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ST. LOUIS NEWS TODAY - Wednesday, December 15, 2004
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Sprint and Nextel to Combine in Merger of Equals
KANSAS CITY, (PRNewswire) December 15, 2004 - Sprint and Nextel Communications, Inc. have announced that their boards of directors have unanimously approved a definitive agreement for a merger of equals.
The combination will create America's premier communications company - a leading wireless carrier augmented by a global IP network that will offer consumer, business and government customers compelling new broadband wireless and integrated communications services. The new company, which will be called Sprint Nextel, also intends to spin off to its shareholders Sprint's local telecommunications business following the merger.
Sprint Nextel will have its executive headquarters in Reston, Va., and its operational headquarters in Overland Park, Kan. The new company's common stock will be listed on the New York Stock Exchange. The merger is expected to close in the second half of 2005 and is subject to shareholder and regulatory approvals, as well as other customary closing conditions.
Gary D. Forsee, currently chairman and chief executive officer of Sprint, will become president and chief executive officer of Sprint Nextel. Timothy M. Donahue, currently president and chief executive officer of Nextel, will become chairman of the new company.
"This merger positions Sprint Nextel for greater success than either company could have achieved alone," said Gary Forsee. "The combination of Sprint and Nextel builds strength on strength. It will be a dynamic next-generation communications company, the provider of choice for businesses, government and consumers, and the only U.S. primarily wireless investment opportunity. Nextel is recognized as a leader in profitability, customer loyalty, revenue per customer, push to talk and marketing to businesses and government. Sprint excels in the consumer business and in providing advanced wireless data services and global IP voice and data networks. Together, we will be positioned to provide the high-value, integrated communications solutions customers increasingly demand."
The combined Sprint Nextel is expected to deliver operating cost and capital investment synergies with an estimated net present value of more than $12 billion.
Weekend shoppers at Westfield West County endured long waites in and out of garages to buy heavily discounted items.
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Steep Holiday Sales Bring Crowds But Hurt Retail Profit
ST. LOUIS, (PRNewswire) December 12, 2004 - With few exceptions, November sales were modestly disappointing, causing many retailers to increase promotional activity and some to lower earnings guidance, according to the Retail Outlook: Holiday 2004 Update from the Equity Research Services at Standard & Poor's, the leading provider of independent investment research, ratings and indices.
A look at holiday weekly spending in the past few years suggests that as much as 72% of business has yet to be rung up with as much as 35% occurring in the last two weeks of the year. Since 2000, retailers have experienced increased last minute shopping following a lull early in December. Northeast winter snowstorms may have played a part in that lull, weakening results in early December for the past three years, and shifting demand to later in the month.
The analysts also comment on early holiday markdown activity: Wal-Mart had long signaled to the investment community (and retailers generally) that it would refrain from steep discounts on Black Friday. Well the void was filled by big box specialty retailers - most noticeably, consumer electronic chains, such as Best Buy - whose heightened promotional activity, in S&P's view, drew consumers away from the malls, hurting specialty apparel retailers and department store anchors.
When Black Friday failed to generate the sales volume many mall-based retailers bought for, promotional strategies were increased to make price/value equations more attractive for shoppers. While this strategy is meant to reduce inventory risk, S&P's equity analysts believe the longer-term implications are negative, as it can destroy brand image and create a commodity product, which sells based on price. After all, what consumer in their right mind will pay full price when a markdown is a week or two away?
By product category, S&P Equity Research Services continues to expect those with the most sizzle - namely, luxury apparel and accessories and consumer electronics - to have the strongest sales this holiday season, with growth rates in the mid to high single digit range. They note that Circuit City reported a comparable store sales decline for its third fiscal quarter, partly due to a less promotional strategy with regard to CDs and DVDs.
That said, they think strong demand for high-end consumer electronic products will draw consumer dollars this season. They also look for select teen apparel retailers to post above-industry sales growth. In contrast, they see many basic and fashion apparel brands losing out this season. Accordingly, while they brought down profit projections for Ann Taylor, Gap and Circuit City, they raised the near term profit outlook on American Eagle Outfitter, Coach, Neiman Marcus and Saks.
