Tech stocks rebound as Dow snaps losses and Motorola cuts jobs
Technology and blue chip shares rallied on Tuesday while the Nasdaq added 4.8 percent to 2 014 78 and the Dow edged up 82 55 to 10 290 80. The S P 500 rose 1 5 percent to 1 197 66. Motorola announced 7 000 job cuts in cellular division, pushing total cuts past 10 of workforce since December and signaling an expected first quarter loss since 1985.
MENTIONED IN THIS ARTICLE
Wall Street
Dow
Standard & Poor
Motorola Inc
Motorola
Kmart posts slim beat as profit declines in Q4
Kmart Corp reports a 40 percent drop in fiscal Q4 profit to 249 million or 48 cents a share for the 14 weeks ending January 31, beating Wall Street expectations. Full year shows a loss of 244 million or 48 cents per share on 37.03 billion, vs prior year earnings of 403 million or 1.22 a share on 35.92 billion. Same store sales rose 2.1 percent, with February up 3.3 percent.
MENTIONED IN THIS ARTICLE
Kmart Corp
Wall Street
Kmart
Chuck Conaway
GE Chief-Elect Immelt Sees Double-Digit Earnings Growth
Jeffrey Immelt, newly chosen GE chairman, says the company will deliver double-digit earnings growth for the quarter and year and meets the 30 cent per share first quarter consensus. GE stock rose $2.73 to $42.33 on Tuesday after a marketwide selloff, as Immelt prepares to succeed Jack Welch who intends to retire by year end.
MENTIONED IN THIS ARTICLE
General Electric Co
Jeffrey Immelt
Immelt
New York Stock Exchange
Northwest mechanics reject last minute contract offer
The Aircraft Mechanics Fraternal Association said Northwest Airlines failed to meet criteria in a rejected deal. Back pay could not offset substandard wages during 54 months of contract talks, as union members in Minneapolis St Paul reviewed the summary.
MENTIONED IN THIS ARTICLE
Northwest Airlines
Northwest
Aircraft Mechanics Fraternal Association National
O.V. Delle-Femme
Minneapolis-St. Paul
Corn Dogs Recalled Over StarLink Genetically Engineered Corn
Worthington Foods recalled all its meatless corn dogs after tests found StarLink corn not approved for human consumption. Greenpeace had reported detecting StarLink maize in corn dogs bought in a Baltimore Safeway last month. Call toll free for details at 1 877 924 4247.
MENTIONED IN THIS ARTICLE
Vegetarian Foods
Kellogg Co
Greenpeace
Baltimore Safeway
Worthington Foods Inc
Worthington Foods
Morningstar Farms
Loma Linda
Natural Touch
Poultry glut squeezes Perdue profits in Salisbury
Jim Perdue of Perdue Farms notes an oversupply of chicken pressuring margins to a quarter-cent per pound while the industry faces stricter rules and rising global competition. Experts cite weak demand, regulatory costs, and shrinking domestic prices for boneless skinless breasts from $1.675 to $1.445 per pound between 1998 reports.
MENTIONED IN THIS ARTICLE
Salisbury, Md
Jim Perdue
Perdue
Perdue Farms Inc
Hong Kong
Russia
Brazil
U.S
Georgia Department of Agriculture
Household net worth drops for first time in 55 years
The Federal Reserve said Americans’ total net worth ended last year at 41.42 trillion dollars, down 841.5 billion from 1999. This 2 percent decline marks the first year over year drop since 1945, ending five years of rising wealth driven by a booming stock market.
MENTIONED IN THIS ARTICLE
Washington
U.S
Federal Reserve
Fed
United States
Mark Zandi
Economy.com
West Chester, Pa
McDonalds orders packers to prove mad cow rule compliance
McDonald’s Corp requires packers by April 1 to document cattle feed compliance with federal mad cow rules. Major meatpackers IBP Excel and ConAgra push suppliers to show documentation, while the Livestock Marketing Association urges cattle producers to verify compliance to maintain slaughterhouse access.
MENTIONED IN THIS ARTICLE
McDonald’s
Washington
McDonald’s Corp
IBP Inc
Excel
ConAgra
Livestock Marketing Association
February retail slump could spur Fed action
February retail sales fell 0.2 percent signaling cautious consumer mood after a 1.3 percent January rebound. Analysts say the drop supports potential Fed rate cuts next week while emphasizing the economy remains sluggish but not in recession, with gains in groceries offsetting declines in furniture and dining out.
MENTIONED IN THIS ARTICLE
Fed
Washington
First Union
Federal Reserve
Commerce Department
Alliant plan aims to ease rate shock in TES area
Alliant Energy seeks to blunt this summer’s expected 10 percent rise in TES electric rates by shifting more gas cost into the energy adjustment clause during spring. A typical household would pay about 5.20 more monthly in April and May and 2.60 more in June.
MENTIONED IN THIS ARTICLE
John Ruff
Alliant
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Penford Corp
Djia
Northwest Mechanics
Starlink
BizFacts
Pew Internet
Pat Carr
Paul Trap
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William Roenigk
National Chicken Council
Roenigk
U.S. Labor Department
Environmental Protection Agency
Coralville Village Inn
Gazette
Jim Slosiarek
Mike Schmidt
Bertelli Electric
New Village Inn
Coral Ridge Mall
Coralville
By Dave DeWitte
TES
Eliot Protsch
IES Utilities
Allianz
Protsch
IUB
Office of Consumer Advocate
Sauey
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Uaa Et Eer
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Chestnut Ridge Cr. N.E
42Nd St
Morelle Rd
Primus
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