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Weather-related automobile crashes involving up to 69 vehicles closed westbound Interstate 10 in the downtown Phoenix area four about four hours Saturday evening, according to media reports and the Arizona Department of Transportation.

Reports said Arizona Department of Public Safety officers, as well as Phoenix Fire Department units, responded to three major crashes between 16th Street and Seventh Avenue about 6 p.m. There were reports of two serious injuries business card design.

Responding Phoenix Fire officials said the multiple crashes were definitely related to the thunderstorms that moved through the downtown Phoenix area around 6 p.m., according to the Arizona Republic.

Westbound I-10 was closed until shortly after 10 p.m.

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Kindred Healthcare Inc. has signed an agreement to buy five long-term acute care hospitals in Southern California from Vista Healthcare LLC for $180 million in cash.

The hospitals have 250 beds, combined, according to a news release.

Louisville-based Kindred (NYSE: KND), through its subsidiaries, operates in a total of 633 locations, including long-term acute care hospitals, nursing and rehabilitation centers and a contract rehabilitation services business. It has revenue of more than $4.2 billion and 53,500 employees in 40 states.

The assets being purchased from Vista generate annual revenue of about $150 million and earnings before interest, taxes, depreciation and amortization of about $27 million, according to the release.

Kindred is not acquiring the working capital of Vista or assuming any of its liabilities.

Kindred also has signed an agreement to acquire three recently-built nursing and rehabilitation centers in the Dallas-Fort Worth area for $38 million in cash instant personal loans guaranteed.

Richard Lechleiter, executive vice president and CFO for Kindred, said the seller has asked that its identity not be disclosed.

The centers have a total of 405 beds and generate annual revenues of about $24 million with EBITDA of about $3 million.

Kindred plans to develop two of the three nursing centers into transitional care centers that are focused on short-term rehabilitation and cases that are medically complex. It also plans to add a transitional care unit to the third nursing center.

Kindred expects to finance both deals with proceeds from its revolving credit facility, according to the release.

Within the first year of closing the deals, Kindred expects to incur transition costs in the range of $6 million to $8 million.

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One quarter of Dell shareholders showed their disdain for Michael Dell, founder and chief executive, by withholding support just weeks after the computer maker settled a fraud case with the SEC.

In a filing to the Securities and Exchange Commission on Tuesday, Dell (DELL, Fortune 500) revealed that voters controlling 378 million shares withheld support for the CEO. Those controlling 1.13 billion shares voted in favor of him.

Among the 11 directors at Dell, Michael Dell received the lowest number of supporting votes.

But Dell spokesman David Frink maintained the company’s confidence in its CEO. "The Dell board of directors has reaffirmed its unanimous support for Mr. Dell’s continued leadership, and a majority of shareholders agreed," he said.

The filing came out just days before Dell is scheduled to report quarterly results on Thursday, and just weeks after the company agreed to pay a $100 million fine to settle fraud charges with the SEC.

That settlement, announced July 23, ended a five-year case that has plagued the company and its chief executive. The SEC accused Dell of not disclosing to its investors "large exclusivity payments" made to the company by chipmaker Intel (INTC, Fortune 500), as part of an agreement that Dell not use chips made by rival AMD (AMD, Fortune 500) payday loans no teletrack.

The payments were large enough to make up 76% of Dell’s operating income in the first quarter of 2007, as well as double-digit percentages of earnings in other quarters.

In a separate legal battle, Web services company Advanced Internet Technologies has accused Dell, in an Aug. 13 filing to a U.S. district court in North Carolina, of refusing to comply with court orders to reveal secret documents in a dispute over faulty computers.

Advanced Internet Technologies has sued Dell for damages from the breakdown of nearly 2,000 OptiPlex systems it leased to clients. The company said it lost nearly $16 million from cancelled contracts and $22 million on discounts it offered to hold onto spurned customers.

On Thursday, Dell is expected to announce second-quarter revenue of $15.2 billion, a 19% gain from the year-earlier quarter, and earnings of 30 cents per share, a gain of 3%. 

