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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Sep 06, 2002
Page
15
A wave of negative news on productivity and retail sales sent Wall Street lower on Thursday. The Dow Jones fell 141.42 points to 8283.70, erasing Wednesday's 117-point gain and sparking a broad market retreat as traders watched monitors at the New York Stock Exchange.
Freddie Mac reports the average rate on a 30-year fixed mortgage dropping to 6.15 percent this week, the lowest since records began 32 years ago. It marks the third new low of the year, following a 6.22 percent reading last week that matched the prior low.
Kansas City company Interstate Bakeries Corp. announces James R. Elsesser, ex vice president and chief financial officer at Ralston Purina, will become chief executive officer on October 1. He succeeds Charles Sullivan, who retires but stays as chairman after 13 years. Elsesser helped in the Continental Baking Co. sale to Interstate in 1995. Interstate Bakeries, headquartered in Kansas City, markets Wonder, Hostess, Dolly Madison and Drakes.
State insurance regulators plan to examine recent increases in insurance prices and whether the September 11 attacks triggered unjustified rate hikes. The National Association of Insurance Commissioners will study recommendations by Americans for Insurance Reform, which calls for stronger state regulations to curb excessive rates. The coalition urged agencies to assess economy impacts on rates and potential price-gouging.
Washington AP Boeing Co is keeping mediation ongoing with the International Association of Machinists as talks stretch toward Saturday to avert a strike. The union with 25,000 workers in Washington, Wichita and Portland resumes at 8 am with mediators, while Boeing pushes to protect customers and competitiveness. The three year contract expired Monday and ballots for strike authorization are sealed amid unresolved health care and pension issues.
Fleming Cos, the large Dallas based wholesale distributor, saw shares drop as concerns grow over supplier relations and weak sales at Food4Less Rainbow Foods and Yes Less stores. The firm blames hopes for earnings on a sales rebound at its supermarkets while denying rumors of a debt downgrade.
New York AP reports back-to-school spending failed to lift top retailers as consumers worry about jobs and stock swings. Wal-Mart Target and Kohl's posted below expectations even as auto and home purchases rose. Apparel sales slumped with department stores showing the steepest decline since September 2001, while analysts offered mixed forecasts for the rest of the year.
The Labor Department reports U S productivity rose 1.5 percent annualized in Q2, down from 8.6 percent in Q1, though above some forecasts. For the year ending June, productivity up 4.8 percent as unit labor costs rose 2.1 percent after a 4.6 percent decline in Q1.
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