Wall Street ends near pre Sept. 11 high on earnings surge
The Dow rises 169.59 to 9410.45 and the S&P 500 gains 16.44 to 1097.43 while the Nasdaq adds 75.21 to 1701.47. Eastern Iowa stocks advance as RF Micro Devices, Penford, and Maytag climb. Mortgage rates fall to 6.58 percent for 30-year fixed, the lowest since 1998.
MENTIONED IN THIS ARTICLE
Wall Street
New York Stock Exchange
Iowa
Penford
Maytag
Freddie Mac
Land O Lakes completes Purina Mills purchase
Land O Lakes Inc. completed the $230 million cash purchase of Purina Mills Inc. making it part of Land O Lakes Farmland Feed LLC. The deal includes assuming about 125 to 130 million dollars in debt and aims to gain economies of scale in a consolidating feed industry.
MENTIONED IN THIS ARTICLE
Land O’lakes Inc
Purina Mills Inc
Purina Mills
Land O’lakes Farmland Feed LLC
Land O’lakes
Jack Gherty
GE Earnings Rise 3 Percent Despite 9 11 Losses
General Electric reports third quarter net income of $3.28 billion or 33 cents a share, up from $3.18 billion and 32 cents a year earlier, with $400 million in insurance losses from the September 11 attacks. Jeffrey Immelt cites diverse portfolio and staff as drivers of growth and projects $1.41 per share for the year.
MENTIONED IN THIS ARTICLE
General Electric Co
Jeffrey Immelt
OPEC Talks Of Large Output Cut Amid Price Slide
OPEC considers cutting production by 700000 to 1000000 barrels a day to defend prices. Ali Rodriguez said Venpres that Chavez proposed the cut from Vienna by phone. Chavez aims to build consensus in Europe to stabilize the market after last month’s terrorist attacks.
MENTIONED IN THIS ARTICLE
OPEC
Venpres
Organization of Petroleum Exporting Countries
Hugo Chavez
Ali Rodriguez
Vienna
Chavez
Europe
First U.S. infestation of Asian stink bugs found in Allentown
Cornell scientist Hoebeke reports the brown marmorated stink bug has been identified in residential areas of Allentown Pennsylvania. The marbled shell insect, native to China Japan and Korea, may have been shipped in containers bound for the United States and poses a threat to farmers and crops including Fuji apples and other vegetables.
MENTIONED IN THIS ARTICLE
Cornell University
United States
Allentown
China
Japan
South Korea
Hoebeke
U.S
Asia
Rockwell Collins to slash 2,800 jobs in expanded plan
Cedar Rapids based Rockwell Collins will cut about 2,800 jobs companywide as the expanded layoff plan takes effect next week. CAS will shed about 230 jobs with one service center closing in Los Angeles. Downers Grove engineering center to shut Oct. 19. Most affected notified by Nov. 30 with further cuts in Iowa into 2002.
MENTIONED IN THIS ARTICLE
CAS
Cedar Rapids
Los Angeles
Rockwell
Chicago
Downers Grove
Rockwell Collins
Doug Wagner
Iowa
Coralville
Government Systems
Aerospace
Decorah
Manchester
Amana strike disrupts deliveries at Coralville center
Union pickets at Amana Refrigeration distribution center north of I-80 disrupt some loads of refrigerators. Drivers have largely honored the lines since September 29, while center employees remain at work and no layoffs there have been announced.
MENTIONED IN THIS ARTICLE
Amana
Miller
Wal-Mart
Commerce Drive
Cattle Investors Face $210 Million Loss Amid Bankruptcy Case
In Kansas City hearings Judge Jerry Venters weighs ownership of disputed cattle in the George Young collapse. Young's operation claimed 343,937 head but held 28,784 on farms across Iowa Missouri Nebraska valued at about $19.9 million. Attorneys estimate investors paid $177.3 million with potential recovery from cattle sales.
MENTIONED IN THIS ARTICLE
Omaha, Neb
Missouri
George L. Young
Young
Grant City
FBI
Omaha World Herald
Kansas City
Robert Cook
Iowa
Nebraska
George Young
Jerry W. Venters
Venters
Harkin criticizes House farm bill as terrible
Sen. Tom Harkin says the House 10 year 170 billion farm bill repeats current policy, raises commodity subsidies by about 74 billion, and favors cotton and rice. He aims for a bipartisan careful bill with counter cyclical aid and more ethanol, not rush to pass a flawed plan.
MENTIONED IN THIS ARTICLE
James Q. Lynch
Gazette
Tom Harkin
House
Iowa Democrat
Senate Agriculture Committee
Harkin
Iowa
Senate
Tom Daschle
S.D
U.S. to Appeal WTO Ruling on Corporate Tax Breaks
The Bush administration will appeal a WTO decision finding over 4 billion in U.S. tax breaks illegal subsidies. The ruling could let the EU impose tariffs on American exports, and the appeal delays sanctions by at least two months. EU officials say the move delays compliance.
MENTIONED IN THIS ARTICLE
U.S
WTO
Washington
Bush Administration
World Trade Organization
European Union
Robert Zoellick
United States
Brussels
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