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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 18, 2003
Page
20
Wall Street extended its pullback after downbeat forecasts from firms like eBay. The Dow fell 69.93 points to 9721.79 and the Nasdaq dropped 37.78 to 1912.36 as volume eased to 1.68 billion shares.
United Airlines announces a system wide fare sale for fall and winter travel. Tickets must be booked by Monday with travel through January 31. International bookings require seven days advance purchase and 72 hour ticketing. Sample Cedar Rapids to New York JFK round trip would be 394 dollars with stops in Chicago and Washington. Bandag Inc reports higher third quarter net income on lower sales.
Qwest Communications reveals restated 2000 and 2001 results showing an additional 2.54 billion in losses, bringing 2001 net loss to 5.6 billion and 2000 to 1.04 billion. CEO Richard Notebaert earns 2.19 million including bonuses. the restatement follows an 18 month federal probe into accounting, swaps of network capacity and revenue timing.
The Iowa Utilities Board approves a five year extension of MidAmerican Energy's electric revenue freeze through 2010. The order allows rate changes within territories to achieve rate equalization while capping total revenue. The board also approves a 3810 megawatt wind project in northern Iowa worth 323 million dollars, signaling job growth and regional development.
The Commerce Department reports housing starts at 1.888 million in September, up 3.4 percent from August and above the 1.827 million economists forecast. Midwest housing rose 8.1 percent to 429,000 units, the best since November 1978.
Rockwell Collins Inc acquires NLX LLC for 125 million dollars in cash from Arlington Capital Partners and management. The purchase, subject to closing conditions and regulatory approvals, aims to expand service offerings in training systems for military and commercial customers including the U S Navy E 2C Hawkeye upgrade and Stryker vehicle programs. NLX employs about 650 people at 20 facilities across North America.
The Agriculture Department says Pioneer Hi-Bred International will not face more fines for a pest resistant corn mixed with nearby crops at a Hawaii test site. Pioneer had already paid 72000 to the EPA for delayed reporting and the department released a tally of biotech violations since 1990 showing 115 infractions in 7402 field tests.
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