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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 04, 2005
Page
18
Wall Street closed lower after government data showed May job growth at 78,000, the slowest in nearly two years. Oil prices topped 55 dollars a barrel as major indexes slid, with the Dow at 10,460.97 and Nasdaq at 2,071.43, amid weekly losses.
Crane Plumbing Corp plans to close the Universal Rundle gel coat fiberglass bath unit in Ottumwa affecting 67 workers. The company seeks buyers for Ottumwa and for plants in New Castle Pennsylvania and Union Point Georgia while local leaders offer to assist. The recall covers 291,652 Saturn L Series sedans and wagons for brake and tail light failures.
Smithfield Foods Inc the worlds top hog producer and pork processor said Friday its fourth quarter earnings declined 30 percent from a year ago. Net income fell to 85.4 million or 76 cents a share from 122.7 million or 1 09 a year earlier. Excluding gains and discontinued operations earnings would be 71.1 million or 63 cents a share. Sales rose 16 percent to 2.52 billion.
The Gazette reports Cedar Rapids area median home price fell 1.5 percent to $118,700 in Q1. Nationally 136 metro areas saw a 9.7 percent rise to a median $188,000, with Manatee Florida leading gains. Des Moines up 4.3 percent to $139,000. Waterloo-Cedar Falls at $86,500, Davenport-Moline-Rock Island at $103,000. Local realtor president cites harsh winter and rate worries shaping market. Iowa City market up 11.9 percent to $165,955 for three bedroom homes.
Saks Inc. announces a deeper internal probe into vendor payments and markdown allowances across divisions. The review by the audit committee will assess timing of charges, improper billing practices, and any overcollections linked to the restatement of fiscal 1999 through 2004. The company plans reimbursements for affected suppliers and faces ongoing SEC and U.S. Attorney inquiries.
An arbitrator will decide wages for about 9,000 aluminum workers including Davenport Works staff after an impasse in a year remaining of the five year pact. Steelworkers seek a 2.5 percent raise while Alcoa argues pay should stay flat due to health care costs.
The Labor Department reports May job gains of 78,000, the weakest in nearly two years, while the unemployment rate falls to 5.1 percent. Economists cite high energy costs cool demand, but views differ on whether the economy is slipping into a soft patch or stabilizing.
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