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Show II 1 A -i-- r- PAGE 6 2004 FRIDAY. SEPTEMBER 17, I 1 Is BUSINESS EDITOR I Grace Leong V Local Industry News & Notes Utah Cost of Living Cost of living up slightly for second consecutive month The cost of living along the Wasatch Front was up slightly for a second straight month, fueled by higher grocery and housing costs, according to a study released Thursday by Wells Fargo & Co. Overall, adjusted prices along the Wasatch Front rose 0.2 percent in August. Nationally, costs edged up 0. 1 percent. "The overall Wasatch Front cost of living rose in August due primarily to higher housing costs, although grocery prices were up somewhat as well," said Kelly Matthews, Wells Fargo's executive vice president and senior economist. The annual price increase, however, slowed in August relative to prior months." Higher rental rates led to a 1.4 percent jump in Wasatch Front the largest gain since January 2001, the housing costs in August Wells Fargo study said. Nationally, housing costs were up 02 percent in August. Statewide, grocery expenses rose 0,2 percent in August, led mainly by price increases in meats, cereals, produce and dairy. Nationally, grocery bills dipped 0.2 percent in August. Lower gasoline prices helped lower transportation costs in August by 0.6 percent along the Wasatch Front, and by 0.3 percent nationally. . Aviation Dow Jones Nasdaq 10,244.49 13.13. Final 1.904.08 7.56 S&P 500 Final 1,123.50 3.13 EXCHANGING THE DOL1AR Thursday Gold Silver Per ounce $404.70 -- $0.30 Per ounce $6,289 $0,018 Canadian dollar Mexican peso Tom Sullivan THE ASSOCIATED PRESS Delta Air Ones Inc's NEW YORK bonds rose sharply in Thursday trading, a day after it offered to exchange some bonds in an attempt to stave off bankruptcy. U.S. Late Wednesday, the third-largecarrier said it would issue up to $680 million in senior secured notes in exchange for $2.2 billion of unsecured debt and $471 million of equipment trust certificates. Unsecured bondholders would get 35 to 40 cents on the dollar while certificate holders would get 75 cents on the dollar. In late trading Thursday, Delta's 10.375 st be worth essentially nothing. The discounted exchange ratio prompted credit rating agencies Standard & Poor's and Fitch Ratings to lower their ratings on Delta debt Thursday. S&P said that it lowered Delta's rating to double-- from triple-- with a negative outlook, but S&P credit analyst Philip Bagga-le- y said that a successful exchange "could avert" a bankruptcy. The company has $20 billion of debt and leases overall, according to the rating ' agency. Fitch cut its rating to single-- from doub- percent debt due 2011 was quoted 5 points higher at a midpoint price of 32, or 32 cents on the dollar. Delta's 7.7 percent debt due 2005 was quoted up 4.5 points at 49.50. The new notes will be secured by collateral including some debt-fre- e aircraft, flight simulators and flight training equipment. The bondholders will most likely accept the offer, according to high-yiel-d analyst Roger King of independent research firm ' CreditSights, who said the Atlanta-basecarrier "could easily go bankrupt in three ' months." "It's getting a little bit of something for nothing," King said, adding that in case of a bankruptcy, the unsecured paper would d le-C See to profit in Sony-MG- M partnership Sallie Hofmeister IOS ANGELES TIMES Comcast Corp. tried to break into the entertainment business as a star. But it's looking as if its best role for now may be a th tions. This includes new background information on the company, descriptions of Aradyme's mix of services and solutions, insights on Aradyme's database technology and how the company's services and solutions are used by businesses and organizations in various industries, customer success stories, a virtual library of technical