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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 20, 2003
Page
14
Wall Street dropped as a declining dollar spurred investor concern about foreign buying. The Dow fell 185.58 points to 8,493.39, the Nasdaq declined 45.76 to 1,492.77, and the S&P 500 slipped 23.53 to 920.77 with weak breadth and 1.73 billion shares traded.
Nordstrom Inc reports a return to profitability for the quarter ended May 3 with net income of 27.2 million or 20 cents a share, versus a loss of 24.6 million a year earlier. excluding charges, earnings fell 10.8 percent from last year’s 30.4 million. Analysts expected 14 cents on 1.3 billion in revenue. McLeodUSA sets May 30 annual meeting at St. Regis Hotel New York City with five directors up for election and a Deloitte & Touche audit vote. meeting available by webcast and conference call.
Nationwide gas prices dropped to about 1.56 per gallon over two weeks, the fourth decline since peaking at 1.76 in late March. Analyst Trilby Lundberg noted the trend amid the Iraq war victory but warned crude prices rising to 29 dollars per barrel could slow or stop the drop. Oil traders remain nervous after the May 12 Saudi bombings.
The euro strengthens toward a record after rising above 1.17 dollars as U S officials signal no immediate intervention. The move boosts EU prestige but worries Europe about export costs and slower growth with zero first quarter GDP in the euro area and contractions in Germany Netherlands and Italy.
The Gazette reports cool days and last week's storms hindered planting and germination. By Sunday Iowa farmers had 79 percent of corn planted, versus 64 percent the prior week and far under the five year average of 93 percent. Soybeans reached 19 percent planted, well behind last year's 51 percent and the 54 percent five year average.
Insurers face potentially record losses from early May tornado outbreaks across 18 states. Claims exceed 1 billion dollars as damage assessments continue. The Insurance Information Institute notes homeowners rates rising amid these extraordinary costs and cites prior top events, including a 2001 catastrophe costing 1.93 billion.
The Iowa City Area Development Group adopts LocationOne Information System to publish up to date site data and demographics for locating firms. Utilities MidAmerican Energy and Alliant Energy supported the rollout with Cedar Rapids planning to add access. The system covers Iowa Missouri and Nebraska with more regions soon.
The Federal Reserve unveils a financial literacy drive led by Alan Greenspan to help Americans manage money. A TV ad promotes a new Web site and toll free number 1-800-411-5435 for a free budgeting brochure, while Edward Gramlich notes the wider credit access brings both opportunity and risk. Greenspan and J Alfred Broaddus Jr plan to address Sousa Middle School students on June 5 about saving skills.
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