Filed under: Business, News, Web services, web 2.0

At the beginning of the summer, a new sales tax law went into effect in New York Say, requiring on the web retailers who have some sort of presence in the state (like shipping centers or affiliate programs) to charge sales tax on any item shipped to New York residents. Big e-tailers like Amazon.com and Newegg complied with the new law, even though Amazon is still suing the state of New York, claiming the tax law is unconstitutional.

This day, Newegg, a favorite shop amongst Download Squad’s staff, has decided to stop collecting those taxes. According to Personal computer Magazine, Newegg wrote an e-mail to customers, explaining, “After careful review and consideration, we’re pleased to inform you that we’ve stopped collecting New York sales tax, effective August 21, 2008.”

Even though Newegg will no longer be charging sales tax on orders shipped to New York, New York residents might still be required to pay sales tax for those purchases (usually when filing annual income tax statements). Much of the rationale for the tax bill in the first place, as I understand it, was to force businesses to do what residents were not doing: paying sales tax on on the web goods ordered from out-of-state.

It will be interesting to see if Newegg’s decision has any trickle-down effect on any other shops that are currently complying with the law. Even though I can’t see Amazon following suite — that could potentially harm its legal case — perhaps retailers like Overstock.com, which temporarily suspended affiliate-agreements with New York residents as a way of avoiding the tax issue, will re-evaluate the situation.

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Filed under: Business, Utilities, Windows, Windows Mobile, E-mail, Productivity, Open Source

In wake of the federal government’s decision that they own your notebook computer plus all your flash keys and your first-born child, coupled with the costs and hassle of commercial flying, travelers are looking at alternatives to data-filled laptop personal. Besides, laptops are heavy, especially when you add in the battery, and then you have to schlep all those geeky-tchotchkes we stuff inside the bag. My eyes are a tiny too old to use my phone exclusively (it works for on-the-fly email and an occasional text message) but it doesn’t get me quickly to web-based apps that I need for business. What to do?

Enter Ultra Mobile computing. From 7″ to 11″ screens, with Vista or XP operating systems, 2-lb ultra portable computers are entering the business landscape. Costs range from $300 - $2000 and up (US$) and what they offer might be just what you need. The trick is to buy only what you need so it’s both portable and inexpensive. For example, I need Word and Excel when traveling but I hardly need to load Access or Publisher so a smaller hard drive works fine - what I really want is a web browser and speedy wireless World wide web with the ability to VPN. We’re a Windows shop, so Outlook Web Access (browser-based) takes care of email needs.

Fundamentally just a little computer, an ultraportable fits into a more massive purse or in your briefcase (yay! no laptop bag to stuff into the overhead compartment!). Once you struggle through choosing to install only those programs you completely have to have because the hard disk is going to be significantly smaller than your 160+ Gb workstation, look into the free and low-cost portable applications that take tiny drive space and require nearly no installation so your compact hard drive doesn’t get crowded.

But what about hauling all my files with me if I don’t have the luxury of a VPN or I haven’t figured out yet how to remote into my desktop back in the office (which I remembered to leave ON during my trip)?

The key? For your ultra-portable machine, get applications that fit on a Flash key or iPod with as close to “zero footprint” as possible. Zero footprint? These are applications that remove all temporary files/registry settings once the program has exited. If you create a document, you can move it as well to a portable storage device, like a Flash key. No trace left behind and less for the TSA to explore when they seize your computer at the border.

Continue reading Going Ultra - The Zero Footprint Grail

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Filed under: Deals, Private equity

Launched in 1992, private equity firm Madison Dearborn Partners, LLC (”MDP”) has grown into a powerhouse. The firm invests in a wide array of industries such as communications, consumer, financial services, health care and so on.

However, MDP is now feeling the pressures from the credit crunch. In raising its next fund, investors have been fairly lukewarm. Instead, MDP is now planning to raise a mere $7.5 billion. The original goal was $10 billion.

