Economic reports trigger investor selloff on Thursday
The market fell sharply as discouraging data including a drop in construction spending and weak national business activity spurred losses. Exxon Mobil also reported a 41 percent drop in earnings, adding to the gloom while the Dow tumbled nearly 230 points on the New York Stock Exchange.
MENTIONED IN THIS ARTICLE
Exxon Mobil
Dow Jones
Richard Barry
Exxon Mobile
New York Stock Exchange
Exxon
Bombardier trims Wichita jobs amid weak jet market
Bombardier Aerospace cuts about 150 Wichita plant jobs amid flat sales for business jets, raising total layoffs at the site since September to 600. The latest round leaves about 2,700 workers at the facility with most cuts in production. After weeks of belt tightening, the industry faces a sluggish recovery amid the post 9-11 climate. Boeing and Raytheor also announce large Wichita layoffs.
MENTIONED IN THIS ARTICLE
Bombardier Aerospace
Wichita
Dave Franson
Bombardier
Boeing Co
Raytheor Aircraft
Williams asset sales lift shares amid cash access plans
Williams Cos. saw shares jump about 29 percent after announcing asset sales and financing that provide $3.4 billion in cash and credit. The Tulsa based company secured a $1 billion line of credit expanding a $700 million facility and a $900 million loan from Lehman Brothers and Berkshire Hathaway. It agreed to sell 98 percent of its Mid-America Pipeline interests and 98 percent of its Seminole Pipeline stake to Enterprise Products Partners LP for $1.2 billion.
MENTIONED IN THIS ARTICLE
Williams Cos
Tulsa
Okla
Williams
Lehman Brothers Holdings Inc
Warren Buffett
Berkshire Hathaway Inc
Mid- America
Enterprise Products Partners LP
Houston
Vanguard Airlines Seeks New Financing After Chapter 11
A bankruptcy judge allowed Vanguard Airlines to use about 450000 to resume flight operations over eight days. The carrier, which filed for Chapter 11 protection, laid off nearly all 1100 employees on Tuesday with about 80 remaining to pursue financing to save the airline.
MENTIONED IN THIS ARTICLE
Vanguard Airlines
Vanguard
Daniel Flanigan
Economy shows rough patch as manufacturing slows
Washington reports indicate slower manufacturing growth with the ISM index at 50.5 in July, construction spending down 2.2 percent to 820.8 billion, and jobless claims rising to 387,000 for the week ending July 27. Officials emphasize overall growth despite weak data and a cautious recovery.
MENTIONED IN THIS ARTICLE
Washington
Joel Naroff
Commerce Department
Labor Department
White House
Ari Fleischer
Former WorldCom executives arrest on fraud charges
Two former WorldCom executives, CFO Scott Sullivan and controller David Myers, were arrested in New York on charges of falsifying about 3.8 billion dollars in expenses. They allegedly directed concealment on the balance sheet to hide losses, as WorldCom filed for bankruptcy. Prosecutors say they failed to disclose the techniques to outside auditors.
MENTIONED IN THIS ARTICLE
WorldCom
New York
Scott Sullivan
David Myers
FBI
America
John Ashcroft
Sullivan
Myers
Boca Raton
Fla
Irv Nathan
Justice Department
Nathan
MCI
U.S
Bernard Ebbers
Securities and Exchange Commission
SEC
Center
Federal Plaza
Farmland Bondholders Reassured Amid Bankruptcy Hearing
Farmland Industries bondholders heard from lead attorney Larry Frazen that some recovery is possible in the Chapter 11 case, with unsecured creditors likely to be paid but amounts undecided. About 500 investors gathered in Kansas City as officials outlined assets, liabilities, and timelines for a reorganization plan expected later this year, after the nitrogen plant east of Lawrence ceased operations in May 2001.
MENTIONED IN THIS ARTICLE
Kansas City, Mo
Larry Frazen
Kansas City
Sharad Gosalia
Gosalia
North America
Coopera
Tive
Farmland
Farmland National Beef
Steven Rhodes
Rhodes
Frazen
Lawrence
Sprint faces Utah anti spam suit in first case
In Utah a class action accuses Sprint Communications Co. of sending an unsolicited e mail ad to Terry Gillman. Sprint sought to confiscate his hard drive during the case, a request denied by Judge Denise Lindberg who barred erasing any relevant data.
MENTIONED IN THIS ARTICLE
Sad Lake City
Utah
Sprint Communications Co
Sprint
Denise Lindberg
Terry Gillman
Sprint Communications
Overland Park
Ney Denver Snuffer
Gillman
Mark Bonavia
The
Salt Lake Tribune
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