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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 07, 2003
Page
11
The author argues Americans will accept radical solutions when a problem exists, focusing on health care. Four guiding principles include universal basic employer provided coverage, shared costs for most workers, doctors guiding care with cost effectiveness, and taxing wealth plans to fund a reinsurance pool for high cost patients.
IBM moved to a cash balance plan sparking a lawsuit led by Kathi Cooper a 53 year old IBM veteran from Bethalto Illinois who won a federal court victory for herself and 130000 coworkers The ruling and a separate Xerox case may push Congress to act on cash balance plans The shift lowers costs but risks age discrimination and shifts benefits from long time workers to the mobile workforce
Hungry Howie's arrives on Cleveland Street in Elyria as the fourth pizza shop, with owner Mark Schuckman saying walk ins from nearby neighborhoods drive strong early business. He notes Elyria’s pizza market is buoyant and competing shops report solid results across the city’s crowded pizza scene.
Burger King Corp received a federal grand jury subpoena linked to Coca-Cola Co fraud allegations. Officials wouldn't detail the subpoena or documents. the probe concerns a test of Frozen Coke's popularity at Burger King locations. Whitley’s civil suit claimed a $65 million investment and questioned machine reliability.
Nordson Corp. board approves a 0.155 per share dividend for Q4 2003, up 0.005. Full-year 2003 dividends total 0.605 per share, up over 6 percent. Nordson has raised its annual payout for 40 consecutive years. HUDSON- Jo-Ann Stores reports July net sales at 114.3 million, up 8.7 percent, with same-store sales up 9.2 percent. FirstEnergy restates 2002 and early 2003 earnings after an accounting adjustment, posting a Q2 loss of 57.9 million dollars.
A Treasury five year note auction boosted bond prices and lowered yields, lifting the Dow 2.4 percent to 9061.74 while the Nasdaq fell and the S&P 500 edged higher. Cisco slid after earnings matched estimates, while Lehman gained on a rating upgrade and Verizon traded on protracted mediation with workers. Weight Watchers fell on softer 2003 guidance despite beat on quarterly profits.
The dollar edged higher amid a wet bid at the Treasury auction and modest gains in blue chip stocks, but thin market conditions kept trading choppy with little economic data to guide moves. The five-year issue drew solid demand with a bid-to-cover of 2.48, easing fears of weak foreign capital in the recovery.
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