than 100 convenient St. Louis area locations!

%

APY 2

% APY 2

1. FDIC insured to the maximum allowed by law. 2. Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. CD special rates are applicable for maximum deposit of $249,999.99 with a $1,000 minimum opening deposit. Penalty will be imposed for early withdrawal. Fees could reduce earnings. Offer and same term apply for business CDs and Individual Retirement Accounts at U.S. Bank branches only. Not valid for brokerage deposits, institutional investors, Public Funds, or in conjunction with other promotional offers. APY accurate as of 04/23/14, is offered at the bank’s discretion, and is subject to change without prior notice. Member FDIC. Š2015 U.S. Bank 150004

1 M

Business

B2 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 06.19.2015

Contegra works on new Richmond Heights retail development

People in Business

S. M. Wilson promotes Presley to V.P. of business development

Contegra Construction Co. says it is on pace to complete a $63 million retail development in the Hadley Township South neighborhood of Richmond Heights by the end of 2015.

The retail development, situated near the intersection of Hanley Road and Interstate 64 (Highway 40), will be anchored by a two-story, 215,000-square-foot Menards home improvement center.

Next to Menards will be a pair of 10,000-square-foot free-standing buildings for additional retail space.

Menard Inc. operates approximately 285 stores in 14 states. The Richmond Heights store will be Menards’ fourth location in metro St. Louis.

S. M. Wilson & Co. promoted Judd Presley to its vice president of business development.

He will also continue to oversee S. M. Wilson’s federal and military capture programs.

Presley has 23 years of market analysis, strategic planning, management and business development experience. Prior to joining S.M. Wilson in 2012, he Presley held executive positions within the federal and commercial segments of the architectural and construction industries, including Warrior Group, Walton Construction and Behrens Design and Development Inc. Presley has a bachelor’s degree in English, with a double minor in business marketing and management from Westminster College.

Business Bulletin Board Contegra Construction

HELPING OUT Emerson donated $100,000 to Fathers’ Support Center to support its new Ferguson location.

The St. Louis Chapter of Credit Unions donated $1,000 to the Missouri Credit Union Charitable Foundation, a contribution that was matched by the Missouri Corporate Credit Union for a total contribution of $2,000.

More than 20 River City Casino & Hotel employees painted, refreshed property and helped with spring cleaning for low-income families in its Lemay neighborhood in partnership with the Lemay Housing Partnership Inc.

Construction of the Menards home improvement store in Richmond Heights.

Bommarito

Hazelwood-based Tagg Logistics acquired Ambler, Pa.-based ABC Fulfillment, an e-commerce services company. Terms of the deal were not disclosed.

0

1

MISSOURI’S ONLY RECIPIENT

5

Julie Eckstein, principal in the health care industry group at Brown Smith Wallace, was named to the Healthcare Businesswomen’s Association 2015 St. Louis Chapter Executive Board.

Jason Williams, an assistant professor of sport business management in the John E. Simon School of Business at Maryville University, was recognized with a 2015 ACBSP Teaching Excellence Award from the Accreditation Council for Business Schools and Programs.

Mid-West Floor in Chesterfield was recognized with the First Bank Small Business Handshake, a promotion citing small business owners and entrepreneurs for their commitment to their business, employees and communities.

Spellman Brady & Co.’s interior design for the renovation and expansion of Epworth Villa in Oklahoma City, Okla., is featured in the Spring 2015 Annual Showcase Issue of Environments for Aging, a national trade publication.

SUBMIT AN ITEM Bulletin Board and People in Business submissions should be sent to: biznetworking@post-dispatch.com.

You can fax submissions to: 314-340-3060.

Or mail a release to: Business News, 900 NorthTucker Boulevard, St. Louis, Mo. 63101

Krebs

Whitmire

Shamhart

Proud honoree of the 2015 Infiniti Award of Excellence for outstanding customer service.

National Honoree

NEW 2015 Infiniti

ALL WHEEL DRIVE

Q70L

Hoffmann BarnesCare added Dr. Angela Tripp as a sports medicine physician on its staff.

2 or More At This Price

KAI Design & Build hired Stephanie McDaniel as its accounting and human resources manager.

Coldwell Banker Gundaker named Mike Ide as assistant manager of its Town and Country office.

Long Wheel Base, Brand New For This Year. * A

489

$

MONTH

46,590

$

BUY FOR

NEW 2015 Infiniti

ALL WHEEL DRIVE With Navigation

QX60

449

*

A MONTH BUY FOR

42,888

$

St. Anthony’s at Arnold Family Health Care added Dr. Victoria Spencer as a family medicine physician on its staff.

Glik’s stores promoted Kristin Krebs to senior apparel buyer in the young men’s division.

Unity Hospice of Greater St. Louis appointed Andrew Whitmire as volunteer coordinator.

2 or More At This Price

$

PROJECT Air Masters Corp. completed a $275,000 boiler upgrade project at North County Christian School, 845 Dunn Road in Florissant, including removal of the school’s two fire-tube boilers and installation of new high-efficiency condensing class boilers. The school’s fire-tube water heater also was replaced with a new water heater.

RECOGNITION

Spencer

Bommarito Infiniti

ON THE WEB Stange Law Firm PC launched a new website about collaborative divorce at collaborativedivorcerepresentation.com/ about.

OPENING 9Round opened a fitness training center: • 12536 Olive Boulevard Suite G Creve Coeur, Mo. 63141 314-392-9305 OCI Ortmann Concrete Inc. opened an office: • 3590 Jeffco Boulevard Arnold, Mo. 63010 636-942-7151

McDaniel

INFINITI 2

MERGERS AND ACQUISITIONS Clayton-based Forsyth Capital Investors LLC signed an agreement to acquire a majority of Denver-based Eberl’s Claim Service Inc., Eberl’s Acquisition Co. LLC, ETS Holding Co. Inc. and Eberl’s Temporary Services Inc. Terms of the deal were not disclosed.

Tripp

*39 mo. lease -10,000 miles per year, $0 cash down or trade. Tax, title, license, Acquisition fee and dealer fee not included. $0 Security deposit. Offer expires 6/30/15.

MISSOURI'S #1 AUTOMOTIVE GROUP

Bommarito West County Source, bureau of Missouri Automotive registration 2014.

INFINITI

"WHERE PRICE SELLS CARS"

15736 Manchester at Clarkson Rd. (636) 391-9400 www.BommaritoInfiniti.com

Craig Lucas, vice president of Kwame Building Group Inc., has been appointed to the Professional Engineering Division of the Missouri Board for Architects, Professional Engineers, Professional Land Surveyors and Professional Landscape Architects.

Mercury Labs, a cinema and communications company, has hired Carrie Trent as account director.

Smith Moore added Julie Shamhart as a financial adviser.

SSM Medical Group added Dr. Sandra Hoffmann as an internal medicine physician and rheumatologist on its staff.

Diel & Forguson LLC hired Heather Foraker as an accountant and payroll specialist.

Armstrong Teasdale has added these associates to its Clayton office: Cynthia Juedemann, Lucas Pendry, Jaimie Mansfield and Clayton Zak. Southern Illinois Healthcare Foundation has added Elizabeth Ewig as a physician assistant at its McKinley Health Center in Granite City.

Business Calendar Tuesday

Post-Dispatch Business Staff ROLAND KLOSE

Business editor

314-340-8128

GREGORY CANCELADA

Assistant business editor

314-340-8330

Jacob Barker

Energy and environment

314-340-8291

Tim Barker

Biotech and agriculture

314-340-8350

LISA BROWN

Retail, consumer products and marketing

314-340-8127

TIM BRYANT

Real estate and construction

314-340-8206

JIM GALLAGHER

Personal finance and corporate affairs

314-340-8390

ROBERT KELLY

Networking

314-340-8345

Samantha Liss

Business of health

314-340-8017

DAVID NICKLAUS

Business columnist

314-340-8213

To e-mail a staff member, use the first initial and last name, followed by @post-dispatch.com

Networking • Michael Downing, Director, Missouri Department of Economic Development, will discuss the state’s development efforts.

• 5-7 p.m. Clayton on the Park, 8025 Bonhomme Avenue •$15. Register: www.stlregionalchamber. com/events June 25 Facility awards • The St. Louis chapter of the International Facility Managers Association will honor facility managers and a facility project.

• 6-9 p.m. PBR Cowboy Bar at Ballpark Village, 601 Clark Street • Free. Register: www.ifmastl.org

MARKET WATCH

06.19.2015 • Friday • M 1

a stronger dollar cut into results. $45

14

disappointed Wall Street. $9.0

44

12

BUSINESS 10 M

$11.38

A M 52-week range

8.5

43 42

J $17.52

8.0

M

ST. LOUIS7.5POST-DISPATCH • B3

A M 52-week range

$35.82

J

M

$46.71

$4.42

A M 52-week range

Track your your stockssTocks and get the Latest /business Track and geT laTesT news sTlToday.com/business .com Vol.: 10.0m (3.7xThe avg.)news PE: 14.7• Stltoday.com Vol.: 79.1m • (6.0x avg.)

PE: 17.9 Vol.: 64.4m (2.6x avg.)

Stocks jumped Thursday, with the Nasdaq closing at a record.

The rally came a day after the Federal Reserve suggested it did not plan to raise rates right away. Investors are also looking to Europe, where Greece and its creditors are deadlocked in bailout talks.

Pier 1 Imports

PIR

Pier 1 Imports

Mkt. Cap: $1.08 b

J

Mkt. Cap: $186.65 b

M

$11.38

A M 52-week range

J

$35.82

$17.52

A M 52-week range

7.5

J $46.71

PE: 4.2 Yield: ...

