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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 13, 2002
Page
18
Investors trimmed profits amid caution over the economy and accounting doubts. The Dow fell 21.04 to 9863.74 while the Nasdaq slipped 12.45 to 1834.21 as trading eased. Local stocks included Procter & Gamble up 1.84 to 83.55 and Weyerhaeuser down 1.55 to 60.77.
The Senate approved a measure banning live stock ownership by most meatpackers within two weeks of slaughter as part of a farm bill. Iowa senators Grassley and Harkin led a partyline vote 53 to 36 to modify the amendment for forward contracting while opposing broader packer control claims.
China Buffet owners Zhou and Jin Ni seek a temporary injunction to block Midwest Centers from terminating their lease for the 4407 First Ave SE site as developers push a 96,000 square foot Home Depot. The Nis argue a relocation path exists within the center and contest the eviction timetable set after a 180 day notice.
Davenport based Lee Enterprises plans to buy Howard Publications for 694 million, financed by 440 million cash and new borrowing. The Howard group runs 16 daily papers including Waterloo Courier and Sioux City Journal, totaling 479000 daily circulation. Lee will own 38 dailies and joint interest in six others.
Cedar Rapids based United Fire & Casualty Co reports 2001 net income of 24.1 million or 2.40 per share up from 15.5 million in 2000. Fourth quarter earnings reach 12.2 million or 1.21 per share versus 4.1 million or 0.41. Net premiums earned climb to 346.6 million.
Deere & Co reports a first quarter loss of 38.1 million or 16 cents a share on 2.5 billion in revenue as production cutbacks weigh on results. The company cites launch costs, higher post retirement benefits, Tennessee plant closure charges, and asset declines as factors but expects future profitability from reduced asset levels.
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