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The BlackBerry Torch isn’t setting the smartphone world ablaze.

Research In Motion and AT&T sold no more than 150,000 of the devices over the weekend, according to estimates by RBC Capital Markets and Stifel Nicolaus analysts. By comparison, Apple’s iPhone 4 sold 1.7 million units in its first weekend of sales.

The Torch, a touch-screen smartphone with a slide-out keyboard, went on sale Thursday for $199 with a new two-year contract, but Amazon.com (AMZN, Fortune 500) immediately slashed the price of the Torch in half to $100 (see correction below). That’s the same price Amazon is offering on the three-month old BlackBerry Bold 9650.

Wirefly, LetsTalk.com and other mobile phone outlets also are selling the Torch at a much steeper discount than other phones that just launched. For example, the Motorola Droid 2 (which also launched Thursday) goes for $150 on Amazon and Wirefly, while the back-ordered Droid X sells for $180 on each site. Each carries a list price of $199, just like the Torch.

RIM hailed the BlackBerry Torch as the "best BlackBerry ever" earlier this month, and it’s unquestionably the company’s most advanced smartphone. But AT&T (T, Fortune 500), the phone’s exclusive carrier, also offers Apple’s (AAPL, Fortune 500) iPhone. At the same $199 price point and the same data charges, customers would really have to love the new BlackBerry operating system and the Torch’s pull-out keyboard to choose a Torch over an iPhone.

Some analysts weren’t surprised by Amazon’s price chop and predicted that AT&T (T, Fortune 500) would likely follow suit.

"The device will ultimately have to sell in the marketplace side-by-side with Apple’s iPhone," Sanjiv Wadhwani, analyst at Stifel Nicolaus, said in a research note. "To sustain U.S. sell-through momentum into the November quarter, we believe the price of $199 on contract will have to fall."

RIM declined to comment cash till payday. "The Torch is a breakthrough device and we think businesses and consumers will love it," said Mark Siegel, a spokesman at AT&T.

The first BlackBerry to run RIM’s modernized operating system, BlackBerry OS 6, the Torch offers a full Web browser, as well as other features common on most of today’s smartphones like social networking integration, universal search and multiple home screens. It includes a 5 megapixel camera, built-in GPS, and video recording at up to 640×480 resolution.

That didn’t appear to be enough to wow too many customers. Wadhwani said that Torch buyers are mostly BlackBerry loyalists, smartphone customers who use e-mail more than any other application, and physical keyboard lovers. Though RIM said it is working hard to improve its app store, its offerings are still very slim compared to the iPhone or Google’s (GOOG, Fortune 500) Android phones.

"The new device will be more competitive in retaining at-risk enterprise customers and driving incremental opportunities in the rapidly expanding consumer market," he said.

That’s not exactly the "game changer" language that RIM and AT&T spouted a few weeks ago.

BlackBerry went through a similar ordeal with Verizon Wireless’ BlackBerry Storm and subsequent Storm 2. The Storm was RIM’s first try at a touch-screen, but without a physical keyboard, it never appealed to RIM’s core customers and failed to live up to the "iPhone killer" hype.

Shares of RIM (RIMM) fell more than 1% on Tuesday.

Correction: An earlier version of this story incorrectly stated that Amazon had cut the price of the Torch. The Torch has sold at $100 on Amazon since its launch last Thursday. 

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TetraLogic Pharmaceuticals completed a $32 million private stock sale Tuesday, the proceeds from which will be use to advance the clinical development of the biopharmaceutical company’s experimental cancer treamtments.

The series C venture capital financing was led by San Francisco-based Clarus Ventures, a new investor in the company.

Also participating in the financing were new investor Hatteras Venture Partners and existing investors Amgen Ventures, HealthCare Ventures, Latterell Venture Partners, Novitas Capital, Philadelphia-based Quaker BioVentures and the Vertical Group.

Malvern, Pa.-based TetraLogic’s lead drug candidate for the treatment of cancer, TL32711, is designed to neutralize the activity of proteins that block tumor cell death payday loans. The compound is in early clinical testing as a potential treatment for patients with solid tumors and lymphoma.

“The support from our premier group of investors further validates our enthusiasm for the potential of TL32711 to treat cancer,” said John Gill, TetraLogic’s president and CEO.