KR

75 70 M

A M 52-week range

$4.42

Vol.: 79.1m (6.0x avg.)

PE: 17.9 Mkt. Cap: $186.65 b Yield: 1.4%

$9.07

Close: $73.54 0.63 or 0.9% The supermarket chain reported better-than-expected first-quarter profit and boosted its outlook for a key sales measure. $80

8.0 M

J

Kroger

RAD

8.5

43 42

Mkt. Cap: $8.5 b

Close: $8.60 -0.32 or -3.6% The drugstore chain topped first-quarter profit expectations, but a key sales figure and its outlook disappointed Wall Street. $9.0

44

12

Yield: 1.4%

Rite Aid

ORCL

Close: $42.74 -2.17 or -4.8% The software maker reported worse-than-expected fiscal fourth-quarter profit and revenue as a stronger dollar cut into results. $45

14 10

Yield: 2.3%

Oracle

PIR

Close: $12.00 -0.01 or -0.1% The home decor company’s fiscal first-quarter profit met Wall Street expectations, though its revenue fell short of forecasts. $16

Vol.: 10.0m (3.7x avg.)

PE: 14.7 Close: $12.00 -0.01 or -0.1% Charts show stocks that made the news yesterday.

Mkt. Cap: $1.08 b Yield: 2.3% The home decor company’s fiscal first-quarter profit met Wall Street Oracle ORCL expectations, though its revenue fell Close: $42.74 -2.17 2,160or -4.8% 18,200 short of forecasts.

Dow Jones industrials The software maker reported $16 Close: 18,115.84 worse-than-expected 2,100fiscal 17,940 Change: 180.10 (1.0%) fourth-quarter profit and revenue as 14

1.0%)

M

short of forecasts. $16

Stocks jumped Thursday, with the Nasdaq closing at a record.

The rally came a day after the Federal Reserve suggested it did not plan to raise rates right away. Investors are also looking to Europe, where Greece and its creditors are deadlocked in bailout talks.

Vol.: 64.4m (2.6x avg.)

Mkt. Cap: $8.5 b

65

J $9.07

M

$48.58

PE: 4.2 Yield: ...

A M 52-week range

J $77.74

Vol.: 8.7m (2.3x avg.)

PE: 21.2 Mkt. Cap: $36.05 b Yield: 1.0%

Rite Aid RAD Kroger KR Bankrate RATE Close: $8.60 -0.32 or -3.6% Close: $73.54 0.63 or 0.9% ExchangeRates Close: $11.25 -2.60 or -18.8% Futures 18,200 S&P 500 Dow Jones industrials The drugstore chain topped The supermarket chain The financial content company reCHICAGO BOT DATE CLOSEreported CHG Close: 2,121.24 Close: 18,115.84 FOREIGN CURRENCY IN DOLLARS first-quarter profit expectations, but better-than-expected first-quarter ported disappointing first-quarter fi17,940 CLOSE PREV Corn Jul 15 358 -1.25 aChange: key sales20.80 figure (1.0%) and its outlook profit and boosted its outlook for a Change: 180.10 (1.0%)nancial results and weaker-than-exdisappointed Wall Street.

Argentina .1105 .1105 key sales measure. pected fiscal outlook.

Soybeans Jul 15 977.75 +8.75 a stronger dollar cut into results.

17,680 2,040 17,680 10 DAYS 10 DAYS 10 DAYS $9.0 12 $14 Australia .7794 .7750 $45 Wheat $80 Jul 15 488 -3.25 2,160 18,400 18,400 Brazil 13 .3272 .3262 8.5 75 44 10 CHICAGO MERC DATE CLOSE CHG M A M J Britain 12 1.5874 1.5829 8.0 70 2,120 43 221.92 -2.80 52-week range 18,000Feeder cattle Aug 15 18,000 Canada .8174 .8178 7.5 65 11 42 $11.38 $17.52 Live cattle 150.42 -1.53 M A M J MJun 15 A M J M A.1611 M J M A 2,080 M J China .1610 52-week range 52-week 78.02 range 52-week range 52-week range Jul 15 +.02 PE: 14.7 Vol.: 10.0m (3.7x avg.)

17,600Hogs 17,600 Euro 1.1368 1.1333 $4.42 $9.07 $48.58 $77.74 $9.39 $18.19 $35.82 $46.71 2,040 Mkt. Cap: $1.08 b Yield: 2.3% Milk Sep 15 16.59 -.47 India .0157 .0156 Vol.: 64.4m (2.6x avg.)

PE: 4.2 Vol.: 8.7m (2.3x avg.)

PE: 21.2 Vol.: 4.6m (9.5x avg.)

PE: 160.7 Vol.: 79.1m (6.0x avg.)

PE: 17.9 Jun 15 262.85 +.55 17,200 Israel Mkt. Cap: $1.17.2617 .2613 17,200 Mkt. Cap: $8.5 b Yield: ... Copper Mkt. Cap: $36.05 b Yield: 1.0% b Yield: ...

Mkt. Cap: $186.65 b Yield: 1.4% 2,000 Oracle ORCL Japan .008127 .008105 ICE DATE CLOSE CHG Close: $42.74 -2.17 or -4.8% Kroger KR Bankrate RATE Mexico BioMarin Pharma.

BMRN Rite Aid RAD .065287 .065459 1,960 16,800 16,800 Cotton Jul 15 64.08 D J F M A M or 0.9% J D J F M A +.20 M J D J makerFreported M A M J The software Close: $73.54 0.63 Close: $11.25 -2.60 or -18.8% 15.06 or 12.2% Russia Close: $138.66 .0187 .0186 Close: $8.60 -0.32 or -3.6% worse-than-expected fiscal Coffee The financial Jul 15 content 128.70 The supermarket chain reported company+2.05 reThe drug developer The drugstore chain topped So. Africa .0817 reported posi.0815 HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD better-than-expected first-quarter fourth-quarter profit and revenue as ported disappointing first-quarter fitive midstage clinical trial results for first-quarter profit expectations, but Sugar Sep 15 24.68 +.03 So. Korea .000904 .000897 profit and boosted its outlook for a nancial results and weaker-than-exits potential human dwarfism treata stronger dollar cut into results. a key sales figure and its outlook +180.10 DOW 18174.73 17944.61 18115.84 +1.00% s t s +1.64% key sales pected fiscal outlook. ment, vosoritide.

Switzerland 1.0847 1.0844 disappointed Wall Street.8444.38 +128.44 DOW Trans.

8465.58 8317.46 +1.54% t measure. t t -7.61% $45 DATE CLOSE CHG NEW YORK NYSE NASD $80 $14 $140 $9.0 DOW Util.

576.49 567.22 575.46 +8.40 +1.48% s t t -6.90% Crude oil Jul 15 60.45 +.53 44 1,836 Vol. (in mil.)

3,496 NYSE Comp.

11137.40 11032.48 11100.48 +86.82 +0.79% +2.41% 75 s t s 13 130PreciousMetals 8.5 Gas blend Jul 15 2.1101 +.0096 1,677 Pvs. Volume 3,158 NASDAQ 5143.32 5082.03 5132.95 +68.07 +1.34% s s s +8.38% CHG NEW YORK CLOSE 43 70 12 120 8.0 Advanced 2102 1945 S&P 500 2126.65 2101.58 2121.24 +20.80 +0.99% s t s +3.03% Heating oil Jul 15 191.52 +.54 Gold 1201.50 +25.10 65 s s s 42 11 Declined 1041 828 110 S&P 400 1548.09 1534.31 1544.27 +12.49 +0.82% 7.5 M A M+6.32% J M J Natural gas MJul 15 A 2.777 -.078 M A M J M A 16.15 M J+.21 M A M J Silver New Highs 121 170 Wilshire 5000 22509.55 22238.88 22453.40 +214.52 +0.96% s 52-week t s range+3.62% 52-week range 52-week range 52-week range 52-week range New Lows 51 35 Russell 2000 1287.06 1271.95 1284.68 +16.35 +1.29% +6.64% Platinum 1082.80 +10.10 Chicago BOT is in cents. $48.58s s s $77.74 $9.39 $18.19 $55.36 $140.49 $4.42 $9.07 $35.82 $46.71 Vol.: 8.7m (2.3x avg.)

PE: 21.2 Vol.: 4.6m (9.5x avg.)

PE: 160.7 Vol.: 5.6m (3.7x avg.)

PE: ...

Vol.: 64.4m (2.6x avg.)

PE: 4.2 NET 1YR PE: 17.9 Vol.: 79.1m (6.0x avg.)

Interestrates Mkt. Cap: $36.05 b Yield: 1.0% Mkt. Cap: $1.17 b Interestrates Yield: ...

Mkt. Cap: $22.23 b Yield: ...

Mkt. Cap: $8.5 b Yield: ...

TREASURIES LAST CHG AGO Mkt. Cap: $186.65 b Yield: 1.4% 52-WK YTD% 1YR% 52-WK YTD% 1YR% NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV SOURCE: Sungard AP Bankrate RATE BioMarin Pharma.

BMRN Kroger KR 3-month T-bill

-0.01 .01 Rite Aid RAD Close: $11.25 -2.60 or -18.8% Close: 15.06 or 12.2% Close:-5.0 $73.54 0.63 or Aegion AEGN 15.31 25.52 17.68 +.20 +1.1 -23.2 13 ... 0.9% LMI Aerospace LMIA 9.82 15.39 10.69 +.20 +1.9 -24.2 -23.7 dd $138.66 ...

