Morning Links: 25 January 2008

Corrections Corp. execs cash in some options, analyst sees credit issues for First Tennessee parent, an executive change on the way at Firestone, local publisher takes on Imus, and more...

Email | Print By Geert De Lombaerde

Corrections Corp. President and CEO John Ferguson yesterday exercised a good number of stock options and then sold most of them, netting him about $330,000. The form 4s with the details are here and here. CCA's counsel, Gustavus Puryear, also exercised and then sold some options yesterday. Both sets of transactions were part of set trading plans, but the timing sure could have been better.

Moody's has cut its rating on First Horizon National Corp., the parent of First Tennessee Bank. The credit rating agency says it expects "sizable credit costs in its large residential construction and home equity portfolios."

After 39 years with the company, John Gamauf is preparing to retire from Bridgestone Firestone North American Tire. He will be replaced by a 25-year veteran of the company.

Caterpillar Financial Services, the Nashville-based arm of Dow component Caterpillar, posted record numbers in 2007 on the back of strong overseas growth.

A Nashville publishing house is suing shock jock Don Imus for millions over comments he made about one of their commercials on his show.

Gov. Phil Bredesen and rural legislators hope this morning's Connected Tennessee press release will help focus attention on rural counties' laggard broadband infrastructure. Latest charts show areas with inadequate broadband and a first-time comparison of Internet service speeds by county.

The top execs at Tennessee Commerce Bancorp were each recently granted options to buy 50,000 shares of the company. Art Helf, Mike Sapp and George Fort will see their holdings begin to vest this December.