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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jan 31, 2002
Page
14
The world’s largest media company reports a 1.8 billion net loss for the fourth quarter after a 1.7 billion write down in AOL stakes in Time Warner Telecom and Hughes Electronics, plus 45 million in merger costs. Earnings from operations rise in line with earlier guidance.
Tyco International stock rebounded after bullish analyst remarks and news that the company’s chairman and chief executive will personally purchase 1 million Tyco shares. The move aimed to reassure investors after a sharp slide driven by accounting and governance concerns, signaling renewed confidence.
The European Union is expected to approve the $23.6 billion Hewlett Packard Compaq merger today without divestments. The decision deadline is today, with a four month antitrust review possible if blocked. Compaq CEO Michael Capellas spoke at a San Francisco technology conference but declined to comment.
Philip Morris Cos. named Louis Camilleri as chief executive and president effective April 25, replacing Geoffrey Bible who will retire as chairman in August. The board also reported a 7.6 percent rise in fourth-quarter earnings amid regulatory and legal challenges worldwide.
The United States economy posted a 0.2 percent GDP increase in October-December, signaling a possible end to recession. The Federal Reserve paused its rate cuts, keeping the federal funds rate at 1.75 percent after a year of easing, citing a brighter outlook driven by higher government spending and stronger consumer activity. The prior quarter showed a 1.3 percent annualized decline in GDP.
Investors push New York stocks higher as the Dow gains 144.62 points to 9,762.86 amid continued bargain hunting and optimism despite the central bank not cutting interest rates. Analysts cited buoyant sentiment and resilience in equities.
Ice coated Lawrence as freezing rain sleet and snow forced NCS Pearson to shut at 10 a.m. and kept Hallmark Cards staff at home with vacation or unpaid leave options. Domino's Pizza saw lunch sales surge tenfold while retailers sold out of ice melt and contractors cleared sidewalks amid the challenging weather.
A Wichita hotel firm plans a $2.5 million Comfort Inn and Suites on the northwest corner of Ninth and Iowa, adding 60 rooms including 15 suites with whirlpool tubs and an indoor pool. Travelodge at 801 Iowa undergoes renovations and will stay open, while two buildings near The Kettle are razed to make way for the new property. Construction begins by Sept. 1, with the Comfort Inn opening by March or April 2003.
Wednesday quotes show wheat corn milo and soybeans at Ottawa and Edgerton plus Overbrook and Midland listings. Lawrence and Pauline provide NA or per bushel figures. St Joseph AP notes feeder cattle results with variable weights and prices alongside nonferrous metals prices in New York.
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