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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 07, 2001
Page
15
Wall Street paused the decline as investors bought riskier tech stocks while traditional blue chips retained gains. The Dow fell 8.43 to 10957.42, the Nasdaq rose 21.28 to 2664.49, and the S P 500 slipped 2.05 to 1352.26 as volume reached 1.25 billion shares. Eastern Iowa stocks showed 25 advancers, 19 decliners, two unchanged with strong moves from Genencor and RF Micro Devices.
Maytag Corp. announced it will pull its Jean-Air Accellis 5XP wall oven from the market. Testing showed most consumers were not willing to pay 3500 for an oven using air currents and microwaves to cook faster. The company will continue selling the lower-priced Accellis 2X stand-alone range at 1099.
Lakota, Iowa amid Kossuth County near the Minnesota line, was selected for a proposed 57 million dollar ethanol plant by Midwest Grain Processors. The facility would produce about 45 million gallons of corn based ethanol annually, citing Lakota’s rail access and proximity to a natural gas pipeline. Midwest Grain Processors is a farmer owned cooperative among seven Iowa groups building ethanol plants.
Disney reported $63 million in net income for the quarter ending December 31, down 77 percent from $278 million a year earlier. Excluding a $253 million Internet losses and a $228 million accounting charge, profits beat expectations on movie and theme park strength amid ad slowdown at ABC.
Challenger, Gray & Christmas reports 142,208 jobs cut in January, a 6 percent rise from December and nearly triple the January 2000 figure. It marks the highest monthly layoff total since the agency began tracking in 1993.
Dow Chemical Co completed its acquisition of Union Carbide Corp for 7.3 billion dollars a day after the FTC required divestitures of key plastic bag production IP and other products to secure federal approval. The commission specified which assets must be divested as a condition of the merger.
Alliant Energy plans credits on next gas bills for customers with December estimates that overstated January usage due to higher January rates. A new method will allocate monthly consumption by heating demand, with credits issued after February 8 and arriving mid February to mid March. Some MidAmerican Energy customers lament the lack of a similar adjustment.
Eastman Chemical Co announced a year end split into two publicly traded companies separating the specialty chemicals and plastics arm from the acetate fibers and PET plastics units. CEOs named for each new entity include J Brian Ferguson and Allan R Rothwell with Kingsport Tennessee as headquarters. The company will keep jobs and also pursue an agreed sale of Hercules Inc to add hydrocarbon resins.
The U S Postal Service considers another rate rise after a January 7 stamp increase to 34 cents. Losses up to 2 billion dollars this year, lower mail volume and commission actions press the board to seek higher prices and curb nonessential programs, with a San Antonio meeting cited.
Toyota Motor Corp plans a 220 million, 350 job V-8 engine factory in north Alabama to produce 120,000 engines a year for the North American Tundra. Production starts summer 2003. Incentives total about 29 million while Honda's Talladega plant received 158 million.
Sunbeam Corp major appliance maker behind Mr. Coffee and First Alert brands filed for Chapter 11 to reorganize after failing to resolve a 2.6 billion debt. Shareholder lawsuits and a restatement of 1996 to 1998 results deepened losses as NYSE listing ends and the firm moves to privatization under chairman Jerry W. Levin.
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