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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 25, 2010
Page
15
Stocks declined for a fourth day as housing data fueled worries about a faltering economic recovery. The Dow dropped 133.96 points to 10,040.45, the S&P 500 slid 15.49 to 1,051.87, and the Nasdaq fell 35.87 to 2,123.76.
Barnes & Noble Inc. reported a first quarter loss due to legal expenses from its proxy fight with billionaire Ron Burkle and cut its annual earnings outlook. The quarter ended July 31 showed a $62.5 million loss or $1.12 per share on $1.4 billion revenue, up 21 percent from a year earlier, as costs rose from online store and Nook investments. Analysts expected a loss of 80 cents on $1.4 billion in revenue.
Tyson spokesman Gary Mickelson announced a recall of about 380000 pounds of Zemco Industries roast beef and ham made in Buffalo New York. The tainted meat was distributed to Walmart delicatessens and used in Marketside Grab and Go Sandwiches with vendor number 398412808. Products produced between June 18 and July 2 carry use by dates Aug 20 to Sept 10. No illnesses have been reported.
Federal safety officials launch an investigation into 1993 to 2004 Jeep Grand Cherokees over possible defective fuel tanks that could spill in rear end crashes. The probe follows claims by a safety group that tank placement behind the bumper and under the rear axle raises fire risk. NHSTA cites 10 crashes and 13 deaths possibly linked, with more cases seen by the safety group. A recall decision will follow the prelimiary assessment.
The Gazette reports July unemployment steady in the Corridor with Cedar Rapids at 6.4 percent and Linn County at 6.5. Iowa City and Johnson counties rose while statewide jobless rate reached 6.8 percent. Cedar Rapids metro nonfarm payrolls fell 2,400 as schools trimmed summer staff.
Cedar Rapids reports progress at Warehouse on Third after 2008 floods. Moods Salon opened August 2 in the former garment factory at 600 Third St SE, joining Pumari Pilates and three long time tenants. Owner Roger Hadley restored the 90 year old building. basement flooded then with four feet on the ground floor and $875000 damage. A lower level may become a restaurant within a year.
The 16,800 square foot former garment factory at 600 Third St SE, built in 1920, hosts Tenants including Saxton Inc Fusion Yoga Studio Pumari Pilates Moods Salon and Change Environmental Architecture. Owner Roger Hadley renovated the space replacing pine columns and windows and touts its 14 foot ceilings nine foot high windows and natural light. The building on the National Register of Historic Places since 1990 drew tenants for its vibe and is awaiting 70000 Jump Start funds.
Prairie Soup Co and Java Creek Cafe in Cedar Rapids exchange offerings to spur sales. Prairie Soup supplies soups to Java Creek, while Java Creek sells Prairie Soup coffee. Baresh notes the menu now includes made to order sandwiches and wraps to attract building occupants, with a five soup rotation and ongoing wholesale plans despite tweaks.
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