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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 20, 2010
Page
12
Stocks fell Wednesday as fears about Europe’s debt crisis persisted. The Dow dropped 66.58 to 10,444.37, the S&P 500 declined 5.75 to 1,115.05, and the Nasdaq composite slipped 18.89 to 2,298.37 amid a euro bounce from a four year low.
Construction has begun on a 4500 square foot Linn Area Credit Union branch at 3700 Edgewood Rd SW in Cedar Rapids. The site sits south of Target at Edgewood and Highway 30, with Primus Construction of Hiawatha as general contractor. The credit union serves Cedar Rapids and Marion offices including northeast southeast and southwest locations.
Deere and Company reports second fiscal quarter ended April 30 with net income up 16 percent to 547.5 million or 1.28 per share on 7.13 billion in revenue. Full year earnings outlook raised to 1.6 billion as Chairman Samuel Allen credits disciplined costs and strong execution.
Oil prices ended a 16 day slide as benchmark crude for June delivery rose 46 cents to settle at 69.87 a barrel on the NYMEX. Earlier intraday lows near 67.90 marked the cheapest since Sept. 30, with contracts down about 21 percent since May 3. Gasoline prices show signs of cooling ahead of summer driving season.
The Mortgage Bankers Association reports over 10 percent of U S homeowners with a mortgage missed at least one payment in January-March 2010, a record. About 4.3 million homeowners, roughly 8 percent, are at risk of losing their homes, with Iowa’s delinquencies and foreclosures also climbing.
Kmart plans a June 6 grand opening for its Iowa City Kwash self service laundry at 901 Hollywood Blvd. The facility will feature 31 washers, 30 dryers, free Wi Fi, a drop off service and a play area. Shoppers can online shop and pick up within an hour.
United Fire CEO Randy Ramlo told Cedar Rapids shareholders that only targeted price increases will be explored as the market remains soft. He cited Katrina claims and the use of technology and modeling to speed claims and aid underwriting, noting first quarter earnings rose to 19.4 million.
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