Stocks fell back Wednesday, with the Dow industrial average losing 93 points to close at 8,567, as wary investors collected profits from Wall Street’s first two-day advance since the Sept. 11 terrorist attacks. Analysts said the retreat was to be expected, given the week’s earlier gains and the troubled economy. “Obviously, we’ve had some slippage, but if we compare where we are today to where we were last week … this isn’t a significant sell-off,” said Michael Strauss, managing director at Commonfund. “The market is trying to bottom. The economy continues to be the battleground, and we’re getting some weakness associated with the terrorist attacks.”
Cascade Financial Corp. will pay a 10 percent stock dividend in October, the company announced Wednesday. Each shareholder will receive 10 additional shares of common stock for every 100 shares currently owned. The dividend will be paid on Oct. 31 to those who own stock as of Oct. 15. “Fiscal 2001 was a record year for us, with a particularly strong fourth quarter,” said Frank McCord, Cascade’s chairman and chief executive officer. “We view stock dividends as a way to share our success with stockholders and as a means of improving trading liquidity by increasing the number of shares available.”
When can you lose $800 million and barely feel the pinch? When you’re Harvard University, and a 2.7 percent decline in your investments plus payouts leaves you with a mere $18.3 billion, down from $19.1 billion a year ago. Harvard, believed by many to be the world’s wealthiest not-for-profit institution other than the Roman Catholic Church, saw its endowment fall in the year ending June 30 for the first time since 1991, and had its investments lose money for the first time since 1984.
OPEC representatives reached an agreement late Wednesday about how much crude oil they would supply to a precarious world economy, but declined to announce their decision until after formal talks take place today. The Organization of Petroleum Exporting Countries gave no explanation for the delay. However, several delegates said earlier it’s likely to stick with its current output levels.
High-speed Internet access provider Terabeam will cut another 20 percent of its staff and slow expansion plans, the company said. Chief executive Dan Hesse said Tuesday that the moves are about “putting Terabeam on track to achieve a fully funded business plan.” The King County company will lay off 90 employees, reducing its total to about 360 in this round of layoffs. In May, the company cut 54 employees.
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