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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Jan 23, 2002
Page
5
In New York, a stronger than expected economic report failed to lift markets as investors pulled out of technology stocks. The Dow fell 58.05 to 9713.80, while the Nasdaq dropped 47.81 to 1882.53, its lowest close since November, signaling no broad rally yet despite positive data.
The Dow Jones Industrial Average closed at 9,713.80 up 58.05 points from the session. Broad market activity showed 1,368 issues higher, 1,768 lower, and 210 unchanged with NYSE consolidated volume at 1.65 billion shares and after hours volume at 7.28 million.
The S&P 500 fell 8.27 points to 1,119.31, a 0.7 percent drop. The Dow slid 3.1 percent year to date and the Nasdaq declined 3.5 percent, with the broader index down 2.5 percent.
Kmart Corp the discount chain filed for Chapter 11 bankruptcy becoming the largest retailer to seek court protection. The company says all stores will operate normal hours while it closes weak locations and seeks reorganization, with $2 billion in financing arranged to keep operations going.
Chicago trading opened with lower corn and wheat as weak export sales weighed on markets. Brazil could still export 2 to 3 million metric tons of corn in 2002, while soybeans edged higher and livestock contracts moved in mixed directions.
At Springfield, prices for 0.5 to 0.9 inch backfat range from 46.00 to 61.08 per cwt with broad stability. Negotiated purchases total 15,496. Illinois direct hogs show higher bids with light demand, 1-3 300-400 lb hogs at 23.00-26.00 and boars under 300 lb 18.00-27.00, over 300 lb 12.00-17.00.
Lee Enterprises, Davenport Iowa, reports diluted earnings per share of 41 cents for the first quarter ending December 31 2001 down from 48 cents a year earlier. Excluding item effects, earnings would be 38 cents this year and 39 cents last year. Revenue falls 5.8 percent to 135.8 million on same property basis. reported revenue 111.6 million. Operating expenses drop 6.9 percent to 77.3 million. The firm cites advertising slowdown and loss of a Sunday as factors. Lee owns 23 dailies including The Southern plus joint interest in five others and over 100 weeklies. Stock trades on NYSE as LEE.
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