6-month T-bill .07 -0.03 .06 The financial content company reThe drug developer reported posiThe supermarket chain reported Close: $8.60 -0.32 or -3.6% 52-wk T-bill .22 -0.02 .08 ported 45.36 disappointing first-quarter fitive15 midstage Allied Health AHPI topped 1.29 3.70 1.48 ... better-than-expected ... -19.6 -34.8 dd ... Laclede Group LG 55.75 52.92 +.62 +1.2 -0.5 +13.7 1.84 clinical trial results for first-quarter The drugstore chain 2-year T-note .64 -0.01 .45 nancial results and weaker-than-exits potential human dwarfism treatprofit and boosted its outlook for a first-quarter profitDOX expectations, but55.79 +.08 +0.1 +19.6 +16.8 19 0.68 Lee Ent pected fiscal Amdocs 44.06 56.97 ment, The yield on the LEE 2.74 outlook.

4.72 3.18 +.03 +1.0 -13.6 -25.7 24 vosoritide. ... key sales measure.

5-year T-note 1.63 +0.01 1.71 a key sales figure and its outlook $14 10-year Treasury $140 $80 10-year T-note 2.33 +0.01 2.59 Ameren AEE 36.65 48.14 38.54 +.45 +1.2 -16.5 +2.7 16 1.64 Mallinckrodt disappointed Wall Street.

MNK 67.18 134.26 121.14 +3.46 +2.9 +22.3 +53.1 ... rose to 2.33 per13 130 30-year T-bond 3.13 +0.04 3.40 75 $9.0 cent Thursday.

American Railcar ARII 46.18 82.82 52.83 +.53 +1.0 +2.6 -18.1 10 1.60 Monsanto Co MON 24 1.78 12 105.76 128.79 114.45 +1.31 +1.2 -4.2 -4.1 120 70

StocksRecap

LocalStocks

8.5

Arch Coal

.43 -.01 -1.6 65-75.6 -87.5 dd ...

M A M Olin J Belden Inc BDC 58.06 95.56 85.99 +.67 +0.8 +9.1 +12.4 cc 0.20 52-week range Panera Bread 7.5 $48.58 $77.74 M A BBW 10.07 M 23.00 J 16.67 +.22 +1.3 -17.1 +16.2 18 ...

Build-A-Bear Wkshp Vol.: 8.7m (2.3x avg.)

PE: 21.2 Peabody Energy 52-week range Mkt. Cap: $36.0518 b 0.28 Yield: 1.0% Caleres CAL 25.30 $9.07 33.67 32.80 +.58 +1.8 +2.0 +16.0 $4.42 Peak Resorts CassInfo 53.98 +1.50 +2.9 +1.4 +5.1 26 0.84 Bankrate RATE Vol.: 64.4m (2.6xCASS avg.)39.00 57.54 PE: 4.2 Perficient Mkt. Cap: $8.5 b Yield: ...

Close: $11.25 -2.60 ... or -18.8% Centene CNC 35.49 80.00 79.07 +.58 +0.7 +52.3 +106.7 33 The financial content company rePost Holdings ported disappointing first-quarter fiKroger Commerce Banc.

CBSH 39.53 48.00 KR 47.34 +.40 +0.9 +8.9 +9.7 18 0.90b nancial results and weaker-than-exPulaski Financial Close: $73.54 0.63 0.9%68.80 58.75 +.40 +0.7 pected fiscal outlook.

Emerson EMR or 54.95 -4.8 -10.5 16 1.88 The supermarket chain reported $14 ReinsGrp Energizer ENR first-quarter 111.16 144.95 136.60 +.62 +0.5 +6.3 +14.8 44 2.00 better-than-expected 13 Reliv profit and boosted its outlook for a Enterprise Financial EFSC 16.38 22.65 22.45 +.39 +1.8 12+13.8 +23.4 16 0.24f key sales measure.

Sigma-Aldrich Esco Technologies ESE 32.77 39.73 37.66 +.46 +1.2 11 +2.1 $80 M +9.9 A 23 0.32M J Stereotaxis 52-week 75 Express Scripts ESRX 65.08 91.21 89.59 +1.50 +1.7 +5.8 +26.1 32 range ... $9.39 $18.19 70 First Clover Leaf FCLF 8.38 12.34 9.09 ... Vol.: ... 4.6m +3.8 (9.5x ... avg.)

9 0.24 Stifel Financial PE: 160.7 Mkt. Cap: $1.17 b Yield: ...

65 Foresight Energy M A FELP 13.09 M 20.78 J 14.40 -.09 -0.6 -14.6 ... 1.48f SunEdison ACI

8.0

0.36

3.77

Yields affect

110 on mort-J OLN 11 M 20.43 A 34.34 28.25 M +.15 J+0.5 +24.1 +3.5 25 M0.80 A ratesM gages 52-week range 52-week rangeand other PNRA 142.41 188.24 182.04 -.57 -0.3 +4.1 +23.4 29 ... consumer$140.49 loans. $9.39 $18.19 $55.36 Vol.: 4.6m (9.5x avg.)2.46 PE: 160.7 Vol.: BTU 2.21 17.21 -.01 -0.4 -68.2 -83.9 dd 5.6m 0.01(3.7x avg.)

Mkt. Cap: $1.17 b Yield: ...

Mkt. Cap: $22.23 b SKIS 5.76 9.19 7.20 ... ... -10.0 ... 0.55 SOURCE: Sungard BioMarin Pharma.

BMRN PRFT 14.05 21.57 19.77 +.05 +0.3 +6.1 +5.1 27 ...

Close: $138.66 15.06 or 12.2%

The drug developer reported posiPOST 30.94 52.21 +1.17 +2.4 ... tive midstage clinical49.61 trial results for +18.4 -5.8 dd its potential human dwarfism treatPULB 10.99 13.38 13.05 +.30 +2.4 +5.8 +18.6 13 0.38 ment, vosoritide. $140 RGA 72.34 97.92 96.90 +.72 +0.7 +10.6 +23.4 10 1.32 130 RELV 1.06 2.17 1.25 +.10 +8.7 +6.8 -34.3 16 ...

120 SIAL 99.08 140.03 139.39 -.02 ... +1.5 +40.3 34 0.92 110 M A M J STXS 1.32 52-week 3.77 range 1.59 -.01 -0.6 +7.4 -56.2 dd ... $55.36 $140.49 SF 41.47 59.93 58.76 +.18 ...

Vol.: 5.6m (3.7x avg.)

PE:+0.3 ... +15.2 +24.0 24

Mkt. Cap: $22.23 b Yield: ...

SUNE 13.09 31.57 31.54 +.58 +1.9 +61.7 +39.8 dd SOURCE: Sungard AP SEMI 14.25 27.93 20.89 +.21 +1.0 +12.5 +20.2

...

52-week range BioMarin Pharma.

BMRN ...

FF 9.94 17.25 13.31 -.12 -0.9 +2.2 -18.1 11 0.24m SunEdison Semi $77.74 Close: $138.66 15.06 or 12.2% Synergetics USA Inc. SURG 2.95 5.95 4.96 -.05 -1.0 +14.0 +59.0 25 ...

Huttig Building Prod HBP 2.70 5.45 3.15 +.03 +1.0 -6.0 developer -27.4 13 reported ...

The drug posiVol.: 8.7m (2.3x avg.)

PE: 21.2 tive midstage clinical trial results for Mkt. Cap: $36.05ISLE b Yield:21.17 1.0% WPT 15.90 21.25 17.23 +.19 +1.1 -14.4 -3.4 14 1.20 Isle of Capri 6.25 18.78 -1.45 -7.2 +124.4 +190.5 cc dwarfism ... WldPntTm its potential human treat-

FutureFuel

$48.58

vosoritide.

Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual ratement, plus stock. c - Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announceRATE ment. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends$140 paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution Close: $11.25 orfund -18.8% date.

PE Footnotes: q - Stock is -2.60 a closed-end - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months.

130

Bankrate

The financial content company reported disappointing first-quarter financial results and weaker-than-expected fiscal outlook. $14 13 12 11

$9.39

A M 52-week range

J

110

M

$55.36

A M 52-week range

Vol.: 4.6m (9.5x avg.)

Mkt. Cap: $1.17 b

PE: 160.7 Yield: ...

BioMarin Pharma.

BMRN

Close: $138.66 15.06 or 12.2% The drug developer reported positive midstage clinical trial results for its potential human dwarfism treatment, vosoritide. $140

YEST 6 MO AGO 1 YR AGO

AP PRIME FED RATE FUNDS .13 .13 .13

3.25 3.25 3.25

Barclays LongT-BdIdx

2.99 +0.06 3.23

Bond Buyer Muni Idx

4.45 +0.01 4.56

Barclays USAggregate 2.37 -0.03 2.34 Barclays US High Yield 6.34 -0.04 4.90 Moodys AAA Corp Idx

4.15

... 4.29

Barclays CompT-BdIdx

1.98

... 1.96

Barclays US Corp

3.31 -0.01 3.01

GlobalMarkets INDEX LAST CHG CHG YTD S&P 500 Frankfurt DAX London FTSE 100 Hong Kong Hang Seng Paris CAC-40 Mexico City Bolsa Tokyo Nikkei 225 Sao Paolo Bovespa Toronto Zurich

2121.24 11100.30 6707.88 26694.66 4803.48 45120.79 19990.82 54238.59 14770.64 8880.29

+20.80 +122.29 +27.33 -59.13 +12.86 +328.75 -228.45 +990.05 +37.66 -26.40

+0.99% +1.11% +0.41% -0.22% +0.27% +0.73% -1.13% +1.86% +0.26% -0.30%

+3.03% +13.20% +2.16% +13.09% +12.42% +4.58% +14.56% +8.46% +0.94% -1.15%

Vol.: 5.6m (3.7x avg.)

