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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Apr 11, 2000
Page
16
A sharp technology stock sell-off pushed the Nasdaq lower by over two points while the Dow rose 73.08 to 11,186.55. The report notes continued volatility from the prior week, with Blue-chip shares showing gains despite broad declines.
Carlisle Cos. announces Vice President and Chief Financial Officer John Barsanti becomes chairman. Dennis Hall shifts to chief financial officer duties as the company outsources services. In related news Diva Farms recalls chopped garlic in water due to insufficient acidification, prompting return to purchase points.
The U S Navy awarded Lockheed Martin Corp a 6.4 million dollar contract to build its newest TB-29A towed array sensor unit. Naval Electronics and Surveillance Systems in Salina will join with L 3 Communications to produce five arrays with potential orders up to 100 units.
Renee T Lalonde of Brewerton and Karen H Almonte of Camillus are promoted to banking officer roles at M T Bank in commercial loan and branch management. Lisa R Stuart of Cicero becomes branch officer, with prior positions at Salina and South Warren. John Nesbit of Auburn joins 84 Lumber in Ithaca as co manager overseeing store operations.
Prime Retail, owner of Prime Outlets Waterloo west of Syracuse, reports a $13 million Q4 loss due to a $37.9 million write-down of two underperforming centers. Full-year figures show a 24 percent drop in same-store sales for Q4 and a 0.9 percent yearly decline. Analysts warn of potential bankruptcy and lender pressure amid reduced occupancy and earnings outlook. The Waterloo center remains a draw for Rochester and Syracuse customers.
Carrier Corp showcased its 310,000 square foot Huntersville plant near Charlotte to 300 customers as it opens a new chiller facility. The move, begun after a 1997 loss and 1998 union row, shifts 543 jobs from DeWitt to North Carolina while union plans to organize NC workers gain momentum. The NC plant uses lean processes and can produce all chillers on one line, signaling a broader corporate efficiency push.
In Syracuse a group of scientists and industry reps heard that Upstate New York could boost its economy by using biomass from wood and plant fibers plus wind power. Dan W. Reicher said biomass technology could keep dollars in state by reducing oil and gas imports as New Yorkers spend 30 billion yearly on energy, with 25 billion going out of state.
M&T Bank installs check cashing ATMs that dispense exact pennies and accept check deposits via scanned image without envelopes or deposit slips. The DeWitt branch unit is one of 60 statewide and the only one in Onondaga County, with minibills, statements, and coupons offered at a fee.
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