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New York state has submitted 10 applications for $138.1 million in Federal Highway Administration grants for high-speed rail projects.

The applications include funds for Capital Region projects that include the Livingston Avenue Bridge between Albany and Rensselaer, the Schenectady train station and a fourth track at the Albany-Rensselaer Amtrak station.

If approved, the projects would be 20-percent state funded.

A list and explanation of the 10 applications may be found at: https://www.nysdot.gov/news/press-releases/2010/2010-08-132

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The city of Austin this week is installing 500 solar-powered parking meters.

The project is part of the transportation department's comprehensive parking technology upgrade that commenced last August. The new meters accept coins and credit cards and began going in Monday with 120 posts in the University of Texas area. The project will be completed early next week.

The city-wide upgrade began last August when 3,800 single space meters were replaced with 700 "modern" pay stations. The devices service several spaces at once and dispense tickets that can be posted in car windows. The single-space, solar meters are being installed in areas with just a few spaces, on smaller streets payday loans.

The city said since installing the modern pay stations, 60 percent of parking fees have been paid on credit cards and 36 percent fewer parking citations have been issued. The city received just 2,760 complaints of broken meters between August 2009 and this year, an 85 percent reduction from the 18,000 complaints the same period a year before.

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The Senate overcame a key procedural hurdle Wednesday to send $26 billion more in federal aid to cash-strapped states.

The measure, which passed by a 61-38 vote, contains $16.1 billion in additional Medicaid money and $10 billion to prevent layoffs of teachers and first responders.

State officials have been desperately lobbying their representatives, saying they need the money to shore up their budgets. About 30 states had already included the additional Medicaid funds in their fiscal 2011 budgets, which began July 1, and would have to cut further if it doesn’t come through. The bill is expected to save 290,000 jobs, according to Senate Democrats.

President Obama also weighed in Monday, asking lawmakers to pass the additional assistance to the states, which has been kicking around Congress in various forms for months.

Senate Democrats needed to garner at least 60 votes for the measure to pass this initial vote, meaning some Republicans had to cross the aisle. That help came in the form of Maine Republicans Susan Collins and Olympia Snowe.

A final vote could come late in the week, just before the Senate is scheduled to recess for the long August break. The chamber will vote before it leaves town, a Senate Democratic leadership aide said.

The measure would then have to go back to the House, which has already recessed. But Speaker Nancy Pelosi, D-Ca., said in a statement that she would call the chamber back into session early next week.

The Senate was originally scheduled to vote on the measure on Monday, but Reid pushed it back to amend the legislation after learning it would increase the deficit by $4.9 billion despite offset measures. The amended bill reduces the deficit by $1.4 billion.

The GOP, however, is not taking kindly to sending more aid to the states, saying the original $787 billion stimulus package was meant to do that.

"The trillion dollar stimulus bill was supposed to be timely, targeted and temporary," said Sen. Mitch McConnell, R-Ky. "Yet here we are, a year and a half later, and they’re already coming back for more. The purpose of this bill is clear: it’s to create a permanent need for future state bailouts, at a time when we can least afford it."

Congressional producers Ted Barrett and Deirdre Walsh contributed to this report. 

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Tollgrade Communications Inc. turned a profit in the second quarter, reporting net income of $1.2 million, or 10 cents per share, compared with a loss of $1.5 million, or 12 cents per share, in the comparable year-ago period.

The Cheswick-based supplier of network testing and management products for the telecommunications and utilities sectors also saw a rise in sales. For the second quarter ended June 30, the company posted revenue of $11.5 million, up 8 percent from a year ago.

However, Tollgrade (NASDAQ: TLGD) hasn’t recovered from its first quarter, when it reported a loss of $1.7 million: For the first six months of the year, the company posted a loss of $436,000, or 3 cents per share, compared with a loss of $2.7 million, or 22 cents per share, in the first six months of 2009.

During the second quarter, the company also was impacted by a $600,000 charge related to the departure of its former CEO, Joseph Ferrara, who left the company to pursue other opportunities.

