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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Mar 14, 2001
Page
16
The Federal Reserve says Americans ended last year with a total net worth of 41.42 trillion dollars, down 841.5 billion from 1999. This marks the first annual decline since 1945, ending a run of five straight years of wealth growth driven by a booming stock market.
Napster Inc has signed an agreement with Gracenote to help weed out copyright music by tapping its online database of millions of song titles. Gracenote catalogs titles and spelling variants, aiding Napster to comply with a federal court injunction to block unauthorized song trading.
Tech and blue chip stocks staged a rebound on Tuesday amid bargain buying after Wall Street's worst day of the year. The Nasdaq closed above 2000 at 2014.78, up 4.8 percent, while the Dow rose 82.55 to 10,290.80. Cisco led gains, up 13 percent, with Intel and Microsoft also higher. Financials firmed slightly but Merck and Coca Cola weighed on the Dow.
Motorola Inc announces 7000 more job cuts in its cellular division, bringing total layoffs to 16000 over three months. The cuts hit manufacturing engineering and admin roles worldwide as sales slow in a cooling economy. The Schaumburg based company employs about 140000 with plants in Illinois Florida Mexico Europe and Asia.
Market survey shows Wheat and Soybeans at 4.27 and 4.27 dollars per unit from multiple elevators, Milo and Corn around 1.79 to 1.86 dollars, and USDA Loan Deficiency Payments for oats and soybeans. Cattle sales light with 21,400 head previously contracted. bids 78 to 79 dollars, asking 81 to 82, last price 81.50. Quoted livestock receipts near St. Joseph Missouri. Nonferrous metals prices listed in New York. gold, silver, platinum, and mercury quotes included.
U S Bankruptcy Judge John Flannagan rejected AGP s bid to buy most of the Lawrence based Farmers Cooperative assets for nearly 12 million and urged competing bids from Archer Daniels Midland Bunge DeBruce Grain and Midwest Fertilizer. The court seeks the highest price for creditors and warned the process may take time. AGP s plan would have included about 4 5 million in hard assets and 7 23 million in inventories but awaits two approvals including Flannagan s blessing and AGP board approval.
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