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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 07, 1987
Page
19
Stocks slid on Tuesday as the Dow Jones industrial average dropped 91.55 points to 2548.63, erasing the previous one day record. Cedar Rapids investors said they felt little impact as they lack ownership of the 30 Dow stocks.
The article lists the 10 worst Dow days with points and percentages, cites Oct 6 1987 and Sept 11 1986 among the steep losses, and notes the Dow sliding to 2 548.63 and 1 792.89 or similar levels. It also reports analyst comments from Cedar Rapids about a continuing bull market and potential bond yield effects, with NYSE movers like IBM and Dupont among losers and Procter & Gamble, Raytheon, and General Mills among declines in Eastern Iowa ties. It provides NYSE volume figures and indices including the NYSE composite, S and P 400 industrials, and NASDAQ.
Frontier Airlines filed a bankruptcy plan in Denver outlining repayment of about 140 million dollars to creditors. Former employees claim the plan shortchanges them of an estimated 300 million, citing a four year no layoff contract with People Express. Frontier shut down August 1986 after 40 years in Denver.
AP reports Kenneth J. Abt for the U S League of Savings Institutions tells a House subcommittee that consumer protection for home equity loans should focus on public disclosure of key terms. He argues Congress should not enact broader rules banning terminationatwill clauses or setting loan to value caps, noting evidence of prudent borrower behavior.
Government attorneys urged the DC Circuit to overturn a lower court ruling and order a recall of about 1.1 million 1980 X-body GM cars, citing 2000 plus complaints and 1417 accidents with 18 fatalities and 400 injuries. GM contends complaints do not prove an unsafe condition without testing under real driving conditions.
Syndicated columnist Bondy argues that brokers should earn fees for guidance but questions if 8.5 percent front loads are reasonable on a $10,000 investment. He cites consumer studies favoring no load funds and warns that high upfront fees distort decisions. He recalls a $30,000 GNMA fund loss after a 6 percent load and recommends 1-2 percent fees.
Teleconnect Co. announced it has realized 19.4 million from a private placement of 15.25 percent of its common stock. The sale leaves outside interests holding 45.25 percent, with McLeod and other original investors retaining 55 percent. Proceeds will fund acquisitions and expansion of its digital long distance network.
The EPA says Chrysler will recall 125600 model year 1982 vehicles, about 40 percent of CCR2.2V2HNLX engined cars, including LeBarons Town and Country, Dodge 400s Aries Omnis Horizons and more. An ignition adjustment in about 30 minutes will fix the issue.
Four year Treasury notes sold Tuesday with a 9.24 percent average yield, up from 7.89 percent at the prior auction. The notes carry a 9.144 percent coupon, priced at 9,962.60 per 10,000 face value. Total sold was 7.29 billion from 22.67 billion bids.
A 74,000 square foot Target department store will have a silent opening today ahead of its grand opening Sunday. The Coralville location, managed by Mike Corbey, fills Lantern Park Plaza space vacated by TG&Y last year and employs 250 people with 4 million dollars in merchandise. Ed Sadler, Iowa district manager, and Mayor Michael Katchkee praised the new store for the region.
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