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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 27, 2005
Page
18
The economy grew 3.5 percent in the first quarter, up from 3.1 and close to the 3.6 expected. The Dow gained 79.80 to 10,537.60 and the Nasdaq rose 21.12 to 2,071.24 as advancers outpaced decliners 9 to 4 on the NYSE.
Dollar General Corp reports first quarter net income of 64.9 million dollars, 20 cents per share, down from 67.8 million. Gross margin slips to 28.5 percent from 29.3 percent due to higher transportation costs and softer sales of seasonal and home goods. Revenue climbs 13 percent to 1.98 billion dollars amid new store openings and a 4.9 percent rise in same store sales.
H J Heinz Co reported fourth quarter net income of 206.5 million dollars or 58 cents a share, up from 196.5 million or 55 cents. Sales climbed 5 percent to 2.45 billion dollars due to higher volume and pricing amid European business concerns. Excluding items, earnings were 63 cents.
Freddie Mac reports 30-year fixed rates average 5.65 percent, down from 5.71. Fifteen-year fixed rates fall to 5.21 percent, down from 5.27. One-year adjustable rates drop to 4.21 percent, down from 4.26. Home sales rise to record levels as rates ease.
The Gazette reports on the Association of Equipment Manufacturers chart listing 461 im and 466 figures for 2005 and 2004, detailing import and production trends and industry rankings.
Crystal Group Inc rugged computers will fly on the WB-57 chase aircraft for NASA’s Return to Flight WAVE program. The CS500 servers will store video from nose cone cameras to monitor Discovery during ascent and ensure safety against past shuttle losses. NASA officials say the video system offers unprecedented lift off visibility alongside ground and on shuttle cameras. Crystal emphasizes rugged design, stability in vibration and cold, with broader NASA and military applications cited.
Cambridge Staffing of Cedar Rapids reports 53 percent of 100 Eastern Iowa firms will add staff May through August, up 10 points from January to April. Production jobs will constitute half of new hires, with salaried positions growing and service firms at 44 percent.
New York Attorney General Eliot Spitzer filed a civil suit in Manhattan alleging American International Group and former CEO Maurice Greenberg and former CFO Howard Smith used deception to inflate the firm’s stock price and mislead investors and regulators. The 37 page complaint cites at least two questionable insurance transactions and says Greenberg proposed deals with General Re. Buffett’s Berkshire Hathaway is linked to the unit involved, though Buffett says he was not directly involved.
New York attorney general Eliot Spitzer alleges a deal was arranged between Greenberg and Gen Re's former chief executive. The suit claims AIG concealed underwriting losses through offshore shells and mischaracterized income from life insurance purchases while denying links to offshore entities.
U S Commerce Department revision places first quarter growth at 3.5 percent aligning with stronger trade, housing, and consumer spending readings. The upgrade from 3.1 percent reflects better trade balance and higher home spending while consumer outlays eased from late 2004's pace.
Local April job data show the Cedar Rapids MSA unemployment falling from 5.7 to 4.5 percent while Jones County saw the steepest drop from 7.1 to 4.8 percent. Iowa City MSA eased to 3.3 percent from 2.7. Nonadjusted rates reflect spring hiring in construction and seasonal work.
Wagner notes seasonal uptick as manufacturing shows life after two dormant years. Statewide unemployment for April falls to 4.5 percent from 5.1 percent in March.
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