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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 27, 1987
Page
18
The Dow fell 14.19 to 2436.86 as traders cash in gains amid rising rates and oil prices. NYSE volume slid to 150.54 million shares after Thursday’s 173.52 million and bond markets offered little support.
ARCO rose 114 to 94 while Exxon and Chevron posted declines and Occidental fell. JWT Group jumped 24 to 55 amid a takeover bid by Britain's WPP Group at 55.50 a share. Blue chips mostly lower with AT&T and IBM slipping. Kidde in Eastern Iowa taps a rare gain as 23 local stocks show 9 up, 11 down, 3 unchanged. Overall NYSE declines exceed advances. major indices drop.
The Iowa Office of Consumer Advocate files its first rate reduction case asking the Iowa Utilities Board to lower Iowa Power and Light rates by 16 percent, arguing the utility overcharges by 52 million dollars annually. The utility counters. The board will rule within ten months.
Alex Robert G. Alex of Albert Lea Minnesota named executive vice president and chief operating officer of the Farmstead plant in Cedar Rapids. He will succeed Forrest Mykleby who retires August 3 after 37 years in meatpacking and Cedar Rapids management. Mykleby, 60, led Cedar Rapids operations since 1984 after Farmstead took over Wilson Foods plant. He will remain in the area with his family.
AAA Iowa reports higher motor fuel costs for the upcoming July 4 weekend versus Memorial Day. Full service prices fall from last year while self serve rise, based on a survey of 54 Iowa outlets.
Fannie Mae announced a new adjustable rate mortgage allowing a conversion to a fixed rate after year one and through year five. The option targets buyers who missed low fixed rates with a 1 percent conversion fee plus up to $250 processing cost.
JWT Group Inc. accepts WPP Group PLC’s sweetened bid of 566 million dollars for its shares in a deal that would merge JWT with a WPP subsidiary. The cash offer is 55.50 per share for 10.2 million shares, surpassing earlier proposals and setting a record in the ad industry.
Dayton Hudson Corp. Chairman Kenneth Macke says Minnesota's tough new anti takeover law raises the hurdle for hostile offers while giving the retailer leverage if approached. Gov. Perpich signed the bill after a 514 hour session that passed the measure 120-5 in the House and 57-0 in the Senate. retroactive to June 1 it bars asset sales for five years after a hostile move and broadens board considerations to employees customers suppliers and community.
A list issued by the House Ways and Means Committee outlines tax hike ideas for cutting the deficit. Measures include higher taxes on alcohol and tobacco, a value added tax, energy levies, and changes to interest deductions, with projected revenues spanning billions.
The National Association of Realtors reported existing single family home sales at a 3.74 million annual rate in May, the strongest pace since December and the largest month rise since February. Prices rose to a median of 85,400 dollars, up 400 from April.
Millstream Brewing Co of Amana won a silver medal at the Great American Beer Festival for Schild Brau Vienna Style Lager in Denver. The first time entrant now produces Millstream Lager and Schild Bray with a third product planned soon.
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