Market drop follows growth fears despite strong earnings outlooks
Stocks fell on Tuesday as worries about slow job growth and a weak economy outweighed upbeat earnings from Nike Inc and Texas Instruments Inc. The Nasdaq slid 13.62 to 1,995.16 and the Dow dipped 72.52 to 10,456.96 as investors questioned if the year‑long rally had run its course. Top execs from Archer Daniels Midland and Lesaffre in Cedar Rapids broke ground on Red Star Yeast LLC, a $50 million plant creating 87 jobs near ACM’s corn-processing facility. Volkswagen warned of miserable quarter profits and announced 5,000 job cuts amid weak markets and dollar headwinds.
MENTIONED IN THIS ARTICLE
Nike Inc
Texas Instruments Inc
Dow
New York Stock Exchange
Archer Daniels Midland
Lesaffre International Corp
France
Red Star Yeast LLC
Tom Vilsack
Cedar Rapids
Paul Pate
ACM
55Th Ave
Cedar River Paper
Volkswagen
Frankfurt
Germany
Gazette
Iowa debates curbing livestock antibiotic use across farms
Iowa becomes a focal point for supporters of a 2003 act to restrict eight human-related antibiotics in animals. Dr. David Wallinga and a coalition argue resistance spreads from animal bacteria to humans, while industry groups counter blame and cite declines in poultry antibiotics. Senators Grassley and Harkin weigh impact on costs and food safety.
MENTIONED IN THIS ARTICLE
Dave DeWitte
Gazette
Iowa
David Wallinga
The
Union of Concerned Scientists
National Catholic Rural Life Conference
Food, Drug and Cosmetics Act
Food and Drug Administration
Wallinga
Institute For Agriculture and Trade Policy
Chuck Grassley
Tom Harkin
Denmark
Richard Lobb
National Chicken Council
Broiler Chicken
Britain approves growing of genetically modified crops
London reports the government cleared cultivation of GM corn under strict rules. The decision follows public concern over environmental and health effects, though the British Medical Association said GM foods are unlikely to harm health. Chardon L maize from Cropscience Bayer leads the first commercial GM crop in Britain.
MENTIONED IN THIS ARTICLE
AP Richard James
Willington
England
Tony Blair
Britain
London
United States
British Medical Association
David Carter
Cropscience
Germany
Bayer
European Union
Margaret Beckett
Big Three gain reliability crown over Europe in CR 2004
Consumer Reports 2004 auto issue shows GM Ford and DaimlerChrysler top European cars in reliability for the first time in 25 years. imports still lead in owner satisfaction. CR based on 675,000 responses. 2003 industry average 17 problems per 100 vehicles. newest models from Japanese and Korean brands steady at 12. Acura Honda Infiniti Lexus Mazda Toyota cited as most reliable over five years.
MENTIONED IN THIS ARTICLE
Detroit
Europe
Consumer Reports
General Motors Corp
Ford Motor Co
DaimlerChrysler AG
Chrysler Group
U.S
Acura
Honda
Infiniti
Lexus
Mazda
Toyota
Government to expand mad cow testing nationwide
The United States may announce a rapid expansion of mad cow testing to cover most cattle showing signs of BSE. A rapid test could be deployed in regional labs to yield results in four to six hours, with 200,000 to 300,000 animals tested annually, far above the current 40,000. The plan hinges on approvals for faster assays and contrasts with the Ames lab’s slower, tissue-based protocol.
MENTIONED IN THIS ARTICLE
Washington
Fabio Rupp
Pronics
Agriculture Department
Bill Hawks
USDA
U.S
Rupp
National Veterinary Services Laboratories
Ames
Ames Lab
America
Washington State
Meatpacking production trimmed by mad cow export bans
Tyson Foods and other meatpackers report reduced production due to export bans sparked by mad cow disease. More than 30 countries halted U S beef imports, limiting overseas demand while domestic sales stay strong. About 40 Tyson workers were laid off or reassigned as plants run at lower output amid tight cattle supplies and the export setbacks.
MENTIONED IN THIS ARTICLE
Omaha
Neb
U.S
Mexico
Japan
Korea
Gary Mickelson
Little Rock
Ark
Clinton Mayer
Burnham Securities Inc
United States
Mayer
Texas
Iowa
Idaho
Mickelson
Tyson
Denison
West Point
Boise
Also Mentioned on This Page
Nasdaq
C.R. Yeast
PepsiCo
PepsiCo Inc
Pepsi Edge
McNeil Nutritionals
Pepsi-Cola North America
Coca-Cola Co
Dr Pepper
Lobb
Gazettecommutations
eCedar Rapids
Iowa City
AP Stockquote
AMEX
Biotechnology
Bma’s Science Board
Tony Juniper
Friends of the Earth
Tyson Foods
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