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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 27, 2007
Page
10
Wells Fargo said it will pull out of brokered subprime wholesale lending for borrowers with blemished credit. The move ends operations in Des Moines Iowa and Baton Rouge Louisiana, affecting 237 workers with 170 laid off in Louisiana and 67 reassigned in Des Moines.
Terex Corp earnings rose 54 percent in the second quarter as higher sales and favorable currency exchange boosted results. Net income reached $174.6 million or $1.66 per share on $2.34 billion in revenue, vs $119.2 million or $1.16 per share a year earlier, with analysts predicting $1.62 per share. Revenue benefited from about $74 million from favorable exchange rates.
The Commerce Department reports June new single family home sales fell 6.6 percent to an annual rate of 834,000, the largest drop in five months and far beyond forecasts. Mortgage rates edged lower slightly, with 30-year fixed at 6.69 percent and 15-year at 6.37, while adjustable rates eased to about 6.30 to 5.69 percent for five and one year.
A random survey of gas prices in the Corridor as of yesterday afternoon reports prices rounded up to the nearest cent.
On Thursday the Dow fell 311.50 points to 13,473.57 as fears about subprime mortgage fallout and tighter corporate borrowing sent the market lower. Nasdaq dropped 48.83 to 2,599.34 and the S&P 500 slid 35.43 to 1,482.66 while bond investors drove Treasury yields down.
At the Benton County Fair Nathan Merchant 12 of Vinton sent a steer to slaughter after a stubborn show effort. Tanner Schwab 16 of Belle Plaine moved two steers to a packing-house hauler as the cattle meet carcass and retail goals. Liz Fischer 11 of Vinton created a butterfly apron for the Iowa State Fair competition while 8 antique engines showcased by the RAILS History Group drew visitors. Grandparent observer Karen Pieper, 67, praised the event for exposing inner-city kids to farming experiences.
Cedar Rapids based West Side Transport gains 60 percent stake in RFK Transportation LLC and 50 percent in RFK Transportation Logistics LLC. Kazimour family retains 60 percent in each firm as West Side manages operations and plans to consolidate about 520 tractors and 1,400 trailers across the network.
Elisabeth Donati leads the Money Camp teaching budgeting credit cards stock market and entrepreneurship to middle and high school students. Founded in 2002 the program grew to about 30 camps annually in Santa Barbara and 19 other communities serving over 2,000 youths with a $279 weekly fee.
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