Gill said the financing gives the company the resources to complete the ongoing phase-I study of TL32711 and complete a separate phase I-II study of the compound.

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3 Men Movers Inc. has created a new mobile container division called MOVITS aimed at both businesses and homeowners.

The Houston-based moving company said it will specialize in offering full-service portable storage units. The storage receptacles can either remain on a client’s property or 3 Men Movers can pick them up and relocate them.

The storage units are waterproof and have a steel frame and panels.

The move was a logical one for 3 Men Movers, according to Mitch Gonzalez, the company’s director of marketing and sales.

3 Men Movers owns and operates a self-storage facility in southwest Houston with climate controlled units, a security system and digitally-controlled access gates.

"We recognize that convenience is an extremely important factor when considering storage for a residence or business," said Gonzalez. "Many of our clients prefer the flexibility of organizing and packing their storage receptacle on their own schedule."

With this move, 3 Men Movers is competing with established companies such as PODS Enterprises Inc.

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Treasury prices rose Friday after the government said economic growth was weaker than previously estimated and a major overhaul of financial regulations cleared a legislative hurdle.

What prices are doing: The benchmark 10-year note was up 10/32 to 103-11/32 and its yield fell to 3.11% from 3.12% on Thursday. Bond prices and yields move in opposite directions.

The 30-year bond rose 26/32 to 105-15/32 with a yield of 4.06%. The 2-year note gained 2/32 to 99-31/32 and its yield was 0.66%.

What’s moving the market: Economic growth for the first three months of the year was revised lower, to an annual rate of 2.7% from the previous reading of 3%. Economists surveyed by Briefing.com expected growth to remain unchanged at 3%.

Separately, an index of consumer sentiment rose in June to the highest level since January 2008 no teletrack payday loan. The Reuters/University of Michigan’s Surveys of Consumers rose to 76 from 73.6 in May. Economists expected the index to remain steady at 75.5.

Meanwhile, lawmakers in the House and Senate finalized negotiations on a bill that would overhaul the financial system. The agreement, which came after marathon talks that ended early Friday, paves the way for a final vote in July.

Treasurys were on track for a weekly gain as investors remain nervous about the economy. The Federal Reserve issued a more cautious outlook earlier this week, raising concerns about housing and the outlook for growth.

In addition, the U.S. sold $108 billion worth of Treasurys this week, including 2-, 5- and 7-year notes.  

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Midwest BankCentre added Alex Fennoy as senior vice president and director of community development.

Fennoy will focus on starting St. Louis-area community outreach programs for the bank in lending, investment and financial education, as well as managing traditional middle market commercial banking relationships.

He has 18 years of experience in commercial banking, most recently serving as a vice president of National City Bank.

Fennoy sits on the St. Clair County Board for the United Way, mentors with Inroads Alumni and serves as finance committee chair for the Jackie Joyner-Kersee Foundation.
He earned a bachelor’s degree in accounting from Fisk University in Nashville, Tenn.

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The city of Glendale has put $25 million into an escrow account after the National Hockey League threatened to move the Phoenix Coyotes to another market.

The Glendale City Council approved a plan earlier this month to pay the NHL as much as $25 million in the upcoming hockey season to cover the team’s costs. The NHL owns the Coyotes, in Chapter 11 bankruptcy reorganization. The league operated the team this season but won’t do the same for the 2010-11 campaign.

The Glendale plan originally had the city government putting aside the $25 million in September, But the NHL asked that the money be in place before the end of June.

The money is in an escrow account, said Glendale city spokeswoman Julie Frisoni, while declining further comment.

NHL has given Glendale until the end of the year to find an owner who will keep the team in Arizona. Glendale officials are hopeful they can get a deal done, though negotiations with Ice Edge Holdings and Jerry Reinsdorf are not progressing. The NHL likely will move the team to Winnipeg, Manitoba, if a deal here doesn’t get done

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Peter A. Dea, founder and CEO of Cirque Resources LP, has been named "Wildcatter of the Year" by the Independent Petroleum Association of Mountain States.

IPAMS presented its highest award to Dea Saturday night at the industry group's annual Wildcatter Gala, held at the Denver Center for the Performing Arts.

"Peter is one the great explorers and ambassadors of our industry," Marc Smith, IPAMS' executive director, said in a statement.

