Market slides on rate cut hints and Greenspan testimony
Investors pushed stocks lower on Tuesday despite hints of rate cuts and a stronger retail report. The Dow fell to 10 929.96 while the Nasdaq declined to 2 465.65 and the S&P to 1 323.59. Procter & Gamble dropped to 73.60 and WorldCom slid to 19.25 amid weak profits.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve
Alan Greenspan
Standard and Poor
New York Stock Exchange
Iowa
Procter & Gamble
WorldCom
Railroad ends genetic testing amid EEOC lawsuit
Burlington Northern Santa Fe Corp halted a year-old program of genetic testing for workers with carpal tunnel syndrome on the job. The move follows a Friday EEOC lawsuit on behalf of six workers, with a 60 day court order to suspend tests and discuss a resolution.
MENTIONED IN THIS ARTICLE
Burlington Northern Santa Fe Corp
U.S
U.S. Equal Employment Opportunity Commission
EEOC
StarLink corn problem persists for farmers nationwide
The National Corn Growers Association warns stray StarLink kernels from last year’s crop may sprout and cross pollinate if not careful, despite the seed’s recall. Farmers are advised to plant soybeans or herbicide tolerant corn on StarLink acres, while avoiding untested seed and noting regulatory limits on biotech foods.
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Washington
The
National Corn Growers Association
Kraft Foods
StarLink
U.S
Fred Yoder
Growers Association
Biotech Working Group
Europe
American Corn Growers Association
Aventis CropScience
Anti-Biotech
Food and Drug Administration
Richard Caplan
Public Interest Research Group
FDA
Retail sales rise in January as housing boosts demand
U S retail sales surged 0.7 percent in January led by durable goods and housing related items boosting building materials and furniture. Strong auto sales and discounting at clothing and department stores helped widen the gain against a December slowdown.
MENTIONED IN THIS ARTICLE
Washington
U.S
Steven Wood
Financial Oxygen
Commerce Department
Federal Reserve Bank
Fed
Paul Kasrel
The
Northern Trust
John Lenski
Moody’s Investor Services
Lucent Ratings Cut Deepens Struggles at Murray Hill
Moody's and S&P downgraded Lucent Technologies to two notches above junk amid rising losses and job cuts. Rating actions cite operational difficulties and substantial losses, with Lucent warning of up to 16 000 layoffs and a $1 billion Q4 loss. Shares fell 8.5 percent to 13.54.
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Murray Hill
N.J
Lucent Technologies
Moody’s Investor Service
Standard & Poor’s
Moody’s
S&p
Lucent
Securities and Exchange Commission
New York Stock Exchange
Deere posts 50 percent jump in first quarter earnings
Deere & Co reports $56.4 million or 24 cents a share for the quarter ended Jan. 31, up from $37.7 million. Revenues rise 15 percent to $2.7 billion. Wall Street had expected 27 cents a share, leaving a modest miss despite higher sales and cost cuts. Deere forecasts a 9 percent annual sales gain.
MENTIONED IN THIS ARTICLE
Firstar
U.S. Bancorp
Firstar Corp
U.S
U.S. Bank
Cedar Rapids
Steve Caves
Moline, Ill
Deere & Co
Deere
Wall Street
First Call
Thomson Financial
Iowa
BP Amoco profits soar as oil prices lift earnings
BP Amoco PLC reports a 93 percent jump in Q4 operating profit to 4.09 billion dollars as higher crude oil prices and integration of acquisitions offset weaker chemicals. Annual operating profit climbs to about 14.2 billion dollars from 6.21 billion, with exploration and production income rising to 4.7 billion.
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London
BP Amoco PLC
BP Amoco
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