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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 26, 2005
Page
16
Stocks rose modestly on Thursday with leaders citing acquisitions as bargains in a tough market. Oil hits another record, muting progress as the Dow gains 15.76 to 10,450.63 and the Nasdaq climbs 5.46 to 2,134.37, with advances outnumbering declines on the NYSE.
Tektivity Inc acquires Palmer Telecommunications, uniting Cedar Rapids and Marion firms. Tektivity, founded 1999 by Douglas Flugum and Jon Cushing, provides IT management and hosted network services. Palmer, 1985, in Hiawatha, supplies voice and data systems from Avaya and others.
Steven Mitchell co founded Companica at the UI Technology Innovation Center to build software that displays mouth and vocal tract in real time while learners pronounce sounds. The system, trained on up to 100 speakers, targets markets in India China South Korea and the United States.
Crude futures settled up 17 cents at 67.49 a barrel the highest on record since NYMEX began trading in 1983. Prices briefly touched 68 amid bullish demand and limited spare capacity as Tropical Storm Katrina moves toward Florida and potentially into the Gulf.
An Associated Press AOL poll surveyed six respondents and found oil companies 30 percent, foreign countries 22 percent, politicians 21 percent, environmentalists 9 percent, gas guzzlers 7 percent, and other 11 percent. Analysts say Katrina fears sparked crude futures surge to record levels.
Unemployment in Linn County falls to a 33 month low of 4.1 percent as job seekers decrease by 500 and total employed rises by 1,200. Manufacturing and construction stay steady while leisure, hospitality, and professional services gain, and education and health drop. Government jobs drop by 2,000.
Ripplewood Holdings chief Collins reaffirmed interest in Maytag in a full page Newton Daily News ad. Ripplewood offered 14 dollars a share, about 1.13 billion, but Maytag chose Whirlpool’s 21 dollar per share bid totaling 1.7 billion.
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