Mkt. Cap: $22.23 b

J $140.49

Thursday, June 18, 2015

PE: ...

Yield: ...

NEW 2015 CADILLAC ATS

$18.19

PE: ...

Yield: ...

120

SOURCE: Sungard

M

NET 1YR BONDS LAST CHG AGO

NEW 2015 CADILLAC SRX

AP

While Supplies Last ** Per Month

$299

2.5L

ULTRA LOW MILEAGE ULTRA LOW MILEAGE FOR WELL-QUALIFIED **Tax, title, license and dealer fees extra. $0 security deposit FOR WELL-QUALIFIED LESSEES required, $2,469 due at signing after all offers. See dealer for details.

LESSEES

BommaritoCadillac.com •

36 Month Lease

314-266-7072

While Supplies Last ** Per Month

$339 24 MONTHS 24 Month Lease

**Tax, title, license and dealer fees extra. $0 security deposit required, $2,129 due at signing after all offers. See dealer for details.

Where Cadillac Luxury Is Affordable

130 120 110 Business M A digest M 52-week range

J

$55.36 Mallinckrodt unit probed • $140.49 Questcor Pharmaceuticals, which Mallinckrodt Vol.: 5.6m (3.7x avg.)

PE: ...

Mkt. Cap: $22.23 Yield: ... acquired last year,bis being investigated by multiple states for potential antitrust SOURCE: Sungard AP violations. The investigations focus on Questcor’s acquisition in 2013 of rights to develop Synacthen Depot from Novartis AG and Novartis Pharma AG, according to a Mallinckrodt regulatory filing Thursday. Mallinckrodt, a seller of generics, specialty drugs and medical imaging agents, is based in Ireland but has its operating headquarters and CEO, Mark Trudeau, based in Hazelwood.

Mallinckrodt said it disclosed in 2014 that Questcor received a subpoena and Civil Investigative Demand from the Federal Trade Commission seeking information related to the FTC’s antitrust investigation into Synacthen Depot.

“Subsequently, a small number of states commenced similar investigations focused on whether the transaction violates state antitrust laws,” Mallinckrodt’s filing Thursday states, adding that the company is cooperating in each of these investigations and “is not aware of any existing or pending litigation in connection with the investigations.”

Mallinckrodt said the resolution of these investigations would not have a material adverse effect on its financial condition, results of operations, or cash flows.

Stifel, others settle with SEC • Thirty six municipal bond underwriters operating in the $3.7 trillion muni market will collectively pay about $9 million to settle civil charges over fraudulent offerings, as part of the first pact of its kind with U.S. regulators. Among the underwriters is St. Louis-based Stifel, Nicolaus & Co., which will pay $500,000 to settle charges; a Stifel spokeswoman couldn’t immediately provide a comment late Thursday. Other firms charged include units of banks such as Bank of America Merrill Lynch,

BNY Mellon, Goldman Sachs, Citigroup, JP Morgan, Royal Bank of Canada and Morgan Stanley. All have agreed to settle the charges without admitting or denying the allegations. The U.S. Securities and Exchange Commission said Thursday that the charges stemmed from a March 2014 invitation to brokers and bond issuers to voluntarily report disclosure violations in offering documents, such as material misstatements and omissions. The cases were the first under the program intended to increase transparency in a lightly regulated sector. In exchange for selfreporting, issuers and underwriters would receive favorable settlement terms. The settlement requires each firm to pay civil penalties based on the number and size of the fraudulent offering. The maximum penalty is $500,000 for large firms and $100,000 for smaller ones.

Caleres expands Tenn. facility • Caleres, formerly Brown Shoe Co., is expanding a distribution facility in Lebanon, Tenn., and adding more than 40 jobs. Clayton-based Caleres currently has 240 employees at the facility, according to a spokeswoman.

The 212,000-square-foot expansion is expected to be completed in the fourth quarter of 2016. Caleres’ brands include Naturalizer, Franco Sarto, Dr. Scholl’s and Vince, and the company operates more than 1,000 Famous Footwear stores.

Post trims flu impact • Brentwood-based Post Holdings Inc. said a company-owned chicken flock in Nebraska, which tested positive for avian flu last month, was released from quarantine as several rounds of subsequent tests “did not confirm the presumptive positive.”

The company said the U.S. Department of Agriculture released the flock on Thursday, a move that lowered its total affected egg supply to about 25 percent of commitments. Post Holdings had said on

May 27 that 35 percent of commitments were affected after reporting that the flock had tested positive for avian flu. The company, best known for its breakfast cereals including Raisin Bran and Honey Bunches of Oats, said Thursday that it continued to expect full-year adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, to be hurt by about $20 million because of the impact of the avian flu outbreak.

UAW wants pooled health care • United Auto Workers President Dennis Williams said Thursday that he wanted to enter talks with the three major U.S. automakers to pool active union and nonunion workers and UAW retirees to bargain for lower health care costs.

Such a pool of about 900,000 people connected to Detroit’s three automakers would not mean a single health care plan, but instead a collective to wield more leverage in negotiations with drug companies, hospitals and insurance companies, he noted. The union is still forming its strategy on how a larger pool would be created, Williams said at a press conference at the UAW’s headquarters in Detroit. While he did not detail the options the UAW is considering for such a pool, Williams said discussions of such a collective for greater purchasing power would be part of the upcoming labor talks with Ford Motor Co, General Motors Co and Fiat Chrysler Automobiles . Those talks begin next month for contracts that expire Sept. 14. About 607,000 retired UAW members would continue to have health care managed by the union through a health care trust that is a voluntary employees beneficiary association (VEBA). The UAW assumed health care costs for retired UAW members from the three auto companies in 2007.

From staff and wire reports

DOE awards Danforth Center $8 million for sorghum study

By Jacob Barker St. Louis Post-Dispatch

The U.S. Department of Energy awarded $8 million to the Donald Danforth Plant Science Center to study sorghum for use as a biofuel crop.

The project is aimed at mapping sorghum’s genetic information and studying its physical characteristics to help researchers develop higher-yielding varieties of the grass.

“These will be optimized for the U.S. sorghum bioenergy belt, making this crop a leading feedstock source for biofuel production,” said Danforth scientist Todd Mockler, who is leading the project.

The Danforth center referenced a new “bioenergy belt” that “will span east Texas, the Mississippi Valley, the Gulf Coast and the southern Atlantic Coast.”

Biofuel using grasses — often called cellulosic biofuel — is supposed to be increasing under U.S. renewable fuel policy. The U.S. Department of Agriculture expects most of the eventual feedstock for cellulosic bioenergy to come from the South, and sorghum doesn’t need as much water or fertilizer as other plants, which “positions it to become a premier bioenergy crop” the Danforth Center said in a statement.

The Danforth Center said the research should be translatable to other food and energy crops.

The University of Illinois and Washington University are among higher education institutions helping with the project.

Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Business

B4 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 06.19.2015

Arch Grants awards money to 11 startups By david nicklaus St. Louis Post-Dispatch

Arch Grants is handing out $50,000 awards Thursday to 11 companies that make everything from high-efficiency air purifiers to a drug-delivering pacifier.

The organization aims to reinvigorate the St. Louis economy by encouraging high-potential startup companies. Its grants come with few strings attached, but the recipients must locate in St. Louis.

Seven of the winners were already in the St. Louis area; the others come from Mount Vernon and Springfield, Ill., New Orleans and San Antonio.

The companies are: • Appbase, from San Antonio, a streaming database service for search and analytics queries.

• Applied Particle Technology, led by two Washington University doctoral students, a developer of high-efficiency air treatment and filtration technology.

• Better Weekdays, a job-matching platform that helps job candidates and companies judge compatibility and cultural fit.

Founder Chris Motley moved here from Chicago last year.

• CrisisGo, from Mount Vernon, developer of a mobile app for emergency communications.

• HIPAAtrek, which makes compliance software for health care institutions.

• Invisible Girlfriend, which lets people receive authentic-looking text messages and photos from a virtual girlfriend or boyfriend. The company was founded at a Startup Weekend in St. Louis in 2013.

• Jobsite Unite, developer of a mobile app that streamlines communication among

Roberto Rodriguez • rrodriguez@post-dispatch.com

Roberto Garcia (left) and Nathan Merrick, co-founders of the Listo mobile app.

construction contractors.

• Listo, a mobile app that lets people watch a movie in their preferred language anywhere in the world.

• Million Dollar Scholar, a New Orleans software startup that helps connect students with financial aid opportunities.

• Scoville, based in Kirkwood, a developer of medical devices for home use. Its first product is Pacidose, which combines a pacifier nipple with a syringe for delivering medicine to babies.

• SmashToast, from Springfield, which develops technology to run household devices from a smartphone.

Including Thursday’s awards, Arch Grants has now handed out a total of $3.65 million to 66 companies. It says previous winners have created more than 250 jobs, generated $16 million in revenue and raised $49 million in capital.

The organization will announce another batch of about 10 winners in November.

Arch Grants gets some money from the state-funded Missouri Technology Corp., but most of its funding comes from private donors.

David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Investors will nurture innovators NICKLAUS • from B1

Center for Entrepreneurship and former chief executive of Vivid Sky, which developed a mobile app for use in sports stadiums.

Every six months, Stadia will invest up to $100,000 in five companies and help them make connections in the sportsbusiness world. In an investor presentation, the group lists more than 50 potential mentors, including Jacksonville Jaguars President Mark Lamping, St. Louis Rams executive Kevin Demoff and people at Rawlings, Schutt Sports and Callaway Golf.

