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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 12, 2009
Page
16
Financial shares led a broad decline on Monday as traders worried the rally may be extended too far. The Dow fell 155.88 to 8418.77, the S&P 500 dropped 19.99 to 909.24, and the Nasdaq declined 7.76 to 1731.24.
Terex Cranes plans to lay off 114 workers in Wa verly on Friday amid slumping sales. Temporary shutdowns are set May 18 to June 19 and August 3 to 7. The plant previously eliminated a second shift and cut 150 workers and was closed from mid March to mid April.
Mediacom Communications Corp. reports first quarter profit driven by the sale of cable systems and higher revenue. Earnings reach $22.4 million or 27 cents per share, reversing last year's $30.6 million loss. Revenue climbs 6 percent to $360.4 million from $339.7 million.
The Treasury Department sold 31 billion in three month bills at a discount rate of 0.190 percent and 29 billion in six month bills at 0.305 percent in Monday's auction. Prices implied by the discount indicate a $10 000 face value bill cost about $9 995.20 for three months and $9 984.58 for six months.
Energy prices eased Monday as traders questioned last week’s crude surge. Benchmark crude for June delivery fell to 58.50 a barrel while the national average price at the pump rose 1.3 cents to 2.226 dollars per gallon.
Banks face complex steps to repay federal bailout money. JPMorgan Chase and Goldman Sachs want to return funds but must raise private long term debt, set warrant prices with the government, and be deemed well capitalized. Regulators warn credibility is at stake as the process unfolds.
Mestek Corp backed move of Engel Lockformer and Lion lines from Formtek Bridgeton Missouri to Cedar Rapids. The Cedar Rapids site, soon Mestek Machinery, will add 50 union jobs and offer higher wages about 2 per hour but slows production amid a five year contract for 16 laid off workers.
Iowa corn planting reached 81 percent complete, 10 days ahead of last year and two days ahead of the five year average, with 24 percent emerged. Soybean planting at 21 percent, ahead of last year but behind the five year average. oats 98 percent planted with 73 percent emerged. Fertilizer 95 percent complete. fieldwork 3.1 days.
President Obama nominates Inez Moore Tenenbaum as chair of the Consumer Product Safety Commission and seeks a strong funding boost. The White House notes regulatory experience but critics say she lacks consumer affairs background. The agency oversees over 15 000 product types with about 400 staff and faces funding and power constraints for recalls and suspensions.
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