Markets Fall on Weak GDP Data and Target Expansion
Investors pushed stocks lower for a third straight session after a government report showed the economy's second quarter gain was slim. The Dow dropped 131.13 to 10,090.90 and the Nasdaq fell 21.81 to 1,843.17 as volatility rose. Target Corp.’s Cedar Falls distribution center got a $500,000 assistance package from the Iowa IDED, backing a 97 million project that will create 445 jobs, while Casey’s General Stores reported higher sales but lower first quarter earnings.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Iowa
Toyota
Iowa Department of Economic Development Board
Target Corp
Cedar Falls
Hudson and
Viking Roads
Target
Casey’s General Stores Inc
Ankeny Company
Ronald M. Lamb
LucentTech
GlobalCrss
TimeWin
BergenBrun
NokiaCorp
American Stock Exchange
Djia Diamads
SunMicro
CienaCos
Cisco
Oracle
Intel
Ergo
Standard Poor’s Indust
Te Utilities Transpt
Ford Cuts Bonuses for Ford Executives
Ford Motor Co cut bonuses for its top 6000 executives and managers this year. An internal e mail from David Murphy confirmed the move which follows a plan to cut up to 5000 North American jobs. Last year bonuses totaled 442 million dollars and payouts were due early next year.
MENTIONED IN THIS ARTICLE
Ford Motor Co
David Murphy
Ford
Detroit News
North America
Kmart Launches BlueLight Always Advertising Campaign
Kmart Corp unveils a nationwide ad push for its BlueLight Always program. The Troy based retailer says prices are lowered on 30 000 items across more than 2100 stores to attract customers who avoid big sales. Animated Blue Lights will feature in TV spots starting today.
MENTIONED IN THIS ARTICLE
Kmart Corp
David Karraker
Troy
Corning to Cut 1000 More Fiber Jobs Amid Weak Demand
Corning Inc will cut about 1000 more jobs from its optical fiber division as orders slow across all fiber lines. CFO James Flaws cited weaker market growth for optical fiber in 2001, following an 8000 job reduction earlier this year and 825 layoffs in March at optical components plants near Corning and Scranton, Pennsylvania.
MENTIONED IN THIS ARTICLE
Corning Inc
James Flaws
Corning
Scranton
Diversity drive links eastern Iowa employers and culture
The Cedar Rapids Iowa City PTDN chapter promotes attracting developing and retaining ethnically diverse professionals through power networking events and mentor programs. Sponsors include AEGON USA Allliant Energy and Rockwell Collins with participation from UI and local chambers and colleges.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Iowa City
PTCN
Carmody- Holmes
Brucemore
Aegon USA
Alliant Energy
Rockwell Collins
PTDN
University of Iowa
Iowa
The
Iowa City Area
Intermec RFID Tags Aimed at Targeted Tire Recalls
Intermec executives say thin RFID tags attached inside tires could link plants times and VINs in a readout database to pinpoint recalls. The system would read data up to six feet, enabling lot tracing and quicker recall actions, though standardization remains unresolved.
MENTIONED IN THIS ARTICLE
Intermec
Auto Tech
Detroit
Bill Hoffman
Intermec Inc
Everett
Wash
Cedar Rapids
Hoffman
Automotive Industry Action Group
AIAG
Manufacturing job losses may stabilize by year end
The National Association of Manufacturers says job losses in manufacturing may stabilize by the end of 2001 with potential hiring up in 2002. The report notes 837,000 jobs cut in the past year, a 4.8 percent drop in production, and a nine year peak in unemployment benefits, amid high interest rates and energy costs.
MENTIONED IN THIS ARTICLE
Washington
National Association of Manufacturers
Jerry Jasinowski
Association
U.S
Employment Policy Foundation
EPF
Economy grows 0.2 percent in second quarter
U S economy expanded at a 0.2 percent annual rate in the April-June quarter the slowest pace in eight years. Commerce Department revised down from 0.7 percent though forecasts remained. Analysts see potential rebound with tax rebates and Fed easing supporting later gains.
MENTIONED IN THIS ARTICLE
U.S
Washington
Commerce Department
Delta Flight Attendants Seek Union Representation Election
Delta Air Lines flight attendants petition federal mediators to hold a representation vote for unionizing over 20 000 workers. The Association of Flight Attendants argues for a voice and a binding contract, while Delta officials express confidence the effort will fail and emphasize the carrier’s 60 year union-free tradition.
MENTIONED IN THIS ARTICLE
Washington
Delta Air Lines
Association of
Flight Attendants
Delta Flight
Delta Flight Attendants
Milly Hastings
National Mediation Board
Sharon Wibben
Delta
Also Mentioned on This Page
IDED
Casey
Djia
Kmart
BizFact
United States
Pat
Eastern Iowa
George C. Ford
George Ford
Georgef
Sharon Carmody Holmes
Bill Cheney
John Hancock Financial Services
Bush Administration
Federal Reserve
Scott Hayter
Delta Management
Amex
Biotech
Indust
Associated Press
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