Blue chips fall as profit warnings hit major firms
Stocks decline for the third straight day with Merrill Lynch among warned firms as traders await a Federal Reserve rate decision. Dow drops 31.74 to 10 472.48 while Nasdaq rises 13.75 to 2064.62 amid modest breadth and 1.40 billion shares traded. Eastern Iowa stocks show 28 gainers, 21 losers. Procter & Gamble up to 63.86, Kohl’s down to 62.65, United Fire at 27, General Electric at 48.79.
MENTIONED IN THIS ARTICLE
Merrill Lynch
Federal Reserve
New York Stock Exchange
Iowa
Procter & Gamble
Kohl’s
United Fire
General Electric
Rockwell Collins to Join S&P 500 Index
S&P 500 announces Rockwell Collins of Cedar Rapids will replace Longs Drug Stores in the index after trading closes on June 29. Rockwell International spins off its aviation unit to shareholders. Longs Drug replaces NCH in the S&P MidCap 400 for lack of representation. Rockwell Collins adds to Aerospace and Defense groups.
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Standard & Poor’s
Rockwell Collins
Cedar Rapids
Longs Drug Stores Corp
Rockwell International
Rockwell Collins Aviation
Longs Drug
NCH Corp
S&p
NCH
S&p 500 Gics
Aerospace & Defense
Aerospace/Defense industry group
Central State Bank to Acquire Muscatine Branch
The Federal Reserve approves Central State Bank of Muscatine’s purchase of Commercial Federal Bank’s Muscatine branch. The agency finds the deal not to reduce competition, noting Central’s 35 percent, Commercial Federal under 1 percent, and post merger deposits of 398.8 million dollars, 35.8 percent of market. Muscatine ranks seventh in Iowa for total bank deposits.
MENTIONED IN THIS ARTICLE
Federal Reserve Board of Governors
Commercial Federal Bank
Muscatine
Central State Bank of
Fed
Iowa
Honda to End Prelude Production After Next Year
Honda will stop production of the Prelude sports car after next year due to lagging sales. The firm has already halted Prelude output in Japan. Honda of America spokesman Art Garner said the coupe faced a tough market. Garner noted a hybrid Civic will start production next spring, with a hybrid Civic planned for release in March or April.
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Honda
Japan
Art Garner
Honda of
America
Garner
BizFacti lization for Economic Coop ARP
Economic cooperative era report notes graphic/PAUL TRA ent 2001 KRT with unclear details. Authorities discuss ARP framework and potential impacts on markets. No specific events or figures clearly identified in readable text.
MENTIONED IN THIS ARTICLE
Lization
Paul Tra
House OKs 5.5 Billion in Farm Aid for Slump
The House passed a 5.5 billion dollar aid package for farmers hit by low commodity prices. The bill funnels 4.6 billion to grain and cotton growers and 900 million to other crops, with payments under the market transition program due by September 30.
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House OK
Senate
Washington
House
Charles Stenholm
Texas
House Agriculture Committee
White House
Congress
America
Jim Nussle
Nussle
Winter losses shut down Eastern Iowa Supply Co
Cedar Rapids based Eastern Iowa Supply Co closed on June 15 after Wells Fargo Bank called its loan and took assets. Five Iowa locations Cedar Rapids Iowa City Waterloo Ottumwa Marshalltown laid off 50 workers. Owner Sharon Oakley plans to return to college after nearly two decades in the drywall supply business.
MENTIONED IN THIS ARTICLE
Iowa
Wells Fargo Bank
Iowa City
Cedar Rapids
Waterloo
Ottumwa
Marshalltown
Oakley
Eastern Iowa Supply Co
Sixth St
Wells Fargo
Des Moines
Sixth Street
Fed Expected to Cut Rates Sixth Time This Year
Fed policymakers weigh a sixth rate cut as economists split on whether to trim a half point or a quarter point. Data released Tuesday show rising consumer confidence, strong durable goods orders up 2.9 percent, and a 0.8 percent rise in new-home sales, signaling improving economy amid rate deliberations.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
David Jones
Aubrey G. Lanston & Co
New York
U.S
NAFTA blamed for harming US Canadian Mexican farmers
Public Citizen releases a 55 page report alleging NAFTA has hurt farmers and ranchers in the United States Canada and Mexico seven years after the pact took effect. The group cites plunging commodity prices including corn down 20 percent wheat down 28 percent and cotton down 38 percent while administrations push fast track trade authority.
MENTIONED IN THIS ARTICLE
Washington
United States
Canada
Mexico
Public Citizen
Ralph Nader
NAFTA
Bush
Congress
Americas
Hemisphere
Jim Dyke
Commerce
Donald Evans
Also Mentioned on This Page
Sey
Djia
Collins
Muscatine Thrift Branch
Krt
Bes
United Kingdom
Italy
Gazette
Brian Ray
Primus
Hiawatha
Management
VMF Capital, LLC
Cereee
Ivy
Kirkwood
Kirkwoodcollege.com
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