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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 14, 2002
Page
18
Stocks drifted with little direction amid fears of terrorism and war in Iraq. The Dow rose 12.49 to 8398.49, Nasdaq gained 11.78 to 1361.34, while decliners edged advancers 5 to 4. Trading volume was light at 1.46 billion shares.
The FCC approved the 29.2 billion Comcast AT&T Broadband merger with conditions. AT&T and Comcast must sell Time Warner stake and avoid antitrust challenges. The deal would create a 22.3 million subscriber company with 29 percent market share, amid jobs cuts and consumer concerns over reduced competition.
Skyworks Solutions Inc. moved its 63 person Cedar Rapids design unit into a new 60 percent occupied building in northeast Cedar Rapids. The firm, born from Rockwell and Conexant spin offs, touts 350 years of combined design experience and serves clients like Rockwell Collins with GPS receivers and PA modules for cellular systems. Priority One helped secure incentives including property tax breaks for the estimated $7 million facility.
WorldCom announced it won a one year renewal of an 11 billion government telecom contract while announcing 390 layoffs in its Asian operations. Analysts questioned Capellas potential CEO role as WorldCom faces scrutiny over past financial issues and board reform calls from observers.
Fed Chairman Alan Greenspan told Congress the economy has hit a soft patch as corporate accounting scandals and Iraq war fears dampen confidence. He signaled readiness to cut rates further if needed, but expects growth to rebound next year and would raise rates if inflation risks grow.
The IRS says 441 Iowa residents have undelivered 2001 refunds totaling about 260000 dollars. The list shows 17 in Iowa City 33 in Cedar Rapids four in Coralville and one in Marion. Most refunds failed due to address changes after filing.
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