Market Watch Report March 23 2005 NYSE Diary
Market data shows total volume 2.32 billion shares with 735 advances and 2 607 declines on the New York Stock Exchange. Unchanged 119 issues, 144. New highs 1 057 and new lows 109.
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Mar 24, 2005
Page
11
Market data shows total volume 2.32 billion shares with 735 advances and 2 607 declines on the New York Stock Exchange. Unchanged 119 issues, 144. New highs 1 057 and new lows 109.
Toyota Motor Manufacturing North America Inc awarded Middletown based AK Steel Corp a Superior Award for quality and delivery. The distinction honors suppliers meeting Toyota's highest standards in quality delivery and value improvement for parts and materials.
In San Jose, Toshiba Corp and a subsidiary were ordered to pay Lexar Media over 380 million dollars after Lexar accused Toshiba of pursuing a flash memory deal while secretly planning to partner with a rival.
Parker Hannifin Corp, with 48000 employees, bets on small new business units and startup partnerships to revive its innovator image. The Cleveland area maker of filters pumps and valves aims for $10 billion in annual sales in 3 to 4 years, half from acquisitions and half from internal product launches.
GM North America chief Gary Cowger and vice chairman Bob Lutz acknowledged a tough start to the year as they outlined a plan to shift resources to high volume vehicles and educate buyers on GM’s car and truck strengths. They warned 2005 would be difficult but emphasized long term steps to improve profitability. GM also discussed potentially selling a stake in GMAC Commercial Mortgage Corp, without disclosing terms or counterparties.
Pax World Funds a socially responsible fund family based in Portsmouth New Hampshire sold 375000 shares of Starbucks valued around 234 million dollars about 16 percent of its Pax World Balanced Fund. The fund cited Starbucks new java liquor with Jim Beam as the reason and executive Anita Green said the move was forced by policy. Starbucks replied it was disappointed yet understood the policy and noted prior research and responsible marketing.
Ohio Governor Bob Taft met in Toronto with Magellan Aerospace Corp leaders about Aeronca Inc. Middletown, Ohio. Magellan executives highlighted Aeronca engine exhaust systems for Airbus as a growth driver, with about 200 Aeronca employees and 3,500 Magellan total. Middletown officials attended. Taft also discussed AK Steel tax reform with its president.
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