Stocks rally as retail data boosts market gains
Strong April retail sales lift major indices with the Dow up 188.48 to 10,298.14 and the Nasdaq advancing 66.51 to 1,719.05. Local movers include Kohl's, Deere, Weyerhaeuser, Wal-Mart, Maytag, and RF Micro Devices. Farmland Industries replaces top executives amid losses. S&P drops WorldCom and adds Apollo Group to the index. Wal-Mart posts Q1 earnings of 37 cents per share on 14.4 percent sales growth to 54.96 billion.
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Wall Street
Dow
New York Stock Exchange
Kohl’s
Deere
Weyerhaeuser
Wal-Mart
Maytag
Wal-Mart Stores Inc
Thomson Financial
First Call
Shoppers sparkest rise in six months for retail sales
Consumers boosted April retail sales by 1.2 percent the strongest gain in six months, lifting hopes for continued recovery. Car sales rose 1.9 percent, building materials and garden supplies up 2.7 percent, health and beauty 1.9 percent, clothing 0.7 percent, department stores 1.2 percent, with gas prices contributing to overall gains.
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Commerce Department
United States
Fast Fix Bicycle Courier Serves Iowa City Startups
Josh Hotchkin and Jamie Hotchkin launched Fast Fix Bicycle Courier and Delivery Service in Iowa City delivering documents meals groceries and more. Rates start at 2 based on weight and distance. They aim to expand and hope to train others to carry on the service.
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the Gazette
Iowa City
Josh Hotchkin
Jamie Hotchkin
Josh
Jamie
Chicago
Portland
Ore
Newton
Gazette
Marlene Lucas
Fast Fix
John Deere Community Credit Union to open Cedar Rapids branch
Linn County hosts a ground breaking for a new full service John Deere Community Credit Union in northeast Cedar Rapids at 5805 Rockwell Drive NE in front of Blairs Ferry Road SuperTarget. The 5100 square foot facility includes a three lane drive up ATM safe deposit boxes and five tellers with opening planned for Nov 1.
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Gazette
Cedar Rapids
John Deere Community Credit Union
Rockwell Drive
Blairs Ferry Road
Linn County
Marion Hy- Vee
Highway 151
Waterloo Cedar Falls
Doug Gilbertson
John Deere Community
Iowa
Linn
Johnson, Benton
Tama
Black Hawk
Bremer
Buchanan
Butler
Cerro Gordo
Dallas
Fayette
Floyd
Franklin
Grundy
Hardin
Jasper
Marshall
Polk
Poweshiek
Story
Marion Hy-Vee
Contact Assistant Financial Editor David DeWitte
The note provides a contact line for the financial editor, listing David DeWitte and a placeholder phone or code reference, with unclear formatting. No article context or location details are given.
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David DeWitte
Conexant Spin Off to Create Alpha Linked Firm Vote Set
Conexant Systems plans a spin off of its wireless unit to form a new company with Alpha Industries. Shareholders vote at 10 a.m. June 13 in Bedford Massachusetts with Alpha to receive one for one shares and Conexant holders about one third. The deal targets completion by the quarter ending June 30. Dwight Decker will chair the parent and David Aldrich will lead the new firm.
MENTIONED IN THIS ARTICLE
Te Gazette
Conexant Systems Inc
Alpha Industries Inc
Alpha
Conexant
Bedford
Mass
David Aldrich
Dwight Decker
Deere posts 11 percent profit rise in second quarter
Deere & Co reports Q2 earnings of 141.8 million dollars or 59 cents a share, up from 127.8 million or 54 cents. Revenue climbs to 3.99 billion as agricultural equipment sales rise 6 percent, aided by cost-cutting measures and stronger European demand. Shares gain about 7.5 percent in NYSE trading.
MENTIONED IN THIS ARTICLE
Moline, Ill
Deere & Co
Wall Street
Deere
New York Stock Exchange
SEC proposes rule changes for mutual fund ads
The SEC floated rule changes to require more information in mutual fund advertisements. Regulators note ads have sometimes boasted triple digit returns without clearly noting unusual factors behind the performance. They caution investors not to chase short term results. The proposals do not require disclosure of recent performance.
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Washington
Securities and Exchange Commission
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