You have reached your limit of free articles this month.

Enjoy unlimited access to myStatesman.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and bonus content- exclusively for subscribers. Starting at just 99¢ for 8 weeks

X

Welcome to myStatesman.com

This subscriber-only site gives you exclusive access to breaking news, in-depth coverage, exclusive interactives and bonus content.

You can read free articles of your choice a month that are only available on myStatesman.com.

Business Digest: Former UT star Young partnering in real estate firm


REAL ESTATE

Ex-UT star Young partnering in real estate firm

Vince Young, an NFL veteran and former University of Texas football star, has opened a residential real estate brokerage focused on Central Texas.

Young is starting Vince Young Realty Partners along with Chad Mize, a real estate agent and co-founder of local startup Network Systems Resale, and Rick Orr, a real estate agent and founder of RealSavvy, a home-search platform, and TabbedOut, a mobile application to pay restaurant and bar bills with a smart phone.

Young will be involved in the realty firm’s business development, expansion strategy and charitable ventures. Mize will oversee most of the day-to-day operations and growth strategy.

Vince Young Realty Partners is developing a charity program in partnership with the Vince Young Foundation that will enable its clients to give back to underserved communities in Central Texas. Details will be announced later this year, Young said.

WALL STREET

Losses for drugmakers, hospitals pull stocks lower

NEW YORK — U.S. stocks declined for the third time in four days on Tuesday as health care companies took center stage.

Drugmakers fell after President Donald Trump said he wants to bring drug prices down. Insurers rose and hospital companies dropped after Republicans in Congress introduced a bill intended to replace the 2010 Affordable Care Act.

Pharmaceutical and biotechnology companies fell after Trump said in a morning tweet that he intends to bring down drug prices. The health care proposal gave big health insurers a boost, but hurt companies that do a lot of business with Medicaid.

Elsewhere, energy companies continued to slip and technology companies made smallish gains. Stocks hadn’t fallen for two consecutive days since the end of January, and set their latest record highs last Wednesday.

The Standard & Poor’s 500 index lost 6.92 points, or 0.3 percent, to 2,368.39. The Dow Jones industrial average lost 29.58 points, or 0.1 percent, to 20,924.76. The Nasdaq composite sagged 15.25 points, or 0.3 percent, to 5,833.93. Two stocks fell for every one that rose on the New York Stock Exchange.

ECONOMY

U.S. credit card debt shrinks in January

WASHINGTON — Consumers pulled back on credit card debt in January, leading to the smallest increase in consumer borrowing in more than four years.

Total borrowing rose $8.8 billion in January compared to an increase of $14.8 billion in December, the Federal Reserve reported Tuesday. It was the smallest monthly gain since borrowing only went up $7.6 billion in July 2012.

The slowdown reflected a big reduction in the category that covers credit card debt, which fell $3.8 billion in January. It marked the first time credit card debt has declined since February 2016 and was the biggest reduction since October 2010.

Consumer borrowing is closely watched for signs of consumers’ willingness to take on more debt to support their spending. Consumer spending accounts for 70 percent of economic activity.

Borrowing for auto loans and student loans rose $12.6 billion in January, slightly more than in December.

RETAIL

Dick’s Sporting Goods’ profits dip in 4th quarter

PITTSBURGH — Dick’s Sporting Goods posted earnings of $90.2 million, or 81 cents per share, in the important holiday quarter, down from $129 million, or $1.13 per share, in the same period last year.

During the fourth quarter, the retailer incurred pre-tax charges totaling $93 million, which included a $46 million to write-down the value of its inventory that does not fit within the company’s new merchandising strategy, and $47 million related to its acquisitions of The Sports Authority and Golfsmith stores.

Net sales for the fourth quarter rose 10.9 percent to about $2.5 billion. Consolidated same store sales, or sales at stores open at least a year, increased 5 percent.

For the full year, Dick’s reported earnings of $287.4 million, or $2.56 per share, down from the prior year, when the company posted earnings of $330.4 million, or $2.83 per share.



Reader Comments ...


Next Up in Business

Business Digest: Citigroup to pay $97.4 M in money laundering case

FINANCE Citigroup to pay $97.4 M to settle money laundering case For years, Citigroup employees feared that millions of dollars the bank was moving to Mexico might be suspicious. Yet in many cases, the bank did not alert regulators or step up its monitoring for money laundering, federal prosecutors said Monday. Even as the Citigroup unit Banamex USA...
2 more Blue Bell flavors return to stores this week
2 more Blue Bell flavors return to stores this week

Blue Bell’s slow return to normalcy continues following a nationwide recall prompted by listeria fears nearly two years ago, with the Brenham-based creamery rolling out two more flavors this week. Lime sherbet and orange sherbet are both once again available beginning Monday, the company said. Blue Bell has been gradually adding back...
Up the Ladder

Financial services Citizens Inc. has named Jeff Conklin chief accounting officer company. Health care St. David’s Medical Center has named Esther Chung chief operating officer and Lynn O’Neill chief nursing officer. Medical Elligo Health Research has named Rebecca Kush scientific innovation officer. Retail Whole Foods Market has named the...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

HOME SALES Area home sales, home prices surge in April: Central Texas home sales rose just over 3 percent in April and the median price of those sales hit $305,000 — the second-highest level ever, according to new data from the Austin Board of Realtors. The median also set a record for an April. To date, the all-time high for the median home-sales...
America’s fiscal sword of Damocles

“Every man, woman and child lives under a nuclear sword of Damocles, hanging by the slenderest of threads, capable of being cut at any moment by accident or miscalculation or by madness.” President John F. Kennedy delivered those frightening words in front of the United Nations back in 1961. Not much has changed over the decades &mdash...
More Stories