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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jul 16, 2002
Page
5
Market investors faced a volatile day on Wall Street with the Dow Jones industrials sliding nearly 440 points before late bargain buying trimmed losses. The Dow closed down 45.34 at 8,639.19 after a fifth triple digit decline in six sessions, marking a 740.31 point drop over six days.
Commerce Department reports May stockpiles on shelves and back lots rose to 11 trillion dollars, up 4.2 percent from April. Some economists view the increase as a hopeful sign for the economy, while others see it as a reaction to weak sales as business inventories slipped 0.4 percent in May from April.
The euro tops the dollar for the first time in 2 1/2 years as the dollar weakens amid U.S. economy worries. The rate hits 1.005 euros per dollar, signaling a milestone in the dollar's decline and boosting euro supporters, with implications for travel and import prices.
Kansas Agriculture Statistics Service reports worsening crop conditions due to hot dry weather. Corn is 29 percent poor or very poor, mile crop 27 percent, soybeans 11 percent poor or very poor, and pasture land stressed at 49 percent, all rising from the prior week.
The Senate approved on a 97 to 0 vote a broad corporate accountability package. It imposes penalties and jail terms for securities fraud and tightens watchdogs over accounting firms amid a wave of scandals. Bush urged swift bipartisan action to finalize before the summer recess. House leaders seek to reconcile differences with the Senate bill.
Downtown Lawrence hosts its 31st Annual Sidewalk Sale with about 125 stores opening before 6 a.m. and crowds of up to 20,000 shoppers. Merchants expect strong one day sales rivaling January, aided by a new city parking garage in the 900 block of New Hampshire Street offering all day or two hour free options. Traffic will move slower but stores anticipate brisk business as shoppers seek marked-down merchandise.
Pfizer Inc announces an all stock $60 billion takeover of Pharmacia Corp creating the world’s largest drug company with revenue of about 48 billion and a 7 billion R and D budget. The merger aims to cut costs by 2.5 billion by 2005 and расширение comes as industry consolidation accelerates.
Farmland Industries Inc. reported a 189.5 million loss for the quarter ended May 31, the same day it filed for Chapter I bankruptcy protection. The petroleum segment lost 55.1 million due to lower margins and refinery maintenance at Coffeyville Kansas. The firm also booked 127.5 million in pretax charges for restructuring and discontinued operations.
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