Stocks drift as bonds, rates and notices shape market mood
Stocks finished mixed as the Dow rose 7.54 to 10 777.28 while the Nasdaq fell 106.25 to 3538.71. Eastern Iowa movers show Petco up 4 to 19 percent and IBM recalls ThinkPad adapters after overheating reports. Mortgage rates hit fresh highs, with 30 and 15 year loans climbing to 8.64 and 8.31 percent respectively.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Iowa
Petco
National Computer Systems
Wal-Mart
Gillette
RF Micro Devices
WorldCom
Conexant
Freddie Mac
Gas prices rise across Cedar Rapids area stores
Gasoline costs jumped about 10 cents a gallon this week in Cedar Rapids area convenience stores to near 1.50 for unleaded regular, a second 10 cent rise within two weeks. Iowa City rolls from 1.40 to 1.50. national prices average 1.49. Industry officials cite higher crude oil near 30.25 and summer travel demand as factors. Professionals note erratic pricing and cost pressures on retailers and consumers alike.
MENTIONED IN THIS ARTICLE
Cedar Rapids Area
Iowa City
U.S
Carlson
Don Lyons
Linn Co-operative Oil Co
David Nordstrom
Nordstrom Oil Co
HandiMart Food
Nordstrom
State UK's loan for Benco growth
North American auto parts supplier Benco near finalizing an 80 new jobs and 2 million expansion in Belle Plaine with 150000 state aid. The project, awaiting Magna International approval, would add about 10 million in annual production and relocate from Lexington to Iowa.
MENTIONED IN THIS ARTICLE
BELLE
Gibson
Cosmo International
Benco
Iowa
Tennessee
Lexington
Belle Plaine
Kentucky
Community Economic Betterment
Iowa Department of Economic Development Board
Jobless Claims Dip Again Indicate Tight Labor Market
The Labor Department says 276000 Americans filed new unemployment claims for the week ending May 13, down 21000 from the prior week and the lowest since April 15. The four week moving average rose slightly to 289750, signaling ongoing labor market tightness and potential wage pressures for businesses and consumers.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Iowa jobless rate edges up in April 2.2 percent
Iowa's seasonally adjusted unemployment rate rose to 2.2 percent in April from 2.1 percent, per Iowa Workforce Development. Linn and Johnson counties showed lower rates 1.6 and 1.7 percent respectively, with total unemployed counts of 1,800 in Linn and 1,200 in Johnson. The state notes a still strong hiring pace across non farm sectors with overall employment up versus a year ago. The national rate stood at 3.9 percent in April, the first sub 4 percent reading since 1970.
MENTIONED IN THIS ARTICLE
George C. Ford
Iowa
Linn County
Johnson County
Richard Running
Iowa Workforce Development
Running
U.S
Justice Department urged blocking Sprint WorldCom merger
Federal antitrust enforcers recommended blocking WorldCom Inc. s 115 billion buyout of Sprint Corp citing antitrust concerns. The plan was sent to Justice Department antitrust chief Joel Klein after a six month review. Klein could approve if divestitures protect competition. The deal would create a 50 billion revenue telecom giant with operations in 65 countries.
MENTIONED IN THIS ARTICLE
New York
WorldCom Inc
Sprint Corp
The
Wall Street Journal
Justice Department
Joel Klein
Klein
Paper merger clears review in antitrust approval
International Paper wins U.S. antitrust clearance for its 7.3 billion acquisition of Champion International. The deal, worth 7.3 billion cash and stock plus 2.3 billion in assumed debt, would create the world’s largest paper maker with about 24.6 billion in revenue and 99,000 employees. Champion operates from Stamford Connecticut and has 18,000 employees. Canada and Brazil still review the transaction. Analysts say the merger could save about 425 million by year end and benefit both firms. Evergreen Packaging Equipment in Cedar Rapids is part of International Paper.
MENTIONED IN THIS ARTICLE
New York
International Paper
Champion International
U.S. Department of Justice
Canada
Brazil
John Dillon
Purchase
N.Y
Champion
Stamford
Conn
Upm-Kymmene
UPM
Brown Brothers Harriman
Kathryn McAuley
Evergreen Packaging Equipment
Cedar Rapids
Also Mentioned on This Page
Fed
Federal Reserve
Central Bank
IBM
International Business Machines Corp
Armonk
BizFacts
Tale of the
Fox
Warner Bros
Buena Vista
Universal
Varie
Pat Carr
Paul Trap
Columbia TriStar
Krt
Paramount
By Dave DeWitte
Dawn Carlson
Petroleum Marketers of
Des Moines
Workforce Development
Sprint-WorldCom
Joel J. Klein
Gina Talamona
Department
Antitrust Division
Talamona
Wall Street
Stephen Axinn
Sion
Line of Credit
Benton
Buchanan
Cedar
Delaware
Johnson, Jones, Iowa, & Linn
Collins Community Credit Union
Bloomberg Financial Hour
Dolans
Husband & Wife Finance
KCRG
Gaewa Es
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