"His humility and civic engagement have opened many doors," Smith added. "Peter stirs the imagination of thought leaders across the political spectrum with compelling reasons to see natural gas as national treasure, capable of helping our nation meet its most pressing economic, environmental and energy security priorities. Peter and his wife Cathy demonstrate an incredible commitment to science, conservation and education."

The group says the award recognizes "the unique contributions and accomplishments of one industry individual, particularly regarding: (1) successful longtime natural gas and oil exploration and production in the Intermountain West, (2) community service, and (3) support of oil and natural gas industry activities and organizations."

It's IPAMS' 28th annual presentation of the Wildcatter of the Year award. Previous winners have included Edward J. Ackman, George G. Anderman, William W. Ballard, William J. Barrett, Robert L. Bayless, Wayne T. (Dusty) Biddle, Cortlandt S. Dietler, Raymond Duncan, George H. Fancher, Samuel Gary William C. Goodin, Jim Lightner, Kenneth D. Luff, Frederick R. Mayer, Mick McMurry, F. H. (Mick) Merelli, Rex Monahan, Robert L. Nance, Thomas A. Petrie, Conley P. Smith, John C. Snyder, H. A. (Dave) True, Harry Trueblood, Jr., Thomas G. Vessels, James B. Wallace, Donald L. Wolf, and Harvey E. Yates.

IPAMS released this biography of Dea:

Peter A. Dea is a Founder, President and CEO of Cirque Resources LP, a privately-funded oil and gas exploration and production company focused on unconventional resource plays, predominantly in the Rocky Mountain region. Cirque has leased over 600,000 acres in emerging exploration plays since its inception in 2007.

Dea was formerly President, CEO and a Director of Western Gas Resources, Inc. (NYSE: WGR) from 2001 through its merger with Anadarko Petroleum Corporation in 2006. Dea served as Chairman and CEO of Barrett Resources Corporation (NYSE: BBR) from 1999 until its sale in 2001. He is currently Chairman of the Board of Trustees at the Denver Museum of Nature and Science and he serves on the boards of Western State College, Alliance for Choice in Education, IPAMS (Vice President 2002 – 2007), American Geologic Institute Foundation, CU-Denver GEM program, formerly of COGA (President 2001), and is a member of the Colorado Forum, a public policy advisory group.

Dea graduated with a B.A. degree in Geology from Western State College of Colorado in 1976 and earned a M.S. degree in Geology at University of Montana in 1981. He attended the Harvard Business School Advanced Management Program in 1999. After ten years at Exxon Company USA, Dea joined Barrett Resources in 1993. At Barrett, Dea played a direct role in the discovery of Cave Gulch Field (shallow and deep reservoirs) and in the merger with Plains Petroleum Corporation. He also led the company into the Powder River and Raton Basin CBM plays. As CEO of Barrett, he negotiated the sales transaction to Williams in 2001, after Shell initiated a hostile takeover, realizing a 67% premium to the pre-Shell trading price. During his tenure at Barrett the Company’s enterprise value grew from $200 million to $2.8 billion, and the Wall Street Journal recognized Barrett as delivering the best 10-year average compounded annual return to shareholders among 33 major and independent oil and gas companies. While CEO at Western Gas Resources, the company’s value more than quintupled from $1 billion to $5.3 billion with its sale to Anadarko realizing a 49% premium to the pre-announcement share price. Under Dea’s leadership, Forbes listed Western Gas Resources in their Best Managed Companies in America edition, for 5-year annualized returns of 30%. BusinessWeek ranked WGR as the 23rd best performing company in Standard & Poor’s Mid-Cap 400 Index and WGR also became a Fortune 500 company.

In Denver, Dea co-founded the Explorer’s Club, First Thursday Dinner Club, Colorado Energy Coalition at MDEDC and Partnership of the West. In addition, Dea founded geology scholarship programs at Western State College and University of Montana. He and his wife Cathy established the Dea Family Foundation serving education, science and conservation efforts. They live in Golden, Colorado, and have three sons, Drake, Austin and Cort. They enjoy skiing, horseback riding, mountain and road biking and hiking. As a Roundup Rider of the Rockies, Dea enjoys a 100-mile horseback ride in Colorado’s high country each year. Dea has been an active mountaineer, climbing many high altitude peaks up to 22,205’ and he has participated in multi-week climbing, skiing and whitewater kayaking expeditions in North and South America, Nepal and Africa. He has also climbed 50 of Colorado’s highest peaks.

