Wall Street Dims as Sears Warning Triggers Selloff
Investors pressed stocks lower for a fourth straight session led by Sears drop of 5.39 to 32.25 after a third quarter profit warning. The Dow slid 105.56 to 7422.84, Nasdaq fell 20.50 to 1119.40, and volume was light at 1.87 billion shares.
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Bush orders inquiry as West Coast ports face lockout
President Bush moves to force reopening of West Coast ports by creating a Taft-Hartley board of inquiry with a one day report and seeks a court injunction to resume work for 80 days amid a shutdown costing about 1 billion dollars daily. Labor officials warn of harm to national security and economy.
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Midland Forge seeks incentives to move line and add jobs
Midland Forge in Cedar Rapids requests a $1 per year for 10 years tax exemption under the Enterprise Zone to relocate 12 machining centers from Damascus Virginia to its 50th Avenue SW plant. The move aims to create about 10 new jobs with a $13.50 hourly wage while spending roughly $125,000 on foundation work and lines.
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N.Y
Ford
Harvest conditions to improve in Iowa this week
A light frost in parts of Iowa signals crops largely safe as harvest proceeds. The 10 day outlook favors warmer then wetter and colder weather into late October, with Iowa farmers continuing to harvest corn and soybeans despite prior rain interruptions and below normal progress.
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Former WorldCom executive pleads guilty to fraud
Buford Yates, ex WorldCom director of general accounting, pled guilty to securities fraud and conspiracy admitting he inflated earnings by 5 billion dollars from October 2000 to April 2002. He said he acted on orders from superiors and agreed to cooperate in the probe of the corporate accounting scandal. Ebbers is under investigation but not charged.
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Qwest founder Anschutz faces renewed congressional probe
Congressional investigators plan a second interview with Qwest founder and director Philip Anschutz about his role in daily company decisions. The move follows testimony by Joseph Nacchio that Anschutz was a close partner, while Anschutz says he was largely uninvolved. No public hearing date is set this year.
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Qwest Communications
Philip Anschutz
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House Energy and Commerce Committee
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