The stock market dipped again today as investors awaited the U.S. Senate's expected deliberations tonight over a Wall Street bailout plan.
The Dow Jones Industrials Average, which had recovered 485 points on Tuesday from the 777-point slide on Monday, retreated by more than 180 points today, which is the first day of the fourth quarter.
Locally, the BizTimes Stock Index recovered 4.17 points to close at 129.80 Tuesday, but local stocks fell back into the red this morning. The largest local decliners this morning were Bucyrus International Inc. (down $3.95 to $40.73), Joy Global Inc. (down $3.74 to $41.40), Actuant Corp. (down $2.59 to $22.65) and Badger Meter Inc. (down $2.46 to $44.49). A handful of local stocks posted meager gains this morning, led by Strattec Security Corp. (up 58 cents to $27.00) and Metavante Technologies Inc. (up 63 cents to $19.89).
The market received another spook this week when former presidential candidate Steve Forbes declared that the U.S. economy is in "cardiac arrest" and will plunge into "something we haven't seen since the early 1930s" if Congress does not come to the urgent rescue of American financial institutions.
"You have to have faith that at some point these people will come to their senses, and do things that have to be done to stabilize the patient, and then we can take positive measures, like a strong dollar, like tax cuts, to get our economy in shape so that it can start to recover next year," Forbes told Newsmax. "But right now we've got to make sure the patient doesn't die. It's in cardiac arrest and the doctors have decided to take a recess."
Forbes is the chief executive officer of Forbes magazine. He said Wall Street and the federal government should share blame for the meltdown.
The main cause of the crisis, he said, was the excessive expansion of the money supply by the Federal Reserve Bank beginning in 2004. Forbes also blamed Freddie Mac and Fannie Mae, which helped people buy homes although they would be delinquent "from the time they signed the mortgage."
Meanwhile, the nation's manufacturers cut back production at a much faster pace than expected in September, the Institute for Supply Management reported today. The ISM index plunged to 43.5 percent in September from 49.9 percent in August, the largest drop in the index since 1984.
Ford Motor Co. today reported a 34.6-percentdrop in its September U.S. sales to 120,788 vehicles from 184,612 in September 2007. September marked the slowest sales month so far this year for Ford and the industry.

The Milwaukee Brewers will end their 26-year post-season drought today when they take on the Philadelphia Phillies at Citizens Bank Park in Philadelphia at 2 p.m. (Central Time). Those of us unfortunate enough to be working this afternoon can monitor the National League Divisional Series game pitch by pitch, in almost real time, at www.brewers.com.

Modine Manufacturing Co. announced today its restructuring will continue with the elimination of 15 percent of its managerial workforce at its Racine headquarters.
The struggling firm said the elimination of 20 full-time positions will and reduction of post-retirement benefits will result in annualized savings of approximately $3.3 million.
Bradley Richardson, executive vice president and corporate strategy and chief financial officer, said, "As we look to the future, Modine has established performance targets including selling, general and administrative expenses (SG&A) at 11.5 percent of total sales, which is part of our overall framework to achieve an 11 to 12 percent return on capital employed. In order to achieve these objectives and provide Modine the financial strength and cash flow to support our current growth strategy, we continue to take difficult, but necessary, actions, such as those being announced today. As we do so, we remain focused on our core thermal management expertise and the delivery of value to our customers and shareholders."
The workforce reduction, combined with recent executive retirements, will result in an estimated $2.5 million charge for severance and retirement benefits in the company's second fiscal quarter ending Sept. 30.
"We continue to execute our four-point plan, which includes manufacturing realignment, portfolio rationalization, SG&A reduction and increased capital allocation discipline," said Thomas Burke, president and chief executive officer of Modine. "As we drive continuous improvement in our bottom line performance, we continue to invest in technological differentiation and the development of advantaged product and market positions which capitalize on global demand for emissions reduction, fuel economy, high efficiency performance and clean sources of alternative energy. We are confident we are on the right course to build a stronger, more competitive company that can better serve our customers, employees and shareholders in the years to come."
Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets.

Avtex Solutions LLC of Minneapolis announced today it has acquired Waukesha-based Delta Communications Inc.
Avtex is a unified communications solution provider offering multimedia contact center, IP telephony, messaging applications, enterprise-wide collaboration and emergency notification solutions.
Delta Communications designs, installs and supports technology needed for security, network optimization and network management.
The Waukesha business will adopt the Avtex name, and the employees will be retained.
Bob Denman, president of Avtex, said, "This acquisition accelerates our plans to offer a broader set of solutions in the growing convergence of voice, video, data and messaging network infrastructures. With Delta Communications, we now have all the tools necessary to manage the network environment for our customers. This is an important component in total system support."
Spencer Thomason, president of Delta Communications said, "Combining the two companies will bring products and expertise from several world-class manufacturers that we feel will be a perfect fit from a product, market and cultural perspective. The Delta Communications team looks forward to greater opportunities and a prosperous future under Avtex."
Avtex, which also has offices in Milwaukee and Appleton, has made five acquisitions over the past five years.

