Opening Bell: Wednesday 9/27 ($4.4 billion investment; Health care premiums up; Union rejects deal)

Driving the day: Yesterday, Gov. Andrew Cuomo was joined by former President Bill Clinton to announce a $4.4 billion joint investment by five major tech companies, including IBM, Intel, GLOBALFOUNDRIES, TSMC, and Samsung to pursue nanotechnology in New York state. Also included: the state will be investing $400 million in the SUNY system to promote nanotechnology research and development there. All told, we are looking at the creation of at least 2,500 high-paying, high-tech positions and 2,000 construction jobs; and at the retention of another 2,500 existing jobs in Albany, Canandaigua, and East Fishkill. Notably, nearly 1,000 of those tech-related positions will be created in Westchester’s backyard at IBM’s East Fishkill and Yorktown Heights facilities (IBM alone is responsible for $3.6 billion of the total promised investment dollars).

Stock Outlook: U.S. futures are up, but with most European indexes either flat or down slightly and with durable goods orders slowing, look for Wall Street to back off its two-day hot streak.

By the Numbers: 12, as in the number of days the current protest against Wall Street’s financial companies has been ongoing, with roughly 100 arrests made.

They Said It: “Clearly, in the developed world – Europe, U.S., and Japan – the economy is slower, but there is reasonable activity there and the emerging world is still quite strong,” General Electric Co. CEO Jeffrey Immelt told reporters, saying that he doesn’t see a double-dip recession occurring.


> Cuomo, New York state dealt a blow as state’s second-biggest union rejects contract, making imminent layoffs likely (New York Times).

> The New York Times reports health care premiums are way up – and worker contributions to health care costs are on the rise as well (New York Times).

Sports Blink: In baseball, both wild card spots are in a dead heat, with the Red Sox tied with the Rays and the Cardinals tied with the Braves (both the Sox and the Braves blew big leads over the past couple weeks). If either race remains tied after tonight’s games – number 162 of the season – the teams will face off in a one-game playoff.


UPDATE FROM ALBANY – $4.4 billion joint investment announced involving IBM, Intel, others

In a speech at this morning’s “New York Open for Business” conference in Albany, Gov. Andrew Cuomo announced that the state had entered into agreements providing for investments by IBM, Intel, GlobalFoundries, TSMC, and Samsung with a combined value of $4.4 billion.

The investments will be aimed at the development of nanotechnology, and will create or retain at least 6,900 jobs, according to Cuomo. Included therein are nearly 1,000 high-paying, high-tech jobs that will be created at IBM’s East Fishkill and Yorktown Heights locations.

More on this in the upcoming issue of the Westchester County Business Journal. Stay tuned.