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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 23, 2000
Page
14
Blue chip shares rebound from a three day loss while tech stocks retreat on higher rates. Dow gains 85.32 to 10 304.84 as Nasdaq falls 29.62 to 4382.12 on a day of uneven trading and rising Treasury yields.
Maquoketa notes Iowa Farm Bureau Federation seeks property tax growth limitation on a three year average to ease burden on farmers. Wiederstein cites cash balances and local planning gains while urging ethanol labeling or blending changes. He warns on national antitrust enforcement and highlights China's growing market for U S pork exports.
Rockwell Collins in Cedar Rapids and Coralville marks National Engineers Week with visits by over 100 engineers to eastern Iowa schools and a list of 50 Engineers of the Year for 1999. Ten honorees receive unit level recognition and two, Nicole Cavanah and Michael Yakos, are named corporate Engineers of the Year for advances in microelectronics manufacturing and next generation GPS receivers.
Texas Instruments introduced two updated digital signal processors for wireless phones, digital cameras, and portable devices. The leading DSP will deliver ten times current performance, while a new low power chip uses only 15 percent of the power of existing units, extending battery life and enabling multi function devices.
About 15 workers at the Decorah Iowa Textron Fastening Systems plant lost jobs in a company wide cost reduction. In total roughly 60 roles at Decorah and Rockford were eliminated via retirements attrition and layoffs as Textron realigns its units. The Decorah plant makes steel fasteners for OEMs and the cuts follow a broader restructuring affecting Camcar Textron brands. The company posted strong 1999 results with sales of 11.6 billion and net income of 2.23 billion, including a gain from a discontinued operation.
Washington economists warn the U S economy will grow strongly this year and in 2001 yet the Federal Reserve will raise interest rates at least twice more. A stock market plunge remains a threat as the Fed tightens to curb inflationary wage pressures.
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