The Ticker

Bloomberg: Red Sox value ranks third

Bloomberg News, taking a page from Forbes' playbook, has estimated the 2012 valuations for all 30 MLB franchises. Tops are the New York Yankees with an estimated worth of $3.3 billion, and then come the Los Angeles Dodgers at $2.1 billion. The Red Sox rank third at $2.06 billion, just ahead of the New York Mets at $2.05 billion. In all, 10 teams are tabbed as having valuations of at least $1 billion, and the average across all 30 clubs is a tidy $1 billion.

Dunkin' Brands third-quarter profit soars

The operator of Dunkin' Donuts and Baskin-Robbins stores said yesterday that its net income jumped 36 percent, as revenue from established U.S. locations got a lift from strong beverage and breakfast sandwich growth.

But earnings fell short of expectations, and the company said it will probably hit the low end of its 2013 forecast due to write-downs on investments in Spain.

Dunkin' Brands Group Inc. said it earned $40.2 million, or 37 cents per share, in the three months that ended Sept. 30, up from $29.5 million, or 26 cents per share, in last year's quarter.

Microsoft reports record sales

Microsoft yesterday reported record sales of $18.5 billion for its fiscal first quarter, with net income jumping by a healthy 17 percent from a year ago to $5.2 billion.

It recorded a 10 percent increase in corporate software sales, a 47 percent jump in search-related ad sales, and increased sales of Microsoft's Surface tablet after a series of price cuts.

But revenue generated from Microsoft's flagship product, Windows, fell by 7 percent in the quarter compared with the same period a year ago. Compared with the great success of Windows 7, the company's Windows 8 operating system has proven a disappointment since its release last October.

Today

 United Parcel Service Inc. reports quarterly financial results before the market opens.

 DTZ, a global property services firm, announced the promotion of senior vice president Rory Murray, left, to executive vice president in the company's Boston office. A member of the DTZ family for more than 13 years, Murray works with senior DTZ staff to provide best-in-class strategic development as well as implementation of long-term real estate plans.

 Physicians Interactive Holdings Inc., a provider of online and mobile clinical resources and solutions for health care professionals, announced the addition of John de Souza, the CEO and founder of MedHelp to its board of directors.

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Climate’s changed at National Grid

Delivering clean, reliable, affordable energy well into the future is one of the greatest global challenges, National Grid CEO Steve Holliday told executives in Boston yesterday.

"Based on trends over the last few years, 2012 was supposed to be the year when investment in renewables globally surpassed fossil fuel generation for the first time," Holliday said during a speech before the Boston College Chief Executives' Club of Boston. "That didn't happen. Investment in fossil fuel generation started to increase again at the same time global renewable investment dollars tailed off, partly as a result of a drop in wind and solar generation costs."

The utility is "fundamentally changing how we operate" to address four areas of the global energy challenge: aging infrastructure, a revolution in energy supplies, extreme weather conditions, and an aging workforce and skills gap, according to Holliday.

The revolution in energy sources is being driven by aging power stations and wires, a growing realization of the impacts of climate and the need to reduce carbon emissions, and shale gas, according to Holliday.

The impacts of increasing extreme weather on National Grid were evident in 2011, when it "learned some hard lessons" responding to Hurricane Irene and an October nor'easter. "Our ... restoration efforts were, frankly, disappointing," Holliday said. "Our planning didn't account for the magnitude of the logistical challenges hitting our electricity and gas networks simultaneously, across three states and numerous regions. We now look at future scenarios, which include events we haven't seen before, to make sure we are better prepared."

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Feds give $20.5M grant to aid Dorchester plan

A $100 million redevelopment in Dorchester that includes housing, a food business startup incubator and other improvements will revitalize the Quincy Corridor neighborhood and be the model for future such projects across the city, local and federal officials said.

The Quincy Corridor Choice Neighborhood Transformation Plan, fueled by a $20.5 million grant from the federal Department of Housing and Urban Development, will completely transform a four-block stretch, according to Jeanne DuBois, executive director of the Dorchester Bay Economic Development Corp.

