Last-minute bargain buyers lift market on cautious trading
The Dow rose 46.57 to 10,392.52 after a midday slip on Ciena’s profit and revenue warning. The Nasdaq gained 11.43 to 1,930.32 with advancing issues ahead of decliners 8 to 7 on the NYSE and 1.26 billion shares traded. Eastern Iowa stocks mixed with 29 gainers and 21 losers. Procter & Gamble up 2.01 to 74.19. Commercial Federal +1.04 to 28.55. Nash Finch -3.33 to 29.40. RF Micro Devices -1.08 to 25.53.
MENTIONED IN THIS ARTICLE
Ciena
New York Stock Exchange
Iowa
Procter & Gamble
Commercial Federal
Nash Finch
Cedarapids Plans More Layoffs Amid Weak Market
Cedarapids Inc. notified employees it will trim the local workforce as market conditions grow tougher. Terex spokesman Kevin O'Reilly cited a difficult environment and said a specific layoff plan has not been set. The Cedarapids operation now employs about 450 after repeated reductions. He linked fuel costs high project costs and slow federal highway dollars to the slowdown.
MENTIONED IN THIS ARTICLE
Cedarapids Inc
Terex Corp
Kevin O’reilly
Terex
Cedarapids
O’reilly
Cresco Food Technologies Receives State Aid for Plant Upgrade
The Iowa Department of Economic Development Board approved a 37500 dollar grant and a 37500 dollar loan at 5 percent for Cresco Food Technologies. The investment of 3.6 million will buy the Foremost Dairy building in Cresco to enable prilling, spray drying and grinding for Kraft Beatrice and Procter and Gamble. The project aims to create 25 jobs within 36 months with an average wage of 14.32 dollars per hour.
MENTIONED IN THIS ARTICLE
Iowa Department of Economic Development Board
Cresco Food Technologies
Cresco
Kraft, Beatrice
Procter & Gamble
Banks raise layoff numbers after merger
U S Bancorp and Firstar Corp layoffs rise to 2770, exceeding May estimates of 2500 and the initial 1750 projection. The February merger formed the eighth largest U.S. bank. Spokesman Steve Dale called the figure a more accurate representation of merger impacts as positions across 24 states are eliminated.
MENTIONED IN THIS ARTICLE
U.S. Bancorp
Firstar Corp
Securities and Exchange Commission
USB
Steve Dale
Fed
USDA lists 25 Iowa counties as primary disaster areas
The USDA names 25 Iowa counties as primary disaster areas eligible for federal emergency agricultural aid. Contiguous counties are also eligible for disaster assistance. The declaration covers losses from severe storms hail high winds and drought from May 1 to present. Family-sized farm operators qualify for low-interest emergency loans from the Farm Service Agency.
MENTIONED IN THIS ARTICLE
U.S. Department of Agriculture
Iowa
Appanoose
Clarke
Davis
Decatur
Des Moines
Dickinson
Emmet
Floyd
Henry
Howard
Jefferson
Keokuk
Kossuth
Lee
Louisa
Lucas
Monroe
Osceola
Page
Ringgold
Taylor
van Buren
Wapello
Wayne
Winnebago
Contiguous
Adams
Bremer
Butler
Cerro Gordo
Chickasaw
Clay
Franklin
Fremont
Hancock
Humboldt
Johnson
Lyon
Madison
Mahaska
Marion
Mills
Mitchell
Montgomery
Muscatine
O’brien
Palo Alto
Pocahontas
Poweshiek
Sioux
Union
Warren
Washington
Winneshiek
Worth
Wright
Farm Service Agency
Mortgage rates edge down on 30 year loans
Freddie Mac reports week ending Aug 17 average on 30 year fixed at 6.92 percent, down from 7.0. Fifteen year refi loans at 6.48 percent, down from 6.54. One year ARMs average initial rate 5.71 percent, up from 5.70. Points average about 1 percent of loan amount.
MENTIONED IN THIS ARTICLE
Freddie Mac
Blooming Prairie Coop rejects state OSHA settlement
The Blooming Prairie Cooperative Warehouse rejects a state offer to cut fines and remove citations after OSHA found safety gaps. The co op, a $113 million distributor, faces more than 16000 in penalties for alleged fall protection and equipment issues tied to Raymond order pickers.
MENTIONED IN THIS ARTICLE
Occupational Safety and Health Enforcement Bureau
OSHA
Teamsters
Jack Sayre
Co-Op
Jesse Singerman
Sayre
Raymond Order
Blooming Prairie
U.S
Union seeks lender action on Pictsweet ties in West Coast plants
Workers from Northwest Treeplanters and Farmworkers United pressed Monumental Life Insurance and AEGON USA to end financial ties with Pictsweet Mushroom Farms. The Cedar Rapids lenders hold mortgages on United Foods properties in Oregon California Utah and respond that they do not finance operations.
MENTIONED IN THIS ARTICLE
George C. Ford
Pictsweet
United Foods Inc
Bells, Tenn
California
Oregon
Monumental Life
United Foods
Ventura
Santa Maria
Calif
Fillmore
Utah
Salem
Ore
Erik Nicholson
PCM
Nicholson
Monumental
AEGON
Cedar Rapids
Schmid
Delaware County seeks NJIP tax breaks for ethanol plant
Delaware County cooperative Northeast Iowa Grain Processors requests deferment on a 15.6 million dollar ethanol plant NJIP application. The project would create 18 jobs, invest 15.6 million, and start construction this fall with operations planned for fall 2002.
MENTIONED IN THIS ARTICLE
George C. Ford
Earlville
Delaware County
NJIP
Iowa Department of Economic Development
Iowa
Northeast Iowa
Grassley warns farm bill may ignore trade gains
Sen. Chuck Grassley says the next farm bill must emphasize trade to boost farmer profits. He spoke on Washington Journal from Alan Ose’s Williams homestead with Iowa officials urging immediate action as 1996’s freedom to farm act nears expiration in 2002.
MENTIONED IN THIS ARTICLE
Grassley
C-Span
Washington Journal
Iowa
Secretary of Agriculture
Patty Judge
Alan Ose
Williams
Congress
Arizona software firm opens Cedar Rapids office
Cedar Rapids hosts a new Go Daddy Software unit from Arizona founder Bob Parsons. The Cave Creek company, known for domain registrations and WebSite Complete, expanded with about seven Cedar Rapids staff. It earned June top domain registrations with over 50 000 names and 22.5 percent of June's market.
MENTIONED IN THIS ARTICLE
Parsons Technology
Go Daddy Software
Cave Creek
Cedar Rapids
Blairs Ferry Road
Go Daddy
SnapNames.com
Parsons
Intuit Inc
Intuit
Broderbund Software Inc
the Learning Co
Parsons Software Inc
Broderbund
Also Mentioned on This Page
Bargain Hunters Lift Market
Djia
Cresco Firm
USDA
BizFact
Tana Ant Hanna
I.C. Co-Op
By Dave DeWitte
Vicky Arendorfer
Dorothy Higdon
Javier Velazquez
PCU
Jazette
Ue Malls Dioey
C.R. Lender
Liz Schmid
AEGON/Monumental
Pidtsweet
United Farm Workers
George Ford
Georgef
Dicker
Arizona
C.R
Coldwall Bankcr
Hedges Realty
Wahl2wahl-Homes.com
Gazette
Technology Hut
16Th Ave. S.W
Cypress Plaza
Technologyhut.com
Verizon Wireless
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