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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 17, 2009
Page
19
Investors sold stocks for a second day as industrial production marked its seventh straight monthly decline. The Dow slipped 107.46 to 8504.67, the S&P 500 fell 11.75 to 911.97, and the Nasdaq declined 20.20 to 1796.18 despite strength in housing and inflation data.
Procter & Gamble Co. said it will acquire Zirh, an upscale men’s skin care line, as part of expanding its men’s grooming portfolio. Earlier this month it bought The Art of Shaving, a Miami based brand selling razors and grooming products, including items priced over 300 dollars. Zirh offers shaving creams and gels with suggesting prices around 22.50 for 8.4 ounces.
Best Buy Co tracked higher market share in TVs computers and mobile phones as sales rose 12 percent to 10.1 billion and profit slipped 15 percent to 153 million in the quarter ended May 30. The retailer opened 185 stores while Circuit City closures boosted demand.
Cedar Rapids announces the reopening of Hurych Plumbing and Heating Inc at 203 14th Ave SE after recovering from the June flood. Businesses urged to report reopenings to money gazcomm.com.
May housing data indicate a rebound with 350 Cedar Rapids area home sales up 19 percent from April and an average price of 150 179 dollars. Iowa City sales reached 217 with higher prices though year over year prices remain near last May. Statewide 2 487 homes sold at an average 145 580 dollars as mortgage rates rise and first time buyers flood in with a 10 percent tax credit.
Vik and Veena Patel launch EcoCabs Iowa City the citys only pedicab service run by University of Iowa students. Since May 22 they pedal downtown on weekend nights from 9 p m to 3 a m offering three seat pedal powered rides on safe routes.
Iowa utilities discuss replacing the 1.3 billion Sutherland Unit 4 coal plant in Marshalltown with a combined cycle natural gas baseload plant to meet energy demand. Fitch notes CIPCO study plans. Alliant and CIPCO eye faster, cheaper build options amid gas price volatility and flood site questions.
U.S. stock funds post gains through June with average year to date rise around 10 percent per Morningstar. After a brutal October through March, the Dow surged over 30 percent in three months, easing fear as banks carmakers and the economy slowly recover.
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