Favorable currency exchange rates and acquisitions helped Butler-based Actuant Corp. to post record sales and earnings for its fiscal year, ended Aug. 31.
The company announced today that its full-year 2008 revenues were a record $1.66 billion, up 14 percent over the prior year. The firm also reported record full-year diluted earnings per share of $2.05, excluding special items, an increase of 18 percent over the comparable 2007 figure.
Actuant deployed approximately $110 million in two "tuck-in" acquisitions during fiscal 2008.
The company reported fourth quarter fiscal net earnings $34.2 million, or 54 cents per share, up from $31.4 million, or 51 cents per share, in the same period a year ago.
The company's fourth quarter sales increased 4 percent to $405 million from $390 million in the prior year. The increase was attributable to the impact of foreign currency rate changes (5 percent) and acquisitions (3 percent), even though core sales declined 4 percent. The currency rate reflected the weak dollar, which enabled greater revenues with foreign sales.
Robert Arzbaecher, president and chief executive officer of Actuant, said, "Fiscal 2008 marked the seventh consecutive year of EPS growth, excluding special items. We once again were able to convert those strong earnings into cash, generating another year of free cash flow in excess of net income. These improved results are even more gratifying given they were accomplished in the face of strong headwinds from our consumer-oriented markets, including recreational vehicle, marine and DIY electrical. Actuant's extensive diversification rewarded shareholders again in 2008, with robust demand and profit generation from our Industrial and Engineered Products segments which more than offset the impact of weak consumer markets."

Milwaukee-based ZBB Energy Corp. today announced that Bill Mundell has accepted the position as chairman of the company's board of directors, succeeding Australian Richard Payne, who will continue to serve as a non-executive director.
Mundell joined the board of ZBB after the company's initial public offering in mid-2007, and his appointment as chairman is another move to strengthen the management of operations from the United States.
Mundell is an international businessman with a track record in the information and educational technology industries. He is chairman of Intekea, a Los Angeles-based joint venture focused on economic development in West and Central Africa. He is the former chairman and chief executive officer of Vidyah Inc., a company founded out of Knowledge Universe to create a second generation of e-learning.
ZBB CEO Rob Parry said, "Bill Mundell brings both exceptional leadership qualities and extensive experience, which has been and will continue to be of great value to ZBB from the stand-point of our strategic positioning, future growth and technological prowess. We are thrilled that Bill has accepted this nomination and look forward to his initiative and guidance as we take ZBB to the next phase of our development."
ZBB provides clean energy storage solutions based on proprietary zinc rechargeable energy storage technology that addresses requirements in multiple markets such as alternative energy applications, large electrical utilities and green residential and commercial architecture.

Regal Beloit Corp. today announced that the company has acquired Dutchi Motors B.V. in Arnhem, The Netherlands.
Dutchi is a distributor of industrial motors in Western and Eastern Europe, South Africa, Russia and the Middle East. Dutchi is one of the largest distributors of the Regal Beloit's Hwada motor products, which was purchased by the company in April 2008. The Dutchi business will be reported as part of Regal Beloit's Electrical Segment.
The business is expected to add approximately $11 million to $13 million in annual sales.
The purchase price was approximately $34.0 million in cash and the assumption of approximately $3.2 million in net liabilities.
Henry Knueppel, chairman and chief executive officer of Regal Beloit, said, "We are very excited to announce the acquisition of Dutchi. The Dutchi business is a strong and growing business across Eastern and Western Europe, South Africa, Russia and the Middle East. With Dutchi joining our expanding family, we will now have in place the infrastructure necessary to significantly expand our commercial efforts in these critical regions. The company has an outstanding management team that has continuously grown the business at a multiple of market growth rates. Given this track record and the opportunities that RBC can bring to Dutchi, we are very confident that we will see accelerated growth across these regions even in light of the short-term prospects for Western Europe. We have for some time searched for a commercial infrastructure in these important geographical regions that would allow us to leverage our global manufacturing platform. Dutchi is a perfect fit to complete this portion of our globalization strategy."

