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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 21, 2003
Page
14
The stock market closed narrowly lower after early gains amid fears of mad cow disease and a heightened terror alert. The Dow fell 2.03 points to 8,491.36, the Nasdaq slipped 1.68 to 1,491.09, and the S&P 500 eased 1.04 to 919.73 as volume stayed moderate.
Alliant Energy and Interstate Power & Light win state approval for a five year energy efficiency plan. The initiative offers incentives for air conditioners clothes washers and hot water heaters and updates energy audits. Pilot projects will test new farm rental and dealer training initiatives before full launch.
Bond prices rose as investors sought safety amid fears of mad cow disease and a higher terror alert. The 10 year note gained 1 point to yield 3.36 percent, and the 30 year bond climbed 27/32 point to 4.35 percent, easing from the previous day.
The Walt Disney Co and Wells Dairy Inc sign a long term deal to develop and market Disney branded ice cream and dairy products. Products include Buzz Bomb Pops Goofy Scoop Cones Mickey Mouse Fudge Bars and a Buzz Lightyear Disney Sandwich. Available mainly at Wal Mart Target Greatland stores and other grocers.
United Fire and Casualty Co. says catastrophe losses totaling about 11.5 million through May 19 will reduce the second quarter earnings per share by roughly 74 cents. The firm cites 484 hailstorm claims in Texas in April and 450 claims from severe storms in the Midwest and South from May 2 to May 11.
Home Depot reports higher profits as customer service improvements and better advertising boost sales. Shares rose over 9 percent after the firm said earnings reached 907 million dollars or 39 cents a share, up from 856 million dollars or 36 cents a share a year earlier, with flat to small gains predicted for 2003 same store sales.
The 33rd Avenue Sports Bar and Grill in Cedar Rapids showcases memorabilia from Big Ten teams that have stayed at the Clarion hotel for 26 years. Notable items include a Brad Banks jersey, a Michael Jordan basketball helmet, and Len Dawson's helmet, along with dozens of autographs, media guides, and sports gear. The lounge features extended hours, a new menu, and team-themed decor to honor visiting athletes.
Ford Motor Co chairman and CEO Bill Ford Jr says the restructuring is working and the company will meet its 2003 earnings goal of 70 cents a share. He notes heavy incentives affect profits but cites first quarter earnings near $900 million after prior losses. Cost reductions remain central to achieving goals amid rising health care and pricing pressures.
Sprint Corp moves to sell local phone service to its cellular and long distance customers in 35 states as part of bundled packages. The strategy aims to encourage landline subscribers to switch to all wireless by inserting notices on bills to 18 million cellular and 6 million long distance customers. Sprint wants to stay competitive with AT&T and MCI offering local service in many states.
Iowa gasoline prices average 1.49 per gallon up 6 cents from the national mean. Midwest prices climb amid tight inventories and talk of OPEC cuts, with Fort Dodge highest at 1.57 and Davenport lowest at 1.42. Diesel up 4 cents. propane down 1 cent to 93 cents.
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