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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 10, 2003
Page
16
Wall Street cooled as investors booked profits ahead of second quarter results. The Dow fell 66.88 to 9,156.21 while the Nasdaq added 1.00 to 1,747.46 as declines led advancers 5 to 4 and volume reached 2.03 billion shares.
Nike Inc announced an agreement to buy Converse Inc for 305 million dollars plus assumed liabilities. Converse, famed for Chuck Taylor All Star sneakers, once led the market but filed for bankruptcy in January 2001 and was later acquired by private investors. Regulatory approval pending.
The Mortgage Bankers Association reports a 21.3 percent weekly drop in the refinancing index to 6769.3, yet the measure stays above its 52 week average by 13 percent and doubles the level of 2002. Moody's economist John Lenski notes the ongoing high activity.
Delta Air Lines begins testing paid in flight meals at Hartsfield Jackson Atlanta. A ham cheese sandwich sold for up to ten dollars on 400 flights over a month while first class and some frequent flyer members eat free. The move mirrors rivals expanding meal sales as analysts doubt major profits.
The U S Navy Best Manufacturing Practices Center of Excellence highlights In Tolerance a 30 employee Cedar Rapids cr firm among large contractors. The center documents eight practices from health programs to online parts status and automated quote inventory scheduling. Bruce Coney backs ISU role in Midwest outreach and Rockwell Collins provided prior data.
Iowa lawmakers push to permit saliva and hair samples for workplace drug testing citing less intrusion. Supporters include unions and businesses while officials note accuracy concerns with saliva tests and highlight new tech promising real time results.
The Bush administration asked Congress to strengthen credit laws and create a national security alert system for identity theft. Treasury Secretary Snow told the House panel the plan would let victims notify all financial institutions with one call and enable rapid sharing of credit data among bureaus banks and law enforcement. He noted thieves target vulnerable groups including families of the recently deceased and seniors.
Sunday Money offers guidance on identity theft protection products and their value. A study cites 12 million Americans already victimized with another 1 million at risk this year. victims spend about 175 hours restoring credit after theft.
Magna International plans a spin off of its real estate and entertainment holdings into MI Developments Inc., creating a major Canadian real estate firm with over $1 billion in assets. Two thirds of Magna shareholders must approve at a Toronto meeting on August 19. The company also lifted its 2003 second quarter earnings forecast to a per share range of $1.50 to $1.70.
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