Stocks fall as inflation fears outweigh upbeat results
Stocks slid amid rising inflation worries despite Caterpillar and Intel reporting solid earnings. The Beige Book showed expanding business activity but uneven progress and higher inflation. The Dow closed down 115.05 at 10,012.36 and the Nasdaq fell 18.60 to 1,913.76 with more decliners than gainers.
MENTIONED IN THIS ARTICLE
Caterpillar Inc
Intel Corp
Federal Reserve
New York Stock Exchange
Interstate Bakeries Restates Earnings and Bonus Reserve Fine
Interstate Bakeries Corp the maker of Twinkies and Wonder Bread says it will restate earnings for parts of 2004 and 2005 due to pension accounting errors. The company also must fund a 5 million dollar workers compensation reserve after internal reviews found underfunding by about 40 million. Access Direct plans to add over 200 call center jobs within 30 days. Yum Brands reports higher quarterly profit to 161 million dollars amid China expansion. revenue rises to 2.05 billion.
MENTIONED IN THIS ARTICLE
Interstate Bakeries Corp
Interstate
Davenport
Access Direct
Mark Nelson
Cedar Rapids
Coralville
Ames
Marshalltown
Des Moines
Keokuk
Clipper Windpower forecasts growth in Cedar Rapids
Clipper Windpower Inc plans a wind turbine assembly plant in Cedar Rapids after projects in northwest Iowa. The Flying Cloud 44 MW project sold to PPM Ener gy powers Interstate Power & Light Co. in Cedar Rapids, and the 160 MW Intrep id project sold to MidAmerican Energy. CEO Jim Dehlsen envisions rapid expansion to 400 600 positions and ties the facility to the Cedar Rapids Iowa City Technology Corridor.
MENTIONED IN THIS ARTICLE
George C. Ford
Gazette
Clipper Windpower Inc
Cedar Rapids
Iowa
Carpinteria
Calif
Flying Cloud
PPM Energy
Interstate Power & Light Co
MidAmerican Energy
Clipper Windpower
Jim Dehlsen
Dehlsen
the Gazette
Brazil
Czech Republic
Mexico
United States
Europe
Zond Corp
Mark Seckman
Priority One
Iowa City
Seckman
South America
Airline merger faces major hurdles in US Airways West tie up
Analysts say a US Airways and America West merger faces shareholder, employee and investor hurdles that could undermine benefits. A full merger may be unlikely, with options like a holding company or code share favored. US Airways' David Bronner says talks are advanced but no deal is imminent.
MENTIONED IN THIS ARTICLE
US Airways
Bogdan Niewiadomski
Logan Airport
Boston
US Airways Group Inc
America West
Washington
UBS
Robert N. Ashcroft
Carrier
America West Holding Corp
Brenner
US Airways-America West
Southwest Airlines
AirTran Airways
NYSE to merge with Archipelago in major electronic shift
The 213 year old New York Stock Exchange announces a merger with Archipelago Holdings to form NYSE Group Inc a for profit public company. Archipelago shareholders hold 30 percent while NYSE owners receive 70 percent and 400 million in cash. The plan includes spinning off the regulatory arm as a not for profit overseer.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Archipelago Holdings Inc
NYSE
Archipelago
John Thain
Thain
Nyse Group Inc
Exchange
Benefits approved for Iowa projects in Cedar Rapids and Marion
Iowa Department of Economic Development board expected to approve incentives for Construction Materials Inc. of Cedar Rapids and Vector Corp. of Marion to expand facilities. Vector will add 14 250 square foot building, create six jobs at 23.40 per hour. Construction Materials will add two buildings, create 11 jobs at 13.48 per hour. Future EI resources include CEBA and PIA programs with other Eastern Iowa projects noted.
MENTIONED IN THIS ARTICLE
Gazette
Construction Materials Inc
Cedar Rapids
Vector Corp
Marion
Iowa Department of Economic Development Board
Mike Blouin
Blouin
Iowa
Waconia Court
Bowling Street
Progress Casting Inc
New Hampton
Edistek Integration Inc
Cedar Falls
CEBA
Team Technologies
Enterpreneurial Ventures Assistance Fund
HMI Corp Shares Jump On First Quarter Earnings Rise
HMI Corp reports first quarter net income up 16.6 percent to 26.1 million and earnings per diluted share of 47 cents as sales climb 21.2 percent to 562.3 million. Chairman Stan Askren cites steel and material cost pressures and price increases taking effect in Q2.
MENTIONED IN THIS ARTICLE
Gazette
HMI Corp
HMI
Stan Askren
HNI
Askren
Omni Remanufacturing
Edward
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McLeod USA
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Heartland Exp
Terex Cp
Heinz
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Intl Paper
Old Fire Cas
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US Cellular
Longon
Unova Inc
Verizon Comm
MCI Inc
WalMart