Stocks Dropped to One-Month Lows After CPI Rise
Wall Street extended losses as the Dow slipped to 837.99 on Friday, its lowest since late September, with GM posting a $468 million third quarter loss. The NYSE and NASDAQ indexes fell, trading volume rose, and the CPI increase of 1.2 percent sparked the selloff while declines slightly outpaced advances across major exchanges.
MENTIONED IN THIS ARTICLE
New York
UPI
General Motors
Dow Jones
Dow
New York Stock Exchange
Wall Street
Standard & Poor
NYSE
U.S
GM posts 1981 Q3 loss of 468 million dollars
General Motors Corp reports a 468 million dollar third quarter loss in 1981, down from 567 million in 1980. Company officials blame weak demand, higher costs from new model year conversions, and rising labor and material expenses, offset partly by cost cuts and foreign exchange gains. Nine month earnings total 0.76 per share versus 2.86 per share a year earlier. Worldwide sales for the quarter reach 13.4 billion, nine months 47.1 billion.
MENTIONED IN THIS ARTICLE
Detroit
UPI
General Motors Corp
Roger Smith
F. James McDonald
Des Moines
Pioneer Hi- Bred International
Pioneer
Norand Corporation
Phillips Amerada profits in slump
Phillips Petroleum Co the nations 10th largest oil firm reported a 32.1 percent slump in third quarter profits. Amerada Hess Corp ranked No 18 saw a 53.8 percent decline. Phillips earnings fell to 192.2 million or 1.26 a share from 283.3 million or 1.86 a share. Revenues rose to 3.89 billion. Amerada Hess earned 43.5 billion or 0.51 a share, down from 94.2 million or 1.12 a share, with revenues up 11 percent to 1.9 billion.
MENTIONED IN THIS ARTICLE
Phillips Petroleum Co
Amerada Hess Corp
Phillips
Amerada Hess
Refund opportunities in duty drawback program for exporters
UPI reports Purchasing Magazine notes American manufacturers may claim up to 99 percent refunds on imported materials used in goods exported. The program allows cross facility claims within a company and sets a three year filing window, yet only about one in five firms pursue it due to perceived complexity.
MENTIONED IN THIS ARTICLE
Boston
UPI
U.S. Customs Service
Purchasing Magazine
Brenton Banks Inc Purchases Knoxville Bank
Brenton Banks Inc buys Community National Bank and Trust Co of Knoxville. The sale closed on October 14. The Knoxville bank holds deposits around 45 million dollars and assets near 50 million, expanding Brenton’s total assets to about 800 million. The Des Moines group already operates four banks in the metro and in several Iowa towns, plus four Brenton subsidiaries.
MENTIONED IN THIS ARTICLE
Des Moines
Brenton Banks Inc
Community National Bank and Trust Co
Knoxville
William H. Brenton
Adel
Cedar Rapids
Clarion
Dallas Center
Davenport
Eagle Grove
Emmetsburg
Grinnell
Indianola
Jefferson
Marshalltown
Perry and
Vinton
Brenton Mortgages Inc
Brenco Automation Center Inc
Brenton Agri Credit Corp
Brenton Properties Inc
Kidde reports record earnings in third quarter and nine months
Kidde Inc reports record third quarter and nine month results with fully diluted earnings per share rising 16 percent to 2.30 and nine month eps up 14 percent to 6.19. Net income up 16 percent to 27 million for the quarter and 72.8 million year to date. sales up 14 percent to 740.4 million for the quarter and 2.1 billion for the nine months. Prospects remain favorable for year sales and earnings. Eastern Iowa subsidiaries named LeFebvre Nissen Universal Cedar Rapids and Ert Toy Co Dyersville.
MENTIONED IN THIS ARTICLE
Clifton
N.J
Kidde Inc
Iowa
LeFebvre
Nissen/Universal
Cedar Rapids
Ert Toy Co
Dyersville
Bethesda
Martin Marietta Corp
American Express Reports Higher Q3 Earnings
American Express Co. earned 1.56 a share in the third quarter up from 1.45 with 3.6 million fewer shares. Net income rose to 145 million on revenues of 1.845 billion versus 129 million on 1.613 billion. Nine month profit was 386 million or 4.17 a share on sales of 5.284 billion versus 340 million or 3.83 a share on 4.656 billion.
MENTIONED IN THIS ARTICLE
NEW York
API
American Express Co
U S money supply shrinks as recession signals grow
The M1-B money supply declined 1.5 billion in the week ended Oct 14 signaling possible recession. Economists say Fed easing may follow, with rates and discount window borrowing watched as banks trim lending and durable goods drop. Major bank loans fell across the period.
MENTIONED IN THIS ARTICLE
New York
UPI
David M. Jones
Aubrey G. Lanston & Co
Fed
Jones
Treasury
New York City
Hygrade plant shuts down in Storm Lake layoffs
The Storm Lake Hygrade plant, Buena Vista County’s largest employer, will close after Friday, 500 workers lose jobs. Final cleanup today, last hogs slaughtered Thursday, with only final meat cutting on Friday.
MENTIONED IN THIS ARTICLE
Storm Lake
Hygrade Park
Buena Vista County
Gerald Schneiders
Hygrade
United Food and Commercial Workers Union
Custom Beef Fabricators Inc
Hartley
Spencer Foods Inc
Spencer
Spencer Foods
Oakland
American Equity payout and leadership changes announced
American Equity Investment Trust of Cedar Rapids declared a cash distribution of 20 cents per share payable November 6 to holders of record October 30. Robert M L Johnson is named chairman succeeding Robert E Keller who died August 4. Merle T Buchan elected vice chairman and Robert G Steichen secretary. Third quarter earnings totaled 521,062 dollars or 21 cents per share, year to date 1.5 million dollars or 62 cents per share.
MENTIONED IN THIS ARTICLE
American Equity Investment Trust of
Cedar Rapids
Robert M.L. Johnson
Robert E. Keller
Merle T. Buchan
Robert G. Steichen
American Equity
Fire destroys NYC social club killing 25 youths
Fire swept through a New York City social club five years ago killing 25 young people and leaving survivors with lasting injuries and trauma. Local authorities investigated the blaze, citing possible safety code violations and inadequate exits as contributing factors.
MENTIONED IN THIS ARTICLE
New York City
Also Mentioned on This Page
Santa Fe International
Kuwait
House
Exxon
Penn Central
Esmark
Newmont Mining
Consolidated Gold Field Ltd
Newmont
Ocean Drilling & Exploration
Dome Petroleum
Hudson's Bay Oil & Gas
AZL Resources
National Association of Securities Dealers
United Press International
Brenton
Knoxville Bank
Kidde
Sears
Chicago
Sears Roebuck and Co
Allstate Group
Allstate
Martin Marietta
Los Angeles
Occidental Petroleum Corp
Iowa Beef Packers
Shearson/American Express
Cox Broadcasting
Atlanta
Cox Broadcasting Corp
Cedar Rapids Cable Communications
American Express
Sandy Cunningham
Tommy Tucker
Jim Nielsen
Edgewood Road
Universal Life Insurance
Universal Life
inter-State
Terry Frey & Associates
11Th
Marion
Hensel Insurance
Guaranty
Steve Burkhalter
CLU Burkhalter
Dows
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