“We took action to realign our business beginning in the fourth quarter of 2009 and accelerated our efforts to significantly reduce operating costs during the first quarter of 2010,” said Edward Kennedy, president and CEO. “Our reduced operating cost structure had a major impact on our ability to report a profit during the second quarter of 2010, and we believe these actions have positioned the company to sustain profitability in the future and to be more competitive in the marketplace, helping us to drive top-line growth.”

For the third quarter, the company anticipates revenue in the range of $11 million to $13 million.

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The historic trading post on Kewa Pueblo (formerly called Santo Domingo) will be restored with $1 million in federal funds from the Economic Development Administration.

The trading post is adjacent to the New Mexico Rail Runner Express stop on the pueblo. It was consumed by a fire in 2001. Pueblo officials expect the revitalized trading post to generate 30 jobs. Plans for the site include a restaurant and other services for Rail Runner commuters, tourists and local residents.

The dilapidated building still bears a faded sign that proclaims “where real Indians trade” and was on Historic Route 66 and the Atchison, Topeka and Santa Fe rail line. That made it a well-known tourist stop for the Southwest Chief and motorists. Dignitaries, including President John F. Kennedy, visited the spot as well.

The trading post was listed on the New Mexico Register of Cultural Properties in 1997 and on the National Register of Historic Properties in 1998. Tony Tortalita, governor of Kewa Pueblo, said the trading post has been an icon of the pueblo’s history and the plan is to use it to showcase its culture and traditions through arts and crafts.

“Many of our artisans at the pueblo had used the trading post as a way to sell their jewelry, pottery and such to tourists passing via the train and now we can revive that tradition with the newly opened Rail Runner station just across the street,” he said.

The restoration project received immense community, statewide and national support from the National Park Service Route 66 Corridor Preservation Office, the Cornerstones Foundation and the University of New Mexico School of Architecture and Planning, as well as New Mexico State University’s School of Engineering. The Mid-Region Council of Governments provided technical support on the EDA grant and coordinated planning for the site in conjunction with the $2.1 million Kewa Rail Runner Station.

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Stocks rallied Friday, with the Dow briefly turning positive for the year after a report showed that most of Europe’s big banks passed their stress tests, easing investor worries about the strength of the global economy.

A rally in the euro, better-than-expected quarterly profit reports from Microsoft, Ford and others and some deal news in the biotech sector all added to the day’s gains.

The Dow Jones industrial average (INDU) added 102 points, or 1% and closed at 10,424.62, just shy of the 10,428.05 where it ended last year. The S&P 500 (SPX) index rose 9 points or 0.8%, closing above 1100 for the first time in a month. The Nasdaq (COMP) composite gained 23 points or 1%.

Stocks struggled in the morning as investors weighed a mix of earnings ahead of the release of the stress test results. Investors were also reluctant to move much after Thursday’s big rally, sparked by a series of strong profit reports.

But the release of the test results — which showed that the major European banks are sufficiently capitalized should a double-dip recession take place — seemed to soothe investors, paving the way for an afternoon rally.

"The lack of bad news in the stress tests helped the market," said Tom Schrader, managing director at Stifel Nicolaus. "Everyone was anticipating some negative news and when that didn’t happen, everything popped."

The test of 91 banks showed all but 7 would be able to hold on during a downturn and emerge in good shape, even if they suffered billions in asset writedowns and trading losses. However, critics contend that the tests didn’t go far enough to account for how banks holding sovereign bonds might react if a particular country defaulted on its debt, say Greece or Spain.

Investors also welcomed news that General Electric (GE, Fortune 500) is boosting its dividend by 20% and will retart its share buyback program at the end of the quarter.

All three major gauges gained for the week, and the Dow is now within shouting distance of breaking even for the year, after having been in danger of falling into a bear market just a month ago.

"The market is indicating to me that it wants to go up and we’re seeing some good solid earnings and economic news to support that," said John Wilson, chief technical strategist at Morgan Keegan. "But I’d love to see some better (trading) volume come in to reinforce that."

