Oil rise, then retreat nudges stocks lower
Wall Street rebounded from intraday lows as oil fell from a sharp early spike. The Dow edged down 4.79 to 10,077.18 while the Nasdaq slipped 3.59 to 1,925.17 as declines slightly outpaced advances on the NYSE. The move followed the IEA forecast of higher world demand and Russia’s Yukos sale plan to pay back taxes.
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Cargill earnings rise on fertilizer demand rebound
Cargill Inc reports a 33 percent rise in operating earnings for the first quarter ended Aug 31, with continued operations earning $457 million and total earnings from discontinued operations at $495 million, as fertilizer demand improves. The Cedar Rapids processing group is among its facilities.
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Cargill
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Record corn and soybean harvests projected
U S farmers expect record corn and soybean crops with corn at 11.6 billion bushels up 6 percent from last month and 15 percent from 2003 while soybeans are seen at 3.11 billion bushels up 27 percent. Prices fall as ending stocks rise amid large South American crop expectations. Iowa corn harvest is 16 percent complete at a projected 2.21 billion bushels with yield around 180 per acre. soy yields average 47 per acre from 81 percent harvested for 477 million bushels.
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Iowa
Rockwell Collins lands numerous EO deals at NBAA show
Rockwell Collins announced original equipment deals to supply enhanced vision systems, cabin management and interactive moving map electronics to Gulfstream, Bombardier, Raytheon, Dassault and other manufacturers as NBAA show opened in Las Vegas. Firms including Gulfstream, Raytheon, Dassault and Bombardier selected Collins Airshow 21 and related Flight Dynamics Enhanced Vision System for Falcon and Global 5000 families with deliveries ongoing into 2006. The NBAA event showcases major business aviation players with more than 1,000 exhibitors expected.
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Rockwell Collins
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Bombardier
Raytheon
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Plan to curb auto dealer moves faces Iowa General Assembly
Iowa auto dealers push limits on franchise relocations after a 1998 law eased moves. The IADA proposes restricting moves to two miles to curb clustering near urban centers and protect rural towns, arguing it protects consumers while some rural dealers counter it favors Des Moines and other cities.
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Iowa dealship rules spark mov e disputes in Cedar County
Law would curb new dealership openings within five miles of a dealer's area and limit moves, with exceptions. Thein Motor Sales in Clarence, the sole Chrysler-Jeep dealer in Cedar County, fears restrictions could endanger viability as community growth shifts away from downtown Glenwood and away from main arteries. Local dealers and officials quote widespread opposition, arguing the measure benefits urban stores over rural ones.
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Clarence
Cedar County
Todd Thein
IADA
West Branch
Iowa
Terry Thomas
Glenwood
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Thomas
Grand jury probes Chiron flu vaccine failure
A federal grand jury in San Francisco investigates Chiron Corp for failing to supply half the nation’s flu vaccine this year. Chiron says a New York U.S. Attorney subpoena seeks documents related to British regulators halting shipments of about 48 million Fluvirin doses from its Liverpool plant due to contamination concerns. The Emeryville firm will cooperate and cut 2004 earnings guidance to 35-45 cents a share, with analysts predicting about $300 million lost in sales. shares fell to $33.74 on Nasdaq.
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Federal Grand Jury
Chiron Corp
U.S
New York
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Securities and Exchange
Supreme Court rejects three appeals on local phone line sharing
The Supreme Court declined to hear three appeals to reinstate federal rules requiring local phone carriers to lease their networks to rivals at government-set prices. The ruling leaves in place a lower court decision that the FCC failed to justify the rules, which aimed to boost competition against AT&T and MCI after decades with Bell lines dominating local service.
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Supreme Court
At&t Corp
MCI Corp
Federal Communications Commission
At&t
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