Hewlett Packard Job Cut Warnings Shake Markets on Thursday
HPs revenue warning plus fresh job cut news weighed on shares while the Dow rose 49.96 to 10 455.63 and the Nasdaq added 38.64 to 2022.96. Advancers led decliners on the NYSE with 1.43 billion shares traded. Eastern Iowa stocks RF Micro Devices Kohl s WorldCom Procter Gamble modest gains, Genencor fell.
MENTIONED IN THIS ARTICLE
Hewlett-Packard
Wall Street
New York Stock Exchange
Iowa
Kohl’s
WorldCom
Procter & Gamble
Genencor
WorldCom profits slide after split reshapes groups
WorldCom Inc reports weaker second quarter profits for its data and Internet WorldCom Group after splitting into two units the WorldCom Group and the MCI Group. Net income for WorldCom Group was 110 million dollars or 4 cents a share down from 716 million dollars or 25 cents in the prior year. Revenue for the unit fell to 5.36 billion dollars from 5.62 billion.
MENTIONED IN THIS ARTICLE
WorldCom Inc
Data
Internet
WorldCom
WorldCom Group
MCI Group
MCI
Fastek Partners With ACT to Launch Online Testing Centers
Fastek and ACT Inc with Fastek International Ltd form a partnership to roll out ACTs national Internet based testing and training centers. Hiawatha based Fastek will develop the ACT Learning Management software and provide server installation and help desk support. About 12 new staff to be hired in two months as the project starts. The project began in mid July with an initial twelve month term.
MENTIONED IN THIS ARTICLE
ACT Inc
Fastek International Ltd
ACT
Hiawatha
Randy DeKlotz
Fastek
Bandag earnings drop in second quarter
Bandag Inc. of Muscatine reports a two percent decline in consolidated net sales for the second quarter ending June 30 to $244.8 million from $249.1 million a year earlier. Net earnings fell 46 percent to $9.5 million or 46 cents per diluted share from $17.6 million or 85 cents. First quarter 2001 sales were $209.2 million.
MENTIONED IN THIS ARTICLE
Bandag Inc
Muscatine
NHTSA Expands Probe Into Grand Prix Air Bag Recall
Federal safety officials probe whether GM has covered all defective vehicles in a recall of about 800 Pontiac Grand Prix sedans with faulty airbags. The 1998 to 2001 Montana minivans and Grand Prix are included. a 1999 Grand Prix driver was injured by a ruptured air bag. NHTSA began the inquiry in January and intensified it last month.
MENTIONED IN THIS ARTICLE
General Motors Corp
National Highway Traffic Safety Administration
Montana
NHTSA
Mortgage rates fluctuate with mixed weekly change
Freddie Mac survey shows 30-year fixed rates easing to 7.03 percent for the week ending July 27 from 7.08 percent, while 15-year loans slide to 6.58 percent from 6.65 percent. One-year adjustable-rate mortgages rise to an initial 5.72 percent, up from 5.62 percent.
MENTIONED IN THIS ARTICLE
Freddie Mac
Farm aid plan would expand subsidies and add honey and wool
A House Agriculture Committee draft would extend payments to grain and cotton farmers for a decade, add honey wool Mohair and peanuts, and create new fixed and price-linked subsidies. The plan boosts conservation funding by 1.6 billion annually and expands the Conservation Reserve to 40 million acres.
MENTIONED IN THIS ARTICLE
Washington
House
House Agriculture Committee
Texas
Charles Stenholm
Larry Combest
4 H Goats Prove Useful For Wickham Family
At the Jackson County Fair in Maquoketa the Wickham family showed six dairy goats including Nubian and Saanen breeds. David Wickham won first in the 4 to 12 month old dairy goat class while the family, with 17 goats, milks five and promotes goat farming as weed control and dairy production.
MENTIONED IN THIS ARTICLE
Marlene Lucas
Maquoketa
Wickham
Jackson County
David Wickham
Don Schmidt
David
Daniel
Nick
Jane
4-H
Jackson County Fair
Randy Carr
Walt Wickham
Payless Cashways Severs Workers as Stores Close
Payless Cashways moves to close 39 stores under a downsizing plan, shedding about 1,500 workers. Iowa locations in Cedar Rapids Davenport Des Moines and Fort Dodge will close. Court approval came Tuesday. severance capped at $4,650 with unused days still factored, angering employees.
MENTIONED IN THIS ARTICLE
Lee’s Summit
Payless Cashways
Payless
Iowa
Cedar Rapids
Davenport
Des Moines
Fort Dodge
Cedar
U.S. Bankruptcy Court
Kansas City
HP to Cut 6000 Jobs as Revenue Forecast Falls
Hewlett Packard plans to cut 6000 more jobs, bringing total layoffs this year to 10,700 amid worsening global consumer technology demand. Fiorina cited weak economies and a price war squeezing margins, with Q3 revenue now seen at 9.9 to 10.1 billion and consumer sales falling about 24 percent. Analysts had expected 11.1 billion. earnings per share forecast drops to about 19 cents from 49 cents.
MENTIONED IN THIS ARTICLE
San Jose, Calif
Hewlett- Packard Co
Wages and benefits rise slows in April to June
The Labor Department reports the employment cost index rose 0.9 percent in the April June quarter, down from 1.1 percent, the slowest gain since last year’s fourth quarter. Economists cite the yearlong slowdown and weaker labor demand as the cause. Orders for manufactured goods fell 2 percent in June, led by cars airplanes and machinery, signaling broad weakness in manufacturing.
MENTIONED IN THIS ARTICLE
Washington
U.S
Labor Department
Commerce Department
Also Mentioned on This Page
Djia
BizFact
KRT
CardWeb
Pat Carr
Paul Trap
Jane Wickham
Gazette
Rapids, Davenport, Des Moines and
Carly Fiorina
Thomson Financial
First Call
Fiorina
Clifford Waldman
Waldman Associates
Nathan Lambrecht
Acme Electric
Steve Murphy
Charlie Wolf
Rockwell Drive
Blairs Ferry Road
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