Obesity Among American Workers Rose 44% Over Past Decade
ST. LOUIS, (SLFP.com) December 12, 2004 - The obesity rate among American workers of all ages grew from 20% to 29% over the past decade, leading to serious repercussions in the workplace and a demand for solutions, according to a new Pfizer Inc study published today in the Journal of Occupational and Environmental Medicine.
The Impact of Obesity on Work Limitations and Cardiovascular Risk Factors in the United States Workforce is the first study to document obesity among the U.S. workforce as a whole -- a population of 140 million persons age 20 and older. This is also the first study to establish the correlation between weight and individual cardiovascular risk factors. Obese workers are limited in the amount or kind of work they can do, and they have an increased prevalence of hypertension, type 2 diabetes, dyslipidemia and metabolic syndrome. The study covers health data available for the period from 1988 to 2000.
"This study demonstrates unequivocally what happens when workers gain girth, both in terms of their ability to work and the impact on their own health," said Robin Hertz, Ph.D., Senior Director of Population Studies at Pfizer Inc and author of the study. "The damage caused by obesity is clear -- employers face growing costs for insurance premiums, as well as lost productivity, and employees face serious work and health concerns."
Obesity has essentially the same effect as 20 years of aging on employees' ability to work, the study authors found. Obese workers are more than twice as likely as normal weight workers -- 7% vs. 3% -- to report they are limited in the amount or kind of work they do because of physical, mental, or emotional problems. Obese employees are less productive because they cannot work as many hours, or have limited abilities when they report to work.
Obesity increases risk in every age group, and as workers age, they suffer from even higher rates of obesity-related diseases. The most alarming difference is in the presence of metabolic syndrome, which ranges from 1% to 10% among normal weight workers, and from 46% to 70% among the obese.
Dr. Hertz pointed out that overweight or obesity affects 59%, 68%, and 77% of younger, middle-age and older workers, respectively. "The key lies in increasing awareness and establishing workplace programs today to prevent work limitations and cardiovascular disease tomorrow," she added.
"Working Americans, including those who are overweight or obese, are a substantial population who spend a significant number of waking hours on the job," Dr. Hertz continued. "Good health is critical for employees to maintain daily responsibilities and productivity, satisfy employers, and drive the economy."
Missouri Sees $7.7 Million in Mental Health Services Savings
JEFFERSON CITY, MO (SLFP.com) December 12, 2004 - An innovative program to increase the quality of care that Missouri residents with severe mental illnesses receive while encouraging more efficient use of Medicaid dollars appears to have achieved both its goals, a recent analysis shows.
The Missouri Mental Health Medicaid Pharmacy Partnership Program (MHMPP), the first program of its kind in the United States, evaluates Medicaid mental health prescribing practices. The program seeks to improve care for Missouri residents by educating doctors about evidence-based best practices for mental health medications and reducing inefficient and ineffective prescribing patterns.
"Not only did the MHMPP program positively affect the quality of care received by Missourians suffering from severe mental illness, it also allowed Missouri to save $7.7 million in costs the Medicaid program would have incurred in state fiscal year 2004 had the inefficient prescribing patterns not been identified," said Joseph Parks, M.D., medical director of the Department of Mental Health.
"We were pleased to see that most Missouri doctors are following the recommended guidelines when prescribing medications. We have identified the small number of doctors who aren't and are reaching them with educational materials to help change their prescribing habits. These changes have resulted in better patient care and savings for our Medicaid program," said Parks.
Some of the inefficient prescribing patterns the program identifies include: duplicative prescribing of medication by different doctors for the same patient; prescribing multiple medications from the same therapeutic class; children on three or more psychotropic medications; and premature, rapid switching from one medication to another.
After reviewing, identifying and analyzing problematic prescribing patterns, the program provides doctors deviating from best practices with information to help them make patient care decisions based on the latest medical evidence.
The MHMPP program is entirely voluntary for Missouri doctors. All decisions regarding treatment and medications are made privately between the physician and the patient and are completely individualized.
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