"Today marks the start of a new era for your neighborhood," Mayor Thomas M. Menino told the crowd of people yesterday gathered outside the former Pearl Meat factory, which will become an incubator for small food businesses that are expected to create new jobs in the area. "This grant is so important to this neighborhood, it's not just about a building," said Menino. "It's how you build people's opportunities."

The project includes redevelopment of the Woodledge/Morrant Bay HUD housing development into 129 affordable family homes, and a "maker space," to connect residents with high-tech skills.

"All of a sudden you're going to see all this activity," DuBois said. "It's going to feel like more of an urban village."

HUD Secretary Shaun Donovan said of the five cities nationwide awarded the Choice Neighborhood grant, Boston is the first to implement its plan.

"What we saw was a deep partnership that had been working in this neighborhood for years with a very clear vision of how to bring all the pieces together," Donovan said. "We want to replicate it all over the country."

That vision of a revitalized neighborhood without gentrification and exorbitant home prices, DuBois said, should be followed in other parts of Boston, as well. The plan initially called for more housing units, but it changed once community residents said job-creating facilities, such as the food incubator, were crucial.

"If you really listen to people in the neighborhood, it's about their quality of life," she said.

Menino said the key is to target development both for current and future residents.

"The most important thing is to continue to rebuild these neighborhoods so people can continue to live in them," he said. "It's time for all of us to make sure the results are there for the community. We have to invest in people."

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Hub home inventory way down this fall

A year ago housing inventory levels statewide were down 17 percent from the previous year. Well, here we are a year later and things are pretty much the same — which isn't necessarily a bad thing. That is, unless you're a buyer looking to find a home in the city of Boston.

The fall market is typically the second busiest time of the year for real estate transactions after the spring market. Yet where is the inventory? According to Otis & Ahearn Real Estate, the downtown Boston market currently has 328 units versus 531 units at the same time last year, which is a decline of 62 percent. At the same time, the average price of sold units year to date is $727,457, up from $660,864 last year. That's a 9 percent gain. The downtown market includes these neighborhoods: Back Bay, Beacon Hill, Bay Village, East Cambridge, Charlestown Navy Yard, Chinatown, Fenway, Financial District, Leather District, Midtown, North End, South Boston, South End, Seaport, West End and Waterfront.

So where is the inventory? Private sellers seem to be more hesitant to put their homes on the market, as they have no place to go. And with an abundant supply of new development inventory just a few years ago, developers who put the brakes on projects then for various reasons, including lack of financing, are now trying to play catch up. But that will take time.

With the last new building selling out at a record pace (Millennium Place in Downtown Crossing), there's not much left on the horizon for new inventory. The bulk of inventory currently being built is to be leased and not sold, although that could change as developers see the continued need for new supply. In any case, the time frame for these projects to be built is anywhere from 30 to 48 months from breaking ground to obtaining their certificates of occupancy, so any new inventory should come in about three years.

"In the downtown market there is only 1.5 months of supply inventory," said Kevin Ahearn, president of Otis and Ahearn. "Since 2004, the city has lost 1,100 units of sales priced at under $500,000." To this end, says Ahearn, "the city and the Boston Redevelopment Authority (BRA) are working to promote both higher density and height construction to help with this lack of lower priced inventory."

Two of the three strongest city markets (Back Bay and South End) have just 138 units between them, according to information gathered from the Multiple Listing Service Property Information Network.

Surprisingly, other than the latest bit of sluggishness in the market due to the government shutdown, which sparked a bit of fear with consumers, the market has held steady here in Boston.

According to Ahearn, "The city of Boston should have a record year in terms of overall number of transactions (with the exception of 2004 and 2005) since 1998."

Charlie Abrahams is a licensed real estate agent in Boston who works with buyers and sellers and can be reached at: Bostonrealestate@charlieabrahams.com.

