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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 22, 2007
Page
9
Stocks rose with the Dow up 56.42 points to 13,545.84, the S&P 500 gaining 9.35 to 1,522.19, and the Nasdaq advancing 17.00 to 2,616.96. Advancers led decliners about 9 to 7 on the NYSE as investors set aside rate concerns.
Pier 1 Imports said Thursday it will shutter its clearance and Pier 1 Kids stores and close its catalog and Internet businesses as part of a sweeping turnaround. The home interiors chain, with Cedar Rapids, Coralville and Waterloo stores, posted a $56.4 million loss in the quarter ended June 2, vs $23.2 million a year ago, with sales down 5.2 percent to $356.4 million. Total store closures will reach 100, most by summer’s end. catalog and Internet operations end by Aug. 31.
Members of the Greater Cedar Valley Chamber of Commerce Cedar Falls and the Greater Cedar Valley Chamber of Commerce Waterloo have agreed to merge the organizations and operate as a single entity after July 1. The new chamber board will include leaders from both cities with Corey Clark of Lincoln Savings Bank slated as 2007 08 chairman.
A random survey of gas prices in the Corridor as of yesterday afternoon shows values rounded to the nearest cent. Prices reflect typical regional stations and offer a snapshot rather than a market-wide report.
Randy Weiss of Triathlon Medical Ventures says University of Iowa spinouts can flourish with early venture input. He will build networks, perform due diligence, and guide milestones to attract seed, VC, or angel funding, while visiting UK faculty and licensing teams monthly.
American Guernsey Association members converge on Cedar Rapids for their national convention at the Cedar Rapids Marriott drawing 200 to 300 dairy producers and 86 cows and heifers. Tours to Amana farms, Czech Museum, and Iowa food tastings mark the event as dairy industry optimism grows amid higher milk prices and debt relief.
Dollar General Corp. shareholders voted 99 percent in favor of the private equity offer from Kohlberg Kravis Roberts & Co. at a special meeting in Goodlettsville. The $22 per share deal values the company at about $6.9 billion and aims to take the retailer private, with closing expected in Q3 2007.
A reader weighs traditional versus Roth 401(k) options. With traditional 401(k) contributions reduce current taxes while withdrawals are taxed later. Roth 401(k) offers no current deduction but tax on growth and withdrawals is avoided. For a young earner with long growth horizon, Roth often favored if future tax rates rise.
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