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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 20, 2005
Page
16
Stocks ended higher after producer price data showed March energy and food costs up, but core PPI rose only 0.1 percent. The Dow gained 56.16 to 10,127.41 and the Nasdaq climbed 19.44 to 1,932.36, with advances led by stronger breadth on the NYSE.
Wells Fargo & Co. reported first quarter earnings of $1.86 billion or $1.08 per share, up 5 percent from a year earlier, with revenue rising 13 percent to $8.09 billion. Analysts expected $1.09 per share on $7.9 billion in sales. The San Francisco bank’s stock fell 58 cents to $58.93 on the NYSE.
Rockwell Collins signs a five year pact to service Air New Zealand inflight entertainment systems on seven retro 747 400s and eight 777 200 ERs with a potential 40 more 777s. Primary support in Auckland.
Saks Inc plans to split its midprice stores into northern and southern geographic clusters based on a Wall Street Journal report. The northern group includes Carson Pirie Scott Bergner's Boston Store Younkers and Herberger's, while the southern group features McRae's and Proffitt's. Parisian could be excluded from the southern sale.
Iowa City restaurateur Jim Mondanaro plans Joseph's a 1950s Chicago style steakhouse at 212 S. Clinton St opening in early July. The renovation reduces seating to 72, adds elegance, and focuses on prime beef and seafood. Mondanaro chose the name to convey excellence.
U.S. builders started 1.84 million housing units in March at an annual rate, down from 2.23 million in February, a 17.6 percent drop. Weather and seasonal factors helped dampen activity, meat by the sharpest decline since January 1991.
Gasoline in Iowa climbed to 2.18 a gallon in April, a 16 cent jump, with diesel at 2.28. Ethanol blended fuel averaged 2.13, and Iowa City posted 2.26. Oil prices near 58.28 per barrel fueled the rise while state heating fuels also climbed.
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