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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 10, 1988
Page
19
Chrysler Corp. will raise prices on its 1989 models by an average 2.3 percent. Some models like the New Yorker will stay the same, while the Dodge Omni climbs about 8 percent and the Dodge Dynasty LE about 11.2 percent.
Collins Defense Communications in Cedar Rapids will gain four workers from the Rockwell International Santa Ana plant shutdown. Of 510 employees, 238 are reassigned. 86 to Dallas, four to Cedar Rapids, two to Salt Lake City, and the rest to other Southern California Rockwell sites. The Santa Ana plant will close by September 30 as part of a consolidation of technologies and programs.
James R Wolfe chairman and CEO of CNW Corp died of cancer at 58. He led CNW for nearly 12 years after starting as a railroad lawyer and serving as president and CEO of the Chicago and North Western Transportation Co. He was born November 7, 1929 in Hannibal Missouri and began service with CNW in 1968.
Wal-Mart Stores posted a 34 percent jump in quarterly profit to 179.6 million dollars, 32 cents per share, from 134.1 million dollars, 24 cents a year earlier. First half earnings rose to 333.2 million dollars, 59 cents a share, as sales reached 9.13 billion dollars.
Wilson Foods Corp turns down Doskocil Acquisition offer of 12.50 per share totaling about 115 million. Board cites financial inadequacy and highly conditional terms tied to asset sales to cover debt, while Farmstead Foods workers fear loss of assets. Doskocil has until August 23 to solicit stockholder votes.
The stock market fell sharply after the Fed raised its key lending rate unexpectedly. The Dow closed down 28.27 at 2079.13 in a fourth straight loss with 348 up, 1206 down, and 418 unchanged on NYSE. Eastern Iowa shares mostly declined, with Longview Fibre, Procter & Gamble, Raytheon, and Quaker Oats among losers. banks and industrials also slipped.
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