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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 02, 1982
Page
28
US stocks closed mixed as the Dow fell 8.19 points to 1,031.09 while the NYSE composite rose 0.18 to 80.13 and the NASDAQ gained 3.28 to a record 235.59. Volume on the NYSE reached 107.85 million, the busiest in three weeks amid pension fund rebalancing.
Hewlett Packard confirms a Cedar Rapids move to a new office park in the southwest quadrant built by Eagle Development Co. The single story 14 000 square foot building will house administrative and sales staff with expansion room, financed by a 1 million industrial revenue bond. The project aims for occupancy next spring and replaces the Iowa City office, with 38 staff currently employed.
Toledo based Sheller Globe Corp which runs a plant in Iowa City posted fiscal year net sales of 500.1 million down from 514.5 million and net income of 14.1 million down from 18.7 million. Per share income fell to 1.83 from 2.64. Third quarter sales were 120.7 million and net income 3.6 million. Chairman Devenow blamed weaker auto and truck production and forecast a downturn in the first quarter of the current year with gradual improvement thereafter.
UPI reports strong domestic car sales lifting November production 49.7 percent to 630,849 autos from 421,402 in November 1981. GM declined, while Ford, Chrysler, AMC, VW and others posted gains or declines year to date.
The Treasury seeks a six month postponement of the Jan. 1 start for registering tax exempt state and local bonds in the owner's name. States challenge the rule, warning of lawsuits and administrative burdens for dealers. The delay aims to ease compliance as bearer bonds and existing laws complicate enforcement.
Washington based Commerce Department says October construction outlays rose at a 1.1 percent annual rate. Building materials and labor totaled 234.9 billion dollars, 1.8 billion less than October last year. September’s figures were revised from a small decline to a 0.9 percent rise.
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