Green Bankshares slashed its fourth-quarter 2007 estimates nearly in half to report earnings
to fall between $0.28 to $0.33 per share, compared with $0.52 per share. The bank also withdrew its
entire 2008 guidance because of concerns over credit quality related to deteriorating residential
real estate loans. The news improved a bit in January when the bank was upgraded by financial
analysts Keefe Bruyette & Woods and added to the firm's "best ideas" list.
Kingsport
Eastman Chemical Co. has agreed to sell its two European PET facilities to Indonesia's
Indorama Group for about $330 million. Selling the UK and Netherlands plants completes Eastman's
plan to eliminate non-strategic PET assets outside the United States.
Knoxville
In December, a federal jury found in favor of former tech startup Eonstreams in a
breach-of-contract case against Texas-based media giant Clear Channel Communications. Clear Channel
immediately filed an appeal of the $40 million judgment. The breach was related to a 2004 Internet
radio services deal when Eonstreams (now owned by Atlanta-based Internap) developed ad-insertion
software for Clear Channel.
Provectus Pharmaceuticals received a patent in India of its cancer-fighting agent, PV-10,
assuring access to a market representing roughly one-fifth of the world's population.
TVA reported 2007 operating revenues of more than $9.2 billion, up slightly from the previous
year, and net income of $383 million, an increase of $54 million from 2006. Drought and high
temperatures upped fuel and purchased power costs to nearly $4.3 billion, an increase of $49 million
over 2006.
Maryville
Ruby Tuesday reported a 10.8% decrease in same-store sales and 8.7% at company-owned and
domestic franchise locations in the second fiscal quarter of 2008. Despite a 14.2% decrease in
value, company founder and CEO Sandy Beall remains optimistic, saying that with the remodel of 500
restaurants and overall brand upgrade complete, he expects a return to "normal business."
In related news, the chain will open three franchise restaurants in Manila, Philippines.
Oak Ridge
New York-based superconducting wire maker SuperPower has commissioned Oak Ridge National
Laboratory technology to lower the cost of producing superconducting wires for efficient
electricity transmission. This agreement builds on the DOE's recent plan to provide up to $51.8
million for five cost-shared projects to modernize the U.S. electric grid system.
Pigeon Forge
In January, Dixie Stampede's dinner theater in Orlando was abruptly sold to Orlando Premium
Outlets' owner Chelsea Property Group for an undisclosed amount that was deemed an offer Dixie
Stampede corporate could not refuse. This theater was the largest of the four Dixie Stampede
locations. The others in Pigeon Forge, Myrtle Beach, S.C., and Branson, Mo., will
continue.
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