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John Henry takes reins at Boston Globe

Red Sox owner John Henry officially took over The Boston Globe yesterday, right after a Worcester judge lifted a temporary restraining order that had blocked the $70 million cash deal since last Friday.

"The sale has been finalized," said Globe spokeswoman Ellen Clegg.

The deal had been on hold after a ruling by Worcester Superior Court Judge Shannon Frison in a class-action lawsuit brought by newspaper carriers at the Worcester Telegram & Gazette.

The four named carriers in the suit had argued they were wrongly classified as independent contractors and were owed mileage and expenses, which could add up to as much as $60 million for the approximately 1,500 carriers, according to court documents.

Henry's deal, which was completed within about an hour of the release of the judge's decision, includes the Globe, Boston.com, the Telegram and all related properties, including the broadsheet's Dorchester headquarters, seen as the most valuable asset.

Henry has been tight-lipped about his short- and long-term plans for the Globe, but has frequently visited the news plant.

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Duke of Windsor's Cadillac coming to NYC auction

NEW YORK — A 1941 Cadillac custom-built for the Duke and Duchess of Windsor is heading for a New York City auction.

Dubbed "The Duchess," the limousine features rose-colored broadcloth upholstery, four jewelry cases and three cigar lighters.

It's estimated to fetch between $500,000 to $800,000. It is being sold Nov. 21 by Sotheby's and RM Auctions.

General Motors delivered the limo to the Windsors at the Waldorf Astoria, where they had a suite. The duke paid $14,000 for it.

One of the first Cadillacs to have power windows, it's fitted with satin privacy curtains.

It's being sold with the car title bearing the duke's signature.

The current owner is a Birmingham, Ala., food critic and Cadillac collector. Morgan Murphy found it in a barn next to a tractor in Texas in 2005.

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Kelly car dealers tops to work for

Five of Kelly Automotive Group's Massachusetts stores are among the 100 best dealerships to work for in North America, according to the most recent edition of Automotive News.

Dealer Brian Kelly's Nissan stores in Lynnfield and Woburn, his Honda store in Lynn, and his Infiniti and Volkswagen stores in Danvers all made the short list of the nation's pre-eminent newspaper covering the automotive industry.

"We try to take good care of our employees, and they take care of the customers," Kelly, 61, told Automotive News.

Brian Heney, director of operations for Kelly Automotive Group, said its 400 employees enjoy good benefits, flexible hours and upward mobility within the company.

"It's a great recipe for a good workplace and a successful business," Heney said. "If our employees are happy, we'll have happy customers."

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John Connolly, Martin Walsh appeal to CEOs

Boston's mayoral candidates made their cases to business leaders yesterday, emphasizing their strengths and plans for the city, but hitting on many of the same points — even touting the same accomplishment.

Speaking in back-to-back addresses and question-and-answer sessions to the Alliance for Business Leadership's annual CEO Summit, state Rep. Martin J. Walsh and City Councilor John R. Connolly laid out their views of what the city needs for business to prosper, with plenty of overlap:

•  Both candidates stressed the importance of education. Both said students should have two paths after graduation: higher education or a vocation that can lead to a high-paying job, including in manufacturing. "The Boston public schools have to matter for everyone, especially the business community," Connolly said.

• Walsh and Connolly both said any benefits to business and the economy must be tied to middle class housing improvements, specifically changes in height and density restrictions. "We can't be afraid of going up," Walsh said.

• Both said they support raising the minimum wage, and creating a regional economy with surrounding communities.

• Each emphasized his part in bringing drugmaker Vertex Pharmaceuticals to the Seaport from Cambridge. Vertex founder and former CEO Joshua Boger, in the audience, said both had legitimate claims to the accomplishment, calling it a "consensus" move.

For business leaders, those similarities may not be a bad thing.

"Most all of us were very impressed by both," Alliance president James Boyle said. "They both seemed to be very bright and had obviously spent years reflecting how they could best contribute."

