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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 18, 2003
Page
16
Stocks climbed for a fourth straight session as war with Iraq seemed likely. The Dow rose 282.21 to 8141.92, Nasdaq up 51.94 to 1392.27, and S&P 500 up 29.52 to 862.79, with advancers outpacing decliners over 3 to 1 on the NYSE.
Dollar General Corp reports fourth quarter net income of $108 million or 32 cents a share, up from $97.4 million or 29 cents. Sales rise to $1.76 billion, up 10.8 percent, as the Goodlettsville based retailer rebinds after an accounting probe. Dollar General operates stores in many Eastern Iowa communities.
ING Groep NV announced a 14.1 billion writedown on acquisitions under US GAAP reflecting weaker performance of 2001 purchases including Aetna Inc and Reliastar Financial Corp. The reduction underscores the gap between purchase prices and current values for the bank and insurer assets.
Interest rates rose in Monday's Treasury auction with $17 billion sold in three month bills at a discount of 1.115 percent and $17 billion in six month bills at 1.110 percent. The discount rates imply yields of 1.137 percent for three months and 1.135 percent for six months. The one year constant maturity yield slipped to 1.16 percent from 1.22 percent.
Long haul drivers like Steven Cook of Hills warn diesel costs threaten his $1,725 monthly Peterbilt payments and could force him out of business and lose his home. U.S. diesel averages rose 46 percent in a year, though recent EIA data show small declines.
Spiegel Inc., parent of Eddie Bauer and Newport News fashions and the Spiegel Catalog, filed for Chapter 11 bankruptcy in New York with $400 million in financing. The company plans to keep stores and catalog operations open while lenders provide debtor-in-possession funds and negotiations proceed. Credits cards were halted, sales have declined, and analysts suggest Eddie Bauer stores could be sold to raise cash as assets total $1.74 billion against $1.71 billion in liabilities.
American Airlines opens formal negotiations with 26 000 flight attendants and 34 500 ground workers as it seeks 660 million in annual cuts. Pilots continue talks since last month. Spokesmen promise urgency and productivity while weighing layoffs and rule changes amid AMR Corp. bankruptcy risk.
Analysts say the Federal Reserve will likely keep the federal funds rate at 1.25 percent at today’s meeting. They note cuts to zero could follow in coming weeks if Iraq war effects threaten the economy or disrupt markets.
An ultra Orthodox sect tied to Agriprocessors in Postville Iowa plans to reopen the former Gordon Nebraska packing plant this summer. Local Pride of Des Moines purchased the plant February 28 and aims to hire up to 100 workers to produce kosher and non kosher beef and lamb amid efforts to pursue tax incentives.
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