information, an online newsroom and a new investor relations section. cameo. Rob Vanderheyden, National Briefing finance and entrepreneurship. WASHINGTON Consumer prices barely budged in August, suggesting that inflation isn't currently a problem for the economy s and Federal Reserve can stick with a gradual apto interest rates. proach raising The government's closely watched inflation barometer, the Consumer Price Index, rose by just 0.1 percent in August from the previous month, the Labor Department reported Thursday. Falling prices for clothes, cars and airfares helped to temper rising prices for medical care, education and some food items. The tiny rise came after consumer prices dipped 0.1 percent in policy-maker- July. demands information on Boeing subsidies The European Union on Thursday de-- . BRUSSELS, Belgium manded Washington explain more clearly how it subsidizes Boeing Co. and warned it would counter any U.S. challenge targeting EU rival Airbus SAS before the World Trade Organization. After 4 12 hours of negotiations on the dispute between the world's biggest aircraft makers, no clear progress was made beyond identifying stumbling blocks and a promise to keep contacts going in the weeks ahead, officials said. trans-Atlant- ic STOCKS OF LOCAL INTEREST Yesterday's performance of selected publicly traded companies Alcoa . ABS LAST CHANGE 30.35 Inc Albertson's, 4.06 24.180.18 Inc SYM COMPANY MYGN NEIM 0.24 NOW. 17.84 0.93 14.89 0.08 5.49 0.15 638 0.17 Nu Skin Enterprises' Northwest Natural Gas 26.60 4103 31.84 034 Myriad Genetics Nature's Sunshine Prod NATR 4.14 LAST CHANGE ABX BarridcGold AP Amer Electric AK3 Amer Ind Group .71.47 0.25 NUS AMGN 58.19 0.04 NWN 613 0.04 PCG PGM Corp 29.80 0.10 AWE Amgenlnc America West HoHngs'B' ATSTWirelessSvcs 14.68 0.01 Pft 31.78 0.07 BAC Bank of America 4434 3658 0.17 PTZ Pfar.lnc Pufcerhc K 4935 0.60 0.68 Q CCorrerufcafcrslntl 3.20 0X3 27.50 0.17 RD Royal Dutth Petrol 5134 0.14 0.63 AWA BU ; 19.45 Pwr BIS BalCorp BellSouth Corp , , ' NetManagehc NoveDInc ADR Michael P. Regan THE ASSOCIATED 39.07 0.01 S Sears,Roebudt 40.92 0.20 SBC SBC 26.56 0.50 Meg Richards CBAG CRESTED CORP 0.00 SCOX SCO 4.03 THE ASSOCIATED PRESS Comcast 0.40 SB Group Smith M 171 CMCSA 079 2844 CVX ChevronTexacoCorp Delta Air Lines 50.97 0.07 SK0 Shopko Stores 401 0.09 SKYW SkyWesthC DTS Disney (Walt) Co 23.40 0.39 SNTD , DAI DNEX DionexCorp 49.93 0.96 SPI SentoCorp Scottish Power ERICY Ericsson(LM)Tel'B'ADS 28.34 0.26 STA StPaulTriwsJC'' ETR Entergy Corp Franklin Covey 60.77 0.13 SIX QuestarCorp AOS ' UntedHeaNl Group U5. Bancorp 69.78 450 2935 034 Sybase 33.53 0.00 T ATSTCop HCAInc 39.05 0.03 TGT Bkx(H4R) 47.94 UCL 62.01 IBM Sdiein(Henry) HI Bus. Machines MTC Intel Corp 20.11 (1.0 Nordstrom, he Kromshc 37.73 029 019 025 431 038 39.78 0.04 HCA HRB HSK JCP JWN KR0N ' Penney 8612 he TargetCorp Unocal Corp 39.58 ' US8 U5. Energy Corp USANAHtaMiSdenoB USEG USNA 2.15 00 3259 4.19 4.12 023 036 UTMD Utah MeoVal Products 19.04 OS5 V7 VertonGmMtatfom 4018 3559 5923 LU UicMTecfnc40Qies LUV SouthwestArtnes MCK McKesson Corp 27.82 MER Merri Lynch 51.86 MTIY MfTY Enterprise MMSI Merit Medal Systems MSFT MoosoftCorp MU Mom Technology LoigviewFbt , 44.85 1420 328 1434 LFB 4048 1628 1199 1552 4535 UNH SwrftTransportataA S. Electric 0.44 34340.72 19.95 SVIFT 236 Genl 29.97 16011 17.06 2726 1226 O20 UtaMDcxrmonNtyTr 0.03 GE 015 U0R 1.88 Golden West Rnl 6.45 046 159 O02 023 024 034 018 115.06 FC GDW 0.04 026 404 WEN 019 022 036 0161 013 O07 016 WFC WMT WM ,; Wendy's htl ' .. WefcFargo . WaUtatStm Nutrition Mf A' ftOJl 52.77 013 4.14 118 412 37.80 028 014 4.13 X USSteel XE Xcel Energy 1731 SON Sons Bancorp 61.07 double-majorin- . in g ' With neither wages nor the job market really growing much, "it's hard to figure out in the short run what's going to work for me, what my major should be." The