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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Nov 27, 2002
Page
1
Washington reports show consumer confidence rising in November to 84.1 from 79.6, easing fears of recession. GDP for Q3 was revised to 4.0 percent annual growth, while October home sales fell 4.5 percent but remain among the higher monthly levels on record.
Honda plans mass production of the Element at East Liberty Ohio, alongside Civic output, promising more jobs as the plant adds a light truck aimed at young adults with an active lifestyle. The base price is about 16100 dollars, with four-wheel drive optional and 26 mpg.
Omaha businessman Phil Sokolof urges Warren Buffett to pass on Burger King, saying a purchase would harm Buffett’s integrity and Berkshire Hathaway’s image due to the chain’s high calorie, fatty foods. The open-letter ad in the Omaha World-Herald calls for Buffett to avoid the Miami based retailer, noting Buffett’s wealth and Berkshire’s holdings in Dairy Queen and McDonald’s.
Wall Street pulled back after a weaker than expected Consumer Confidence Index, with the Dow dropping 172.98 points to 8,676.42 and the Nasdaq down 37.47. The Conference Board showed confidence at 84.1, below 85.0 forecasts, despite a 4% quarterly GDP pace and 1.01 million October new home sales. Analysts warn of near-term volatility ahead of Black Friday and the holiday shopping season. Tech stocks slid on earnings misses while some blue chips saw gains on positive earnings outlooks. UFC traded broadly mixed as investors reassessed retailer and consumer demand for the rest of the year.
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