Wall Street slumps as Alcoa Gateway weigh nerves linger
The Dow fell 145.28 to 8595.31 and the Nasdaq dropped 30.50 to 1401.07 as Alcoa and Gateway warned of larger fourth quarter losses. United Airlines workers accept 9 percent wage cuts with Machinists' union the only holdout. ConocoPhillips expects a 1.3 billion charge to shed convenience stations amid a restructuring. Smith & Wesson promotes Bob Scott to chairman and Roy Cuny to president and CEO.
MENTIONED IN THIS ARTICLE
Alcoa
Gateway
Wall Street
New York Stock Exchange
United Airlines
United
ConocoPhillips
United States
Conoco
Phillips
Bob Scott
Smith & Wesson Corp
Roy Cuny
Scott
Smith & Wesson
Tax tips at Landlords of Linn County meeting
James Brems a Cedar Rapids certified public accountant will present tax tips at Thursdays meeting of Landlords of Linn County. The group meets at noon at the Longbranch Restaurant 90 Twixt Town Rd NE Cedar Rapids for more information call Lou Ann Jayne at 377-5666.
MENTIONED IN THIS ARTICLE
James Brems
Cedar Rapids
Linn County
Longbranch
Lou Ann Jayne
Bishop's cafeterias may be sold to Furr's in bankruptcy
Furr's Restaurant Group filed Chapter 11 petitions for itself and Bishop's units. Bishop's managers led a bid to buy six Bishop's locations in Cedar Rapids Quad Cities Dubuque and Waterloo with plans to keep operations under Bishop's name. Bailey says the purchase could close in February and protect 250 jobs while preserving the existing menu and buffet style.
MENTIONED IN THIS ARTICLE
the Gazette
Cedar Rapids
Dave Bailey
Quad Cities
Dubuque
Waterloo
Furr’s Restaurant Group Inc
Bishop’s
Furr’s
Texas
Dallas
Richardson
Bailey
Bishop's
Farr’s
Arizona
Kansas
Oklahoma
Farmers State Bank to add second floor in Marion
The Farmers State Bank main office in Marion undergoes a $2 million expansion adding about 15 600 square feet and reconfiguring a drive through window to provide parking as workers install a second floor. Ced ar Rapids technician Jason Ruggles wires a damper motor for a variable air conditioning system enabling individual office temperature control.
MENTIONED IN THIS ARTICLE
Farmers State Bank
Marion
Ladco Heating & Air Conditioning
Jason Ruggles
Cedar Rapids
Consumers cut back on borrowing in November
The Federal Reserve reports consumer credit fell by 2.2 billion dollars in November, the largest drop in over a decade, while the unemployment rate hit 6 percent. Economists note anxious shoppers and a wary labor market as households repay debt and curb spending.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Iraq
Richard Yamarone
Argus Research Corp
Soybean prices and outlook from MU economist
MU economist Brian Willett warns storing soybeans six months before selling yields 16 cents less per bushel. Futures for January and July slide, cash prices in Iowa and Davenport cited, with USDA and FAPRI forecasts for stocks, acreage, and 2008 yields. China remains major but unreliable buyer, exports up to 900 million bushels.
MENTIONED IN THIS ARTICLE
Iowa
Davenport
Willett
China
U.S
Brazil
USDA
Alcoa to cut 8000 jobs after fourth quarter loss
Alcoa Inc. plans to cut 8,000 jobs this year and sell non core units after posting a wider than expected Q4 loss. The firm also extended a $90 million Davenport Works expansion schedule to late 2008 or early 2009 and faced softer aerospace and industrial markets.
MENTIONED IN THIS ARTICLE
Pittsburgh
Alcoa Inc
Alcoa
Alain Belda
Davenport Works
John Riches
Riches
Also Mentioned on This Page
Lowley
Gateway Earnings News
United Flight Attendants
Landlords
ciTyue
Iowa City
AP Stockquote
Local
George C. Ford
Lindale
Westdale
Duck Creek
George. Ford
Wrmsininatians.com
Gazette
Jim Slosiarek
FAPRI
Thomson First Call
PepsiCo
Columbus McKinnon
Procter Gamble
Comel Feds
Deere Co
Qwest Commun
Dillards Inc
RF Micro Devices
Fastenal Co
Raicorp Holding
Featherlite Inc
Rockwell Collins
Saks Inc
Fiserv
Sealed Air
Genencor Intl Inc
Gen Mills
Skyworks Solution
Gillette Co
Tanger Factory
Heartland Exp
Terex Co
Heinz
Toyota Met
Hon Inds
Union Planters
Intl Paper
Old Fire Cas
US Bancorp
Keane Inc
Kohis Corp
US Cellular
Longon File
Unova Inc
Macc Pry Eat
Verizon Comm
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