Market Tumbles as Dow Closes at Two-Year Low
Stocks fell again on concerns over Federal Reserve policy with the Dow dropping 233.76 to 9,487.00, its lowest finish in two years. The Nasdaq slid 27.21 to 1,830.23 as decliners led advancers 11 to 4 on strong volume while Eastern Iowa stocks showed mixed results. Former Maytag chairman Lloyd Ward exits with a severance over $1.7 million in cash plus options and post tenure pay.
MENTIONED IN THIS ARTICLE
Federal Reserve
Dow
New York Stock Exchange
Iowa
Toyota
Procter & Gamble
Deere
McLeod USA
International Paper
Weyerhaeuser
Rockwell
Maytag
Lloyd Ward
U.S. Securities and Exchange Commission
Ward
Jim Powell
Consumer prices ease in February amid energy retreat
The Labor Department reports the CPI rose 0.3 percent in February after a 0.6 percent jump in January. Excluding energy and food, the core rate also rose 0.3 percent, signaling moderating overall inflation despite higher prescription drug, food, and clothing costs.
MENTIONED IN THIS ARTICLE
Labor Department
P&G weighs 10 to 20 percent global job cuts
Procter & Gamble Co considers more layoffs to meet the downturn. The Wall Street Journal cites unnamed sources that the Cincinnati company could cut up to 22,000 jobs from about 110,000. P&G runs a consumer products plant in Iowa City.
MENTIONED IN THIS ARTICLE
Procter & Gamble Co
The
Wall Street Journal
P&g
Iowa City
FedEx earnings dip in third quarter on slower economy
FedEx Corp. posted a 4 percent drop in profit for its third fiscal quarter as revenue rose 7 percent to 4.8 billion dollars. The company earned 109 million dollars, or 37 cents a share, down from 113 million dollars or 39 cents a share a year earlier. An extra 4 cent per share tax-rate benefit was recorded, but results would have been 33 cents a share without it, missing analysts' 36 cent expectation.
MENTIONED IN THIS ARTICLE
FedEx Corp
Wall Street
First Call
Thomson Financial
Judge OKs no bid postal contract with FedEx
A federal judge upheld a 6 billion seven year no bid contract between the U S Postal Service and Federal Express for Express Mail Priority Mail and some first class mail The suit by Emery Worldwide Airlines was dismissed while lawmakers from both parties have received over 5 million in political donations from FedEx and executives in the last decade
MENTIONED IN THIS ARTICLE
U.S. Postal Service
Federal Express
Emery Worldwide Airlines
Postal Service
FedEx
Capitol Hill
Deere cuts production as farm equipment demand falters
Deere & Co plans reduced output of construction and ground care equipment and warns second quarter earnings may be lower. Soft tractor markets, cold wet weather, and a February Davenport storage facility fire weigh on sales. Waterloo plant to close for a week in April.
MENTIONED IN THIS ARTICLE
Moline
Deere & Co
Deere
New York Stock Exchange
Waterloo
Iowa
Alexander Blanton
Ingalls & Snyder LLC
Robert Lane
Davenport
Financial education seen key for women
Ruth Hennefeld of Merrill Lynch urges women to educate themselves on finance amid volatility. She speaks at the Professional Women's Network event in Cedar Rapids, outlining asset allocation, planning and diversification, and warns against chasing high returns seen in 1999.
MENTIONED IN THIS ARTICLE
George C. Ford
Cedar Rapids
Merrill Lynch
New York
Ruth Hennefeld
Crowne Plaza Five Seasons Hotel
Hennefeld
Boeing to move headquarters from Seattle to central U S
Boeing Co announces relocation of its headquarters from Seattle to a central U S location as it seeks cost savings. Chairman Phil Condit names Chicago Denver or Dallas Fort Worth as targets while keeping Seattle plants and much of R and D. More than half of Seattle corporate center staff face reassignment or layoff. Shares drop to 53.85 on NYSE.
MENTIONED IN THIS ARTICLE
Seattle
Boeing Co
Phil Condit
Boeing
Chicago
Denver
Dallas-Fort Worth
Condit
Rockwell Collins
Cedar Rapids
Boeing Commercial
New York Stock Exchange
Cedar Rapids trade expo boosts business networking
The Open for Business Trade Show at the U S Cellular Center drew about 5 000 visitors and 170 exhibitors. Vendors including Grand Island Snowmobile Rentals and Shipwreck Tours promoted partnerships with Sand Communications amid indoor golf contests and quirky giveaways. Admission is five dollars with free passes at The Gazette or Chamber office.
MENTIONED IN THIS ARTICLE
Shipwreck Tours Inc
Sand Communications Inc
Cedar Rapids
Gazette
Chamber
First Ave. NE
Jack Hofmann
Helen
Marion
Kinderknecht Associates Inc
Cedar Rapids Area
Chamber of Commerce
U.S. Cellular Center
Hawkeye Harley to Host Chamber of Commerce Event
Hawkeye Harley Davidson in Coralville hosts a Business PM event sponsored by the Iowa City Area Chamber of Commerce. Owners Mike Myers, his wife Lori Walsh-Myers, and their family discuss travel adventures and showcase the new 18 000 square foot store at 2812 Commerce Dr with 138 current motorcycles allocated. Admission is 4 for members and 6 for non members.
MENTIONED IN THIS ARTICLE
Marlene Lucas
Coralville
Mike Myers
Harley Davidson
Mike
David Myers
Richard Myers
Hawks Feed and Relay
Interstate 80
First Avenue
London
Europe
Mexico
Richard
Panama
Myers
Commerce Dr
Iowa City
Also Mentioned on This Page
Djia
Oks
Bizf
U.S
Solace Lena Inte
PWN
C.R. Business Trade
Mark Lemon
Airport
National Public Golf Complex
National Kidney Foundation of
Airport National Public
Airport National
Lemon
OSE
Warren Moe
Nikki Fox
Cellular
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