Stocks end mixed after Fed rate hike shakes markets
The Dow fell 37.85 to 11 003.20 while the Nasdaq rose 21.98 to 4 073.96 as uneven trading left advancers ahead of decliners 5 to 4 on the NYSE. RF Micro Devices led Iowa gains, U S Cellular jumped 2 78 to 70 percent, AEGON up 2 percent, Fiserv up 2 to 36, McLeodUSA down 2 to 68 and GE off 1 15/16 to 134 1/16.
MENTIONED IN THIS ARTICLE
Federal Reserve
U.S
New York Stock Exchange
NYSE
Iowa
U.S. Cellular
AEGON
Fiserv
McLeodusa
General Electric
Wells Fargo
Mattel stock climbs on rumors of emergency board meeting
Mattel Inc shares rose nearly 14 percent amid rumor that the board planned an emergency session to discuss CEO Jill Barad’s ouster. Barad has faced criticism over losses at The Learning Company unit, pressuring sales and profits. stock has fallen from a April high of 30 314. Mattel Interactive runs a facility in Hiawatha.
MENTIONED IN THIS ARTICLE
Mattel Inc
Toymaker
Jill Barad
Barad
Learning Company
Mattel
el Segundo
Calif
GM Names New CEO Wagoner to Lead GM in June
General Motors announces that G. Richard Wagoner will become chief executive officer on June 1 while Jack Smith remains chairman and Harry Pearce stays as vice chairman. The move signals continuity with no major strategy shifts and follows Wagoner’s long tenure as Smith’s lieutenant. GM stock slipped about 5 percent on the NYSE.
MENTIONED IN THIS ARTICLE
General Motors Corp
Jack Smith
G. Richard Wagoner
Wagoner
Smith
Harry Pearce
New York Stock Exchange
Quest Reverses Net Loss With Qwest US West Deal Nears
Qwest Communications reports a 34 percent rise in fourth quarter revenue to $1.16 billion and earns $437 million, 56 cents a share, reversing a year-ago loss of $19.4 million. The deal to acquire US West will add over 25 million customers and a 14 state network expected to cut long distance costs.
MENTIONED IN THIS ARTICLE
Qwest Communications International Inc
US West Inc
Wall Street
US West
Qwest
Wells Fargo to Acquire First Commerce Bancshares in Nebraska
Wells Fargo will acquire First Commerce Bancshares Inc of Lincoln in a deal valued at about 480 million dollars. The merger would create Nebraska’s second largest bank by deposits and move First Commerce into Norwest Bank Nebraska after regulatory and shareholder approvals are secured. Regulators may require divestiture of some branches to gain approval with closing projected in the third quarter.
MENTIONED IN THIS ARTICLE
First Commerce Bancshares Inc
Lincoln
Neb
Wells Fargo & Co
Nebraska
First Commerce
Wells Fargo
Norwest Bank Nebraska
Fed raises key rate to 5.75 percent amid strong economy
The Federal Reserve lifted the federal funds rate by a quarter point to 5.75 percent in a bid to curb rapid growth. Major banks followed with a quarter-point rise in their prime lending rate to 8.75 percent, the highest since 1995, as economists weigh further increases amid robust consumer spending and low unemployment.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
U.S
Fed
Firstar Bank Iowa
Wells Fargo
Pinewood Derby kit maker fired ends 44 year BSA run
Art Hasselbach Sr. designed the original Pinewood Derby kit for the Boy Scouts of America and ran Beta Crafts for 44 years before the BSA declined to renew his 1 million contract in December. Kahoot of Atlanta won the contract. Hasselbach suspects age bias as the reason. His sons plan to continue the business.
MENTIONED IN THIS ARTICLE
Cranbury, NJ
America
Art Hasselbach Sr
Boy Scouts of America
Cranbury
Kahoot
Renee Fahrer
Boy Scouts
Hasselbach
Beta Crafts
Arthur Jr
Steve
Hasselbach Sr
N.J
December Leading Indicators Hit New High Ahead of Fed Move
The Conference Board index of leading indicators rose 0.4 percent in December to 108.7, a record high in 40 years of data and signaling continued expansion into 2000. U.S. new home sales climbed 4.5 percent to a seasonally adjusted annual rate of 900,000, aided by improving weather. The Fed raised short term rates by a quarter point to curb inflation.
MENTIONED IN THIS ARTICLE
New York
U.S
Conference Board
Washington
Commerce Department
Federal Reserve
Bryan Jordan
Banc One Investment Advisors
Columbus
Ohio
Clinton plan expands farm subsidies with new income payments
Agriculture Secretary Dan Glickman outlined an $11.5 billion farm aid package. It adds a $5.6 billion supplemental income program for small and mid size farms, $2.7 billion for conservation, $1.3 billion to expand crop insurance and farmer discounts, and aims to broaden subsidies to under served regions. Critics including Sen. Charles Grassley say the plan favors large operators and fails to shield small farmers from low prices.
MENTIONED IN THIS ARTICLE
Washington
Clinton
Agriculture
Dan Glickman
Glickman
Congress
Charles Grassley
White House
Grassley
America
Also Mentioned on This Page
General Motors
Quest
Nebraska Bank
BizFacts
Pilo On
Royal Business
Tirst
Open Market Committee
Sung Won Sohn
David Orr
First Union Corp
Charlotte
N.C
Orr
Pinewood Derby
Renew Art
Hasselbach’s
Pop
Henry Henning
The
E. Michael Myers
Gazette
Drexel
Phelan
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