Wall Street ends streak as Dow tops 10000. McLeodUSA suit and recalls
Stocks drifted with the Dow closing at 10001.99 up 12.32 as Nasdaq fell 15.79. The local market saw Toyota and Qwest slip while McLeodUSA faced a shareholder suit alleging false statements. Jeep Grand Cherokee recalls affect 1.6 million vehicles. Lands' End lifts earnings view. Mortgage rates eased with 30-year at 6.86 percent.
MENTIONED IN THIS ARTICLE
Wall Street
New York Stock Exchange
Lands’ End Inc
Thomson Financial
First Call
Lands’ End
Qwest draws on 4 billion credit line amid debt fears
Qwest Communications says it will fully draw down its 4 billion bank credit lines after being shut out of the corporate bond market due to worries about its accounting. The move follows rating downgrades and a 52 week stock low as it aims to cut debt by 1.5 to 2 billion with asset sales or asset-backed securities. CEO Joe Nacchio cites liquidity needs and strategy to strengthen the balance sheet and generate cash flow.
MENTIONED IN THIS ARTICLE
Denver
Qwest Communications International Inc
Qwest
Joe Nacchio
Qwest Downgraded as Debt Concerns Hit Shares
Rating agencies cut Qwest to BBB with a negative outlook citing limited liquidity and higher debt levels. Fitch and S&P noted changing financing and industry accounting uncertainties. shares fell about 13 percent to 7.49 as Enron and Global Crossing worries weighed on telecom stocks.
MENTIONED IN THIS ARTICLE
Qwest
New York Stock Exchange
Rex Mitchell
Bb&t Capital Markets
Trade spot clouds ethanol plant project in Webster County
Tariffs on Mexican imports of high fructose corn syrup threaten the Webster County wet milling plant with Staley. Iowa leaders warn job losses and farm hurts if Mexico keeps the 10 to 20 percent tax, while Staley evaluates options amid NAFTA tensions and potential U.S. retaliation.
MENTIONED IN THIS ARTICLE
Fort Dodge
Mexico
Webster County
A.E. Staley Manufacturing
Decatur
Ill
Bill Horan
Calhoun County
Chuck Grassley
Lowa
World Trade Organization
Iowa
United States
Grassley
Mike McCarville
Webster County Development
Staley
Nation signals possible end to recession with jobless claims drop
The four week moving average of new unemployment claims fell to 376 000 the lowest in six months signaling a possible rebound in the economy. Economists caution that while activity may be turning a corner the recovery could be fragile and unemployment may still rise as firms hesitate to hire.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Clifford Waldman
Waldman Associates
Arkansas Supreme Court reverses Wal-Mart trade secret ruling
The Arkansas Supreme Court overturned a $50 million jury verdict against Wal-Mart over alleged trade secret theft from P.O. Market Inc. and Joe O’Banion. The court found the evidence insufficient and noted dispute over the O Banion concept as discussions with Sam’s Club evolved. Wal-Mart stock rose modestly on the NYSE.
MENTIONED IN THIS ARTICLE
Arkansas
Wal-Mart
Little Rock, Ark
Arkansas’ Supreme Court
Wal-Mart Stores Inc
Texas
P.O. Market Inc
Joe O’banion
Miller County
O’banion
Supreme Court
Sam’s Club
Robert L. Brown
Brown
Sam's
Sam’s
General Electric Capital Corp
Mediacom to refund sales tax on Web service credits
Mediacom high speed Internet customers in Iowa will receive a one time credit on March statements averaging 22.82 to cover past sales tax on monthly connection fees. About 1.1 million dollars will be refunded for taxes collected from 1999 to 2001 after Mediacom halted tax charges on Oct. 28.
MENTIONED IN THIS ARTICLE
Gazette Des Moines
Mediacom
Iowa
Charlie King
Mediacom North Central Division
Iowa Department of Revenue and Finance
At&t Broadband
King
At&t
Also Mentioned on This Page
Dow
McLeodusa
McLeodusa Inc
Cedar Rapids
Abraham & Paskowitz
New York
U.S. District Court
District
Macleodusa
Freddie Mac
Djia
Okyine
Iowa City
AP Stockquote
Local
Qwest Stock
Enron Corp. Standard & Poor
Enron Corp
S&p
Greg Zappin
Fitch Ratings
Mitchell
Enron
Global Crossing Inc
Global Crossing
Reg sMure
Oat
Tose
Robot
Nyse Trading
Honda
Asimo
Hiroyuki Yoshino
Richard Grasso
Exchange
Senate
Wal- Mart
Adda
APL
Great America
1St St. SE
Crbt
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