Market Rally After Fed Rate Hike Boosts Major Indices
Investors push stocks higher after the Federal Reserve raises rates by a half point. Dow gains 126.79 to 10 934.57, Nasdaq up 109.92 to 3 717.57 while NYSE volume reaches 1.16 billion shares. In Eastern Iowa stocks RF Micro Devices up 8 percent, Conexant up 3, Deere up 1 11/16, WorldCom up 1 9/16. U S Cellular down 1, International Paper down 1 1/16.
MENTIONED IN THIS ARTICLE
Federal Reserve
Central Bank
New York Stock Exchange
Iowa
Conexant
Deere
WorldCom
U.S. Cellular
International Paper
McDonald s to Acquire Boston Market in Cash Deal
McDonald s says a U S Bankruptcy Court ruling clears the way to buy Boston Market operator Boston Chicken Inc for 173 5 million in cash. The deal aims for closing around month end as Boston Chicken runs 851 restaurants across 33 states and DC.
MENTIONED IN THIS ARTICLE
McDonald's Corp
U.S
McDonald's
Boston Chicken Inc
States
District of Columbia
Golden
Colo
Lycos Sold for 12.5 Billion in Terra Networks Deal
Terra Networks SA of Spain will acquire Lycos Inc for 12.5 billion in stock. The deal creates a U S foothold for Terra’s Internet services aimed at Spanish speaking users. Telefonica SA, parent of Terra, is Spain's largest phone company with a strong Latin American presence.
MENTIONED IN THIS ARTICLE
Lycos Inc
Terra Networks SA
Spain
U.S
Telefonica SA
Terra Networks
Telefonica
Latin America
Fed raises key rate by half point to 6.5 percent
The Federal Reserve boosted the federal funds rate by 0.5 point to 6.5 percent the highest in nine years. The move, the sixth since last June and first half-point step, prompts banks to raise the prime lending rate to 9.5 percent. Greenspan warned inflation risks if demand remains brisk.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
Central Bank
Alan Greenspan
First National Bank of Oelwein Returns Under Old Name
Marquette Financial agrees to sell Marquette Bank Oelwein to Northwest Financial with sale pending federal approval in two to three months. Kevin Brooks will stay as president as Northwest plans a local ownership revival and keeps the 1899 charter name First National Bank of Oelwein.
MENTIONED IN THIS ARTICLE
Conovers
Northwest Financial
Brooks
First National Bank of Oelwein
Oelwein
Fredrick and
Charles
First National
Carl Pohlad
Valley Junction
Iowa
Marquette Financial Companies
ADM closes Helena Ark soy crushing plant
ADM will permanently close its Helena Arkansas soybean crushing plant with the adjacent elevator continuing operation. About half of the site workforce of 75 will lose jobs while other plants suspend operations or run at reduced capacity due to softer global demand for soybean meal and oil. Congress planned to vote next week on China's trade status affecting markets.
MENTIONED IN THIS ARTICLE
Archer Daniels Midland Co
Helena, Ark
Congress
China
Deere posts 36 percent earnings increase in second quarter
Deere & Co. reports second quarter net income of 204.3 million or 87 cents a share, up from 150.1 million or 65 cents, beating analysts’ 71 cent forecast. Revenue rises to 3.79 billion as North American farm equipment sales improve and production efficiency advances continue.
MENTIONED IN THIS ARTICLE
Moline, Ill
Deere & Co
First Call Thomson Financial
Deere
New York Stock Exchange
JoAnna Shatney
Goldman, Sachs & Co
Cargill resolves Pioneer seed dispute in 100 million settlement
Cargill admits to growing Pioneer Hi-Bred seed corn to access genetic material as part of a 100 million settlement with Pioneer and two competitors. Des Moines based Pioneer sued in 1998 claiming discovery of Pioneer genetics in rivals products. Cargill to destroy acquired material and stop isolating parent seed in hybrids while rights to disputed genetic material are settled.
MENTIONED IN THIS ARTICLE
DES Moines
Cargill
Jerry Chicoine
Pioneer
Linda Thrane
Nuclear plant near new management take over
A multistate company, Nuclear Management Co. of Hudson Minnesota, nears taking over operation of Iowa's Duane Arnold Energy Center near Palo this summer. DAEC will still be owned by Alliant Energy IES CIPCO and Corn Belt Cooperative as NMC plans to operate five Midwest plants.
MENTIONED IN THIS ARTICLE
The
Nuclear Management Co
Hudson, Minn
Duane Arnold Energy Center
CAEC
Palo
Alliant Energy-Ies
CIPCO
Corn Belt Cooperative
NMC
Alliant Energy
Northern States Power
Wisconsin Energy
WPS Resources
Midwest
DAEC
WPS
Bruce Lacy
U.S. Nuclear Regulatory Commission
Alliant Energy Corp
U.S. Security and Exchange Commission
Iowa Utilities Board
Also Mentioned on This Page
McDonald’s
Boston
ConAgra
American Commercial Lines LLC
ConAgra Inc
Peavey Barge Lines
Brown Water Towing Inc
Superior Barge Lines Inc
American Commercial Lines
Iowa Farmer Today
Wmt-Am
Midwest Marketer
Greene Square Park
Cedar Rapids
Linn County
Ruzicka
Lycos
BizFacts
Travel.com
Mance
Wall Street
David Jones
Aubrey G. Lanston & Co
New York
Minneapolis
New Farm Bureau Office
Gazette Photo
Farm Bureau
Boyson Rd
Hiawatha
Linn County Farm Bureau
Farm Bureau Financial Services
Farm Bureau Regional Claims Center
Primus Construction Inc
George C. Ford
By Marlene Lucas
ADM
Kansas
Illinois
United States
Larry Cunningham
Pacific Rim
Cunningham
American Sales of
Hans Becherer
Lacy
John Slagel
Salomon Smith Barney
Salomon Smith Barney Inc
SIPC
Citigroupt
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