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Business shorts

December 20, 2012 12:10 am

Stocks drop as 'cliff' sniping continues

Stocks dipped Wednesday, recording their first loss of the week. President Barack Obama and Republicans in Congress sniped at one another, and a deadline to avoid sweeping tax increases and government spending cuts drew closer.

General Motors stock surged after the government announced plans to sell its ownership stake in the company.

The Dow Jones industrial average closed down 98.99 points, or 0.7 percent, at 13,251.97. The Standard & Poor's 500 index dropped 10.98 points, or 0.8 percent, to 1,435.81. The Nasdaq composite index fell 10.17, or 0.3 percent, to 3,044.36.

The S&P 500 index had gained more than 2 percent over the previous two days in part because of optimism about a deal taking shape. The optimism seemed to melt on Wednesday, and stocks finished near their lows for the day.

GM soared $1.69, or 6.6 percent, to $27.18 after the company said it would spend $5.5 billion to buy 200 million shares of its own stock back from the federal government.

The government pledged to sell the other 300 million GM shares it owns on the open market and shed its entire ownership stake in 12 to 15 months. The government got GM stock as part of a 2009 bailout.

Glover Enterprises selects a new location

Glover Enterprises Inc. has chosen a new home for its wood, gas and pellet stove business now at the Falmouth intersection in Stafford County.

The company will move to the shopping center on Chatham Heights Road in southern Stafford that is also home to Earl's True Value Hardware.

Glover's current home will be demolished as part of the Virginia Department of Transportation's plan to improve the busy intersection of U.S. 1 and U.S. 17.

Demolition work at the intersection started Tuesday.

Other businesses located at the Falmouth intersection have already relocated.

Blazes, which sells hearth and patio products, moved to its former warehouse not far away at 19 Baron Park Road, off White Oak Road, in southern Stafford.

Jim Wicker, whose Potomac Realty Inc. brokerage firm was on Butler Road near the Falmouth intersection, moved his office to 1135 Heatherstone Drive near BJ's Wholesale Club off State Route 3 in Spotsylvania County.

Koons Automotive moved the sales side of its dealership to a leased space a quarter mile north on U.S. 1 at 174 Cambridge St., formerly the home of EZ Ride Autos.

Koons' service division is now across U.S. 1 in Falmouth Industrial Park.

FAAR installs officers and hands out awards

The Fredericksburg Area Association of Realtors installed its officers for 2013 and handed out a number of awards at a dinner held earlier this month at the University of Mary Washington's Jepson Alumni Executive Center.

Suzanne Brady, an agent with Century 21 AdVenture Redwood, will be FAAR's 2013 president.

The remaining leadership team will be:

President-Elect: Debbie Irwin, Coldwell Banker Elite

Vice President: Brooke Miller, Long & Foster

Secretary: Christine Singhass, Realty World Select

Treasurer: Linda Fosdick, Dockside Realty

Directors: Sabrina Anderson, Coldwell Banker Carriage House Realty; Jane Wallace, RE/MAX Bravo; Bob Mercurio, Long and Foster; Jorge Robert, Coldwell Banker Elite; Karin Whitley, Coldwell Banker Elite; Arlene Mason, Coldwell Banker Carriage House Realty; Immediate Past President Chip Taylor, Century 21 Battlefield

The following people were honored at the dinner:

Affiliate of the Year: Donna Schmidt of American Home Shield

President's Award: Cory Green

Silver Circle Awards (25 years of continuous membership in FAAR): Pamela Douglas, Coldwell Banker Carriage House Realty; Mildred Kelly, Champion Realty; Betty Nolan Kaiser, Long & Foster; Cheryl Saunders, Johnson & Glazebrook; Ralph Skidmore, La Casa Realty; Mark Sullivan, Century 21 Battlefield; Catherine Welch, Century 21 AdVenture Redwood

Realtor Emeritus: Lewis Graves, Coldwell Banker Carriage House Realty; Betty Jo Morecock, Betty Jo Morecock Realtors; Grant Mullen, Grant Mullen Realty & Appraisal; Stanley Palivoda, Century 21 Battlefield

Good Neighbor Award: Penny Traber, 1st Choice Better Homes and Land; Audrey Gardner, Long & Foster

--Bill Freehling

Copyright 2014 The Free Lance-Star Publishing Company.