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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 14, 2009
Page
6
Encouraging earnings from major retailers and Walt Disney Co. drew investors back into the stock market one day after a big drop. The Dow Jones index rose 73 points to 10,270.47, up 0.7 percent after Thursday’s 94-point decline. The S&P 500 gained 6.24 to 1,093.48 and the Nasdaq rose 18.86 to 2,167.88.
Brothers and veteran publishers Mark and Gary Stern announce the Detroit Daily Press will publish starting November 23 as a daily paper for the Detroit area. Cost is 50 cents daily and 1 dollar on Sundays with home delivery beginning November 30 in Wayne Oakland and Macomb counties. The staff totals 60 full time employees with many ex Detroit Free Press and Detroit News veterans.
Freddie Mac reports the 30-year fixed mortgage average at 4.91 percent, down from 4.98 percent last week. The 15-year fixed rate averages 4.36 percent, and five-year adjustable loans average 4.29 percent, both easing from the prior week.
Oil prices fell to their weakest level in a month as investors note a yearlong U.S. energy demand slump. Benchmark crude for December delivery settled at $76.35 a barrel on the NYME, with intraday lows at $75.57, the cheapest since Oct 15.
Penford Corp reports operating profit of 1.3 million on continuing operations for the quarter ending August 31, with 70.8 million in sales, up 15 percent from a year ago. Consolidated results show a 34.8 million net loss for the quarter and 64.8 million for the year after including discontinued Australian and New Zealand units. The Cedar Rapids plant remains adaptable amid flood recovery, with ethanol operations aiding volumes and pricing.
Former Marine sergeant Jake Kennel heads two new Little Caesars shops in Cedar Rapids after the brand’s 13 year absence. The plan features $5 large pizzas, in house sauce and dough, no delivery, and three level conveyors. Kennel and Zack Miller foresee more openings in Cedar Rapids Marion Lindale Mall area as they hire 48 staff and prepare adjustments for fast service.
Theisen's Home Farm Auto will open its 19th location in the former Econofoods building in northeast Cedar Rapids. Renovation starts in spring with plans for a fall Coralville opening at 100 Westcor Dr. The Cedar Rapids store sits at 3111 16th Ave. SW. The firm expresses confidence in Iowa's economic recovery.
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