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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 23, 2010
Page
10
The market closed modestly lower as big consumer firms gave cautious growth outlooks. The Dow dropped 18.97 to 10,383.38, the S P 500 fell 1.16 to 1,108.01, and the Nasdaq declined 1.84 to 2,242.03.
The F.Y.E. store at Coral Ridge Mall closed Sunday as the Albany based chain consolidates under Trans World Entertainment. The firm announced 125 store closures and about 650 layoffs last October with 10 percent sales decline in the year to January. President Jim Litwak resigned recently amid the restructuring. Coral Ridge Mall Manager Monica Nadeau had no comment.
U S District Judge Jed Rakoff reluctantly approves a 150 million Bank of America SEC settlement ending a high profile financial crisis case. The SEC had sued the bank for misleading shareholders to speed Merrill Lynch purchase in 2008. Rakoff had rejected a 33 million prior deal, calling the new accord inadequate yet signs of judicial restraint.
Lowe’s reports a 27 percent quarterly profit increase to $205 million or 14 cents per share, beating Thomson Reuters consensus of 12 cents. Revenue climbs nearly 2 percent to $10.17 billion from $9.98 billion, with analysts projecting $10 billion.
Three Iowa distributors Dale Lee Distributing Dubuque Kirchhoff Distributing and Fahr Beverage Inc. announce plans to merge into 7G Distributing LLC serving multiple counties with offices in Cedar Rapids Dubuque and Waterloo. The merger led by a three member board aims for a May 1 close pending supplier approval.
MOvMNT Dance Center began operations January 23 at 702 Second Ave SE Cedar Rapids offering combo classes from preschool to adult plus Pilates zumba salsa belly dance hip hop and yoga. Founder Lover Kidd notes affordable eight week sessions at 60 with no recital fees and opportunities to audition for MOvMNT Dance Co. the core modern and hip hop troupe.
Movement Center plans March 20 open house from 9 to 4 with three classes. Led by L D Kidd, the group aims to become Iowa’s premier professional hip hop and contemporary company paying dancers. They envision a hub for university graduates and local dancers in a redeveloping Cedar Rapids building near a proposed library site.
The District of Columbia imposes a five cent fee on bags at supermarkets and many retailers. Officials and activists debate its potential to cut litter and waste while shoppers juggle items or cross into nearby states for free bags.
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