Dow Dips 1.7 Percent On Alcoa Gateway Earnings News
Discouraging results from Alcoa and Gateway sparked a broad market pullback on Wednesday as Dow Jones Industrial Average slid 145.28 points to 8595.31, the largest blue chip drop in a month. Nasdaq fell 30.50 to 1401.07 and S&P 500 declined 13 to 909.93, with Alcoa down 2.53 to 21.85 and Gateway to 2.96. Analysts cited profit taking after a three day rally and wary outlook ahead of upcoming earnings reports amid tax-cut hopes from the Bush plan.
MENTIONED IN THIS ARTICLE
New York
Alcoa
Gateway
Well Street
Alfred E. Goldman
A.G. Edwards & Sons Inc
Dow
Standard & Poor
Bush
Goldman
Todd Clark
Wells Fargo Securities
General Motors
Bank of New York
Credit Suisse First
Thomson First Call
New York Stock Exchange
Market roundup shows mixed closes across major indexes
Dow Jones ends at 8595.31 after a 145.28 point rise while the S&P 500 slides to 909.93 and the Nasdaq gains 30.50 to 1401.07. NYSE volume at 4 p.m. reaches 1,443,212,348 as investors digest revised totals.
Stockyards Springfield hog and carcass prices slip on light demand
Eastern Cornbelt carcass closed mostly 0.50 lower with fat content ranges from 42.40 to 46.64 for 0.5 inch to 0.9 inch backfat. Illinois direct hogs traded negotiated at 15,192 head. demand very light and prices 1 to 2 dollars lower. Hog weights 300-400 lbs 16.00-18.00. 400-500 lbs 18.00-20.00. 500-600 lbs 21.00-23.00. over 600 lbs 23.00-25.00. Boars under 300 lbs 14.00-18.00. over 300 lbs 4.00-6.00.
MENTIONED IN THIS ARTICLE
Alcoa Inc
Clear Channel
Kroger
Qualcomm
Ameren
Coke
Lee Ent
Ryerson Tull Apple
Conag
Lowes
Sears
Applied Materials
CVS Corp
May Dept. Stores
Solutia
Archer
Devon
Maytag
Southern Co
McDonald
Southwest
Avaya Financial
Dillard's
Sun Micro
AXA
Dollar General
Metlife
Baker Hughes
DuPont
Microsoft
Super Valu
Mips Technologies
Union Planters
Bemis
Eateries
Nbty Inc
Unova
Birm. Steel
Fifth Third
US Bancorp
Bob Evans
First Data Corp
Occi. Petrol
Ford Motor Co
O'charley’s
USG
Boeing Old Nat. Banc
Verizon
BP Amoco
Gen Dyn
Olin
Wachovia
Brunswick
Harley Davison
P-Com
Walgreens
CAT
Harrah's
Wal-Mart
Pepsi
Canadian Rail
Intel
Pepsi Americas
Wendys
CBRL
Integra
Springfield
Illinois
Wheat futures surge on Egypt buys amid weather worries
Wheat futures on the Chicago Board of Trade jumped as Egypt purchased 120000 metric tons of soft red winter wheat and 60000 tons of soft white wheat. Corn oats and soybeans also gained with March contracts up. Weather concerns supported prices as March wheat rose to 3.37 a bushel, corn to 2.45, oats to 2.13, and soybeans to 5.82.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Egypt
U.S
Alcoa to Cut 8000 Jobs Amid Losses In 2002
Alcoa Inc reports a worse than expected fourth quarter with a 223 million dollar loss and plans to cut 8000 jobs, mainly in Europe and South America, as revenue slips to 5.06 billion. The firm will spin off nonperforming units to reduce debt.
MENTIONED IN THIS ARTICLE
Pittsburgh
Alcoa Inc
Europe
South America
Alcoa
Panel approves tougher sentences for corporate crimes
Washington AP panel approves longer prison terms for investors' fraud and shredding incriminating documents. Justice Department argues ranges do not go far enough while defense lawyers say the commission overreached. The commission revises formulas judges use to set sentences.
MENTIONED IN THIS ARTICLE
Washington
Enron Corp
U.S. Sentencing Commission
Employed: Rebound Path After Job Loss and Fear of Silence
Johnson faces a six figure salary loss after a telecom firm cuts staff. He held the title director of business development and lost nearly 50000 in savings and possibly his 350000 home. He notes minimal prospects as smaller firms worry he will leave for better pay but remains determined to reinvent himself and pursue a full-time role with the right company.
Flight attendants approve temporary wage cuts at United
United Airlines flight attendants voted 94 percent in favor of a 9 percent pay cut to help the carrier emerge from Chapter 11. turnout was 62 percent among 24 000 workers, as unions including pilots and dispatchers agreed to immediate double digit reductions while the Machinists resisted.
MENTIONED IN THIS ARTICLE
Chicago
United
Machinists Union
Greg Davidowitch
United Branch
The
Association of Flight Attendants
Glenn Tilton
Elk Grove Village
UAL Corp
New York Stock Exchange
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Pershing Stock Clearing Unit
BellSouth
UBS Warburg
Marvel Enterprises
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ATT Wels
Kimbalk
AbtLab
AMD
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Agere
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Libtyma
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LowesCos
Lucent
AmExp
Mbna S
MGM Mr
Americat
AnalogDev
Mandalay
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Masco
BMC Sft
Mattel
Maxter
BankOne
Bk of Am
Bkny
Medirnic
Barrickg
Merck
Baxter
MerrillLyn BellSouth
MerrisCos
BestBuys
Micront
Boeing
Mirant
BrMySq
MorgStan Calpine Ay
Motorola
CapOne
Newell Rube
Carnival
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Cendant
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GiroCity S
CocaCol
PepsiCo Coeur
Pfizer
CompAs
PhilMor
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CwnCork
Provide
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QwestCm
Disney
ReliantRs
RiteAid
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Ekodak
Seagatet N
el PasoCo
Elan
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EDS
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TXU Corp
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Target
FredMac
Tenebus
Texinst
Toyru
Gap
Transcen
GenElec
Viacomb
WalMart
Guidant
Walgrn Sf
HCA Inc
WellsFrgo
Hallibtn
Wdigit
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WmsCos
Heclam
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XcelEngy
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Alain Belda
Will
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Justice Department
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