Stocks decline as investors doubt corporate accounting practices
Investors pulled back on stocks with the Dow slipping 247.5 points to 9618.24 and the Nasdaq down 50.92 to 1892.99, as the S&P 500 fell 32.42 to 1100.64. Qwest reported a Q4 loss of 516 million, and December steel imports dropped 10 percent to 1.9 million tons amid tariff talks. Movielink formed by five studios named Jim Ramo CEO. Gillette posted Q4 profit but lower earnings due to weaker inventories and restructuring charges.
MENTIONED IN THIS ARTICLE
America
Standard & Poor
Rockwell Collins
Commercial Federal
Heartland Express
Commerce Department
Department
Bush Administration
U.S. International Trade Commission
Jim Ramo
Movielink
Sony Pictures Entertainment
Universal Studios
Paramount Pictures
Metro-Goldwyn-Mayer
Warner Bros
Sony
MovieFly
Microsoft
Gillette Co
Gillette
Fed plans cease fire on rates as recession ends
The Federal Reserve, after lowering the federal funds rate to a 40 year low, is expected to hold rates steady at the two day meeting signaling a cease-fire in rate cuts. Data showed durable goods orders up 2 percent in December and January consumer confidence rising above pre–Sept. 11 levels, suggesting an improving economy.
MENTIONED IN THIS ARTICLE
Washington
The
Federal Reserve
Fed
Jerry Jasinowski
National Association of Manufacturers
Alan Greenspan
Greenspan
Melanie Jani
Salomon Smith Barney
New York
Federal Funds
Emil's Deli Leaves YMCA Ties in Cedar Rapids
Emil's Deli owner Dave Allick faces displacement as the Central YMCA plans no deli in the Helen G Nassif YMCA on Seventh Ave SE. The move ends a 22 year run with the YMCA, which cites tax-exempt status concerns and mission alignment. Allick may relocate downtown or stay near the new facility. Patrons fear losing a community staple and long-time lunch spot.
MENTIONED IN THIS ARTICLE
Ine Gazette
Cedar Rapids
Emil
Central Ymca
Dave Allick
YMCA
Allick
Helen G. Nassif
Seventh Ave
Central
First Avenue
Emil’s Deli
Third St. SE
Emil’s
Hawkeye
Robert Carlson
Carlson
United States
Robin Tucker
Dave
Tucker
Deli
Former Oral B workers eligible for job assistance
Former Oral B workers in Iowa City affected by Gillette job cuts last year qualify for Trade Adjustment Assistance. The program offers up to 10 000 per person plus reimbursements for job interviews relocations and training, with unemployment extensions possible.
MENTIONED IN THIS ARTICLE
Marlene Lucas
Iowa City
Gillette Company
Oral B Laboratories
Gillette
Mexico
Oral B
Braun
Mexico City
Department of Labor
Teamsters Local 238
Oval B
Iowa
TAA
Goss Graphic Systems
Cedar Rapids
Square D
Consumer confidence climbs for second straight month
The Conference Board reports its Consumer Confidence Index rose to 97.3 in January from 94.6 in December. Lynn Franco notes improved business climate and job prospects as drivers, with economists citing stock gains and fewer layoffs supporting consumer willingness to spend.
MENTIONED IN THIS ARTICLE
New York
Franco
Afghanistan
Global Crossing Declares Bankruptcy Amid Dot Com Collapse
Telecommunications giant Global Crossing Ltd. filed for bankruptcy protection in New York as the dot com bubble burst. The NYSE halted trading after shares fell to 51 cents, with assets totaling 22.4 billion and a small Cedar Rapids operation employing about 40. The bankruptcy ranks among the largest in U.S. history.
MENTIONED IN THIS ARTICLE
NEW York
Global Crossing Ltd
New York Stock Exchange
Global Crossing
U.S
BankruptcyData.com
Kmart Corp
Cedar Rapids
Also Mentioned on This Page
Qwest
Qwest Communications International Inc
Regional Telephone Company
Kpnqwest
Internet Movie Venture
Djia
AP Stockquote
Local
Sung Won Sohn
Wells Fargo
Minneapolis
New Ymca
By Dave DeWitte
Tucker Manufacturing Co
Civic Club
Carol
Lee Horn
University of Town
Lynn Franco
Conference Board
Consumer Research Center
Telecommunications Giant
Management
Third Avenue
Des Moines
114Th Street
Clive
Me Vmf Capital, LLC
Don Flynn
Mike van Meter
Tom Myers
Karen Green
Scott Eltjes
Chris Cook
Lon Augustine
Don Mears
Mw.vmfcapital.com
Munson Electric, Inc
QuickBooks
P.O
Ry Re
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