The stock market bounced around wildly this morning after the U.S. Federal Reserve Bank and a handful of other major central banks across the world moved in concert to slash key interest rates.
Just before the market opened for business today, the Fed cut its key lending rate by half a percentage point, to 1.5 percent.
The European Central Bank trimmed its key rate to 3.75 percent from 4.25 percent, and the Bank of England slashed its benchmark rate to 4.5 percent from 5 percent. The Bank of Canada, the Swiss National Bank and the Swedish Riksbank also cut their rates.
The Dow Jones Industrial Average promptly posted a triple-digit gain before settling back into another triple-digit decline after losing 508.30 points on Tuesday.
Locally, the BizTimes Stock Index lost another 7.07 points to close at 107.14 Tuesday, the third consecutive day the index posted another all-time low.
The largest local decliners this morning were Badger Meter Inc. (down $3.11 to $34.29), Bucyrus International Inc. (down $2.43 to $28.40) and Joy Global Inc. (down $2.25 to $31.46). The largest local advancers this morning were Koss Corp. (up $1.50 to $15.00) and Johnson Controls Inc. (up 95 cents to $25.94).

Linens 'n Things Inc., the bankrupt housewares store chain, plans to speed up the closing of all of its remaining 371 stores and begin its going-out-of-business sales earlier in the holiday season to avoid competition from other retail chains that may go out of business, according to a report by Bloomberg.
The company has asked Judge Christopher Sontchi in U.S. Bankruptcy Court in Delaware for permission to auction its remaining stores and begin going-out-of-business sales two days later, the news agency reported.
Sontchi has scheduled a hearing on Friday to consider the request.
In May, the company closed 120 stores, including its stores at the Shops of Grand Avenue in Milwaukee and at Regency Mall in Racine. The only remaining Linens ‘n Things stores in southeastern Wisconsin are at 16300 W. Bluemound Road in Brookfield, N96 W18930 County Line Road in Germantown and at Southridge Mall in Greendale. Those stores presumably will close when the company goes out of business.
Linens 'n Things, which was taken private by Apollo Management LP, filed a reorganization plan on May to cut its debt by closing stores, firing workers and giving creditors the company.
Based in Clifton, N.J., the retail chain blamed a slowdown in consumer spending and an unsuccessful overhaul attempt in 2006 after Apollo took it private in a $1.3 billion leveraged buyout.
Before it filed for bankruptcy, Linens employed about 15,900 workers in 551 U.S. stores.
"The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years," Robert DiNicola, Linens 'n Thingss' executive chairman, said in a statement when the bankruptcy plan was filed.

Reflecting the national slowdown in consumer spending, Kohl's Corp. reported today that its comparable store sales slid 5.5 percent in October, compared with the same month a year ago.
Year-to-date, the Menomonee Falls department store chain's comparable sales fell 5.6 percent.
Total sales for the five-week month ended Oct. 4, increased 0.6 percent to $1.3 billion from the same period a year ago, as the company has since opened 46 more stores.
Kevin Mansell, Kohl's president and chief executive officer, said, "Customer purchases continue to be need-based, as evidenced by our stronger performance in children's and in more weather-sensitive regions. We continue to effectively manage inventory, merchandise margins and expenses appropriately to sales trends."
Given current trends, the company now expects its third quarter earnings to be at the low end of its previously announced guidance of 51 to 56 cents per share.
Among 20 U.S. retailers that have reported their October sales results, about three-quarters missed analysts' consensus estimates, according to Thomson Reuters. The retailers reporting disappointing October sales include Wal-Mart Stores Inc., Target Corp., BJ's Wholesale Club Inc., Saks Inc., Nordstrom Inc. and J.C. Penney Co.

Dallas-based Dave & Buster's Inc., a chain of restaurant/entertainment centers, plans to build a new location at 2201-15 N. Mayfair Road near Mayfair Road in Wauwatosa.
According to a proposal filed with the city, the former Ewald Chrysler Jeep auto dealership building on the six-acre property will be demolished, and a 34,000-square-foot building for Dave and Buster's will be consructed in its place.
The project will be reviewed by the Wauwatosa Plan Commission on Monday, Oct. 13.
Founded in 1982, Dave & Buster's has about 50 locations nationwide, including two in the Chicago area.

A weak trend continued among local business activity indicators in August, as only five of 20 August indicators registered improvement from year-ago levels, according to the latest economic report by the Metropolitan Milwaukee Association of Commerce (MMAC).
August's five improvements rank lower than the six improved indicators posted for July and continue a nearly year long trend (since November, 2007) in which less than half of indicators tracked have shown improvements.
"The events of the past couple weeks do not bode well for any short-term improvement in metro area economic activity," said Bret Mayborne, economic research director for the MMAC. "It is more probable that this weak overall economic trend will continue through the remainder of 2008 and into 2009's first quarter."

