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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 15, 2003
Page
16
Stocks rose modestly after a disappointing retail data day as investors awaited fourth quarter earnings. The Dow gained 56.64 to 8842.62 and the Nasdaq climbed 14.95 to 1460.99 while WorldCom outlined a 100 day plan for emerge from bankruptcy and Cargill reported a 25 percent rise in second quarter earnings.
Rockwell Collins reported 27 cents per share for the quarter ending December 31, 2002, up from 26 cents a year earlier, meeting Wall Street expectations and confirming guidance of 1.33 to 1.38 dollars for 2003. Government Systems led with 8 percent sales growth to 256 million and a higher operating margin, while Commercial Systems fell 6 percent to 305 million as avionics demand shifted. Free cash flow dropped to 15 million from 40 million last year, and Standard & Poor's upgraded the debt outlook to stable citing diversified government business offsetting weaker commercial aviation sales.
Cedar Rapids business owner Dick Lee offered 500 small businesses $5 gift certificates at Gringo's. Requests surged to 10 650 in a week, forcing multiple reprints and creating a $53 250 giveaway. Certificates expire January 31 with weekly drawings for a free meal and plans for Amigo News.
Kmart Corp plans 326 store closings and 30000 to 35000 more jobs cut as it moves to exit bankruptcy by end of April. The Waterloo Crossroads Shopping Center Big K in Iowa will close, part of nationwide dismissals affecting 44 states and Puerto Rico.
In 2002 hog prices averaged $16.22 per hog and plunged late summer to below $20, the lowest since 1999, causing widespread losses. An Iowa State expert warned prices may stay below break-even in 2003, with 5,780 U.S. hog farms and 500 Iowa hog operations exiting in 2002.
Burlington Northern Santa Fe cut 248 of 388 Burlington positions effective immediately. Officials say the layoffs are not tied to a potential consolidation of locomotive shops. Workers receive pay through March 15 and the Topeka and Seattle cuts followed similar operational decisions.
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