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Executive Service Corps of Cincinnati has named Andrew McCreanor, former president of National Bank & Trust Co., as executive director/CEO.

McCreanor retired from the Wilmington-based bank in 2007 and has since held a number of nonprofit positions. He was most recently executive director of Clermont 20/20, a quality-of-life initiative in Clermont County, and is currently chairman of the board of advisers for the Clermont County Chamber of Commerce. He is also chairman of the Economic Development Corp. of Clermont County and has provided consulting services to several large local nonprofit organizations.

A resident of Loveland, McCreanor earned a bachelor’s degree in business management/marketing from Wilmington College.

Executive Service Corps is a national network that provides affordable consulting services to nonprofit schools and government organizations.

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As you might expect, Missouri’s 13th and final casino license is drawing a crowd.

Fifteen groups — real estate developers, gambling companies, local governments — told the Missouri Gaming Commission this week that they were interested in opening a casino when the President Casino closes next month. At least five of them would put it in the St. Louis region.

All are very preliminary. The letters basically tell state officials a company is interested. Next, the commission will hold a public meeting explaining the process, and set a deadline for formal applications. But they give a picture of who might build what where.

Among the interested:

— St. Louis businessman Jim Koman, a part owner of the Casino Queen who through a separate company called Casino Celebration holds a site just south of the Chain of Rocks bridge, where he would put a $125 million riverboat casino.

— Attorney Brad Lakin, who leads North County Development LLC, which has won rezoning approval to put a casino complex on 350 acres south of the Columbia River Bottoms.

— Creve Coeur-based Isle of Capri Casinos, which didn’t specify a site and appears to be eyeing at least two. It was the only large casino company to raise its hand.

— West Alton Partners LLC, a group that tried unsuccessfully to put a riverboat in that small north St. Louis County town in 1996.

— Blue Sky Development, which owns a casino in Indiana and is interested in an unspecified site in the city of St. Louis.

— Three separate groups that are eying Cape Girardeau, including one led by Joe Uram, former chief financial officer of Argosy Gaming.

— Coastal Capital Management LLC, a New York-based casino developer run by Kenneth Shea, who led gambling operations for Carl Icahn’s Icahn Capital hedge fund.

— Ingenus Management, a Minnesota-based casino consultancy company, which is trying to win a license in Ottumwa, Iowa.

— The city of Sugar Creek, Mo., near Kansas City, which narrowly lost out on a new casino in 2008 when voters capped licenses at the current 13.

Other groups can still apply, and any proposal will need to partner with an experienced casino operator to actually win the license, said LeAnn McCarthy.

That will probably winnow down some of the proposals. So will the market study the commission plans to conduct.

"Anyone can throw out a letter of interest," McCarthy said. "But soon we’ll start to pare down."

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This year, it’s going to take the average American 99 days to earn enough money to pay the IRS. That’s one day longer than last year.

"Tax Freedom Day" marks the date that most Americans have earned enough money to pay their federal, state and local taxes, and this year that day arrives on April 9, according to the Tax Foundation’s annual calculation, which is based on government tax and income data.

Tax Freedom Day arriving one day later than it did last year means most Americans will have to work that much harder — for more than three months — just to pay their 2010 taxes.

The number of days Americans have to work to pay off their taxes has declined steadily since 2007. That’s due to a handful of tax cuts, certain income tax provisions that were repealed for 2010 and because the recession has reduced tax collections faster than it has cut income, according to the Tax Foundation.

But while it will take people less time to earn the money this year than it did in 2007, Americans will still spend more on taxes in 2010 than they will on food, clothing and shelter combined, the Tax Foundation said.

State-by-state: Each state has its own Tax Freedom Day. The day arrived earliest in Alaska and Louisiana — on March 26 — because of "modest incomes and low state and local tax burdens," the Tax Foundation said.

Mississippi, South Dakota and West Virginia celebrated soon after, on March 28, March 29 and March 30, respectively.

Connecticut, the state with the highest per capita income, will be the last to celebrate. Tax Freedom Day won’t arrive until April 27, the 117th day of the year.

New Jersey, New York, Maryland and Washington will join Connecticut as the last states to celebrate. In these states, Tax Freedom Day will fall on April 25, April 23, April 19 and April 15, in that order.  

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