Money may drive FSU to the Big 12 - Daily Journal Money may drive FSU to the Big 12 - Daily Journal

Tuesday, June 5, 2012

Money may drive FSU to the Big 12 - Daily Journal

Money may drive FSU to the Big 12 - Daily Journal

This is a critical time for the ACC's leadership to reach out to each of its member teams and settle some nerves.

The message is simple: The ACC can catch up it must catch up in football.

Yes, the ACC has a chance to re-open its television contract in five years. By then, it's entirely possible Florida State will have rejoined the nation's elite and become a championship contender yet again.

That would make ACC football a more valuable product. That would bring more revenue into the league.

But the burden simply can't be placed on the shoulders of one program. The ACC's place in the pecking order of big-time football is a league problem.

Blame Florida State all you want for how its program has stumbled through the last 10 years, but do so at your own risk.

It's certainly true that FSU failed to compete at a championship level since Chris Weinke left town. But there was no law that prohibited Clemson, Virginia Tech, Miami, Georgia Tech or anyone else from winning national titles the last 10 years.

And that's why Florida State fans should not quickly dismiss the rumors that continue to swirl about a move to the Big 12.

One of the key reasons Florida State joined the Atlantic Coast Conference in the first place was money. Back then, basketball drove the money train in college athletics and the ACC had the cash that other leagues didn't.

That's simply not the case any longer. Football climbed into the driver's seat in the last five years and, with a playoff system coming soon, the sport looks like it will continue to call the shots when it comes to television revenues.

The disparity in money is simply too much for FSU to completely ignore. A $4.9-million gap? In this economy? How do you not question things right now?

That's why it has to be repeated one more time: The Big 12 has money. The ACC should be worried.

And Florida State fans? Well, never say never.

STOCKS NEWS EUROPE-MPS rise on branch sale report - Reuters UK

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Stocks See Choppy Trading Following Last Friday's Sell-Off - U.S. Commentary - RTT News

6/4/2012 4:27 PM ET
(RTTNews) - Stocks showed a lack of direction over the course of the trading day on Monday after ending the previous session substantially lower. The choppy trading came as traders expressed uncertainty about the outlook for the markets following last Friday's sell-off.

The major averages bounced back and forth across the unchanged line, eventually ending the day mixed. While the Dow edged down 17.11 points or 0.1 percent to 12,101.46, the Nasdaq rose 12.53 points or 0.5 percent to 2,760.01 and the S&P 500 crept up 0.13 points or less than a tenth of a percent to 1,278.17.

The lackluster performance on Wall Street came as many traders stayed on the sidelines following the steep losses seen last Friday, which came on much weaker than expected U.S. jobs data.

The report, which showed the weakest job growth in a year, added to concerns about whether the U.S. economic recovery will be able to hold up in light of the ongoing European debt crisis and slowing growth in China.

However, traders seemed reluctant to continue selling stocks amid indications that the recent pullback by the markets has been overdone.

The worries about the economic outlook still led most traders to refrain from going bargain hunting, leading to the choppy trading.

Meanwhile, the markets largely shrugged off a Commerce Department report showing an unexpected drop in new orders for U.S. manufactured goods.

The report showed that factory orders fell by 0.6 percent in April following a revised 2.1 percent drop in March. The decrease surprised economists, who had expected orders to edge up by 0.1 percent.

In corporate news, (CRM) announced an agreement to acquire social media marketing platform Buddy Media for $689 million in cash and stock. The transaction is expected to be completed during's fiscal third quarter.

Bed Bath & Beyond (BBBY) also announced a deal to buy Linen Holdings for about $105 million in cash. The company said the acquisition will not have any effect on its first quarter results.

Meanwhile, shares of Charming Shoppes (CHRS) closed modestly higher even though the apparel retailer reported weaker than expected first quarter earnings and revenues.

Sector News

Despite the lackluster performance by the broader markets, substantial weakness was visible among airline stocks. Reflecting the weakness in the airline sector, the NYSE Arca Airline Index tumbled by 4.3 percent on the day.

US Airways (LCC) and Delta Air Lines (DAL) turned in two of the airline sector's worst performances, with both stocks plummeting by 11.6 percent.

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