He said that the weak trading volume reflects the fact that its summer and many market pros are on vacation or are holding off on making big moves until the fall. However, it also indicates less enthusiasm on the part of buyers.

Quarterly results: Ford Motor (F, Fortune 500) reported better-than-expected quarterly sales and earnings that reversed its operating loss from a year ago, building on its return to profitability following several years of weakness. Shares gained 5.2%.

Dow component Verizon Communications (VZ, Fortune 500) posted a quarterly loss due to costs associated with a buyout of 11,000 workers. Excluding those costs, the telecom posted earnings that topped estimates and revenue that missed forecasts payday loans. Shares gained 3.8%.

Dow component McDonald’s (MCD, Fortune 500) reported better-than-expected quarterly earnings that rose from a year ago, but reported weaker-than-expected sales at stores open a year or more — a retail metric known as same-store sales. Shares fell 2.1%.

After the close Thursday, fellow Dow component Microsoft (MSFT, Fortune 500) reported higher quarterly sales and earnings that topped estimates, thanks to strong sales of its Windows 7 and an improved personal computer market. Shares ended little changed.

Also after the close Thursday, Dow component American Express (AXP, Fortune 500) reported higher quarterly sales and earnings that topped expectations. The company’s CEO also issued a tepid outlook on the economy. Nonetheless AmEx shares rallied 3.6%.

On Thursday, Amazon.com (AMZN, Fortune 500) reported quarterly sales and earnings that rose from a year ago, but missed some analysts’ projections. Shares fell as much as 11% in pre-market trading and 9% in the morning, but cut losses to 1% by the close.

Deals: Shares of Genzyme (GENZ, Fortune 500) spiked 15.4% on a report that French biotech Sanofi-Aventis (SNY) has informally approached the company about a potential buyout, the Wall Street Journal reported Friday. Sanofi-Aventis’ American Depositary Receipts (ADRs) slipped 4.2%.

Banking: Pay czar Kenneth Feinberg’s latest review of pay practices at banks that received bailout funds showed 17 companies made $1.6 billion in "ill-advised payments" during the financial market crisis. Companies listed included Citigroup and Goldman Sachs.

World markets: European markets were mixed, with Britain’s FTSE 100 ending little changed, Germany’s DAX rising 0.4% and France’s CAC 40 rising 0.2%. In Asia, the Japanese Nikkei gained 2.3%.

Currencies: Moody’s put Hungary on review for a potential downgrade of its debt, reminding investors that the European debt crisis is far from over. That sent the euro lower versus the dollar, while the dollar gained versus the Japanese yen.

Commodities: U.S. light crude oil for September delivery fell 30 cents to settle at $79 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $6.40 to $1,189.20 an ounce.

Bonds: Treasury prices fell as stocks rose and investors pulled money out of the safety of government debt. The slide lifted the yield on the 10-year note to 2.99% from 2.93% late Thursday. Debt prices and yields move in opposite directions.

Market breadth: Breadth was positive and volume was light. On the New York Stock Exchange, winners beat losers by four to one on volume of 960 million shares. On the Nasdaq, advancers beat decliners by over three to one on volume of 2.43 billion shares. 

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The Tampa-St. Petersburg hotel industry posted year-over-year increases in occupancy and revenue per available room but a decline in average daily rate for June.

The U.S. hotel industry posted increases in all three areas in year-over-year measurements, data from Smith Travel Research showed.

Tampa-St. Petersburg occupancy was 54.7 percent in June, a 7 percent increase from the same period last year.

Nationwide, the industry's occupancy was up 6.9 percent to 65 percent easy payday loans.

All of STR’s top 25 markets reported occupancy increases for June.

Local RevPAR climbed 4.4 percent to $48.68, and national RevPAR rose 8 percent to $63.87.

While average daily rate in Tampa-St. Petersburg dropped 2.4 percent to finish the month at $88.98, national average daily rate climbed 1 percent to finish the month at $98.33.

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