Wall Street rallies after Fed rate cut. Dow up 113 points
The Dow Jones closes up 113.76 at 8,950.59 and the Nasdaq rises 11.87 to 1,492.33. Volume reaches 1.53 billion shares as Eastern Iowa stocks see 28 gainers, 16 losers, six unchanged. Wal-Mart, Kohl's and Toyota gain while Nash Finch and U S Cellular fall. McLeodUSA hosts a 9 am conference call on 90 day plan progress with a Webcast.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve
New York Stock Exchange
Iowa
Wal-Mart
Kohl’s
Toyota
Nash Finch
U.S. Cellular
Nortel to cut 20,000 jobs amid $3.6 billion Q3 loss
Nortel Networks announced a $3.6 billion loss forecast for the third quarter and will slash about 20,000 jobs, down to 45,000, by a mix of layoffs and asset sales. The move follows shrinking demand for fiber optics and telecom gear.
MENTIONED IN THIS ARTICLE
Nortel Networks
Nortel
Nussle urges rapid passage of 10 year farm bill
Rep. Nussle of Iowa calls for a 167 billion farm bill to shield farmers in tough economic times and amid growing security spending. He argues the current bill offers insufficient safety protections and warns the nation cannot wait while Congress weighs security and stimulus priorities.
MENTIONED IN THIS ARTICLE
Nussle
Washington
Jim Nussle
Iowa
Congress
House Budget Committee
New York
Pentagon
Dick Lugar
R-Ind
Senate Agriculture Committee
House
Agricul
Ture
Chuck Grassley
Senate
Tom Harkin
Fed Cuts Rates for Ninth Time in year
The Federal Reserve reduced the federal funds rate by 50 basis points to 2.50 percent, the lowest since May 1962, in response to an economy waning after the Sept 11 attacks. Fed Chair Alan Greenspan and the FOMC said this aims to spur consumer and business spending amid shaken confidence.
MENTIONED IN THIS ARTICLE
Iowa Finance Authority
Finance Authority
Fannie Mae
Treasury
Treasury Department
Federal Reserve
Alan Greenspan
Federal Funds
Fed trims rates by half point amid weak economy
The Federal Reserve cut the federal funds rate by 0.5 percentage points to 2.5 percent the lowest since 1962. Major banks lowered their prime rate to 5.5 percent, matching a long-standing low since 1972. The move signals cautious policy amid uncertainty and hopes for a future economic rebound.
MENTIONED IN THIS ARTICLE
Federal Reserve
Federal Funds
JP Morgan Guaranty
Chase Manhattan
Bank of America
Wells Fargo
Fed
Sung Won Sohn
Bayer to Buy Aventis CropScience for 4.9 Billion
Bayer AG agrees to acquire Aventis CropScience for 4.9 billion dollars to create the world’s No. 2 agrochemical and seed supplier. The deal includes 1.7 billion dollars in assumed debt and will trigger about 4,000 job eliminations across the combined unit.
MENTIONED IN THIS ARTICLE
No. 2 Ag Chemical
Frankfurt
Germany
Bayer AG
Aventis CropScience
Bayer
France
Aventis SA
Schering AG
Busi
Bayer CropScience
Syngenta AG
Switzerland
Monsanto
Syngenta
Ness
Agrochemicals
Aventis Crop Science
Manfred Schneider
Court hearing leaves Tama Beef in limbo
The future of Tama Beef Packing and its 200 employees remains unresolved after a Chicago hearing on a temporary restraining order blocking transfer of collateral to GE Capital. A Nov 16 hearing is set as disputes over inventory valuation and a $750,000 credit extension continue.
MENTIONED IN THIS ARTICLE
Valley Pride Pack
Norwalk
Wis
Valley Pride
GE Capital Credit
GE Capital
Tama Beef
Richard Gibson
Tama
Rick Stewart
Gibson
Iowa Cattlemen’s Association
Stewart
Pat Green
St. Patrick’s Catholic Church
Waterloo
Marshalltown
GE and Honeywell end $41 billion merger plan
GE and Honeywell terminate their merger three months after European regulators rejected the $41 billion deal. GE will reimburse expenses and acquire two Honeywell units with about $35 million in sales, while both sides release claims. Honeywell may pursue other bidders despite CEO plans not to sell.
MENTIONED IN THIS ARTICLE
Honeywell
Fairfield, Conn
General Electric Co
Honeywell International
Tensor
Round Rock
Texas
Honeywell Advanced Composites
Newark
Del
Cer
Gary Sheffer
Lawrence Bassidy
John Inch
Bear Stearns
New York
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McLeodusa
McLeodusa Inc
Streamingmedia
Gazetteonline.com
Cityline
Djia
Eac
Procter & Gamble
Procter & Gamble Co
Florida
P&g
P&g Management
Prestige Brands International Inc
Bonita Springs
Fla
Comet
Comet Global
North America
KRT
Sounding Board For
Ide
Goa
Pat Carr
Paul Trap
By E. Michael Myers
Agriculture
China
Boeing
Alan Mulally
Boeing Commercial Airplanes
Li Fenghua
China Southern Airlines
Ren Weidong
Hainan Airlines
Commerce Department
Rockwell Collins
Cedar Rapids
The
Federal Open Market Committee
Source
Gazette
Dave DeWitte
Jerry K. Ask Investment Services
Ogy
Reston Court
Primus
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