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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 21, 2001
Page
18
Major indexes retreat with the Dow slipping 75.08 to 9 901.38 and the Nasdaq down 53.91 to 1 880.51. Volume runs 1.31 billion shares as investors lock in gains and focus on upcoming economic updates. Deere and RF Micro Devices fall, while trade aid meetings and corporate rate hikes dominate the day.
The Rural Housing Institute of Wilton warns Iowa consumers about predatory lending during Christmas. Payday loans and high rate credit cards can trap shoppers. $1,000 at 18 percent APR could take five years to repay. Bird-dogging by contractors and home equity loans also pose risks. The group plans to release its findings soon.
Deere & Co reports a 320 million fourth quarter net loss, the largest in 10 years, due to weak demand and currency effects. The plan includes closing a Loudon Tennessee plant, transferring skid steer production to Dubuque Iowa, creating over 200 wage jobs, and laying off 200 to 250 at corporate headquarters in Moline Illinois.
P O Princess Cruises of London plans to merge with Royal Caribbean Ltd. in an about 8 billion deal to form RCP Cruise Lines with 41 ships and 75 000 berths. The British company will own 50.7 percent and Royal Caribbean 49.3 percent, with headquarters in Miami. Analysts say the combination broadens routes and stabilizes the firms. Investors welcomed the move as shares rose on both exchanges.
The Commerce Department reports the September trade deficit fell 31 percent to 18.7 billion dollars due to an 11 billion dollar insurance payout for the 9 11 attacks and a 14 percent drop in imports, while exports declined 8.5 percent. Analysts call it a one time event and expect a rebound to 28 to 30 billion dollars monthly.
The Conference Board reports the Index of Leading Economic Indicators rose 0.3 percent to 109.4 in October, marking a rebound from September’s drop amid post 9 11 fallout. Economists caution the improvement may be temporary and not signal a sustained recovery.
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