Chou and Hayden are trying to raise $10 million to fund the accelerator for five years, including follow-on investments in companies that seem the most promising.

Stadia plans to announce its first group of companies in September.

For investors, the fund offers a way to invest in a diversified group of sports startups that have been vetted by experts.

“Most of the money invested in sports has been ego-driven,” says Hayden, who will remain at SLU for one year while launching Stadia. “This is a true business investment play.”

Accelerator programs are common in the technology industry but have been tried only a couple of times in the sports

world. Nike launched an accelerator three years ago to develop ways to use its Fuelband technology, and the Los Angeles Dodgers announced a program in April to develop technology and entertainment startups that could help the baseball team.

Stadia isn’t tied to a single brand or line of business, so Chou and Hayden expect to see companies from all over the world.

They already have about 40 applicants, including a handful from St. Louis.

Jay DeLong, a general partner in the SixThirty financial-services accelerator, thinks that Stadia is a promising idea and that St. Louis is a good place to try it.

“In this town, you have some shrewd sports celebrities,” he says. “When you have some deep-pocketed people who know the industry but don’t have the expertise in mentoring startups, an accelerator makes perfect sense,” he said.

St. Louis already has accelerators for technology firms, agribusiness, biotechnology, women-owned startups and financial firms. On a per capita basis, we may be the accelerator capital of the world. Since we claim to be a great sports town, it makes sense to add fun and games to the mix.

David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Aluminum company ponders future NORANDA • from B1

Noranda’s stock price has dropped 68 percent since May 11, when private equity firm Apollo Global Management announced it would sell off a nearly one-third stake in the company; it completed the sale a few days later.

After the departure of its largest shareholder, Noranda prices have fallen to under $1 from about $3.

Aluminum, like many commodities, is under pressure from foreign imports and slower-growing demand. It is near threeyear lows on the London Metals Exchange.

Noranda CEO Layle “Kip” Smith said Noranda would “proactively identify and evaluate prudent actions.”

“In the face of low aluminum prices, I am proud of the progress we have made in improving our cost structure and overall productivity, as well as our investments that support future improvements,” Smith said in a statement. “This strategic review builds on that work, and is an exciting part of optimizing the positioning of the Company.”

The aluminum company’s struggles come less than two months after it won a hard-fought battle with St. Louis utility Ameren Missouri over its electric rate.

Noranda, which employs about 850 people at its aluminum smelter in the Bootheel, convinced Missouri regulators it needed a lower electric rate at the energy-intensive plant in order to keep it humming.

Noranda is Ameren’s largest customer, buying about 10 percent of the utility’s elec-

tricity. Regulators and consumer groups worry that if the smelter closes, it could drive up prices for other Ameren ratepayers.

One of the options Noranda is considering is a reverse stock split, the company announced Thursday. The move could raise the price of Noranda’s stock by reducing the number of outstanding shares, a strategy sometimes employed to keep share prices high enough to remain listed on a major exchange. Noranda is traded on the New York Stock Exchange.

The Franklin, Tenn., company also said it would suspend its 1-cent per share quarterly dividend.

Noranda said it wouldn’t disclose further details.

Just days before, Noranda touted a $15 million financing deal for a new aluminum rod mill near New Madrid, Mo., that would boost its production capacity 43 percent.

The company said it would start producing at the $55 million mill by the second quarter of 2016.

The company cited its lower electricity rate, which took effect this month, when it announced the rod mill. The lower rate — which is made up by other Ameren customers to the tune of about $1 per month for an average household — is expected to save Noranda between $17 million and $25 million a year.

Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Best of Building Blocks Highlights from our real estate and development blog: STLtoday.com/buildingblocks. services. It also plans to build a new, twoNazareth to renovate nursing facility • A senior care facility operator in south St. Louis story 35,000-square-foot assisted living facility to accommodate people with memory County is seeking approval for $14.5 million impairment issues. in renovations and new projects.

The new building will acquire 48 of the Nonprofit Nazareth Living Center plans to current 150 licensed assisted living beds. The renovate a current nursing home on campus project does not plan to add any new beds to to add more private rooms and to create the campus. (06.12) more room for therapy and rehabilitation

David Carson

Amy Santhuff fills containers of lemon-flavor Sia’s Italian Ice on Wednesday at the store in Des Peres. The containers will be sold at area grocery stores.

Customers want healthy treats SIA’S • from B1

Holohan, who was born in Ohio, said his family moved to St. Louis when he was 4. He has a degree in management from the University of Kentucky and master’s degrees in business administration and social work from Washington University.

Sia’s Italian Ice is named after Holohan’s daughters: Sabrina, Isabella and Amelia.

The first summer Sia’s operated, it made just $19,000 in revenue, a figure that was too low to remain sustainable.

“We knew we had to do something to make it nonseasonal,” Holohan said.

Sia’s started packaging its Italian Ice in push-pop containers, with its first wholesale customer, Washington University, in spring 2014.

“That’s when we started seeing that there was a niche,” Holohan said. “Not everybody wants to eat Ben & Jerry’s that has 500 calories.”

Sia’s revenue grew to $70,000 in its second year of business, including sales at two restaurants.

In the past 12 months, Sia’s expanded sales of its pints and half pints to nearly three dozen local grocery stores, including Straub’s, Dierbergs Markets, Lucky’s Market and United Provisions.

As the company’s wholesale business expanded, earlier this year, Sia’s opened

a 1,500-square-foot store in Des Peres on Manchester Road near Interstate 270 where customers can watch the Italian Ice being made.

This month, Sia’s signed distribution agreements with three distributors, Kuna Foodservice, Moore Food Distributors and Lucia Distributors, which will expand its reach in the Midwest.

“I think the ability to scale this business is significant because of the distributors,” Holohan said.

One of Sia’s customers is the Rockwood School District, which has Sia’s Italian Ice available for sale to middle and high school students.

“The first ingredient is fruit, such as strawberry or mango, and it’s low in calories,” said Carmen Fischer, Rockwood’s director of child nutrition services, about the addition of the product to the school’s food line-up in January.

Several other schools, including Westminster Christian Academy, carry the product.

Ultimately, Sia’s plans to franchise its food trucks to other cities and add products such as protein pops for athletes, Holohan said.

“It’s amazing how many people want something that’s healthy,” he said.

Lisa Brown • 314-340-8127 @lisabrownstl on Twitter lbrown@post-dispatch.com

Commercial real estate notes Send items to bizrealestate@post-dispatch.com.

West County BMW June Lease Event

West County BMW

westcountybmw.com

636-227-5454

The Ultimate Driving Machine

2015 BMW X1 sDrive28i Order Yours Today

299

$

Lease For $0 Cash Down

Per Month*

*36 month lease; 10,000 miles per year. Total cost of lease $10,764 plus tax, title license and registration fees extra.

2015 BMW 320i In stock. Pick out one today.

Lease For

299

$

Per Month*

$0 Cash Down

*36 month lease; 10,000 miles per year. Total cost of lease $10,764 plus tax, title license and registration fees extra. STK # 15217

2015 BMW 528i

499

$

Lease For $0 Cash Down

Per Month*

*36 month lease; 10,000 miles per year. Total cost of lease $17,964 plus tax, title license and registration fees extra.

2015 BMW X1 xDrive28i Only 5K Miles, Pan. Roof, CW Pkg. VIN#VY31140 ............................$32,800 2015 BMW 320i xDrive AWD, Sunroof, Htd. Seats, Gray/Black, VIN#P664805 ..........................$37,500 2013 BMW X3 xDrive28i Only 25K Miles, Pan. roof, Prem. Pkg., VIN#0A08558 ......................$34,500 2014 BMW 535i xDrive AWD, Navi., Moonroof, Htd. Seats, 26K Miles, VIN#D534008 ...............$55,800 2013 BMW 328i xDrive AWD, Moonroof, Htd. Seats, 37K Miles, VIN#F532400.........................$31,600 2013 BMW 535i xDrive AWD, Sunroof, Navi., VIN#DU67390 ...................................................$39,900 2012 BMW 128i Conv., Only 11,900 Miles, VIN#VR00179...........................................................$31,500 2012 BMW X5 xDrive35i AWD, Moonroof, Htd. Seats, VIN#L753356.......................................$36,900 2012 BMW 328i 1-Owner, Manual Trans., VIN#NN65935............................................................$25,990 2011 BMW 328i xDrive AWD, Moonroof, Htd. Seats, VIN#NN78256.........................................$24,400 2011 BMW 528i Prem. Pkg., Moonroof, Navi., Htd. Seats, 40K Miles, VIN#C748875.....................$33,500 2011 BMW 328i xDrive AWD, Prem. Pkg., Moonroof, Htd. Seats, 48K Miles, VIN#A972500 ......$23,800 *Contact your local BMW Center for participation details and vehicle availability. 0.9% APR Financing for 36 months on select 2014 BMW models. Artwork for illustration purposes only. **Must finance thru BMW financial services. Payment plus tax, title, license, due at lease signing with approved credit. Special lease and finance options available through West County BMW through BMW Financial Services North America Inc. Lessee responsible for maintenance, repairs, excess wear/tear and mileage. 10K miles per year, $.20 per mile charged thereafter. Based on information taken directly from Edmunds.com. 2015 BMW X1 sDrive28i MSRP $31,850. 2015 BMW 320i MSRP $33,900.

2015 BMW 528i MSRP $51,400. All vehicles available at time of press and subject to prior sale. Offers not valid on prior sales and subject to change without notice. Dealership not responsible for price misprints or typographical errors. For model year 2015 or later vehicles sold or leased by an authorized BMW center on or after July 1, 2014, BMW Maintenance Program coverage is not transferable to subsequent purchasers, owners or lessees. Please see bmwusa.com/UltimateService or ask your authorized BMW center for details. Offer expires 6/30/2015.