Actually, when compared to the 1990s, this is still a pretty big fund and will generate juicy fees. What’s more, MDP is apt to get some nice valuations on deals, which should benefit investors over the long haul.

Although, things are far from done. MDP has raised about $4 billion so far, and if the markets continue to be rocky, even the $7.5 billion target could be elusive.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar On the internet Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Filed under: Deals, Consumer experience, Competitive strategy, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO), Verizon Communications (VZ)

Google’s (NASDAQ: GOOG) success over the next decade depends, to some extent, on moving its search products from Computers to the new generation of mobile devices. It will go a long way toward getting a head start on that in a deal with Verizon (NYSE: VZ).

According to The Wall Street Journal, “The deal under discussion, which would make Google the default search provider on Verizon devices and give it a share of ad revenue, is aimed at dramatically simplifying what’s now a confusing set of search options for cellphone users.”

The news isn’t good for Microsoft (NASDAQ: MSFT) or Yahoo! (NASDAQ: YHOO). After losing the PC search battle, their next, and perhaps last, option to pick up substantial business is on mobile handsets. Because Verizon has about 70 million subscribers in the U.S., a large opportunity to gain share from Google is gone.

Deals with cellular carriers are overrated. Even if the default search engine is on a handset, users can still access any other search company through the phone’s web browser.

If Computer habits carry over to the wireless world, Google has already won the new war. Few people are prone to change search preferences from device to device.

Douglas A. McIntyre is an editor at 247wallst.com.

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Filed under: Major movement, Deals, Lehman Br Holdings (LEH)

Lehman Brothers Holdings Inc. (NYSE: LEH) stock is up over 10% as of 9:44 a.m. on reports that Korea Development Bank (KDB) is “open to” acquiring Lehman, according to Bloomberg News. Can you state short-covering?

Bloomberg reports that KDB stated, “We are studying a number of options and are open to all possibilities, which could include (buying) Lehman.” But this statement requires some context. Bloomberg reports that The Financial Times wrote yesterday that “Lehman failed to sell a 50 percent stake to [KDB] and China’s Citic Securities Co. The buyers walked away after deciding Lehman demanded too high a price.”

Meanwhile, this announcement must be scaring those who bet that Lehman would not be able to pay its bondholders. “Credit-default swaps protecting against a default on Lehman’s bonds dropped 74 basis points today to 315,” according to Bloomberg. Who knows where this latest chapter in the Lehman saga will lead?

Peter Cohan is President of Peter S. Cohan & Associates. He also instructs management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

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Filed under: Deals, Competitive strategy, Boeing Co (BA), Northrop Grumman (NOC)

Boeing (NYSE: BA) lost its bid for the new Air Force tanker to Northrop Grumman (NYSE: NOC). The aircraft builder was able to get the process re-opened and now has a shot at getting the business that was awarded to Northrop.

Winning another chance at the massive contract isn’t enough. According to The Wall Street Journal, “Boeing Co. stated it is inclined to bail out of its effort to win a $40 billion contract to build aerial refueling tankers for the U.S. Air Force unless the Pentagon agrees to give it a total of six months to submit a new bid.”

Boeing claims that it will take a long time to figure out how to configure one of its airplanes to haul the amount of jet fuel required by the Air Force.

The request is bogus. Boeing has been through the bidding process for the tanker once before. The idea that the company didn’t comprehend the specifications is remarkable.

Boeing might be trying to gain time to shave some of its costs off the project so that it can bring the price of its bid down. It should have done that in the first round. There’s no reason it should get that additional time.

It is no wonder Northrop got the original approval, and it is apt to get it again in this round.

Douglas A. McIntyre is an editor at 247wallst.com.

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Filed under: Earnings reports, Deals, Gap Inc (GPS)

Gap (NYSE: GPS) came out with reasonable earnings. For the quarter ended August 2, 2008, net earnings were $229 million, or $0.32 per share on a diluted basis, compared with $152 million, or $0.19 per share, for the second quarter last year.

