Stocks Sink As Wholesale Prices Spark Market Selloff
The Dow fell 52.97 to 2272.52 amid a 0.7 percent April wholesale price rise, with 1,380 issues down on the NYSE. Traders cited higher rates and option expirations as volatility drivers, while some firms like Kidde gained and giants such as IBM and Digital Equipment dropped, signaling broad declines and mixed moves in Eastern Iowa stocks. Local broker Gene Brawner called rates the key fear, forecasting a flat to down-rate future.
MENTIONED IN THIS ARTICLE
Wall Street
Iowa
New York Stock Exchange
Lion
New York
Labor Department
Treasury
Gene Brawner
Iowa City
Davi Bosworth
Brawner
Kidde Inc
Penwest
Nash Finch
Weyerhaeuser
Raytheon
Longview Fibre
Rockwell International
W.R. Grace
Hon Industries
Procter & Gamble
General Mills
Jack Solomon
Bear, Stearns & Co
Fed
NYSE
Allegis
United Airlines
Bausch & Lomb
Digital Equipment
IBM
General Electric
Burlington Industries
Brief statewide and national business notes from AP dispatches
Spirit Lake Iowa Crystal Tips Inc laid off 24 of 89 workers to trim inventories before resuming normal production and boost summer sales. New York steel imports in Q1 1987 fell 10.4 percent to 5.13 million tons from a year earlier. Detroit GM to temporarily close three plants and cut 7,750 jobs to reduce inventories. Mill Valley Calif Gordon B Sherman, founder of Midas Muffler Shop, died of cancer at 59. Minneapolis Northwest Airlines plans up to 325 CFM56 5 engines costing about 1.25 billion for Airbus A320 and A340 orders.
MENTIONED IN THIS ARTICLE
Spirit Lake, Iowa
Crystal Tips, Inc
Dick Warren
New York
American Institute of
Detroit
General Motors Corp
Pontiac
Mich
Willow Run
Doraville
Mill Valley
Calif
Gordon B. Sherman
Midas
Sherman
Chicago
Marin County
Minneapolis
Northwest Airlines
Airbus Industrie
General Electric
Snecma
Banks lift prime rate to 8 percent in latest move
Major banks raised the prime lending rate by a quarter point to 8 percent the highest in 10 months and a second increase in two weeks. Chase Manhattan led the change with others quickly matching it as inflation fears and dollar weakness push up borrowing costs nationwide.
MENTIONED IN THIS ARTICLE
New York
Chase Manhattan Bank
Chase
Philip Braverman
Irving Securities Inc
Robert S. Dow
Isuzu Recalls 177 215 Cars Over Fuel Pump Flaws
Isuzu Motors recalls 177 215 vehicles built between March 1985 and March 1986 for defective rubber linings in the fuel pump. US sales are through General Motors as Spectrum and Isuzu I-Mark. Methanol in gasoline loosens linings causing leaks. two Tokyo cases reported. 157 000 cars in US Canada Australia. 20 215 in Japan.
MENTIONED IN THIS ARTICLE
Tokyo
Isuzu Motors
United States
General Motors Corp
Spectrum
Isuzu
I-Mark
Takeshi Fujii
Canada
Australia
Japan
United Fire reports strong first quarter earnings rise
United Fire & Casualty Co of Cedar Rapids posts first quarter operating earnings of 4.6 million and net income of 6.4 million, up from 202 column. Revenue climbs 24 percent to 33.2 million as premiums earned and investment income rise. CEO Scott McIntyre cites milder winter reducing claims and improving underwriting.
MENTIONED IN THIS ARTICLE
United Fire & Casualty Co
Cedar Rapids
Scott McIntyre Jr
Compa
McIntyre
Midwest
Shearson
Lehman Brothers
Lowa
Seenececensencessensisses
Essenssenesereece
Curtice Buf
C c
Hawkeye BanCor
Wwecennens
Neietentsentes Enseeieen Saben
Nanse
United Fire Wilson Foods
Mid-America
Aemarien
Rcil Inc
P G promotes Iowa City manager to national post
Ted W. Martens, manager at Procter & Gamble's Iowa City plant since 1983, is promoted to vice president of operations for J T Baker Chemical Co, a P G subsidiary. He will move to Phillipsburg New Jersey by July 1. James W. Lane will take over in Iowa City arriving about June 1 after supervising Modern Products Co Saudi Arabia plant. Lane has past Iowa City service and assignments across multiple P G plants. The Iowa City plant makes Crest Gleem Scope Pert Prell Head and Shoulders Lilt products.
MENTIONED IN THIS ARTICLE
Iowa City
Ted W. Martens
Procter & Gamble
J.T. Baker Chemical Co
P&g
Baker
Phillipsburg
N.J
James W. Lane
Jeddah
Saudi Arabia
Modern Products Co
Lane
Cape Girardeau
Dreyer's pulls Ehrlichman TV ad over customer concerns
Dreyer's Grand Ice Cream yanked a television spot featuring Watergate figure John Ehrlichman after strong customer reaction. President of the company W F Cronk said negative responses and concerns led to removing the ad immediately. other ads included Melvin Dummar and a UFO encounter woman.
MENTIONED IN THIS ARTICLE
Oakland
Calif
Watergate
John Ehrlichman
Dreyer
Melvin Dummar
Howard Hughes
W. F. Cronk
Ehrlichman
Nixon
Also Mentioned on This Page
Associated Press and Gazette
Hospital Corp. of America
Asarco
Honda
Standard & Poor
S&p
Spirit Lake
Money Center Banks
Braverman
U.S. Treasury
Federal Reserve
Stein Roe & Farnham Inc
Bank Rate Monitor
C.R. Grain
Gett Cai Art Fees
Aoe
Grait
E.J. Livestock
Farmstead Foods
Fairfax
Fa Rts Saat Ni Olson
Yuba Editor
Ted Undertone
Minnesota
Leana
Geen G Vee
Iowa Regional Grain
Wile
Wew
York
Chi Board of Grain Options
Fein Tata
Li Aa
Wise
Merce
Tbs
Ib. Price
Doy
United Fire
Rove
Cope Yeene Eid
Amwest Insurance Mediq Inc
Hastings
Hamilton Olif Resources
Supplement
Yoelkers
Erlichman
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