Wall Street Mostly Steady Ahead of Heavy Earnings Week
Trading Monday showed caution and profit taking as investors awaited upcoming earnings reports. Cisco warned of lower profits and 8500 job cuts, while the Dow rose 31.62 to 10158.56 and the Nasdaq fell 51.86 to 1909.57 amid tech declines.
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Wall Street
Cisco Systems
Cisco
New York Stock Exchange
U.S
Iowa
Genencor
U.S. Cellular
Weyerhaeuser
McLeod USA
Union of Wachovia and First Union Creates Major Bank Power
First Union agreed to buy Wachovia for about 13.1 billion in stock, forming the fourth largest U.S. bank with 324 billion in assets. The merger will cut about 7,000 jobs over three years, roughly 7.8 percent of the combined workforce of 90,296.
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First Union Corp
Wachovia Corp
North Carolina
Citigroup Inc
J.P. Morgan Chase & Co
Bank of America Corp
U.S
Major Airlines Win DOT Backing for Web Travel Site
Five airlines American Continental Delta Northwest and United win Transportation Department approval to launch their Orbitz online travel site. DOT says no antitrust concerns and will monitor competition, with full operation planned for June. Orbitz president Katz expects no issues with the green light.
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Transportation Department
Transportation
Orbitz
American
Continental
Delta
Northwest
United
Justice Department
Jeff Katz
DOT
DaimlerChrysler Ends Hyundai Alliance Amid Mitsubishi Push
DaimlerChrysler will end its talks to jointly develop small cars and form a truck partnership with Hyundai as it raises its stake in Mitsubishi Motors to 37.3 percent. The move aligns DaimlerChrysler with Mitsubishi while shifting away from Hyundai. Bombardier wins 1.68 billion to build up to 150 aircraft for Air Wisconsin, deliveries start September. Air Wisconsin operates nine CRJ200s.
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Hyundai Motor Co
Mitsubishi Motors Corp
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Automotive News
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DaimlerChrysler Said
Volvo
Bombardier Inc
Canada
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Air Wisconsin
Embraer
Brazil
Bombardier
Appleton
Wis
Treasury bill rates rise in Monday auction
The Treasury Department sold 9 billion in three month bills at a 4.050 discount rate and 8 billion in six month bills at 4.060. The rates understate returns to investors with 4.150 percent for the three month bill and 4.204 percent for the six month bill based on the $10,000 and $9,794.70 prices.
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Treasury
Treasury Department
Wet weather slows field work and calving in Iowa
George C. Ford reports Iowa fields delayed by rain as frost recedes and ground firms. Soil moisture remains adequate to surplus with topsoil and subsoil ratings varying by region. Fertilizer application is 41 percent complete, lagging behind typical progress and signaling spring planting potential with warm sunny weather.
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Aazette
Iowa
Iowa Agricultural Statistics
Damp Iowa planting season seen as likely after La Nina wanes
Climatologist Elwynn Taylor of Iowa State University Extension warns wet conditions could hit planting across much of the Corn Belt as La Nina weakens. He cites warm Gulf air and Pacific signals, plus recent fog, as indicators of above normal spring precipitation and delayed field work. State Climatologist Harry Hillaker adds colder than normal temperatures likely, with planting markedly later than recent years.
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Elwynn Taylor
Iowa State University Extension
Pacific Ocean
Taylor
Iowa
Gulf
Harry Hillaker
Symantec licenses CCR e mail faxing software for WinFax Pro
Cedar Rapids based Circle Computer Resources licenses its printer driver to email for faxless sending of invoices bids and contracts to Symantec for inclusion in WinFax Pro. The system converts documents to viewable form for Internet connected PCs and prevents easy modification by recipients. CCR has 14 employees and also offers Internet Mail Attendant and Hot Shot software. Symantec, a major security software maker, will integrate the technology into WinFax Pro for Windows 95 98 NT and 2000.
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Cedar Rapids
Circle Computer Resources
CCR
Symantec Corp
WinFax
Symantec
Kelly
Cupertino
Calif
APAC slashes earnings prospects in 2001
APAC Customer Services Inc. expects weak first and second quarter earnings due to sluggish U.S. economy. The Cedar Rapids based firm forecasts 2 cents per share for Q1 and 1 cent for Q2 before non recurring charges with revenues about 112 million and 105 million respectively. Also settles investor class actions requiring a 1 cent per share non recurring charge.
MENTIONED IN THIS ARTICLE
Garette Financial
Deerfield
Ill
Apac Customer Services Inc
Cedar Rapids
Iowa
APAC
U.S
Cargill Reports 48 Percent Earnings Drop on Weak Markets
Minnetonka based Cargill Inc says third quarter earnings fell 48 percent to 99 million as weak conditions hit many markets. Nine month earnings total 445 million, down 8 percent from last year. Chairman Warren Staley cites energy costs and oversupply as headwinds.
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Minnetonka
Warren Staley
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