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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jun 30, 2000
Page
15
Conseco Inc. named Gary Wendt its new chairman and chief executive, ending speculation about leadership. Conseco shares rose $1.125 to close at $9 on the NYSE after a 19 percent rise amid talks Wendt would take over.
Eli Lilly shares jumped 17 percent after positive sepsis drug study results. The stock rose $15.125 to $102.25 on the NYSE, with a likely filing for U S approval of Zovant later this year, potentially making it the only drug targeted at sepsis.
Investors pulled back as fears of higher interest rates affecting corporate profits grew. The Dow fell 129.75 to 10,398.04 and the Nasdaq declined 63.11 to 3,877.23 while heating oil futures gained 3.5 percent on the NYMEX. Deutsche Telekom shares dropped after a Times of London report of a possible 100 billion dollar bid for Sprint, which would alter merger dynamics with WorldCom. Cynthia Ann Hornberger was named dean of Washburn University School of Nursing in Topeka, replacing retiring Alice Adam Young.
Boeing Co. wins a 94 plane 737 700 order worth about 4.5 billion with options for 196 more over 12 years. The deal boosts Wichita based Boeing and Ottawa’s Air Technologies Inc. as suppliers expand with production from 24 to 28 jets per month by 2001. Deliveries start in 2002 and could drive further hiring and supplier activity.
Washington reports show a cooling in U S growth and looser labor conditions may be emerging. The Fed kept the target rate at 6 5 percent after six hikes to curb inflation while May 16 minutes note tightening in labor resources and price trends. Initial unemployment claims rose to 306 000 last week with four week average at 305 250, highest in about a year.
The Commerce Department reports May new home sales at an annual rate of 875,000, down from a revised April rate of 877,000 and 909,000 initially. May's pace marks the lowest since September, signaling a slowing housing market.
Cleveland developer Richard E. Jacobs Group is nearing a deal to sell half of its 39 malls to CBL & Associates Properties of Tennessee for up to 2 billion dollars. The block sale, part of estate planning after long asset disposals, follows Jacobs sale of the Cleveland Indians Baseball Co. for 323 million in February. The Jacobs group, known in Lawrence for tied development plans in the 1980s, faced denials and appeals in late years over mall sites along Iowa Street.
Regional farm price quotes for Wheat Soybeans Milo and Corn from Farmers Cooperative Assn Midland Elevator North Elevator and related USDA loan payment figures. Includes commodity prices, spot metal quotes in New York and precious metal prices from Handy & Harman, with quotations sourced to St Joseph Missouri AP and New York markets.
Six major airlines join with Hotwire.com to sell underbooked seats at fixed prices starting this fall. United American Northwest Continental USAir and America West back the venture led by Texas Pacific Group. Critics warn of potential anticompetitive practices that could raise prices long term.
AAA said airfares rose nearly 16 percent in June and are 20 percent higher than a year earlier. Average round trip domestic fares jumped to 280.56 dollars as seven large airlines began a 30 dollar surcharge in mid May to cover higher fuel costs. Sandra Hughes, AAA Travel Related Services vice president, cited a robust economy driving demand.
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