Still, there were some small but noticeable differences.

Asked what he could offer the business community that his opponent could not, Walsh spoke about his plan to fold economic agencies including the BRA, tourism bureau and the EDIC into one office.

"I have a vision to grow business in Boston," he said. "I've looked at the different aspects of it as far as creating new opportunities and retention of older businesses."

Responding to the same question, Natasha Perez, a spokeswoman for Connolly, said in a statement he "will not be obligated to a narrow set of interests. He will be a strong, independent mayor who will always put the city's interests first."

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TiVo enables viewing of recordings outside home

SAN FRANCISCO — TiVo is enabling a feature that lets people watch recorded movies and shows while they're away from home.

The feature comes with higher-end models of TiVo's Roamio digital video recorders, but wasn't working when the devices launched in August.

TiVo Inc. faces more competition than it did when its first DVRs came out in 1999. Among other things, cable and satellite TV companies are improving their own DVR offerings, while devices such as Roku, Apple TV and Google's Chromecast seek to simplify Internet streaming on TVs.

TiVo touts its DVRs as gadgets that offer both streaming services and recorded shows on the same device. The ability to watch recorded shows remotely helps Tivo differentiate its machines from generic cable company DVRs.

TiVo said that starting Thursday, users will be able to download a free app for iPhones, iPads and iPod Touch devices.

With it, people can stream shows from their DVRs while on a Wi-Fi network away from home, such as at a hotel or coffee shop. Over cellular connections, people must download the show first. It's possible to start watching before the download is completed, but there's a delay of several minutes. Instant streaming over 4G LTE cellular networks is coming in 2014.

Support for Android devices is also coming next year.

The new feature is available with the $400 Roamio Plus and the $600 Roamio Pro. Owners of the basic, $200 Roamio model and older TiVos will need a separate TiVo Stream unit, which costs about $130. Out-of-home streaming through the separate device won't start until November.

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US unemployment aid applications drop to 350,000

WASHINGTON — The number of people seeking U.S. unemployment benefits dropped 12,000 to a seasonally adjusted 350,000 last week, though the total was elevated for the third straight week by technical problems in California.

The Labor Department said Thursday that the less volatile four-week average jumped by nearly 11,000 to 348,250.

Weekly applications have been inflated for the past three weeks, largely because California has been processing a large number of applications that were delayed because of a computer upgrade. A government spokesman said the backlog in California affected last week's figures.

The 16-day partial government shutdown has also also lifted claims because a number of government contractors were laid off temporarily. A spokesman said the shutdown had little impact on last week's numbers. Furloughs of federal workers, however, are not included in the unemployment claims data.

Applications have declined for the past two weeks, suggesting California is working through its backlog. And in August, before all the distortions, applications had fallen to pre-recession levels. That indicated companies were cutting very few workers.

Falling applications for unemployment benefits are typically followed by more hiring. But in recent months hiring has slowed, rather than accelerated.

Employers added only 148,000 jobs in September, the government said Tuesday, down from 193,000 in August. The September jobs report was delayed 2 ½ weeks because of the shutdown.

Hiring has slowed since the beginning of the year: Job gains averaged 207,000 from January through March, but fell to 182,000 from April through June and dropped further to 143,000 from July through September.

And hiring likely weakened further in October. Government contractors temporarily laid off workers. Other companies, such as restaurants and hotels located near national parks that were closed, also likely cut jobs.

About 350,000 government workers were temporarily laid off during the shutdown, which ended on Oct. 16. Thursday's report showed that more than 44,000 laid-off federal workers applied for benefits in the week ended Oct. 12, the latest data available. That's down from 70,000 in the previous week.

Most federal workers will have to repay the benefits once they receive back pay, but that varies according to state law.

Many economists estimate the shutdown cut about $25 billion from the economy. Several have lowered their forecasts for growth in the October-December quarter by a half-point to an annual rate of 2 percent or less.

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