Stocks fall as profit warnings rattle markets
Stocks slipped on Thursday as Federated Department Stores and Marconi warned of profits. WorldCom cut its outlook, lowering expectations to 1.05 to 1.10 per share ex Embratel. Dow fell 91.25 to 10,479.86 and Nasdaq dropped 60.69 to 2080.11 amid broad declines.
MENTIONED IN THIS ARTICLE
Federated Department Stores
Marconi
Advanced Micro Devices
EMC Corp
Wall Street
New York Stock Exchange
Iowa
Kohl’s
Fiserv
Toyota
WorldCom
Embratel
Clinton
Miss
Intermedia
Digex
Boeing delivers 141 jets in second quarter on pace for yearly goal
Boeing Co reports 141 commercial jets delivered in Q2 and 263 in the first half of 2001, aiming to reach a 530 aircraft delivery target for the year. The breakdown includes 73 737s and 17 717s among other models. Fort Madison Wabash plant to reopen July 23 after shutdowns tied to weak trailer sales.
MENTIONED IN THIS ARTICLE
Boeing Co
Boeing
Fort Madison
Chuck Fish
Welding Torch Blamed for Carroll County Plant Blast
A welding torch likely sparked the June 19 explosion at InterWest soybean oil plant in Carroll County injuring Bryant Kirton 32 of Ogden. Kirton suffered head injuries with memory loss and was in fair condition at Iowa Methodist Medical Center as investigators pursue the cause.
MENTIONED IN THIS ARTICLE
Carroll County
Bryant Kirton
Ogden
InterWest
Jim Kenkel
Kirton
Iowa Methodist Medical Center
Des Moines
Mortgage rates mixed as 30 and 15 year rise
Freddie Mac reports July 6 weekly survey shows 30 year fixed rates at 7.19 percent up from 7.11, 15 year at 6.74 up from 6.63, and 1 year ARM at 5.71 down from 5.77, with points averaging about 1 percent of loan amount.
MENTIONED IN THIS ARTICLE
Freddie Mac
Second propane pipeline shut down raises Iowa concerns
The second shut down this year of a major propane line in Williams Mid America Pipeline system cuts Iowa supply. The Conway Kansas origin line through Iowa City to Janesville Wisconsin was halted due to excessive butane and isobutane, complicating cleaning and reformulation while prices edge higher. Officials seek explanations as frequency rises and logistics prove difficult.
MENTIONED IN THIS ARTICLE
Williams
Mid America
Ilowa
Swan
David Downing
Iowa Department of Natural Resources
Williams Pipeline
Williams Companies
American Legion Road
Iowa City
Callaway founder Ely Callaway dies at 82
Ely Callaway, founder of Callaway Golf and creator of the Big Bertha driver, died of pancreatic cancer at 82 in Rancho Santa Fe California. The company grew from 5 million dollars in 1988 to 800 million a decade later and featured endorsements from Arnold Palmer and Annika Sorenstam.
MENTIONED IN THIS ARTICLE
Ely Callaway
Callaway Golf Co
Callaway
Rancho Santa Fe
Calif
Larry Dorman
ERC
Arnold Palmer
Annika Sorenstam
Sorenstam
Bobby Jones
Hickory Stick
Redmond
Wash
Big Bertha
Consumer spending correction lowers May rise to 0.3 percent
Commerce Department economists said a math error overstated May consumer spending. The corrected figure shows a 0.3 percent rise, not 0.5 percent, with light trucks miscalc. Personal incomes rose 0.2 percent, and the revised saving rate was negative 1.1 percent.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Bureau of Economic Analysis
Jobless claims rise as labor market struggles
The Labor Department reported a seasonally adjusted 7,000 rise in initial unemployment claims to 399,000 for the week ending June 30, signaling a sluggish economy. The four week moving average fell to 407,500, the lowest since late May, while Challenger, Gray & Christmas tracked 124,852 June job cuts, a 56 percent rise from May, with telecom, automotive, and computer sectors hardest hit. The Fed has lowered rates six times this year to help revive the economy.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Clifford Waldman
Waldman Associates
U.S
Challenger, Gray & Christmas Inc
Chicago
The
Federal Reserve
Principal policyholders seek special rights in IPO
A group of Principal Financial Group policyholders urge a special stock-purchase option to buy IPO shares at the offering price to cash in on early trading gains. Company leaders oppose, saying the program is costly and would disrupt the IPO.
MENTIONED IN THIS ARTICLE
DES Moines
David Drury
Drury
Michael Miller
Goldman, Sachs & Co
Miller
Long Beach
N.Y
Iowa Insurance Division
Steven Goldrich
Chicago
Goldman, Sachs
Goldrijch
Also Mentioned on This Page
Djia
Wabash
Torch
Conway
Kan
Department of Natural Resources
David DeWitte
Davidd
Pel Williams
Gazette
Drew McDaniel
Big Bertha’ Golf Club
Associated Press
Ken Mayland
ClearView Economics
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