Stocks drift lower as Dow, Nasdaq fall in quiet session
The Dow dropped 14.95 to 10,401.72 and the Nasdaq slipped 11.23 to 2,017.84 in a subdued Monday trading day. Advancers outweighed decliners 8 to 7 on the NYSE with 1.08 billion shares traded, while 25 Eastern Iowa stocks rose, 21 fell and four held steady. Deere rose 1.17 to 42, Kohl’s rose to 57.01, Toyota fell to 66.10, MCI declined to 13.80 and General Electric eased to 43.60.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Iowa
Deere
Kohl’s
Toyota
MCI
General Electric
FTC weighs blocking PepsiCo bid for Quaker Oats
FTC may vote today on blocking PepsiCo Inc. 13.8 billion acquisition of The Quaker Oats Co. PepsiCo would gain dominance in sports drinks with Quaker Oats home to Gatorade which holds about 78 percent of U.S. sports drink sales. Coca-Cola Powerade around 15 percent and Pepsi All Sport about 4.4 percent. General Mills and Diageo PLC expect to close Pillsbury merger but FTC review may extend beyond September. The deal includes sale of Pillsbury desserts and specialty products to International Multifoods Corp and concerns over splitting the Pillsbury Doughboy brand. General Mills operates Cedar Rapids and Iowa City plants. Pillsbury runs a northeast Cedar Rapids plant.
MENTIONED IN THIS ARTICLE
Federal Trade Commission
Quaker Oats Co
PepsiCo Inc
FTC
PepsiCo
Quaker Oats
U.S
Coca-Cola Co
Pepsi
General Mills Inc
Diageo PLC
General Mills
Diageo
Treasury to auction four week T-bills to raise $10 billion
The Treasury Department plans its first weekly sale of four week bills to raise about $10 billion in cash. The auction starts today with bids possible only through banks or investment brokers, spokesman says. Mail and Internet bids were previously mentioned but will not be available.
MENTIONED IN THIS ARTICLE
Treasury Department
Treasury
Pete Hollenbach
Bureau of Public Debt
Hollenbach
Sargento recalls shredded cheese nationwide over listeria risk
Sargento Foods Inc recalls 8 ounce Fancy Shredded Mozzarella with dates 190CT01 and 200CT01 and 6 Cheese Italian Blend with date 200CTO1 sold nationwide due to possible listeria contamination. Do not eat. return for refund. Call 1-800-243-3737 with questions between 9 a.m. and 2 p.m. CDT.
MENTIONED IN THIS ARTICLE
Sargento Foods Inc
Sargento
Treasury bill rates mixed in Monday auction
The Treasury sold 15 billion in three month bills at 3.480 percent and 14 billion in six month bills at 3.380 percent with higher implied yields. The one year constant maturity bill yield eased to 3.59 percent from 3.60 percent.
MENTIONED IN THIS ARTICLE
Treasury
Treasury Department
Federal Reserve
Banklowa to open No. 2 Cedar Rapids branch
Banklowa of Independence will open a second Cedar Rapids office at 2701 Edgewood Pkwy SW across from Westdale Mall. The 7,665 square foot facility will house offices for other tenants and offer full banking services including business and personal accounts trust services planning and loans. Staff from the northeast Cedar Rapids office will move to start the new location with contractors Kinderknecht Associates and Shive-Hattery CR completing the project.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Banklowa
Edgewood Parkway SW
Dave Parmley
Layne McDowell
Dixie Shepherd
Cedar Falls
Independence
Jesup
Lamont
Norway
Waterloo
Liz Huston
Edgewood Pkwy
Futures prices plunge as Iowa crops improve
Iowa corn and soybeans show better conditions with 64 percent and 61 percent in good to excellent categories, yet prices fell on the Chicago Board of Trade due to favorable crop outlooks and weather. Analysts cite late planting and fertilizer costs as factors while frost timing may affect future yields.
MENTIONED IN THIS ARTICLE
Iowa
Tom Bayliss
Eldon C. Stutsman Inc
Hills
Bayliss
Computer glitch delays opening of I C grocery store
Iowa City's The Old Market Place planned grand opening in Pepperwood Place shopping mall was postponed after data entry errors deleted price codes for about 20 000 products. The store aims to open at 8 a.m. Wednesday with 5 percent coupons for early shoppers.
MENTIONED IN THIS ARTICLE
I.C
Lynne
Roger Holdeman
Old Market Place
Amanda
Lynne Holdeman
New
Venture capital investment dives in second quarter losses
Venture capitalists invested 10.6 billion dollars in start ups in the second quarter, a 61 percent drop from a year earlier. Northern California funding fell 66 percent to 3.14 billion, while biotech rose 37 percent to 1.47 billion as Internet optimism wavered and industry leaders cautioned over a tough climate.
MENTIONED IN THIS ARTICLE
San Francisco
Venture Economics
National Venture Capital Association
California
Silicon Valley
New Enterprise Associates
Tom McConnell
Bill Hutchison
Andersen Business Consulting
GE Capital to Buy Heller Financial for 5.3 Billion in Cash
GE Capital Corp agrees to acquire Heller Financial Inc for 5.3 billion dollars in cash, expanding GE Capital's equipment leasing real estate finance and support for small to mid sized firms. The deal, approved by both boards, aims to boost earnings and geographic reach despite antitrust hurdles.
MENTIONED IN THIS ARTICLE
Stamford, Conn
General Electric Capital Corp
Heller Financial Inc
Honeywell International
GE Capital
Jeanne Terrile
Merrill Lynch
New York
RCA
CIT Group Inc
Finova Group Inc
Nicholas Heymann
Prudential Securities Inc
Heller
Prima
New York Stock Exchange
Honeywell
Also Mentioned on This Page
Djia
BizFact
Westdale
George C. Ford
Dolph Leytze
Banklowa Chief Executive Officer
Kinderknecht Associates Inc
Gazette
Brian Ray
By Marlene Lucas
Associated Press
Lowa Agricultural Statistics
By Tom Walsh
Heller Financial
Nyse Index
Amex
Biotech
Finance
Indus
Insurance
GemElec
Heller Fact
Motorola
EMC Corp
At&t Wirelss
American Stock Exchange
ivaxCo
Cisco
SunMicro
WorldCom
Intel
Oracle
DOW Jones
Standard & Poor's
Transpt
Wilshire Associates
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