Wall Street slips after Fed holds rates amid sell off
Markets end lower as the Dow falls 206.50 to 8482.39 and the Nasdaq drops 37.56 to 1269.28 amid broad declines. Qwest settles with Colorado over deceptive marketing and Berkshire Hathaway sues the IRS over $16.3 million in denied deductions.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve
New York Stock Exchange
Qwest Communications International Inc
Colorado
Berkshire Hathaway Inc
Internal Revenue Service
U.S. District Court
Omaha
Neb
IRS
U.S
Coca-Cola Co
Time- Warner
Wells Fargo & Co
Mercy maintenance workers face stalled contract talks
Cedar Rapids Mercy Medical Center maintenance staff who unionized in October say negotiations have been at a standstill after rejecting the initial offer. The Teamsters seek equal treatment with other hospital staff after wage increases of 5 to 8 percent given earlier, while Mercy’s offer starts with 3 percent then 2 percent in subsequent years.
MENTIONED IN THIS ARTICLE
C.R. Medical Center
Gazette
Cedar Rapids
Mercy Medical Center
Teamsters Union
St. Luke’s Hospital
Tal
Teamsters
Gary Dunham
Dunham
Dy Daggett
Mercy
Daggett
J. Edward Lundy
Kevin Walker
Fed Holds Rates Steady Amid Slow Economy
The Federal Reserve kept the federal funds rate at 1.75 percent, the lowest since 1961, amid a choppy economy and corporate governance concerns. Officials signaled potential future rate cuts if the economy slows further, with the next meeting slated for September 24.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
Mark Zandi
Economy.com
Alan Greenspan
Federal Open Market Committee
Wall Street
American Airlines to Cut 7000 Jobs in Restructuring
American Airlines will shed 7000 positions and cut capacity by 9 percent to curb losses. The plan targets savings of 1.1 billion dollars annually and includes retiring the Fokker 100 fleet and fewer peak hour flights at hubs, with regional units American Connection and American Eagle serving Cedar Rapids The Eastern Iowa Airport.
MENTIONED IN THIS ARTICLE
American
Iowa
Cedar Rapids
Donald Carty
American Connection
American Eagle
Chicago
Dallas
St. Louis
U.S
Cargill posts strong Q4 earnings surge worldwide
Cargill Inc reports a Q4 net of 144 million dollars ending May 31, up from a 87 million loss a year prior. For fiscal 2002 net earnings reach 827 million, up 131 percent from 385.8 million. Warren Staley cites broad-based gains in Europe and North America, aided by animal nutrition growth and global oil seed and grain processing strengths. The firm employs about 97,000 staff in 59 countries.
MENTIONED IN THIS ARTICLE
Cargill
Cedar Rapids
Agribrands International
Staley
Deere Surges Past Q3 Earnings On Overseas Growth
Deere & Co reports third quarter earnings of 147.6 million dollars or 61 cents a share, doubling from a year ago as overseas sales rise 41 percent led by Europe. Nine month earnings total 251.2 million dollars or 1.04 per share.
MENTIONED IN THIS ARTICLE
Moline, Ill
Deere & Co
Wall Street
Thomson Financial
First Call
Europe
Deere
New York Stock Exchange
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Nasdaq
Sone H
New Coralville
China
Iowa City
Eighth St
Coralville
Taste of China
Lam
Fukian Province
Lams
New York City
Terri Lam
Qwest
Ken Salazar
Skip Thurman
Berkshire
AP Stockquote
Local
By Dave DeWitte
Mercy Medical
Hospi
Jack Sayre
Kansas City
Carly Martin
Marion
Hampshire
Des Moines
American Airlines
Associated Press and
the Gazette
Minnetonka, Minn
Cargill Inc
United States
Warren Staley
North America
Homelite Consumer Products
Management
Third Avenue
Stree
Clive
Www
Omnicapital.com
Me Vmf Capital, LLC
Don Flynn
Mike van Meter
Tom Myers
Karen Green
Scott Elites
Chris Cook
Lon Augustine
Don Mears
McLeodusa Inc
ADM
McLeodusa (P
AEGON
Mestek
Alcoa
Moore
Alliant Energy
Nash Finch
APAC
Pearson
General Mills
Tanger Factory
Gillette H1
Terex
Heartland Express
Toyota
Heinz
Union
HON Ind
United Fire
International Paper
Wells Fargo
Maytag
Weyerhaeuser
MC Group
WorldCom
1St Street West
Independence
1St Street
Louisiana
Kansas
New York
Tennessee
Texas
Botham Actioneersternational Ltd., Inc
Nit
Wbotham.com
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