14417 Manchester Rd., Manchester, MO Just west of 141 636-227-5454 toll free: 1-800-962-4244

www.westcountybmw.com

Business

06.19.2015 • Friday • M 1

ST. LOUIS POST-DISPATCH • B5

Five questions

Selequity takes new path to new market Maplewood ‘mule palace’ houses online commercial real estate company

By Tim Bryant St. Louis Post-Dispatch

Selequity is a new company in an old building constructed as the stable for a lumber planing mill that operated a century ago in downtown Maplewood.

“We call it the mule palace,” joked A.J. Chivetta, the company’s chief executive.

The mules pulled wagons loaded with lumber that had been delivered to Maplewood’s railroad freight depot a few blocks away. What had been the brick-and-beam stable’s hayloft is now filled with desks, computers, Selequity bosses and their employees. From there, the bosses, computers and employees make 21st-century connections nationwide.

Selequity launched its crowdfunding platform May 4 in New York at TechCrunch Disrupt, where it and other new companies described their businesses in front of venture capitalists, entrepreneurs and TechCrunch editors. Chivetta delivered the onstage pitch. In crowdfunding, a project raises small amounts of money from a large number of people, often through a website. With Chivetta as Selequity founders are commercial real estate veterans Mark Burkhart and Bill Florent, plus Maria Desloge, another real estate lawyer from Armstrong Teasdale.

Real estate crowdfunding exceeded $1 billion in 2014, Massolution, a crowdfunding research firm, said in a report released in March. North America led the world with a funding volume at 56 percent market share, the report said. Such crowdfunding will probably rise to $2.57 billion in 2015, making it one of the fastest-growing industry segments of crowd capitalism, Massolution said.

Key to Selequity’s strategy is use of recently implemented federal Jumpstart Our Business Startups, or JOBS Act provisions that regulate investment crowdfunding.

What is Selequity and what does it do?

Selequity is an online marketplace for commercial real estate. It allows investors to find investment opportunities in income-producing properties.

We use the new JOBS Act rules to allow for real estate owners and operators to

Cristina Fletes • cfletes@post-dispatch.com

A.J. CHIVETTA Age • 57 Position • Chief executive and co-founder, Selequity Career • Corporate and real estate lawyer at Armstrong Teasdale, where he remains a partner; worked previously at architecture firms HOK and Hastings & Chivetta Education • Bachelor’s degree in architecture, Washington Univesity; law degree, St. Louis University Personal • Married with two sons and lives in Ladue

have better access to the investor community. Our technology is designed to allow real estate investors to find the most relevant information about projects and make it simple for real estate owners to present investment opportunities to investors.

What does it say about Selequity that it was the only St. Louis company invited to this year’s TechCrunch? We were really honored to be chosen as one of the TechCrunch Disrupt Battlefield contestants. So from thousands of applicants across the country, we were one of just 24 companies chosen to participate and launch our business at the TechCrunch conference. It was a great experience and I think really great exposure for St. Louis because we’re all St.

Error injured the patient, suit says SSM • from B1

craniotomy for biopsy and removal of brain tumor” on Michael Krabbe, 55, on Dec. 23. The neurosurgeon instead operated on the left frontal lobe and removed healthy brain tissue, which injured Krabbe, the suit claims. In addition, the lawsuit alleges the neurosurgeon did not perform pre-operative or intraoperative magnetic resonance imaging, or MRI. The suit seeks costs and damages from Bailey and SSM. Bailey did not return messages seeking comment. But his employer, SSM Health, “denies the allegations made in the Krabbe lawsuit concerning a wrongsite procedure, and we will vigorously defend our position in the court of law,” SSM spokeswoman Jamie Sherman said in a statement. “Despite the allegations … no such wrong-site surgery occurred at SSM St. Mary’s Health Center.”

“Our thoughts and prayers continue to be with Mr. Krabbe and his family during this difficult time,” Sherman said in a statement.

Bailey first saw Krabbe on Dec. 22, the day before the surgery, said Erica Blume, Krabbe’s attorney. He had “a very large” brain tumor and needed to be operated on “immediately,” she said.

After the surgery, Krabbe was unable to speak or move his right arm or right leg, the lawsuit said.

The day after surgery, he experienced a brain hemorrhage because of to brain injury, the suit alleges.

Krabbe is now unable to normally speak, eat, drink and swallow. He has permanent paralysis in right upper and lower extremities that have resulted in his inability to write or walk normally, the suit claims.

Bailey allegedly assured the family and Krabbe that he had removed the brain tumor. Yet, in the days after the surgery, Bailey told Krabbe’s wife, Barbara Krabbe, that another surgery needed to be performed to insert chemotherapy wafers near the tumor site, the suit claims.

Bailey left a voicemail on Jan. 7, 2015, on Barbara’s cellphone stating that her husband should consider the second surgery to insert the wafers. Bailey contacted Barbara again via a text message Jan. 11 stating her husband would have the best results if

the chemotherapy wafers were inserted, according to the suit.

The Krabbes then went to BJC HealthCare for a second opinion.

On or about Jan. 15, 2015, an MRI showed Krabbe still had a tumor in the left temporal lobe with no change in size since his surgery at SSM. The MRI showed Bailey had performed a biopsy in the left frontal lobe, according to the suit.

The lawsuit also alleges that when Bailey found out he had not removed any cancerous tissues, he did not inform Krabbe or his family of the findings.

Krabbe also did not qualify for a clinical trial to treat his brain tumor because of the lack of positive cancer tissue during Bailey’s procedure.

Because Bailey was originally licensed in Missouri in 1983, he has not had any disciplinary action taken against him, according to Chris Cline, a spokesman for the Board of Registration for the Healing Arts.

A review of court records in St. Louis city and St. Louis County, however, shows that Bailey has been sued by at least nine other former patients, including by the spouse of a patient who died after surgery.

At least three of the cases were settled, one ended in a hung jury, and Bailey was dropped as a defendant from another.

Because of the pending litigation, SSM’s Sherman would not comment on the past cases. The spokeswoman, however, defended the neurosurgeon.

“We have complete confidence in Dr. Bailey and the care he delivers to our patients,” Sherman said in a statement.

Bailey is still employed with SSM and still operating on patients, according to the SSM spokeswoman.

In 2013, another SSM neurosurgeon in the same practice, SSM Neurosciences Institute, operated on the wrong side of a woman’s brain. The woman, Regina Turner, was operated on by Dr. Armond Levy.

Levy was not disciplined by the state board charged with overseeing patient safety, but he no longer works at SSM. He now runs his own practice, St. Louis Neurosurgery LLC, in Valley Park.

Samantha Liss • 314-340-8017 @samanthann on Twitter sliss@post-dispatch.com

We Specialize in Area Rugs!

More Selection at Sale Prices!

Over 8,400 Rugs!

60-70% Off

Louisans and very interested in promoting both the (financial tech) and startup community that’s so active here in St. Louis.

How does the JOBS Act allow Selequity to exist and appeal to the investors you’re targeting? The JOBS Act really is the legal change that enabled the development platforms like Selequity. As a lawyer at Armstrong Teasdale, (I) was looking very closely at the new implications of this law, which have changed 80-year-old rules that prohibited people raising capital from broadly marketing and exposing their investment opportunities to investors. The JOBS Act made it easier to raise capital by allowing people who were seeking investors to seek out any accredited investor and offer investment opportunities to them. An accredited investor is an SECdefined minimum net worth or income test. But there are eight million accredited investors in the United States, so it’s a very big market. And this enables real estate owners now to have better access to those eight million investors. I can’t meet all those people for lunch.

Under these new rules, is it correct to say the JOBS Act allows more what you know than who you know in real estate investment? It absolutely now is about information and about what you know and

not who you know. In the past, you had to know your investors and have a preexisting business relationship with them.

Under the JOBS Act, (you) really open up the investment opportunities to anyone.

What we’ve built is a platform that makes it very easy for real estate owners to explain projects to investors and make it very easy for investors to analyze and consume that information and make intelligent investment decisions about real estate investments. We just launched at TechCrunch into our test beta mode and we’re completing our first deals in the next few weeks.

Where do you see Selequity in the next year or two, or however far out you can project? This is a brand-new marketplace.

We think that within the next year or two, we’ll be doing several hundred projects a year on our site. The types of deals we’re focused on are income-producing existing real estate and working through our network of real estate owners and operators.

So the founding (Selequity) team comes from a background of commercial real estate and law. We have a nationwide network of real estate owners and investors that we’re looking to, to really find great projects and make them available to all accredited investors. It’s a national platform.

Tim Bryant • 314-340-8206 tbryant@post-dispatch.com

Farmers may have to rely on crop insurance FARMERS • from B1

here that are as wet as they’ve ever been.”

It’s a statewide problem, with Missouri farmers well behind last year’s planting pace, according to a crop progress report issued earlier this week by the U.S. Department of Agriculture. The state’s farmers had planted just 42 percent of their soybean acreage, compared with 85 percent a year ago. Illinois farmers have fared much better, with 90 percent of soybean acres planted, compared with 94 percent a year ago.

Soybean planting typically starts shortly after farmers finish their corn fields. Ideal planting windows vary by region, but the goal, in general, is to have soybeans planted by the first week of June.

Losses can pile up quickly after that, with delays sapping the quality of the harvest. A rule of thumb offered by the University of Missouri Extension suggests a yield drop of one bushel per acre for every week that planting is delayed in June. But once July hits, the yield loss increases to three bushels per acre for every delayed week.