Notable among the latest indicators:

• The rate of job decline for the metro area grew larger in August. Employment fell at a 0.9-percent pace in August, up from the 0.4-percent decline recorded in July (vs. one year ago). The net loss in jobs in August from the same month a year ago totaled 7,700.
• Three of 10 major industry sectors registered August job gains (vs. one year ago), while seven posted declines. The largest percentage increase was posted in the government sector (up 4.6 percent over year-ago levels). Conversely, a 3.7-percent job decline was posted both in the construction, mining & natural resources and leisure & hospitality sectors, the largest decreases registered.
• Passenger activity levels at Mitchell International Airport rose for the 17th consecutive month vs. year ago levels. Passenger totals rose 7 percent in August to 790,284.
• New unemployment compensation claims rose for the sixth consecutive month vs. year-ago levels, up 19 percent in August to 6,005.
• Existing home sales in the metro area fell at a 19.6-percent pace (to 1,155), after posting an 8.8-percent fall in July (vs. July, 2007). Mortgages recorded in Milwaukee County fell at a 40.8-percent pace (to 2,954) in August, this indicator's 22nd consecutive month of year-over-year decline and the largest such decrease posted during this period.
• New car registrations fell 23 percent in August to 2,880, the strongest year-over-year decline posted over the first eight months of 2008.
• The value of signed construction contracts, as reported by F.W. Dodge for July, was $174.9 million, up 18.7 percent from July, 2007.
• The Consumer Price Index for Urban Consumers in the Milwaukee area reached 201.955 for the first half of 2008, a 4.8-percent increase from the first half of 2007.

The South Suburban Chamber, which serves businesses in Oak Creek and Franklin, is working with its member, Citslinc International, to sponsor a trip to China for chamber members, families and friends.
The dates for the South Suburban Chamber's travel to China are March 27 through April 4, 2009. The locations to be visited will include Beijing, Suzhou, Hangzhou and Shanghai with visits to Tiananmen Square, the Temple of Heaven, Forbidden City, the Great Wall, Ming Tombs and the Lingering Garden, Tiger Hill and Hanshan Temple in Shanghai and more.
Citslinc International, the chamber member travel agency that is organizing the trip, has taken more than 10,000 chamber members and business people with their families and friends to China since 1995.
The cost is $1,799 for the nine-day trip per person, based on double occupancy. The cost includes airfare, hotel accommodations, all travel in China on a deluxe tour bus, a tour guide and three full meals per day.
Registration is due by Nov. 15. For more information about the South Suburban Chamber's trip, call (414) 768-5844.
For insight about doing business in China, read SBT China correspondent Einar Tangen's Dispatches From China at www.biztimes.com.

The Pettit National Ice Center, a U.S. Olympic Training Site in West Allis, announced the selection of Randy Dean as its new executive director.
Dean, a native of Whitefish Bay, brings athletic, development and managerial experience and success to his new role. He recently served as the director of athletics and development over a 10-year year period at University School of Milwaukee. He also served as president of the Schlitz Audubon Nature Center during its successful major capital campaign to build its new visitor and education center.
Dean's athletic background includes competition at the Olympic, professional and collegiate levels. Dean was a member of the United States Olympic team handball team that competed in the 1976 Montreal Olympics.
From 1977 through 1979, Dean was a quarterback for the New York Giants.
"The opportunity is to expand and increase the utilization and community support of this premiere facility and the outstanding programs of the Pettit National Ice Center. The Pettit Center is respected nationally as a valuable training venue, but I do not believe it is well understood or fully recognized within the local community," Dean said. "I'm honored to work with the dedicated staff and board to grow and strengthen the Pettit National Ice Center. As the 2010 Vancouver Winter Olympics approach, there are unique opportunities to highlight the value and capabilities of the Center, not only as an Olympic training and qualification site, but a place for members of the entire community to meet goals for fitness, fun, and competition."
"Following completion of the Pettit Center purchase of the building last year from the State of Wisconsin, we wanted to secure the kind of community recognition the Center deserves for its many events and programs. We are confident that Randy will accomplish that," said Chuck Henderson, chairman of the Pettit Center board of directors.

"How to Save 6 Percent on Your Health Insurance" will be the theme of an upcoming seminar to be presented by the Save On Health Care Business Alliance of the Waukesha County Chamber of Commerce.
The event will take place Tuesday, Oct. 21, from 7:15 to 9 a.m. in the Ruekert Mielke meeting room at W233 N2080 Ridgeview Parkway in Waukesha.
The seminar will explain a practical example of how a small company's actions and an insurance broker's advocacy combined to reduce health care premiums.
Carolyn Laufer, owner of Laufer Trucking, will explain how her company cut its health care costs. Broker Amy Engebretson of HNI Risk Services will explain how to leverage a successful program to reduce insurance rates, and Joni Puzey of Humana Insurance will explain the process of approving a reduced premium.
The fee to attend is $10, which includes a continental breakfast. Reservations are encouraged by visiting www.waukesha.org or calling (262) 542-4249.

The Oshkosh Plan Commission approved a request to offer $2.1 million in financial incentives to developers who want to bring a 54,000-square-foot Shopko store to the Fair Acres development, but only after making it clear that the commission has concerns the Oshkosh Common Council would have to consider and address later. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

The Business for Business (B4B) Chapter of BNI, Business Network International, recently hosted a "Do You Know Your Neighbors?" networking event for the business community located in the Technology Innovation Center at the Milwaukee County Research Park. To view a photographic slideshow of the event, visit the latest edition of SBT Around Town.

"Small Business School," a web video feature, makes its debut in the BizTimes Daily today. "Small Business School" is a webcast version of episodes from the long-running PBS television program of the same title. The daily webcast is produced by Hattie Bryant, who interviews successful American entrepreneurs about their best business practices. Their tips for growing businesses are featured daily. Each episode is one to four minutes in length. Click here to view today's episode, which focuses on a microbrewer's strategy to obtain financing to open a brew pub.

High-deductible health insurance on a young healthy person can be purchased for less than the cost of monthly cell phone service. Yet millions of young Americans badly prioritize and chose to be uninsured. Later on in life when their health goes south, they consider insurers that underwrite risk to be unfair. Jon Rauser defends insurance companies in today's Milwaukee Biz Blog.