most obvious recent trend is a retreat from computer science studies, which was a hot area in the 1990s before the tech bubble burst and companies began off shoring programmers' jobs. What emerged as one substitute is actualand decidedly unexcitly one of the older ing standbys: accounting. Last year the number of students graduating with accounting degrees rose 11 percent, according to a survey by the American Institute of Certified Public Accountants. Colleges are crediting the boom on the recent corporate scandals and the Sarbanes-Oxlelegislation, both of which put a spotlight on proper bookkeeping. 'Accountants, who had been relegated to a service position, are now front and center to CEO survival," said Andres Fortino, dean of the school of management at Marist College in Poughkeepsie, N. Y. "Faculty and students bean-count- er y See MAJORS, D5 Co. Under a proposed deal, the nation's largest cable operator would obtain rights to Sony and MGM movies to pump up its service and create new channels. The goal-tstop consumers from switcha ing to satellite providers key reason behind Comcast's , run at Disney. The Sony and MGM libraries account for half of all color movies produced since the 1950s, including such blockbuster franchises as Sony's "Spider-Man- " and MGM's James Bond. Under an alliance Comcast struck with Sony on Monday, it would obtain access to the Japanese company's movies even if the MGM deal collapsed Comcast Chief Operating Officer Stephen B. Burke said that in the crucial arena of video on demand, "We're farther ahead than we would have been with Disney. And with no upfront investment." The value Comcast would bring to the table is its ability to launch cable channels jointly owned by Sony that would d Sec COMCAST, D5 Stocks propel as data suggest inflation under control 47.18 1829 1435 f; 1' jor? And in today's uncertain job market, it's a lot more. Positions once filled by graduates with yesterday's hot nvjors are disappearing or being shipped overseas, so a student's answer to the question is one of the most important financial decisions they will ever make. Research by professors at Northeastern University in Boston shows that a college student's major is more important than what college they attend in determining their starting salary upon graduation. Yet with employment patterns shifting much faster than in the past, choosing a major based on what jobs will be in demand a few years down the road is a tricky endeavor. "In the last three years, because of the economic recession, the labor market hasn't really signaled what I ought to be studying in college," said economist Paul Harrington, the lead author of the Northeastern study. Cittgrouplnc 59.29 PRESS well-wor- BantaCorp ' in Dayton, Ohio. Vanderheyden is n NEW YORK It's a pickup line at college keg parties: What's your ma- BN d'A' Press Shifting job market makes degree choices more vital C Comrmjnications BEHRMANAssoclated a junior at the University of Dayton, poses outside the entrance to the university on Wednesday Consumer prices went up slightly in August n After losing its bid to take over Walt Disney Co. this year, the cable giant is in the thick of Sony Corp.'s proposed purchase of Inc. without putting up a dime. "This is all good for Comcast," said analyst Craig Mof-fe- tt of Sanford C Bernstein & er AL COMPANY D5 DELTA, Both sides MAJOR DECISION American Fork company launches new corporate Web site Aradyme Corp., an American Fork database company, launched a new version of its corporate Web site at www.aradyme.com. The Web site is designed to make it easier for existing customers, potential customers, investors and others to obtain more information about the company and its services and solu- SYM C C Technology AA 110.02 $1.2154 $1.7759 I. 2970 II. 5220 109.63 $1.2188 $1.7940 I. 2900 II.4980 Yen Euro British