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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 06, 2004
Page
14
Buyers returned to the market as Wall Street prices firmed on a choppy session. The Dow rose 24.81 to 10,495.55 and the Nasdaq advanced 5.42 to 2,019.56 amid mixed labor news and a 2.02 billion share day.
The Labor Department reports U S productivity grew 2.7 percent in Q4 2003, slower than Q3 but signaling demand may prompt payroll gains. Output rose 4.2 percent annualized, with 144,000 jobs added in the quarter and hours worked up 1.5 percent. Hourly compensation climbed 1.3 percent.
Kenneth Quinn president of the World Food Prize Foundation will keynote the 18th annual Celebration of Agriculture Dinner at 6 p.m. March 22 in Cedar Rapids. Tickets are 26 dollars for individuals and 260 for a table of ten. For info call Kirk Weih at 319 895-8858. A Michigan firm recalls 58000 Kids Falls Creek PA jackets over choking risk. Meijer Distribution Inc refunds via 1 866 280-8419 or meijer.com. Mortgage rates rose this week with 30 year at 5.72 percent and 15 year at 5.03 percent Freddie Mac notes.
LeClaire based Olde Fashion Candy Co plans a Cedar Rapids shop at 129 Third Ave SE, replacing Fanny Farmer Candies which closed after 70 years. Rebecca Duncan says handmade confections will include truffles and caramels, with four to five staff, open 10 AM to 6 PM weekdays, 10 AM to 5 PM Saturdays. Duncan aims to expand to Illinois and beyond.
Toyota Motor Corp reports a 60 percent jump in net income to 286.4 billion yen for October-December as global sales climb 8 percent to 4.39 trillion yen. Vehicle sales reach 1.7 million with overseas demand up 15 percent. strong cost cuts and overseas expansion cited. Toyota Financial Services operates in northeast Cedar Rapids.
U.S. retailers report robust January results with Sears Abercrombie & Fitch beating estimates. Analysts cite record cold weather boosting winter apparel and clearance activity as a sign of growing consumer spending. Wal Mart posts 5.7 percent same store growth, helping lift earnings prospects for 2004.
Retail sales data show mixed results with Target up 5.1 percent and Kohl's posting a 0.3 percent gain. Sears domestically rose 4.6 percent and Penney's department stores gained 6.4 percent exceeding expectations. Associated Press notes Germany tax law as a headwind.
PepsiCo reports a 30 percent gain in fourth quarter earnings to $897 million or 51 cents a share as revenue climbs 9.4 percent to $8.07 billion. Frito Lay North America and North American beverages drive gains with unit sales up 6 percent and 11 percent respectively.
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