Stocks slip as Apple leads losses amid earnings drop
Stocks edged lower in Friday trading with Apple Computer falling 8 percent to 24.14 in the OTC market after weaker quarterly earnings. The Dow slipped 1.93 to 1,255.59 while NYSE volume was 93.18 million shares. RCA rose on news of selling CIT Financial to Manufacturers Hanover for 1.5 billion, and government data showed August CPI up 0.4 percent. The money supply declined 3.1 billion in the Fed–reported measure, prompting mixed reactions in afterhours trading.
MENTIONED IN THIS ARTICLE
NEW York
Apple Computer
Dow Jones
New York Stock Exchange
Wall Street
Federal Reserve
Treasury
RCA
CIT Financial
Manufacturers Hanover
NYSE
American Telephone & Telegraph
Domestic car sales rise 5.9 percent mid September
U.S automakers report 164 776 cars sold Sept 11 20, up 8 million from a year earlier. GM falls 8.8 percent due to tight supplies while Ford and Chrysler show strong gains amid shifting production and incentives. AMC and VW post sizable increases and Honda begins new US builds.
MENTIONED IN THIS ARTICLE
Detroit
U.S
General Motors Corp
Chrysler Corp
Arvid Jouppi
Chrysler
Windsor
Ontario
Fenton
American Motors Corp
Volkswagen of America Inc
Ford
AMC
Honda
IRS Publication78 helps verify charity tax status
A reader asks how to confirm a charity is legitimate and if donations qualify for a deduction. The IRS Publication 78 lists tax exempt organizations and can be obtained from the local IRS office or by calling 1 800 242 458. For the car rebate, deduct the price paid minus the rebate as you would a discount.
MENTIONED IN THIS ARTICLE
IRS
Judge rejects bid to dismiss AGRI grain theft indictments
U.S. District Judge Harold Vietor ruled that U.S. Attorney Richard Turner acted properly in the probe of AGRI Industries of West Des Moines and found sufficient evidence to indict the firm. The judge said Turner's actions were judgment calls not grounds for dismissal.
MENTIONED IN THIS ARTICLE
DES Moines (Ap
U.S
Richard Turner
West Des Moines
Harold Vietor
Turner
Vietor
New York bank to buy RCA subsidiary CIT Financial
Manufacturers Hanover Corp agreed to acquire RCA Corp s CIT Financial Corp for 1.51 billion dollars. The deal would add about 350 offices and 7.3 billion dollars in receivables, excluding CIT Financials insurance operations.
MENTIONED IN THIS ARTICLE
New York
Manufacturers Hanover Corp
RCA Corp
Manufacturers Hanover
CIT Financial Corp
RCA
CIT Financial
Federal Reserve Board
Hanover
Hanover Trust Co
Mortgage rates may fall 1 point in 15 months says banker
Mark Riedy of the Mortgage Bankers Association predicts mortgage rates will drop about 1 percentage point to around 12 percent over 15 months fueling higher housing starts. He cites current mortgage costs near 14 percent and government-backed rates about a point lower, with deficits influencing long term rates.
MENTIONED IN THIS ARTICLE
Philadelphia
Mark Riedy
Mortgage Bankers Association of America
Riedy
Association
Ried
ConAgra to reopen Armour plants after Greyhound deal
ConAgra Inc plans to reopen 13 Armour meatpacking plants acquired from Greyhound Corp with new workers. About 2,000 Armour workers rejected a pay cut. The deal, valued at 166 million dollars, should close in December with the plants reopening December 18 in Mason City Iowa and Eau Claire Wisconsin.
MENTIONED IN THIS ARTICLE
Omaha
ConAgra Inc
Armour Meatpacking
Greyhound Corp
ConAgra
Charles M. Harper
Armour
Harper
Greyhound
Mason City
Iowa
Eau Claire
Wis
Morrell union reaches tentative wage agreement at Sioux Falls plant
The John Morrell plant in Sioux Falls halted plans for a park division shutdown and 930 layoffs after a tentative wage cut pact with the United Food and Commercial Workers Union. About 2,400 Local 304A members will vote on ratification at a Sunday meeting. Details were not released.
MENTIONED IN THIS ARTICLE
Sioux Falls, S.D
John Morrell & Co
Lewie Anderson
United Food and Commercial Workers Union
Sioux Falls
Anderson
United Food and Commercial Workers
John Morrell
Wilson Foods Corp
Bloomfield bank bid on failed Iowa lender delayed to Sunday
Iowa banking officials say a complication will push bids for the insolvent Exchange Bank of Bloomfield from Monday to at least Sunday. Receiver Thomas Huston stated the bank has about 17.1 million in deposits against 10.5 million in loans, with unknown personal loan assets, and bidders were to review a final bid package today.
MENTIONED IN THIS ARTICLE
Des Moines
Exchange Bank
Bloomfield
Iowa
Howard Hall
Davis County
Hall
Thomas Huston
Huston
Peter Burdhette
Union votes wage plan at Armco Butler plant
An independent union at Armco Inc. Butler specialty steel plant ratified a contract lowering wages and benefits while offering workers a share of earnings gains. Jim Mitchell, former executive committee member, said company negotiators never threatened to close the plant or lay off workers.
MENTIONED IN THIS ARTICLE
Butler, Pa
Armco Inc
Butler Specialty Steel
Jim Mitchell
Also Mentioned on This Page
Pontiac
Cedar Rapids Area
Bruce McGrath
Center Point Road
Los Angeles Times
AGRI
New York Bank
Thornton F. Bradshaw
Cedar Rapids
Savings and Loan
Savings Bank
Morrell
Japan
Bloomfield Bank
Commerce Exchange
1St Avenue
Yeek
Ommerce Exchange
Marion
Iowa City
Anamosa
Elsewhere
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