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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 09, 2009
Page
18
Stocks gain as jobless figures slow in April and banks need less capital. The Dow climbs 164.80 to 8574.65, the S&P 500 up 21.84 to 929.23, and the Nasdaq rises 22.76 to 1739.00, reflecting optimism over weaker unemployment and banking stability.
Toyota Motor Corp. posted a $7.7 billion loss for the January-March quarter, worse than GM, signaling a 2010 fiscal year net loss of about $5.55 billion as the global auto slowdown and credit crunch curbed demand.
Wells Fargo & Co announces an 8.6 billion equity offering of 392.15 million shares at 22 dollars each, increasing its prior target by 1.1 billion. The move follows a government demand for the bank to raise 13.7 billion to cushion potential economic shocks. The offering exceeds earlier expectations after a prior projection of 6 billion.
Gasoline climbs for the eighth straight day as oil closes at 58.63 per barrel on optimism over energy demand. Benchmark crude for June delivery rose 1.92 to end at 58.63, its highest close this year.
Casey's General Stores will pay 11.7 million to plaintiffs and class members plus 400000 in related expenses to settle two wage and hour class-action suits. The cases, filed in Des Moines and Waverly and later by cooks and cashiers, claimed unpaid overtime and missed breaks affecting about 83 800 workers. The settlement reduces fourth quarter earnings by 12 cents per share with a 9.1 million pretax charge and 3 million possible insurance recovery. CEO Robert Myers called the move in employees' best interest.
Cedar River Garden Center in Palo reopened for the season after flood damage in June. Co owners Dan and Megan Diehm credit contractors vendors and neighbors for repairs and say stock is back to pre flood levels. The couple bought the farm in 1988 and built a retail business since 1996.
The Cedar Rapids area Chamber launches the Business Rental Assistance Program to aid leases for up to six months and a maximum of $50,000 for properties damaged by 2008 disasters. Eligible firms must lease space damaged by a natural disaster, sign a yearlong lease, and apply through Corridor Recovery.
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