Stocks rally lift Dow above 10 800 amid tech retreat
Investors flee volatile tech for blue chips pushing the Dow up 245.15 to 10,835.77 as Nasdaq sinks 86.96 to 3191.40. Eastern Iowa shares show 34 gainers, 12 decliners in a volatile session. Bravo awards to three area firms at Cedar Rapids breakfast. West Communications and CWA tentatively extend contract through 2008 with wage and pension boosts.
MENTIONED IN THIS ARTICLE
Dow Jones
Dow
New York Stock Exchange
Iowa
Quaker Oats
Weyerhaeuser
WorldCom
International Paper
Deere
Cedar Rapids
Verizon Meets Expectations In Third Quarter Results
Verizon Communications Inc. reported third quarter net income of 3.47 billion dollars or 1.27 per share, topping year ago figures. Excluding items including a 1.5 billion dollar asset sale gain, comparable earnings were 2.0 billion dollars or 0.73 per share, roughly in line with 1999. The results matched analysts expectations from First Call Thomson Financial. Verizon provides wireless telephone service in Iowa.
MENTIONED IN THIS ARTICLE
Verizon Communications Inc
Wall Street
Verizon
First Call
Thomson Financial
Iowa
Ralston Purina to raise pet food prices
Ralston Purina Co. announced a roughly 5 percent price increase on its domestic dog and cat foods effective Jan. 8. The St. Louis company cited no reasons for the hike, noting its last adjustment was four years ago amid a 5 percent quarterly drop in North American pet food sales.
MENTIONED IN THIS ARTICLE
Ralston Purina Co
Ralston Purina
Treasury bill rates rise on Monday auction
Three month bills sold at 6.180 percent discount for 11 billion dollars while six month bills yielded 6.075 percent on 10 billion. The actual returns were 6.365 percent for three month bills and 6.354 percent for six month bills. The Fed reported one year T bill yields averaged 5.72 percent last week, down from 5.77 percent.
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Treasury
Treasury Department
Federal Reserve
OPEC to raise output by two percent to ease prices
OPEC plans a 2 percent output increase to 26.7 million barrels per day, adding 500000 barrels daily to meet a rule triggered after crude prices stayed above 28 dollars for 20 trading days. Analysts call it symbolic, unsure the move will lower consumer prices. Iran and Algeria seek to comply. Aramco confirms letters from OPEC president Ali Rodriguez directing members to raise output.
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London
OPEC
Organization of Petroleum Exporting Countries
Iran
Algeria
Aramco
Ali Rodriguez
Rodriguez
Caracas
Venezuela
Leo Drollas
Center For Global Energy Studies
Harvest Tight as Iowa Farmers Finish Corn Soybean Crop
Iowa farmers have harvested 96 percent of corn and 99 percent of soybeans. Grain movement remains modest with 41 percent light and 35 percent moderate flow. On‑farm storage is 64 percent adequate, 2 percent surplus, while off‑farm storage stays 64 percent adequate, 1 percent surplus. Co‑op manager notes bins filling, about 80,000 bushels stored on ground at Olin elevator. Harvest slowing, soybeans done, corn about 85 percent completed. East Central district has 99 percent soybeans and 93 percent corn harvested.
MENTIONED IN THIS ARTICLE
Jerry Keleher
Clarence Cooperative
Co-Op
Olin
Keleher
Mild weather raises risk of tree damage in Iowa
Iowa State University climatologist Elwynn Taylor warns warm spells can trigger trees to regrow leaves, risking trunk cracking when cold returns. Native species stay dormant until 700 hours under 45 degrees, delaying growth to April. He notes La Nina returning, likely bringing drier conditions west while wetter patterns affect Des Moines east.
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Lowa
Taylor
Pacific
Des Moines
Mexico City
Ohio Valley
Nebraska
Iowa
EPA to review StarLink corn with 30-day public input
EPA pledges a thorough scientific review before permitting StarLink gene altered corn for food. A 30-day public comment period and open scientist consultations will precede any decision amid recalls of taco shells and plant shutdowns. Aventis CropScience seeks a temporary food-use permit, arguing no consumer hazard shown.
MENTIONED IN THIS ARTICLE
Washington
Environmental Protection Agency
Aventis CropScience
EPA
StarLink Com
Steve Johnson
Aventis
Incomes and Spending Jump on Farm Payments in September
The Commerce Department reports September personal incomes rose 1.1 percent, the fastest in 13 months, aided largely by federal farm subsidy payments. Consumer spending climbed 0.8 percent, driven by durable goods demand, indicating continued strength in the consumer sector despite a summer slowdown. Economists note the farm subsidies inflated the rise. without them, income gain would be 0.4 percent.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Joel Naroff
FAA Finds Systemic Problems at Boeing Facilities
The FAA says seven Boeing aircraft engineering and manufacturing sites showed systemic design and production issues after a string of breakdowns last fall. Audit from December to February found 107 problems, 87 in production and 20 in engineering, but no immediate safety shortcomings. Agencies weigh possible penalties but praise Boeing's cooperation.
MENTIONED IN THIS ARTICLE
FAA
Boeing
Washington
Federal Aviation Administration
Boeing Co
John Hickey
Boeing Company
Hickey
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Qwest
West Communications International
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Communications Workers of America
John Thompson
CWA
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Kuwait
Qatar
Drollas
Polana
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Linn
Johnson
By Marlene Lucas
Herteen & Stocker
Jewelers
Iowa City
S. Dubuque Street
Oyster Perpetual
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