Market Watch Diary Snapshot October 26, 2004
The NYSE diary shows 2,308 advances and 934 declines with 176 unchanged and 39 new highs. Nasdaq diary records similar activity with overall volume at 2.15 billion shares traded.
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Oct 27, 2004
Page
9
The NYSE diary shows 2,308 advances and 934 declines with 176 unchanged and 39 new highs. Nasdaq diary records similar activity with overall volume at 2.15 billion shares traded.
A four year labor agreement covering about 260 hourly workers at AK Steel Corp in Ashland Kentucky was approved. The deal includes a wage increase a $2000 ratification bonus and a $500 lump sum by October 31 2007 plus a union sponsored pension plan. The contract runs to October 31 2008. Midd-Cities Properties in Middletown has been nominated for an Industrial Deal of the Year award by the National Association of Industrial and Office Properties for a 55 acre park with eight tenants and 60 employees awaiting new tenants.
Delta Air Lines stock jumped as much as 30 percent amid speculation of a $1 billion concession from pilots and a potential Chapter 11 filing avoidance. Negotiations continued with no comment from spokeswomen, while Delta and the Professional Airline Flight Control Association said they reached a tentative contract agreement for flight superintendents.
Cingular Wireless completed its purchase of AT&T Wireless on Tuesday after government approval, creating the nation’s largest wireless provider with about 47 million customers. Analysts say the $41 billion deal should improve service for both Cingular and AT&T customers.
The MK Steel segment notes Mittal Steel's planned 4.5 billion acquisition of ISG, redefining the global field. AK Steel, based in Middletown, with about six million tons annual capacity, faces increased consolidation pressure and questions about its standalone viability amid industry giants. Analysts see potential AK buyers and emphasize labor costs and competitive positioning, while AK leaders stress ongoing focus on costs, contracts, and customer value.
Pittsfield based KB Toys Inc. seeks Chapter 11 relief and plans to shutter 148 to 238 more stores this year leaving fewer than half of its 1,231 shops. The chain has already shut 427 outlets in eight months and cut 3,400 jobs as part of its reorganization while keeping holiday operations and year end sales intact. CEO Michael L. Glazer said closings are a key part of the plan and the company expects to emerge stronger.
U S Steel reported a record third-quarter profit of 2.72 per share on a 3.7 billion revenue, up from a year ago loss. The company benefited from higher prices and margins, a tax gain, and strong European demand, with shipments slightly down yet per ton margins up.
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