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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 08, 2001
Page
5
New York will not tax federal tax refunds or state tax credits issued this summer under the 2000 tax relief act. The credit is not counted as income by the federal government, and only taxpayers who paid tax in 2000 can receive the credit. Dependents cannot claim the credit on another return.
Anaren Microwave Inc reports annual sales and profit increases totaling a record 84.8 million and 12.2 million, but fourth quarter sales fall to 15.7 million and net income drops to 1.2 million from the prior year.
Ben Cohen, co founder of Ben & Jerry’s, enters the soap market with Barred Rock and a Philadelphia nonprofit purchasing Sun and Earth Inc. of Norristown Pa for 800000. The firm makes non toxic hand soap dishwashing liquid household cleaner and laundry detergent from citrus and coconut oils.
Universal Instruments Corp will cut 75 workers this week in the fourth round of layoffs this year. All but seven of the losses occur at facilities in the Binghamton area, following earlier cuts totaling more than 300 employees this year.
Anytoms NetConnections will pay the top two executives a combined 34 million in bonuses under contracts revised three days before the company filed for bankruptcy protection. Steve Stringer will receive a 2.73 million retention bonus plus a 400000 base salary. CFO J.W. Brankman III gets a 1.36 million retention bonus and a 300000 base salary.
Zale Corp the largest jewelry retailer in North America said its fourth quarter earnings for the period ended July 31 will be between 5 and 10 cents per share, below Wall Street forecasts of 17 cents per share as staff and news service reports indicate.
New Dynamics Development Center at 3300 Vickery Road North Syracuse hosts a course on Motivation Purpose and Passion. The session runs Friday at 9:30 am with a $425 per person fee. For information call 701-0261.
The Dow Jones index sits at 10,458.74, up 57.43 points, while the S&P 500 rises to 1,294.40 with a 43.92 gain. The Nasdaq falls to 2,027.79 by 6.47, and the U.S. 10-year bond yields hold at 2.17% with a 0.01% move. The dollar trades around 123.46 yen.
The Federal Reserve reported a $1.6 billion seasonally adjusted drop in consumer credit in June as nonrevolving loans for autos and other big purchases fell 6.2 percent annualized. Revolving credit rose 3.9 percent, led by credit card use, while economists say higher rates and tax rebates may lift growth later this year.
United Steelworkers locals representing 600 of Crucible Specialty Metals workers walk off as talks resume with federal mediator. Union seeks to protect pensions and retiree benefits for new hires, while Crucible maintains its last best offer. Pickets line State Fair Boulevard in Geddes. non union workers prep four 10 hour days as a productivity trial.
Cisco Systems earnings for the quarter totaled $7 million with break-even per share on 4.20 billion in revenue, matching forecasts amid a global downturn. Excluding items, earnings were 2 cents per share, down from year-ago 16 cents. Cisco signals no new long term guidance despite a claimed Internet productivity promise.
Local retail scene heats as Target confirms long running interest in Central New York with plans for upscale shops in Fayetteville DeWitt and Clay. Benderson Development eyes Ames Plaza DeWitt while Wal Mart supercenter speculation lingers. moves could reshape regional shopping centers and attract larger tenants.
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