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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 20, 2001
Page
13
Blue chip indices rebound on hopes for a bold Fed cut while Wall Street watches for policy signals. Dow gains 135.70 to 9,959.11 and Nasdaq climbs 60.27 to 1,951.18 as gains outpace declines. several Iowa stocks post advances.
Investors await a 0.75 percentage point rate cut by the Fed led by Alan Greenspan to revive a faltering economy. Analysts warn the stock slide and weak markets risk a broader recession if consumer spending slows.
Kevin Stiers announces closure of the Iowa City location on Kirkwood as Coral Ridge Mall draws more traffic. The 25 year old store will shut around May 31, ending gifts and collectibles after shifting away from crafts. The family will sell the Kirkwood lot.
McLeodUSA Inc. signs a definitive agreement to buy Intelispan Inc. for about $40 million in a stock-for-stock transaction. Intelispan, with 100 employees, offers VPN software that locates local dial-in numbers for traveling employees and routes to 800 numbers if lines are busy. The One Functional Network will integrate Intelispan products and is subject to shareholder and closing conditions. the deal should close in Q2.
Herb Kelleher will resign as chief executive and president of Southwest Airlines in June after nearly 30 years at the helm. James F. Parker will become chief executive and vice chairman, Colleen C. Barrett will be president and chief operating officer, with Kelleher remaining chairman.
Cedar Rapids Agriculture Dinner guest Richard Fritz explains that international market demands do not drive farmers decisions. He notes biotech crops persist though some markets seek conventional crops and cites geographic limits shaping Iowa growers options.
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