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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Oct 16, 2001
Page
5
New York stocks closed narrowly mixed as investors awaited earnings from Intel and others. The Dow gained 3.46 to 9,346.62 but traded down at times, the Nasdaq fell 7.09 to 1,696.31, and the S&P 500 slipped 1.67 to 1,089.98 amid a cautious tone after recent market rally and Sept 11 impacts.
Investment strategist for Dunvegan notes earnings this week from Intel IBM AOL and Nokia will steer market sentiment. Analysts expect sector shifts and ongoing volatility as reports arrive with upgrades and downgrades shaping moves in Altera Applied Materials Intel and IBM while IBM gains on a strong buy assessment.
Maryland stock prices rise from post attack lows with Lockheed Martin up 21 percent to 46.29, Coventry Healthcare McCormick & Co and Ryland Group rising as most large Maryland firms recover while Marriott International remains below September levels after closing at 33.77 on October 11 from 40.85 on Sept 10.
The Frederick County Planning Commission approved several developments including an automobile dealership on 2.19 acres at Weanewood Boulevard in Wedgewood Business Park and a 3.96 acre motor freight and maintenance terminal between Reich's Ford and Ray Smith roads at Quinn Orchard Road.
Corn and soybean futures dropped after the USDA projected record soybeans at 2.91 billion bushels and Brazil’s crop outlook raised supply expectations. Wheat also declined as traders weighed crop forecasts, with sobering export demand and late Midwest harvest rains providing mixed support. Beef and pork futures retreated amid ample supplies and weak cash markets.
Bethlehem Steel Corp, a historic steel maker and shipbuilder founded in 1904, filed for Chapter 11 bankruptcy amid $152 million quarterly losses and debt. The company, once a major U S producer with 13,000 workers and 74,000 pensioners, seeks $450 million debtor in possession financing from GE Capital to maintain operations.
Renn-Kirby Pontiac Mitsubishi in Frederick relocates its service department to the rear of the Mitsubishi showroom on North Market Street. The renovated space includes new lighting, a service booth, and a parts area to improve customer and technician flow.
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