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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 28, 2004
Page
20
Wall Street closed little changed as investors balanced a strong GDP reading with a drop in consumer confidence. Tech selloffs dragged markets while consumer productsProvided slight support, leaving the Dow at 10,583.92 and the Nasdaq at 2,029.82 for the week.
Payless ShoeSource Inc reports a 17.2 million loss or 25 cents a share for the fourth quarter ended January 31, with sales down 0.9 percent to 644.4 million. The Topeka based retailer cites aggressive competitor promotions as the main drag, vs. 5.1 million net income a year earlier and analyst expected a 32 cent loss. Stores operate in Iowa including Cedar Rapids Iowa City Cedar Falls and Waterloo.
Major carriers American Airlines Continental Airlines and Delta Air Lines each hiked base airfares by five dollars per flight on Friday citing persistently high jet fuel prices. If the increase holds, it marks the first sizable fare rise for most travelers since before September 2001 and signals a strengthening industry.
State Farm Insurance reported a 2003 profit of 2.8 billion reversing two straight years of multibillion dollar losses. Revenue climbed to 48.9 billion as auto policy rates rose 5 percent and homeowners premiums by about 10 percent.
The NICB lists the 1989 Toyota Camry as the top 2002 national theft, with Iowa seeing Chevy full size C/K pickups most stolen locally. Other common targets include the 1994 Honda Accord and 2000 Honda Civic, while thefts often fuel parts markets and export. Local tips urge locking doors and using anti theft devices.
The list ranks top stolen models including the S10 Blazer Cavalier and full size pickups. Bryant advises layered protection such as steering locks alarms starters and fuel disablers with tracking devices. FBI data show 1.2 million vehicle thefts in 2002 and a theft rate rise for the third straight year. Toyota notes Camry parts shared across models and 80 percent still in use. The estimated theft value reaches 8.2 billion dollars.
The Commerce Department reports GDP rose 4.1 percent in Q4 2003 driven by brisk business spending. While slower than Q3's 8.2 percent, the gain marked the strongest back-to-back quarterly increase since 1984. Analysts predict 2004 growth around 4.5 percent with tax refunds and incentives aiding demand.
Tyson Foods asks U S District Judge Lyle Strom to overturn a jury verdict finding the company illegally manipulated cattle prices. The motion requests a substitute ruling or a new trial, arguing the decision was influenced by jurors interpreting the spirit of the law. cattlemen attorney David Domina welcomed the motion.
DES MOINES AP Maytag Corp. moves to reduce staff at its Newton plant with 170 production workers laid off. Union leaders caution that concessions may follow as contracts near expiry, while noting broader plant reductions across multiple sites and Hoover floor care production.
Iowa farm numbers fell to 90,000 in 2003 from 90,600 in 2002 as average farm size rose to 352 acres up from 350 in 2002 and 348 in 2001. Nationally the average farm size reached 441 acres in 2003, up from 440 in 2002 and 438 in 2001. Farmland totals declined to 31.7 million acres in Iowa and 938.8 million nationwide.
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