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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 21, 2004
Page
6
The Federal Reserve is expected to lift the federal funds target from 1.50 to 1.75 percent, the move to tighten policy as inflation stays contained and the election nears. Banks’ prime rate would rise to 4.75 percent, signaling cautious optimism about economic growth amid a volatile backdrop.
Papa John's shuts ten of five Ohio locations including Lorain City outlets in Lorain County. Karen Sherman, VP of corporate communications, says the franchise group is seeking new operators while two Lorain County shops and two in Sandusky close for reorganizations. Affected workers report job loss and reduced service, with one store at 4817 Chestnut Ave in Lorain.
Delta Air Lines and its pilots union reach a tentative deal allowing some retired pilots to return temporarily to ease staffing shortfalls. It hinges on preventing pension plan terminations before bankruptcy and must be ratified by about 7,500 active pilots. The broader issue remains $1 billion in concessions and potential Chapter 11 without them.
About 5 000 of 15 4100 publicly traded companies hold no quarterly conference call while 8 000 are closely followed by Wall Street analysts and more than 5 000 still hold calls. Executives fear short termism and some argue annual meetings suffice. Regulators require equal access to information and some fund managers defend press releases plus SEC filings as sufficient disclosure.
Cleveland based Applied Industrial Technologies reaffirmed a higher sales outlook for the full year and raised first quarter earnings guidance to 60 cents to 70 cents a share. The company expects 2024 sales between 1.84 and 1.66 billion and full year earnings of 2.16 to 2.26 per share, with analysts forecasting 2.08.
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