The Research Foundation at the University of Wisconsin-Milwaukee has named Jacquelyn Fredrick of the BloodCenter of Wisconsin and Daniel Bader of the Helen Bader Foundation as the new chair and vice chair of its board of directors, respectively.
Fredrick and Bader will take over for John Torinus, chairman of Serigraph Inc., who served as the Research Foundation's founding chairman. Torinus remains on the board.
The nonprofit UWM Research Foundation provides the mechanism for coupling the university’s research enterprise with the private sector in order to promote marketable ideas, increase UWM intellectual property and offer solutions for area business and industry.
"The Research Foundation is very fortunate to have assembled a group of leaders with expertise in research, technology, early-stage ventures and nonprofit management," said Brian Thompson, president of the Research Foundation. "They play a vital role in UWM’s strategy to increase research and the university's impact on the regional economy."
Fredrick is president and chief executive officer of the BloodCenter of Wisconsin.
Bader is president of the Helen Bader Foundation, which has awarded grants in support of a host of innovative programs in Wisconsin and Israel since 1992.
Meanwhile, Gregg Tushaus, owner and CEO of Tushaus Computer Services Inc. in Milwuakee, has been elected to the UWM Foundation board of directors.
Tushaus is a UWM alumnus.
"As a UWM graduate, I'm proud to serve on the UWM Foundation Board. UWM has so much potential, and the UWM Foundation is a catalyst for UWM development. This really is an honor, and I look forward to serving," Tushaus said.

More than 6 million passengers will get the inside scoop on Milwaukee when the October issue of "Hemispheres," United Airlines' in-flight magazine, premieres today.
The issue features a 36-page spread on the Milwaukee seven-county region. The package combines traditional travel-related information with a comprehensive look at the Milwaukee economy and lifestyle.
"Insight: Milwaukee" positions the area on a national and global scale as one of the best places in which to visit, live, work and prosper. Hemispheres is seen monthly by more than 6 million of the world's elite business and leisure passengers traveling to over 210 destinations in 26 countries.
The profile is the result of collaboration between Visit Milwaukee and "Hemispheres," with the assistance of the Spirit of Milwaukee, Milwaukee Metropolitan Association of Commerce and the Greater Milwaukee Committee.
Segments in the profile include: "Ja, Milwaukee, Its accent is German, but this city speaks the world's languages;" "Water, water everywhere, Lake Michigan and three rivers offer business opportunities and a place to play;" "Riding high, Milwaukee is rapidly diversifying from its traditional manufacturing base;" and "Pick your passion, indoor or outdoor, classical or the next big thing: you'll find plenty to do here."
Insight: Milwaukee will be featured on all United and United Express flights for the month of October and online for the following year at www.hemispheresmagazine.com.

Veolia Environmental Services North America Corp. (VESNA) has opened a shared service center at the Honey Creek Corporate Center in Milwaukee.
The center, which provides state-of-the-art financial back-office, computer and purchasing support for the company nationally, has created 30 new jobs in Milwaukee, and the firm expects to add another 10 jobs in the year ahead.
"This new facility will play an important role in our company's increasing growth in North America and is a prototype for the increased efficiencies that VESNA plans to implement across the country," said Michel Gourvennec, chief executive officer of VESNA.
The 8,700-square-foot "paperless" center utilizes the latest technology and supports a series of implementations by VESNA that began earlier this year, allowing the entire business to be integrated on a single financial and purchasing system by early next year. The center will service more than $2 billion of business generated at approximately 250 locations across the United States, Canada and the Bahamas.
"We are pleased that Veolia Environmental Services has furthered its commitment to Milwaukee through this expansion," said Milwaukee Mayor Tom Barrett. "It has brought 30 new, good-paying jobs to the community."
The company's Solid Waste division's North American headquarters employs 50 people in the same building as the new Shared Services Center at 125 S. 84th St.

Beginning this week, new Verizon Wireless customers will have a month-to-month service option and no longer will be required to sign a one- or two-year customer agreements.
The new monthly agreement plan gives customers the freedom to purchase new devices at full-retail price or use their own CDMA devices without the commitment of a longer contract.
Additionally, customers can terminate their agreement at the end of any month without paying an Early Termination Fee.
The company's Month-to-Month agreement is now available on all Nationwide Voice and Data plans for both new and current contract customers. Current contract customers must fulfill the terms of their current contract before moving to a Month-to-Month agreement.

The Village of Shorewood recently celebrated the closing of its Tax Incremental Financing District #2. The project helped build the $20 million Edgewood Place condominium project. View a photographic slideshow of the celebration in the latest edition of SBT Around Town.

A California company has acquired a controlling interest in Madison-based SolRayo, which develops ultracapacitor technology to improve the storage, delivery and use of energy. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

A group of developers has purchased property on North Milwaukee Street in Milwaukee's Historic Third Ward, where they plan to build a 14-story mixed-use tower. Read more in the latest edition of the BizTimes Real Estate Weekly.

A $3.92 billion federal mortgage foreclosure relief plan is arriving too late to help Main Street, according to Steve Jagler, executive editor of Small Business Times. Read more in a special Milwaukee Biz Blog at OnMilwaukee.com, a media partner of SBT.