Tech stocks rebound as investors seek bargains amid earnings doubts
The Dow rose 39.30 to 10 911.94 and the Nasdaq gained 25.99 to 2110.49 as investors chase beaten down techs. McLeodUSA completed its Intelispan acquisition 0.03055 McLeodUSA shares per Intelispan, Baldwin Piano filed for Chapter 11, and General Mills settled a 55 million dollar dispute over an unapproved pesticide in oats.
MENTIONED IN THIS ARTICLE
Wall Street
New York Stock Exchange
Iowa
U.S. Cellular
United Fire
Toyota
Micro Devices
Deere
Kohl’s
Baldwin Piano & Organ Co
Cincinnati
Mason
General Mills Inc
General Mills
Cedar Rapids
Iowa City
Sprintfon
At&t Corp
LucentTech
Bemc Corp
DeutscheTe
American Stock Exchange
Oracle
Cisco
Sun Micro
Intel
Standard & Poor's Indus
Sh Transpt
Santa Monica
Calif
Wilshire Associates
Pillsbury to Close Atlanta Frozen Dough Plant
Pillsbury will close its Atlanta frozen dough plant by October, laying off 146 workers. The plant, acquired in 1999 with Hazelwood Farms, makes dough for bread rolls cookies and cakes for supermarkets and food service firms. Production shifts to other Pillsbury plants mainly in St. Louis. severance and medical benefits offered to salaried staff.
MENTIONED IN THIS ARTICLE
Pillsbury Co
Atlanta
Pillsbury
Hazelwood Farms Bakeries
St. Louis
Cedar Rapids
Moody's downgrades UAL to junk status on weak cash flow
Moody's Investors Service lowered United Airlines parent UAL Corp to speculative debt. It cited expected weak operating cash flow and long term strain from recent wage agreements, noting junk ratings often raise borrowing costs.
MENTIONED IN THIS ARTICLE
Moody’s Investors Service
United Airlines
UAL Corp
Moody’s
UAL
Mortgage rates inch higher across United States
Freddie Mac reports a rise in mortgage rates this week with the 30-year fixed at 7.24 percent up from 7.20 percent, the 15-year at 6.78 percent up from 6.76 percent, and the 1-year ARM at 5.89 percent up from 5.82 percent. Points averaged about 1 percent for all loan types.
MENTIONED IN THIS ARTICLE
Freddie Mac
McLeodUSA stock falls on downgrade and layoffs
McLeodUSA Inc stock dropped 16 percent after Merrill Lynch cut its near term rating to neutral. The firm cited weak near term catalysts but noted a 5 percent workforce cut and projected cash flow improvements as the company plans to reduce staff by about 575, including 200 in Cedar Rapids, and to cut capital spending by 250 million dollars this year. XO Communications also fell as analysts maintained long term Buy ratings on both firms.
MENTIONED IN THIS ARTICLE
McLeodusa Inc
Intelispan Inc
Atlanta
Intelispan
McLeodusa
Cedar Rapids
Merrill Lynch & Co
Ken Hoexter
Accumulate
Hoexter
XO Communications Inc
Steve Gray
Surplus sugar to become ethanol
The United States plans to sell 100000 tons of surplus sugar to be refined into ethanol for gasoline. The USDA holds about 747000 tons forfeited last year and faces 16.5 million dollars yearly storage costs.
MENTIONED IN THIS ARTICLE
Washington
USDA
J.B. Penn
Penn
P G and Viacom Strike One Year Advertising Pact
Procter and Gamble will spend 300 million dollars over the next year to place Tide detergent Crest toothpaste and other brands across Viacom properties CBS MTV Nickelodeon VH1 UPN TV Land Comedy Central and more This marks an early large scale advertiser media package and may grow into a longer alliance if successful P G spokesman Tom Millikin said the deal gives P G access to teen oriented programming and Viacom marketing expertise for products like Cover Girl Pantene and Head and Shoulders.
MENTIONED IN THIS ARTICLE
Cincinnati
Procter & Gamble Co
Crest
Viacom Inc
CBS
MTV
Nickelodeon
P&g
Viacom
Tom Millikin
Alliant Sees Slightly Better Summer Power Reserve
Alliant Energy says its summer peak demand will reach 2688 megawatts with 3150 megawatts available and a 17.2 percent reserve margin. Subsidiary head Protsch cites upgrades at the Duane Arnold Energy Center and refueling as key to meeting customer needs.
MENTIONED IN THIS ARTICLE
Duane Arnold Energy Center
Alliant
John Ruft
Mid-America
Allianz
Jobless claims hold near a month high in May
U S jobless claims rose 8 000 to 419 000 for the week ending May 26 remaining at a month high. The four week moving average fell to 402 500 the lowest since April 21 signaling ongoing labor market weakness and potential recession fears. Economists note consumer spending drives two thirds of activity.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
David Orr
First Union Corp
Karen Dexter
Merrill Lynch
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Piano Maker
Djia
Pillsbury Closing Dough Plant
BizFacts
George C. Ford
Reston, Va
McLeod- USA
XO Communications
George Ford
Georgef
Kevin Kolpasky
Viacom Television
United States
MTV2
VH1
CMT
BET
UPN
TV Land
Paramount Television
King World
Comedy Central
Cover Girl
Millikin
Alliant Utilities President
Protsch
U.S
Eliot Protsch
Nyse Index
Utilities Ag
Amex
Biotech
Finance
Indust
Insurance Telecom
Transport
Associated Press
Lynch Ford
Mt. Vernon
GUS Oai
Blueoval Blueoval
Fordvehicles.com
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