With that in mind, many farmers consider July 10 to be a planting deadline.

Going beyond that date is not something recommended by Bill Wiebold, a professor of agronomy with the Extension.

“It just depends on how much risk a farmer wants to take,” Wiebold said.

It’s not just the potential for yield loss that affects the decision. There’s also the looming threat of an early frost’s damaging the crop before it can be harvested.

For now, Missouri farmers are hoping for a dry spell that lasts long enough for those fields to clear out.

“Even if it stops raining, the ground is so saturated, it will take several days of sun and wind,” said Denny Mertz, who farms in the Elsberry area.

Mertz was able to get his corn in the ground earlier this year but hasn’t touched his tractor since May 3. That means he has 200 acres of soybeans still unplanted.

And so he finds himself checking weather reports at least three times a day. He hasn’t seen much lately, however, to generate much in the way of optimism.

“We’re seeing that big storm down in

Texas and it just continues to bubble up,” Mertz said.

In the end, some farmers will find it more lucrative to forgo planting altogether and collect what they can from their so-called preventive planting crop insurance. The coverage — it pays a percentage of previous years’ harvests — kicks in when weather makes it too difficult to plant.

‘A TOUGH SITUATION’ One of the problems for Missouri farmers is that this isn’t a national problem.

If it were, a lackluster soybean harvest might not be such an awful thing.

After a couple years of record corn and soybean harvests, the market is flush with excess inventory, keeping prices low for both grain crops. A drop in inventory could push grain prices upward, offsetting lower yields.

But that’s not the way this one is playing out.

“Our neighbors have their soybeans planted. We don’t,” said Wiebold, the agronomy professor. “Right now, Missouri farmers are in a tough situation when they look at what’s happening in other states.”

Still, just because states such as Illinois have had better luck this year with the weather, that doesn’t mean things are perfect.

The crop progress reports don’t always reflect an accurate picture of what’s happening, said Emerson Nafziger, a crop sciences professor at the University of Illinois at Urbana-Champaign.

The USDA reports show considerable planting progress. But many of those planted acres are now under water. And some will have to be replanted after they dry out.

“If they get really wet after getting planted, they’ll simply die from a lack of oxygen,” Nafziger said.

Still, he said, it’s too early to start making estimates on how this year’s harvest is going to be affected by a wet June.

Last year also saw a lot of rainfall in June, yet farmers ended up with robust yields.

“We were fine last year,” he said. “We were fine because it quit raining.”

Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

Suggested retail

Volume Rug Gallery St. Louis’ Best Kept Secret

8994 Manchester (2 blocks West of Brentwood) VolumeCarpet.com

314-963-7847

JOIN STLTODAY ON FACEBOOK Become a fan of STLtoday on Facebook and get the early word on news scoops. facebook.com/STLPD

BUSINESS

B6 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 06.19.2015

Bull Moose headquarters to move to Grand Center

GM’s asking for advice rekindles FiatChrysler merger talk Reuters

About 200 people in total will work in the building, said Missouri Gov. Jay Nixon, who spoke at Thursday’s press conference.

A second phase is planned to include a new 150-unit apartment building and 500-car garage behind the current building at a cost of about $25 million.

Smith bought the building in 2013 and had planned to convert it into apartments until he heard of interest from Bull Moose. The company is the largest firm to move to the Grand Center entertainment district for at least half a century, Smith said.

Bull Moose CEO Michael Blatz said the company planned to grow to about 120 headquarters employees as it goes on an acquisition hunt, aimed at diversifying its products.

The company “wanted to be in a more vibrant business center, closer to technology centers – T-REx and Cor-

By Jim Gallagher St. Louis Post-Dispatch

The fact that General Motors is seeking advice from investment banks shows it is taking an attempt by Fiat Chrysler Automobiles to force a merger seriously, analysts and traders said Thursday.

GM openly rebuffed a merger proposal from the Italian-American automaker earlier this year, and CEO Mary Barra said last week she had no interest in a combination with its smaller rival.

But sources told Reuters that GM had asked Goldman Sachs and Morgan Stanley for advice as fiery FCA boss Sergio Marchionne is said to be lobbying GM investors in an effort to drag the GM board to the negotiating table.

FCA is being advised by UBS, the sources added.

Banca Akros analyst Gabriele Gambarova said the development could demonstrate that the option of striking a deal with GM “is not completely dead and that GM is at least contemplating such an option at least to give more convincing answers to its shareholders, possibly asking why a merger with FCA should not bring the benefits envisaged

by FCA and denied by GM.” “We believe that the news can be positive,” he said.

Marchionne has argued for months that the auto industry needed to consolidate to share prohibitive capital costs to develop vehicles, including greener and more high-tech cars.

Though a hostile move for GM is seen as a long shot given FCA’s much smaller size and high debt pile, Marchionne is trying to lobby investors to support his case that GM and FCA would be better off merged, the sources said.

Kevin Lilley, a fund manager at Old Mutual Asset Management and an FCA shareholder, said he would like to see a deal.

“Bringing together the two businesses would help on ... the investment that’s essential to do business in the future on safety and emissions control,” he said.

Analysts agree that an FCA-GM marriage could bring significant cost savings through platform and production network sharing, integration of the two manufacturers’ European businesses and overlap in Latin America.

But a deal would also be likely to face antitrust issues in the United States and risk job losses.

“Putting together FCA and GM looks like an operational and management nightmare — but frankly if anyone can smash through the issues and make it function, it would be Marchionne,” Bernstein analyst Max Warburton said in a recent note, adding a deal was unlikely.

United Auto Workers President Dennis Williams said Thursday that the union has not taken a position on merger comments made by Fiat Chrysler’s chief executive, but said he would be against any plan that would cut union-represented jobs.

The union is evaluating outcomes of a potential merger, Williams told a news conference at UAW headquarters in Detroit. The UAW is the largest shareholder of GM stock.

The Missouri Theatre building in Grand Center will be transformed into the new headquarters for Bull Moose Industries and a 145-room hotel, officials announced Thursday.

Bull Moose, a maker of metal tubes largely for the construction industry, will move 80 workers from its current building in Chesterfield to the nowempty 12-story building at 634 North Grand Boulevard near Powell Hall.

Transforming the building, once base for the city health department, will cost $51 million and be finished in 2017, said Steve Smith, chief executive of the Lawrence Group. It also will include a restaurant, coffee shop, bakery, yogurt store and roof gardens.

Smith will share ownership of the building with the Caparo Group, the British parent of Bull Moose.

tex, and the academic universities,” he said, referring to two hi-tech development centers in St. Louis city.

The move should “broaden our employees’ world view,” he said. Bull Moose owns its current building in Chesterfield.

Bull Moose, founded in St. Louis in 1962, has about $500 million in revenue and eight U.S. locations, including a plant in Gerald, Mo. Since 1989, it has been owned by Caparo Group, a $1.5 billion metals and engineering company based in Britain. It was founded by Swaraj Paul, an Indian-born entrepreneur who holds the aristocratic title Lord Paul of Marylebone.

Paul, 84, appeared at a press conference announcing the move, along with his son and current Caparo CEO Angad Paul.

Jim Gallagher • 314-340-8390 jgallagher@post-dispatch.com

Airbus edges Boeing orders at Paris show French plane maker scores $57 billion worth of orders; Boeing, $50.2 billion Associated Press

LE BOURGET, France • Airbus glided past U.S. rival Boeing to take top honors in their annual competition to sell commercial jets at the Paris Air Show, according to final tallies that together amounted to more than $107 billion in business.

The announcements Thursday capped four days of deal-making at the biennial air show, when top executives from the world’s largest airlines clink champagne glasses and write whopping checks as test pilots fly demonstrations of high-tech aircraft at Paris’ normally sleepy Le Bourget airfield.

Airbus racked up $57 billion worth of business for 421 aircraft. The announcement of a provisional deal by European low-cost carrier Wizz Air for 110 A321neos — worth more than $12.5 billion at list prices — put the Toulouse, France-based plane maker over the top Thursday against Boeing in financial terms. It was the show’s single biggest order.

Chicago-based Boeing tallied or-

Associated Press

An Airbus A350 performs at the Paris Air Show on Wednesday, for aviation professionals and spectators.

ders and commitments for 331 planes worth $50.2 billion. Its biggest deal was with Dutch leasing company AerCap for 100 737MAX-8 planes, worth up to $10.7 billion at list prices. Customers routinely negotiate discounts off those list prices.

Overall, business was not as good as in previous years. Last year, at Britain’s Farnborough Air Show, which trades the spotlight with Paris from

year to year as the site of Europe’s premier aviation event, Airbus clinched orders and commitments for 486 aircraft valued at $75 billion. But Boeing won more this year than last, when it landed business worth $40.2 billion for 201 planes.

Industry watchers had been expecting a modest haul of orders as airlines pull back from a record-breaking spate of plane buying in recent years.

High fuel prices up until a year ago had prompted airlines to invest massively in a new generation of more fuel-economical aircraft such as the Airbus A320neo and the Boeing 737MAX. T h u rsd ay ’s a n n o u n ce m e n ts wrapped up the press-and-industryonly part of the air show, which is now opens to the public through Sunday.

Boeing forecasts demand for 38,050 airplanes over the next 20 years, and says 26,730 of those will be singleaisle jets. Airbus projects that 32,600 new planes worth a total of $4.9 trillion will be needed by 2034.

