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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 07, 2009
Page
16
Wall Street ends lower as traders weigh the upcoming July unemployment data. The Dow falls 24.71 to 9256.26, the S&P 500 slips 5.64 to 997.08, and the Nasdaq drops 19.89 to 1973.16 amid weak retail sales and rising loan demand from a federal program supporting consumer and small business lending.
Alliant Energy provides its PowerHouse energy saving program to Iowa and Minnesota libraries at no charge. The 51 episodes cover topics from storm door installation to selecting appliances and building a green home. Libraries can request the full set via alliance energy dot com slash power housedvd.
Freddie Mac reports a 30 year fixed rate average of 5.22 percent, down from 5.25 percent last week, with 15 year fixed at 4.63 percent and five year adjustable at 4.73 percent. Last year the 30 year average was 6.52 percent.
An Indiana company, Ashley Industrial Molding, converts the former Triangle Plastics site at 951 Second Ave. SE to produce tractor hoods and combine panels for John Deere and other buyers. Three 500-ton plastic molding presses arrive by truck and barge from China and New Orleans to enable full production by year’s end.
Ace Auto Recyclers in Iowa City expects a flood of clunkers but cannot recycle engines under the program and has only six months to strip useful parts. Most scrap dealers pay 100 to 200 dollars per discarded car, with 1998 and older models going to crusher or shredder due to weak demand for older parts.
Alliant Energy posted a 53 percent drop in second quarter net income to 39.1 million as restructuring charges and weak demand hit results. EPS fell 0.29 to 0.26, with Wisconsin Power & Light driving much of the decline and a lowered full year outlook of 1.80 to 2.00 per share.
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