Market Dip as Income Data Spooks Investors
A weak income report spurred profit taking on Wall Street. The Dow fell 72.49 to 10,122.52 and the Nasdaq dropped 25.60 to 1,836.49 amid thin volume. Investors worried tepid income could drag third quarter earnings.
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Wall Street
Commerce Department
New York Stock Exchange
Oil futures slide as Iraq sabotage weighs on prices
Oil futures fell about 90 cents to 42.28 a barrel on the New York Mercantile Exchange after renewed sabotage of Iraqi oil infrastructure. Traders say sentiment has cooled from earlier summer highs, with Oct delivery posting the lowest level since late July. NetJets awarded Rockwell Collins long term avionics maintenance contracts for its Gulfstream G200 and Hawker 400XP fleets.
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Tom Bentz
BNP Paribas
New York
New York Mercantile Exchange
Rockwell Collins
NetJets Services, Inc
Raytheon
Collins Aviation Services
NetJets
NetJets Inc
Berkshire Hathaway Inc
Treasury bill auction sees higher rates on short terms
The Treasury Department sold 19 billion in three month bills at a discount rate of 1.580 percent, up from 1.515 percent. An additional 17 billion in six month bills carried a rate of 1.775 percent, up from 1.750 percent, with a $10,000 three month bill priced at 9,960.10 and a six month bill at 9,910.30.
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Treasury
Treasury Department
Gazette
News Service
July Consumer Spending Rises 0.8 Percent in U S
Commerce data show July spending up 0.8 percent from June led by big ticket goods such as cars aided by incentives. Incomes rose 0.1 percent as wages climbed 0.4 percent, while government payments fell due to Medicaid matching rate cuts.
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Federal Reserve
Alan Greenspan
Joel Naroff
Naroff Economic Advisors
Downtown Cedar Rapids stores merge in shared space reform
Heidi Sills and Debra Hansen converted the Fin & Feather building at 712 Third Ave SE into a combined retail hub. The Laughing Lilac expands to 4,600 square feet and Maya 1,200, with art from nearly 50 artists and a focus on natural fiber apparel.
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Jim Slosiarek
the Gazette
Heidi Sills
Debra Hansen
Maya
Cedar Rapids
American Homepatient
Fin & Feather
Third Ave
Sills
Marge Spsan
Fifth Ave. SE
Hansen
John Hansen
Madeline
Third Avenue
Roy Pollock
Warmer weather lifts Iowa farm yields in early summer
Iowa farmers welcomed a warm spell as the week’s average temperature rose 0.4 degrees above normal, the first above normal week since June. Corn development lagged behind last year and the five year average, with 39 percent at dent stage and 2 percent mature, while soybeans showed 50 percent good and 18 percent excellent.
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Mariene Lucas É
Iowa
Iowa Agricultural Statistics
Jim Fawcett
Iowa State University Extension
Iowa City
Tyson Foods trims earnings forecast amid grain hedge losses
Tyson Foods Inc fell over 8 percent after lowering its fiscal year earnings outlook to 1.08 to 1.15 per share, blaming grain hedging losses and weaker demand in chicken and beef. The company will incur 11 cent per share charges from the drop in beef profits and 7 cents from plant closings.
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Springdale, Ark
Tyson Foods Inc
Springdale
John Tyson
Tyson
U.S
Washington State
Thomson First Call
New York Stock Exchange
Tysor
Interstate Bakeries misses annual report deadline and stock plunges
Interstate Bakeries Corp. warned its independent auditors may question its ability to continue operations after missing its annual report deadline. The Kansas City firm, maker of Wonder Bread and Hostess, fell 42 percent to 4.56 on heavy NYSE turnover as it hires Alix Partners Marsal for a turnaround and negotiates with lenders amid probe into workers compensation reserves.
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Kansas City
Interstate Bakeries Corp
Alvarez & Marsal
Interstate Bakeries
New York Stock Exchange
Food Company
I 1
Davenport
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