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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 01, 2014
Page
12
Dow Jones climbs 1.14 percent in the week to 15,699 with gains led by major industrials and financials. The broad market shows momentum as tech stocks lag behind while investors monitor economic data and potential policy shifts.
Walmart on Friday trimmed its quarterly earnings forecast citing a mix of issues including reduced food stamp benefits. Doug McMillon moves to CEO of Bentonville based company as it faces fierce US and international competition and reorganizes its global finance team. The retailer expects fourth quarter earnings at or near the low end of $1.60 to $1.70 per share and annual earnings near $5.11 to $5.21.
Cargill Inc will idle its Raleigh North Carolina soybean processing plant this spring due to weaker U.S. soymeal demand from record South American harvests. The company will keep the Raleigh elevator operating to buy soybeans. restarting hinges on future market conditions.
Tyson Foods on Friday projected U.S. pork supplies to fall 2 to 4 percent in the current fiscal year as the Porcine epidemic diarrhea virus spreads through 23 states and Canada. Chief operating officer Jim Lochner said heavier hogs will offset headcount losses while live sow prices rose 28 percent in the past year per USDA data.
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