Not-So Smart BalanceSomebody should sue butterlike spread-maker Smart Balance ( SMBL) for false advertising. Not only is the company's management proving itself to be anything but smart, but the imbalance of sell vs. buy orders is causing its stock to topple. Shares of Smart Balance got schmeared Tuesday, falling 24% to $3.91 after the company cut its 2010 sales outlook due to a soft economy. Smart Balance management says it now expects sales to rise between 2% and 4%, down from prior guidance of growth in the mid-teens.
AT&T's Latest LuluAnother week, another AT&T ( T) screw-up. Yep, everybody's favorite iPhone carrier is back on the Dumbest list this week after AT&T customers reported seeing account information of other subscribers while trying to buy the new iPhone 4. A rash of technical errors on the company's Web site also prevented some customers from ordering the latest, greatest version of Apple's ( AAPL) smartphone, leading to lines of irate customers outside AT&T stores so that real-life employees could manually process their orders. Boy, you know things have gone wrong when ordering a gadget online turns into Justin Bieber concertlike pandemonium.
Farewell, Fannie and FreddieMake way everybody! The trillion-dollar gorillas are leaving the room. The Federal Housing Finance Agency said Wednesday that Fannie Mae ( FNM) and Freddie Mac ( FRE) will delist their shares, now trading for well under a $1, from the New York Stock Exchange ( NYX). The FHA, which regulates the two government-sponsored mortgage purchasers, said it expects Fannie and Freddie to trade on the Over-the-Counter Bulletin Board, an electronic quotation service, beginning next month.
General Mills' PR IllsSomebody find Ashton Kutcher, General Mills ( GIS) got Punk'd. The cereal-maker said on Wednesday that it was the subject of a prank press release that said President Obama had ordered a probe into the company's supply chain following recent recalls. The release was sent overnight on PR Newswire, a main distributor of corporate press announcements, and was picked up by some major news outlets including Reuters and Dow Jones before the hoax was revealed. General Mills said it was investigating the matter and that "law enforcement is involved." PR Newswire - ironically lacking any PR skills whatsoever - issued a statement saying the release came from an unauthorized sender and offered no further comment. Also silent on the matter was Allen Funt, the former host of Candid Camera, who passed away over a decade ago.
BP's Latest BlunderWe finally figured out what BP ( BP) stands for, and it's not "British Petroleum," "Blunder Prone" or "Big Polluters." No, according to the oil company's chairman himself, those letters represent the words: "Big People."
|BP Chairman Carl-Henric Svanberg|