SUNTRUP PRE-OWNED Or visit us online for complete inventory

www.SuntrupBuickGMC.com 2014 chevY IMPALA

2012 buIck encLAve

limited lt sunroof, gm certified #P3250

leather, 35K, gm certified #P3239

WAS

Now

14,901

17,990 $

$

sAve $1,000’s

2014 chevY cruze LT

16,990

$ WE BUY D

USE !

CARS!

47271-1 23268-1 P3267-1 P3185-2 23244-1

Pre-OWned vehIcLe!!!

2012 cAdILLAc srx

Now

13,901

$

WAS

29,990

$

Now

26,901

$

2014 chevY MALIbu LT

Perf. nav, sunroof, 1 owner #P3260

gm certified #P3244

WAS

On YOur nexT

18K, gm certified #P3253

Now

26,901

WAS

$

Now

16,588

WAS $

$ 18,990 28,990 GREAT SELECTION! GREAT PRICES! $

Sensational Used Cars 2009 ChEVy mAlIbU lTz, Sunroof, Leather,...... $10,477 2006 DODGE ChARGER SXT, 73K Miles,........... $10,888 2005 ChRySlER 300C 93K, Leather & More..... $10,990 2010 DODGE ChARGER, SXT,V6........................ $11,880 2009 VW JETTA Sunroof, Leather, 54K .............. $11,888

P3296 P3256 P3281 47131-1 P3265

2014 fORD fOCUS SE........................................ $14,990 2014 NISSAN AlTImA......................................... $16,901 2012 bUICk REGAl, Prem. Leather, Sunroof,..... $17,901 2012 bUICk VERANO 17K Miles GM Cert........... $17,990 2014 ChEVy CRUzE lTz, 10K Miles,.................. $18,701

WE BUY USED CARS!!

Sensational Used Trucks

47205-1 2007 ChEVy SIlVERADO 2500 X-CAb ............................ $13,888 47069-2 2009 ChEVy TRAVERSE lT FWD......................................... $15,990 P3282 2014 kIA SOUl PlUS...............................................................$16,901 P3231 2014 DODGE GRAND CARAVAN SXT, DVD....................... $17,901 46981-1 2007 GmC yUkON SlT Nav, Sunroof, DVD........................ $17,990

23455-1 2013 ChEVy EqUINOX lT GM Certified ............................. $20,888 47304-1 2013 hyUNDAI SANTA fE SPORT...................................... $20,888 47181-1 2012 NISSAN fRONTIER SV Crew Cab, 4x4 ....................$21,801 47239-1 2010 TOyOTA TACOmA SR5 Crew Cab, 4x4 .....................$22,888 473031 2013 ChEV SIlVERADO LT,Reg Cab,V8 20”ChromeWheels..... $22,901

for more Great Cars and Trucks See www.SuntrupBuickGMC.com 32424-1 2012 hyUNDAI ElANTRA GLS........................... $12,990 P3302 2014 fORD fIESTA SE....................................... $13,801 23454-1 2010 bUICk lACROSSE CXL, Nav, Sunroof, Leather... $13,888 P3305 2014 ChEV SONIC LT, GM Cert........................... $14,277 23469-1 2010 ChEVy ImPAlA lT V6, 14K Miles............. $14,888

47005-2 2013 hyUNDAI SONATA lTD, Sunroof, Leather... $18,901 P3234-2 2011 mINI COOPER Countryman S All 4 .............. $18,990 P3287 2014 fORD fUSION Eco, SE, Leather, Ht. Sts ...... $19,990 P3301 2013 hONDA ACCORD EXl, Sunroof, Leather...... $22,888 P3228 2014 ChEVy CAmARO lT GM Certified................ $24,801 P3288 2013 DODGE ChARGER R/T, Leather, Ht. Sts........ $27,901

877-262-8426

47251-1 2012 GmC TERRAIN SlT Sunroof, Leather ....................... $18,477 47017-1 2010 fORD EDGE lImITED Nav, Sunroof, Leather ......... $18,777 P3283 2014 hyUNDAI TUCSON SE Heated Seats.......................$18,990 P3273 2014 hyUNDAI SANTA fE Sport...........................................$18,990 P3323 2014 NISSAN ROGUE FWD ................................................... $19,901 P3245-1 2012 ChEVy TRAVERSE lT................................................... $20,888

Credit Problems?

CALL

636-939-0800

47176-1 2012 mAzDA CX-9 GRAND TOURING Nav., Roof, Lth ...$22,901 P3309 2014 fORD E 250 CARGO LWb ............................................$24,990 P3312 2012 GmC ACADIA SlE GM Certified................................. $26,477 P3289 2014 fORD EDGE limited, Leather, Chrome Wheels.....$28,990 P3275 2014 DODGE DURANGO lImITED Leather, Nav.............. $34,888 P3298 2015 ChEV SUbURbAN Nav, Leather, 20”Wheels ........$53,888

4200 N. SERVICE RD. I-70 & CAVE SPRINGS

06.19.2015 • Friday • M 1

ST. LOUIS POST-DISPATCH • B7

June

Markdowns

With a $2,000 Minimum Purchase, Receive a

$50 Gift CertifiCate* to Kreis' Restaurant *See store for details

Hanamint, Tropitone, Woodard, Lloyd/Flanders

free

Estimates on Outdoor Kitchens We feature Fire-Magic® Stainless Steel Grills

There's no other store like

825 South Lindbergh, 63131 • 314-993-5570 • Quality Since 1871

Mon.-Wed.-Thurs.-Sat. 10:00-5:30 • Tues.-Fri. 10:00-8:00 • Sun. 12:00-5:00

www.forshaws.com

B8 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 06.19.2015

Sprint has the best family plan out there.

Switch to Sprint’s Family Share Pack. It’s the best family plan out there among national carriers. For just $100 a month, the whole family gets 20GB of high-speed data to share, on up to 5 lines, plus unlimited talk and text for everyone.

Stuck with your carrier? Not anymore. Sprint will pay off your old phone and contract so you can switch. It’s that easy. Visit us online or at a Sprint store today.

Via American Express® Reward Card after online registration and phone turn-in.

T–Mobile

Verizon

AT&T

Sprint

4 lines 10GB

4 lines 10GB

4 lines 10GB

5 lines 20GB

High-Speed 2.5GB/Line

$100

/mo.

High-Speed To Share

$140

/mo.

High-Speed To Share w/ Data Rollover

$160

/mo.

High-Speed To Share

$100

/mo.

For 1 Year

After 9/30/2016 with Sprint, pay additional $15/mo./line access charge. Sprint streaming video rate limited to 3G speeds. T-Mobile’s unlimited Simple Choice customers are slowed up to 2G speeds after 2.5GB/line. Comparing to widely advertised family plans: other line/price options available. Competitor plans may include int’l text/data features, data carry over, tethering, and cloud options. See carrier websites for details.

Also available at the

Sprint Store at

Visit a Sprint Store | 800-Sprint-1 | Sprint.com/bestvalue ** Monthly charges exclude taxes & Sprint Surcharges [incl. USF charge of up to 17.4% (varies quarterly), up to $2.50 Admin. & 40¢ Reg./line/mo. & fees by area (approx. 5 -20%)]. Surcharges are not taxes. See sprint.com/taxesandfees.

Offer ends 7/9/2015. Activ. Fee: $36/line. Credit approval req. Plan: Includes unlimited domestic Long Distance calling and texting. Data allowance as specified. Third-party content/downloads are add’l charge. Int’l svcs are not included. Max of 10 phone/tablet/MBB lines. Data: Includes 20GB of on-network shared data usage and 100MB off-network data usage. Add’l on-network data usage: 1.5¢/MB. Add’l off-network data can be added by opt in only for 25¢/MB for tablets/MBBs. Mobile Hotspot Usage pulls from your shared data and off-network allowances. High Speed data is 3G/4G. Monthly Access Charge: After 9/30/2016, customer will be charged applicable $15/line/mo. access charge in addition to $100/mo. data allowance charge. To avoid charges, customer must contact Sprint to make changes. Sprint Easy Pay or lease obligations will still apply if applicable. Usage Limitations: To improve data experience for the majority of users, throughput may be limited, varied or reduced on the network. Streaming video speeds will be limited to 600Kbps at all times, which may impact quality. Sprint may terminate service if off-network roaming usage in a month exceeds: (1) 800 min. or a majority of min.; or (2) 100MB or a majority of KB. Prohibited network use rules apply see sprint.com/termsandconditions. Contract Buy Out Offer: Reqs new device via Sprint Easy Pay, Sprint Lease, iPhone for Life Plan, full MSRP, or Certified Pre-Owned and porting new line on a service plan. Amount based on ETF (early termination fee) charged or remaining balance on install-bill device (excludes prepaid devices). All lines must be ported from an active wireless line at another carrier and remain active & in good standing to receive the Reward Card.

Requires turn in of current competitor phone associated with the install bill balance or ETF submitted to Sprint. Important: If you do not turn in the correct device in good working order you will be charged up to the amount of the Reward Card provided to you. You must register & submit final bill showing ETF or installment balance within 60 days of switching. Allow 15 days after registration approval for your Reward Card to arrive. Register at sprint.com/joinsprint. Excludes 100+ Corporate-liable, upgrades, replacements and ports made between Sprint entities or providers associated with Sprint. Reward Card: Terms and conditions apply to Reward Cards. See Cardholder Agreement or visit www.americanexpress.com/sprint for details. Subject to applicable law, a $3.00 monthly service fee applies beginning in the seventh month after Card issuance. Card is issued by American Express Prepaid Card Management Corporation. American Express is not the sponsor of this promotion. Other Terms: Offers and coverage not available everywhere or for all phones/networks. No discounts apply to access. May not be combined with other offers. Restrictions apply. See store or sprint.com for details.