Wall Street mixed as indexes edge above 10,000
Stocks ended narrowly mixed after a day of alternating buying and selling. The Dow rose 35.78 to 10,033.27, Nasdaq fell 11.77 to 1,759.01, with 21 Eastern Iowa shares up and 26 down. Heinz gained 1.21 to 46.96, Kohl’s dropped 2.25 to 53.60, Heartland Express slid 1.34 to 27.11.
MENTIONED IN THIS ARTICLE
Wall Street
New York Stock Exchange
Iowa
Heinz
Kohl’s
Heartland Express
Tycolnti
American Stock Exchange
Djia Diarmads
Cisco
Oracles
Intel
Sun
AMEX
DOW Jones
Biotech
Computer
POO Finance
Standard Law
R’s Indust
Indust
Insurance
Telecom
Utilities
Santa Monica
Calif
Wilshire
Qwest Unveils Permanent Fix for Code Red Worm
Qwest Communications says a permanent fix for the Code Red worm is in place and will not credit affected customers. The Denver firm cites worldwide criminal spread of the virus as the reason. Cisco and Qwest produced software to shield modems and customers are being notified to install it.
MENTIONED IN THIS ARTICLE
Qwest Communications International Inc
Code Red
Qwest
Cisco Systems
Cisco
Banks write off credit card debt rises in Q2
Banks wrote off 2.8 billion in credit card debt in the April June period as the economy slowed and bankruptcy filings rose. FDIC reported second quarter profits of 19.2 billion, down 4 percent from Q1 but up 31 percent from a year earlier. The figures exclude the failure of Superior Bank, a 1.9 billion Chicago area thrift.
MENTIONED IN THIS ARTICLE
Federal Deposit Insurance Corp
Superior Bank
Chicago Area
P&G May Pay Unilever Over Ten Million in Settlement
P&G faces a possible payment exceeding 10 million to Unilever as talks continue over a settlement after admissions that P&G staff spied on Unilever to gain hair care information. An independent audit proposal accompanies the talks with executives in P G hair care potentially reassigned. Cincinnati Enquirer noted no comment from P G spokeswoman Linda Ulrey as an informal deadline passed.
MENTIONED IN THIS ARTICLE
Procter & Gamble Co
Unilever
P&g
The
Cincinnati Enquirer
the Enquirer
Linda Ulrey
Perot Systems Lands Burger King Tech Contract
Perot Systems Corp has won a multiyear deal to provide technology services for Burger King Corp. The contract covers running Burger King data center and global network and details were not disclosed. The move aims to separate Burger King from Diageo PLC with data center relocation to a Plano facility. Perot Systems operates an office in Cedar Rapids.
MENTIONED IN THIS ARTICLE
Perot Systems Corp
Burger King Corp
Burger King
Diageo PLC
International Food and Beverage Company
Perot Systems
Global Network
Diageo
Plano
Dallas
Cedar Rapids
Rates fall on 4-week T bills at auction
The Treasury sold 12 billion four-week bills at a discount rate of 3.430 percent, down from 3.470 percent last week, the lowest since August. The 10,000 bill would yield 3.490 percent, with investors able to buy through banks and brokerages.
MENTIONED IN THIS ARTICLE
Treasury
Treasury Department
Grassley signals no capital gains tax cut for now
Sen. Chuck Grassley of Iowa said there is no chance to pass a capital gains tax cut while no clear fiscal stimulus is evident. He noted Republican support but warned against widening the deficit, citing the $1.35 trillion 10 year tax cut as near its limit and claiming funds would require offsets.
MENTIONED IN THIS ARTICLE
News
Washington
Chuck Grassley
Iowa
Grassley
Republican Senate
Senate Finance Committee
Congress
Machinists Union to Meet Goss After Plant Closure
Cedar Rapids union Local 831 and Goss Graphic Systems plan a meeting next Wednesday following the abrupt shutdown of the 370-employee Cedar Rapids plant. The firm closed last Thursday night and cut health benefits, prompting a WARN Act complaint seeking 60 days pay and reinstated health coverage.
MENTIONED IN THIS ARTICLE
Machinists Union
Goss
Cedar Rapids
Goss Graphic Systems
Westmont
Ill
Joe Ironside
Ironside
Tippie College enrollment climbs across Iowa sites
University of Iowa Tippie College of Business reports about 2,400 pre business students and 1,500 juniors and seniors in undergrad with roughly 60 percent of distance learning in Iowa. Dean Gary Fethke cites full time faculty stability and smarter use of technology as keys to growth. Evening MBA serves 756 students across Cedar Rapids Des Moines Newton and Quad Cities with Cedar Rapids hosting about half. Gary Gaeth named Cedar Rapids Area Business Chair endowed by local business leaders.
MENTIONED IN THIS ARTICLE
Fethke
Tippie College of Business
Regents
Iowa
US Conference Center
Cedar Rapids
Des Moines
Newton
Quad Cities
Gary Gaeth
Tippie School of Management
Cedar Rapids Area
Productivity rebound as hours cut lift second-quarter output
The Labor Department reports a 2.1 percent annual rise in productivity from April to June, amid a 2.6 percent drop in hours worked the largest in a decade. Output fell 0.5 percent as manufacturing payrolls shrank by over 800,000 in the year ending July, signaling a slow economy.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Purina Mills Votes to Merge With Land O Lakes
Purina Mills Inc shareholders approve a merger with Land O Lakes Inc in a 99 percent vote. The deal values Purina Mills at about 230 million dollars with Land O Lakes paying 23 dollars per share for 10 million shares and assuming 125 to 130 million dollars in debt. The acquisition will form Land O Lakes Farmland Feed LLC and keep Purina Mills based in St. Louis with its sales team.
MENTIONED IN THIS ARTICLE
ST. Louis
Purina Mills Inc
Agricultural Cooperative Land O’lakes Inc
Purina Mills
Land O’lakes
Land O’ Lakes
Brad Kerbs
Land O’lakes Farmland Feed LLC
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Djia
Mexico
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Pearl Harbor
Germany
Italy
Spain
Hong Kong
By E. Michael Myers
Sen
E. Michael Myers
Michaelm
Machinists Local 831
George C. Ford
Henry B. Tippie
Gary Fethke
Clifford Waldman
Waldman Associates
Source
Associated Press
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