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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 19, 2004
Page
15
Lower than expected housing data lifted Wall Street on Tuesday as investors hoped the cooling economy would delay aggressive rate hikes. The Dow rose 61.60 points to 9,968.51 and the Nasdaq climbed 21.18 to 1,897.82, with advancers ahead of decliners by about five to two on the NYSE.
Iowa workers compensation premiums have climbed 25 percent in three years while claims have fallen. Insurance officials warn of rising medical costs and a changing loss severity, with trucking and temp agencies facing sharp rate impacts.
Home Depot reports a 21 percent rise in first quarter earnings to 1.10 billion dollars or 49 cents a share on 17.55 billion dollars in revenue. Analysts expected 43 cents a share as the retailer touts better service and strong sales.
Iowa shop owner Jill Reicks earns national notice as Pine Needles Quilt Shop in Cresco is named a great quilt shop in the 2004 Quilt Sampler magazine. The Cresco store opened in 1999 and features 7,000 square feet with over 200 quilts, while a Cedar Rapids hub opened in 2003. Parties mark the honor at both locations May 27–29 in Cresco and May 3–5 in Cedar Rapids.
Deere & Co. reported second quarter net income of 477 million dollars or 1.88 per share for the quarter ended April 30, up 86 percent from a year ago. Revenue rose to 5.87 billion, with US and Canada sales up 39 percent and outside North America up 32 percent.
Iowa joins Minnesota Missouri and Pennsylvania in urging U S trade negotiators to exclude their states from new foreign trade contracts. In a May 3 letter Governor Tom Vilsack says Iowa will not abide by rules in the Australian trade agreement and future pacts, citing loss of manufacturing jobs and a push to favor in state businesses.
President Bush renominated Alan Greenspan to lead the Federal Reserve, praising policies that spurred growth and signaling stability to markets. Greenspan, 78, would begin a fifth term if confirmed by the Senate after being first named by Bush in 2003.
Genencor International announced it has produced research-sample quantities of enzymes capable of neutralizing sarin nerve gas. The Palo Alto company will provide samples to firms forming sprays foams and detergents for military and civilian emergency responders. The effort stems from a three month old collaboration with the U.S. Army ECBC.
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