Wall Street hits risk mood as profit warnings spark selloff
Worsening outlook sent blue chips and tech shares lower with the Dow slipping 0.7 percent to 10,871.62 and the Nasdaq down 2.2 percent to 2,121.66. Volume edged below Tuesday as 1.25 billion shares changed hands. In Eastern Iowa, 17 gained, 31 fell. Fiserv rose while Wells Fargo declined. MidAmerican Energy will start Cordova Energy Center, a 537 megawatt plant in Cordova Illinois, later this month. Polaroid announced 2000 job cuts, about 25 percent of its global workforce, and warned second quarter results would match a weak first quarter.
MENTIONED IN THIS ARTICLE
Wall Street
New York Stock Exchange
Iowa
Fiserv
Wells Fargo
MidAmerican Energy Holdings Co
Cordova
Cordova Energy Center
MidAmerican
Cordova Energy Co
MidAmerican Energy
Polaroid
United States
Skip Colcord
Massachusetts
LucentTech
NokiaCorp
Segnaboe
Cisco
Intels
Oracle
Sun
Trn
Biotech
Computer
Standard & Poor's Finance
Indus
Usew Seas
Insurance
Transco
Telecom
Utilities
Transport
Associated Press
Modest May Rise Follows Weak April Retail Spending
Commerce Department data show retail sales up 0.1 percent in May after a 1.4 percent jump in April. The Fed beige book notes widespread slower activity in April and May, underscoring a fragile economy near recession with calls for rate relief.
MENTIONED IN THIS ARTICLE
Commerce Department
Federal Reserve
FedEx selects Rockwell Collins for MD-11 and A310 fleet
FedEx Express will install Rockwell Collins GLU-920 multi mode receivers across its Boeing MD-11 fleet and part of its Airbus A310s to meet next generation air traffic management. The integrated unit provides primary position velocity and time reference and enables precision landing with ILS and GNSS based navigation. Components will be manufactured at Rockwell Collins sites in Iowa.
MENTIONED IN THIS ARTICLE
Federal Express Corp
FedEx Express
Collins
Rockwell Collins
Iowa
Riverstone revamps leadership and cuts Utah unit
Riverstone Inc of Lisbon closed its Utah call center and a 50,000 square foot distribution facility as investors replaced founder and CEO William Stettinius. About 30 employees at Utah, 50 at Lisbon, and recent layoffs reflect cost cutting while operations shift to partners and a leaner team. The firm retains its e fulfillment vision and continues to work with investors and former CEO Mike Mulvehill to stabilize finances.
MENTIONED IN THIS ARTICLE
Riverstone
William Stettinius
Utah
Stettinius
Lisbon
Cedar Rapids
Mike Mulvehill
Riv
ADM plans joint venture to market DAG fat-lowering oil
ADM and Kao Corp form ADM Kao LLC in Decatur to produce and market diacylglycerol oil. A pilot plant starts this summer, to be operating by November, selling DAG oil in the Americas Europe Australia and New Zealand. DAG oil, sold in Japan as Healthy Econo Oil, is approved to manage serum triglycerides and may reduce body fat.
MENTIONED IN THIS ARTICLE
Decatur, Ill
Archer Daniels Midland Co
Kao Corp
Japan
ADM
Decatur
ADM Kao LLC
North
South America
Europe
Australia
New Zealand
FOSHA
John McNamara
Hy-Vee Nets 321000 Rebate for Door Misers Energy Save
Hy-Vee collects a 321000 rebate after contracting with Alliant Energy to install moisture sensors that activate door heaters on 36 stores. The system cuts heater use by 90 percent, saving about 250 dollars per door annually and lowering condenser load.
MENTIONED IN THIS ARTICLE
Brad Geuke
Energex
Geuke
Alliant
Hy-Vee
Sam Page
Alliant Energy
Page
Aldi
GE Chief Executive in EU Talks Over Honeywell Deal
GE CEO Jack Welch met EU antitrust regulators in Brussels ahead of a July deadline on its 41 billion dollar bid for Honeywell International. Negotiations center on divestitures in Honeywell's aviation unit and potential effects of bundling GE jet engines with Honeywell electronics and GE Capital Aviation Services financing.
MENTIONED IN THIS ARTICLE
Honeywell
Brussels
Belgium
General Electric Co
Jack Welch
Europe
European Union
Honeywell International Inc
Mario Monti
Louise Binns
Honeywell Electronics
GE Capital Aviation Services
Maytag forecasts lower second-quarter earnings
Maytag Corp expects Q2 earnings to fall 25 percent short of the 43 cents per share earned in Q1. CEO Leonard Hadley cites inefficiencies from a new Hoover line but expects no repeat in Q3. Industry demand for major appliances remains weak with price competition squeezing margins. Maytag, based in Newton, plans to report Q2 sales and earnings July 17.
MENTIONED IN THIS ARTICLE
Hadley
Sai
Maytag
Newton
Hoover
Jean-Air
Dixie-Narco
Also Mentioned on This Page
Ted
Djia
FedEx
USDA
Agriculture Department
Union of
Arthur Hughes
National Joint Council of Food Inspection
BizFacts
U.S
Miramax
Sony Pictures Classics
Yeu
CARR
Lisbon Company
Utah Center
By Dave DeWitte
Erstone
Mulvehill
Archer Daniels Midland
Ill
General Electric
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