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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 28, 2007
Page
10
Stocks rose after a wobbly session as the Dow climbed 90.07 to 13,427.73 while the S&P 500 advanced 13.45 to 1,506.34 and the Nasdaq rose 31.19 to 2,605.35. Advancers led decliners about 3 to 1 on the NYSE amid lingering investor caution.
U S factories saw a 2.8 percent drop in May durable goods orders, the largest in four months. The decline was led by a 22.7 percent fall in aircraft orders, with broad weakness across metals, machinery, and electronics as demand softened.
ConAgra Foods Inc reports fourth quarter profit of 192 million dollars or 39 cents a share, up from 59.2 million or 11 cents a year earlier. Revenue climbs to 3.33 billion from 2.94 billion, aided by commodities trading while Peter Pan recall costs weighed on results.
Guitar Center Inc. said its board accepted a 1.9 billion dollar cash buyout from Bain Capital Partners affiliates. The deal at 63 dollars a share values the company with a 26 percent premium over Tuesday's close and includes assuming about 206 million dollars in debt.
A tandem survey reports gas prices in the Corridor area as of yesterday afternoon. Prices are rounded to the nearest cent.
Kronos Hotels LLC acquires the Crowne Plaza Five Seasons in downtown Cedar Rapids from Lodgian Inc. for 68 million, planning renovations of 1 million plus and spending 16 to 20 million on upgrades across 16 hotels. The company expects improvements within 60 to 90 days, shaping lobby guest rooms and conference areas with input from InterContinental Hotels Group Holiday Inn.
A neighbour, George C. Ford, notes Guaranty Bank W lobbied to open a Bever Avenue and Memorial Drive SE branch. Harold Delamater opposed the plan yet praised the bank for a building that fits the area. Delamater moved his own banking to Guaranty after joining first at the Feb 26 opening as branch manager Virginia Wilts states the neighborhood has responded well.
Guaranty Bank and the Junior League will host Bever Park County Fair Day at Old MacDonalds Farm from 10 a.m. to 1 p.m. on July 28 in Bever Park. The event highlights neighborhood outreach and features new accounts from nearby residents.
Iowa senators Grassley and Harkin challenge Homeland Security proposals to classify propane as a chemical of interest requiring risk assessments. The rule would affect farmers who rely on propane for grain drying and heating, with costs estimated at 2300 to 3500 dollars. Industry groups question the need for added regulation as growers warn of broad burdens.
A Michigan family sold their GMC Yukon in 30 minutes via a lease swap site after pre paying about $12,000 on a two year lease. Buyers from North Carolina and Raleigh show interest, but lease transfers carry risks including ongoing liability and potential transfer fees like GMAC's $595.
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