Second quarter net sales were $3.50 billion, compared with $3.69 billion for the second quarter of last year. The company’s second quarter comparable store sales decreased 10%.

A closer look at the numbers, however, shows the extent to which Old Navy is pulling down Gap’s results. Same-store sales at Old Navy’s North American operations fell 16% on top of a 9% drop during the same quarter last year. Revenue for the division dropped from $1.5 billion last year to $1.3 billion. Most of Gap’s other divisions held their own and on the internet and international sales grew.

Gap would be a smaller company without Old Navy, but it would probably be a more profitable one. The company has 3,177 total stores and 1,065 of these are Old Navy outlets. At the very least, Gap should close any of these locations that are not showing year-over-year improvements.

Gap should be doing better, but Old Navy is a boat anchor.

Douglas A. McIntyre is an editor at 247wallst.com.

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Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Google (GOOG), Apple Inc (AAPL), General Motors (GM), Market matters, Aon Corp (AOC), Federal Natl Mtge (FNM), Gap Inc (GPS), Verizon Communications (VZ), Oil, Lehman Br Holdings (LEH), Federal Reserve

U.S. stock futures were higher this morning, pointing to a potential positive begin on Wall Street. Investors this morning await Federal Reserve Chairman Ben Bernanke speech on financial stability scheduled for 10:00 a.m. from the Fed’s annual retreat at Jackson Hole. In the face of recent financial turmoil, namely talk of a government bailout for Fannie and Freddie, as well as troubles at Lehman, Bernanke’s speech will likely be today’s highlight. Meanwhile, oil dropped a little from Thursday’s advance.

Indeed, the Wall Street Journal reports that Freddie Mac (NYSE: FRE) “executives are sounding out private-equity firms and other investors about the possibility of buying new common or preferred shares in the mortgage company.” But of course, investors are worries their investments in Freddie or Fannie Mae (NYSE: FNM) may be lost in case of a government bailout. Even Warren Buffett opined on the matter on CNBC this morning, saying he anticipates the government to take action to support troubled mortgage financiers.

Lehman Brothers (NYSE: LEH) is rebounding this morning after an analyst at Ladenburg Thalmann upgraded LEH to Buy Thursday, saying it is vulnerable to a hostile takeover.

Verizon Communications (NYSE: VZ) is close to an agreement with Google (NASDAQ: GOOG), according to the Wall Street Journal. Conceding they need help with search, the deal could make Google the default search provider on Verizon devices.

Apparel retailer The Gap, Inc. (NASDAQ: GPS) reported a 51% jump in quarterly profit after the market close Thursday. Cost-cutting efforts and tight inventory controls helped offset a drop in sales. Gap topped estimates on both earnings and sales. Gap shares climbed 3.7% in after-hours trading.

Apple Inc. (NASDAQ: AAPL) is having some controversial news these days. It seems that Orange, Poland’s largest mobile operator, paid people to line up in front of stores as it rolled out the iPhone there Friday. While at least it wasn’t Apple that paid these “actors,” it begs the question of how iPhone sales are faring outside the U.S.
Meanwhile, BusinessWeek clues us into Apple’s ambitious plans for the iPhone, which include making at least 40 million iPhones in the next year. Could Apple plans succeed in light of the global economic downturn?

Massive movers this morning include Foot Locker (NYSE: FL) whose shares are climbing over14% in premarket trading after the athletic apparel retailer posted better-than-expected results for the second quarter. Pacific Sunwear (NASDAQ: PSUN) shares, on the other hand, are down over 26% in premarket trading after “the teen retailer issued a weak outlook that resulted in a series of investment downgrades.”

In deal news, Aon (NYSE: AOC) stated on Friday it’s going to purchase Britain’s Benfield Group for 738 million pounds ($1.4 billion) — a 29% premium to Thursday’s close — as the reinsurance brokerage tries to expand its operations. Meanwhile, General Motors Corp. (NYSE: GM) actually had “initial expressions of interest from potential buyers of its Hummer brand,” Chief Executive Rick Wagoner stated Thursday.

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