Barranca and Associates Shuts After Chapter 7 Filing
Frederick based Barranca and Associates files for Chapter 7 bankruptcy ending 13 year run as an advertising and public relations firm. Owner Carolyn Barranca says large losses from Frederick Biz.net, an internet venture, forced the shutdown though the core firm remained financially viable. About 17 employees affected. Barranca plans to stay in Frederick and wrap up existing client contracts.
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Dry weather pushes grain futures higher on CBOT
Chicago futures rise as USDA crop progress declines and heat wave grips Midwest. Wheat for September up 2 cents to 2.47 a bushel, corn up 3 to 1.95, oats 4 to 1.10, August soybeans 7 to 34.31. Cattle and hogs mixed with lean hogs at 44.12 and pork bellies up to 34.60.
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Lockheed posts 41 million second-quarter loss amid costs
Lockheed Martin, the world s second largest defense contractor, posted a 41 million loss for the quarter ending June 30, down from a year earlier. The company earned 11 cents per share on 6.2 billion dollars in net sales, with government contracts comprising about 70 of revenue. For the first half, the firm reported a 128 million loss on 12.4 billion in sales, versus the prior year s 458 million profit on 12.7 billion. Norwest Mortgage also reported 70 million in Q2 earnings, up 0 from a year earlier, with year to date loan originations at 24 billion.
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Trade deficit at record as oil and imports surge
The Commerce Department reports May trade deficit at 21.3 billion, up from April, with imports rising to a record 98.9 billion and exports slipping 0.8 percent to 77.6 billion. Oil prices near 1997 highs and strong auto imports widen the gap, while farm and aircraft exports fall.
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