pound Delta bonds rise sharply Alpine Air's third quarter earnings return to the black Alpine Aviation Inc., a regional cargo airline unit of Alpine Air Express Inc. of Provo, reported net income of $135,171 for the third quarter ended July 31, compared with net losses of $331,795 a year ago. Alpine Air, which has a fleet of 29 airplanes, projected annual sales of $19 million, with its majority-owneoperating unit, Alpine Air Chile, S.A., posting gross revenues of $4.97 million for the third quarter, up from $1.87 million a year ago. "Most air cargo companies during the past several years have seen reduced cargo volumes," said Gene Mallette, chairman and chief executive of Alpine Air. "Now, as the economy realizes slight improvements, we, along with the cargo industry in general, are enjoying some increase in air cargo volumes." Cargo volumes for the company's third quarter jumped 76 percent to 10,212 tons over the same period last year, EU gleongOheraldextra.com 344-291- 0 staring us down anytime we're starting a rally," said Bill Groenveld, head trader for Investments. "We've had a strong move, but it would be " healthy for the market to con- solidate. It could give us a pedestal to move higher, solid- ry, in the fourth quarter, as long as economic numbers dont change and oil stays in vFi-nan- NEW YORK Stocks regained some momentum Thursday as fresh economic data suggested inflation remains well under control, but volatile 03 prices gave investors some pause late in the session. Analysts are closer watching stocks for signs that the market will stabilize in the second half of the year, but choppy traciing has made it difficult to build confidence among investors, particularly given recent fluctuations in ou prices. Some traders questioned the ; , durability of the day's advance on the heels of several lowered corporate forecasts and mixed economic data. "Once again, we've pulled oil into the headlines. It seems we always find ourselves with that ' line." . The Dow Jones industrial average finished up 13.13, or 0.1 percent, at 10,244.49. The broader gauges also closed in positive range. The V, Nasdaq composite index added 7.56, or 0.4 percent, to 1,904.08. The Standard & Poor's 500 index gained 3.13, or 0.3 percent, to 1,123.50. production facilities in the were restarting and assessing damage after Hurricane Ivan threatened Oil Gulf of Mexico rigs, tossed tankers off course and dented production earlier in the week. Crude prices were down most of the day, but inched higher late in the session as traders covered their shorts, light crude for October delivery settled up 30 cents at $43.88 per barrel on the New York Mercantile Exchange, rebounding from below $43. The Labor Department re-- ' ported a 0.1 percent increase in the Consumer Price Index, the government's most closely watched inflation gauge. It was a better reading than the 0 2 percent rise forecast by economists, and radicates inflation poses no immediate risk. Analysts said the economic hill in late spring and early summer : made it harder for some com-- , . panies to raise prices. Following a weaker session Wednesday, which analysts said was overdue after four weeks of solid gains, the inflation data was a welcome buying incentive, and more than offset negative earnings warnings from several companies, including Nortel Networks Corp. Volume was light due to Rosh Hashanah the Jewish New Year and ahead of the usually volatile "triple witching" on Friday, when options and futures contracts expire. Much attention has been focused on economic data ahead of next week's meeting of the Federal Reserve, when policymakers are expected to raise the federal funds rate by a quarter point to 1.75 percent. As long as inflation remains in check, analysts say the Fed is unlikely tQ adopt a more aggressive policy on rates. With See STOCKS, D5 |