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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 05, 2003
Page
12
The stock market closed mixed with the Dow up 32.07 to 9186.04 after sliding 105 points earlier while the Nasdaq dipped 1.56 to 1714.06. Analysts cited technical factors and lack of earnings news as the cause of the wavering, not fundamentals.
Commerce Department data show U S factory orders up 1.7 percent in June from May, led by machinery appliances and autos and marking the strongest gain in three months. Economists forecast a 1.5 percent rise and data hint at a broader factory recovery amid job losses and lingering headwinds.
Qwest Communications International will move its wireless customers onto Sprint PCS Vision while selling related assets. Qwest will handle sales billing and customer service and will buy minutes from Sprint. Pricing plans and details remain undecided.
Iowa farmers report 87 percent of oats harvested and 93 percent of second hay cutting completed with 8 percent of the third cut. Dairy country expects a fourth cut late summer while alfalfa remains poor. Corn silked 87 percent, milk-stage 33 percent, with soybeans 53 76 percent set. overall crop conditions easing from prior week.
Union Pacific Corp will sell its trucking arm Overnite Corp through an initial public offering. Overnite, based in Richmond, Va., operates more than 6,000 trucks and employs over 14,400 people. The sale aims to capitalize on profitability and market conditions amid industry consolidation.
MidAmerican Energy of Des Moines ranked third among Midwestern utilities in the JD Powers survey with a 104 score while Alliant Energy of Madison ranked fifth with 102. The ranking reversal from last year shows both firms improving since 1999 and highlights delivery and reliability over value and price in consumer views.
Qwest Communications workers approve a two year pact that freezes wages but offers earnings bonuses if targets are hit. The deal includes paid health benefits, higher copays, a stock option signing bonus of 100 shares, and potential lump sum payments of 1 to 3 percent of gross earnings if goals are met. The union represents 27,000 employees across 14 states with old contract due to expire August 16. IBEW locals in Montana ratify a separate deal 99 to 59.
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