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Show The Salt LakeTribune BUSINESS @ CONSUMER CORNER, B-5 @ UTAH BRIEFS, B-5 NOVEMBER24, 2001 @ BUSINESS GLANCE, B-7 BournsSet To Close STRATEGIC CLIMBING YESTERDAY'S MARKET Indicators DowJones NASDAQ 9959.71 1,903.20 OgdenSite ‘CLOSE: NYSE / Page B-4 -S&P500 CLOSE: CLOSE:| 585.85 1,150.34 | 132 jobsto be cut; layoffs in works for Logan plants KNIGHTRIDDER/TRIBUNE BUSINESS NEWS Dan's Top Performers The Bloomberg OGDEN — Layoffs are anticipated at Bourns Inc. plants in Ogden and Logan. The 54-year-old, privately held electronics pro- Utah Index measures the stock performance of the ducer based in Riverside, Calif. will shut down an Ogden sensors and controls plant at 2533 N. 1500 Westby theendof the year, according to a notice the companysentto the Weber County Commissionlast CLOSE: Foneed 20299 companies. ANALYSIS month. Whentheclosure is complete, about 132 workers will lose their jobs. The plant’s production will be consolidated into otherfacilities in the United States and abroad. Some workers maybeoffered transfers to other Bournsplants, but a specific number was unavailable. Thefirst cut is scheduled for Nov.30, with a final Investors retumed fromthe Thanksgivingholiday in a buying mood Friday, sending blue chip stocks to strong gains andreversing the profittaking trendof recent sessions. cut coming sometimebefore year’s end. Bournsofficials did not give exact numbers or Domestic Revenue Falls For Major U.S.Airlines dates, but confirmed layoffs also will be needed in Logan. The Loganfacilities, at 1400 N. 1000 West and 693 W.1700 South, produce electronics used in network systems. Bourns’ sales in that line have fallen 70 MajorU.S.airlines’ domestic revenuefell 38 percent in October from the year-earlierlevel as carriers re- percentfrom a year ago. Bourns has been using companywide schedule reductions and furloughs for much of this year, hopingto avoid full-blown layoffs and plantclosures, duced flights and fares after the Sept. 11 terrorist attacks, Bloomberg News reported. The revenue decline came aspassengertraffic dropped 24 percent and yield, a measure of averagefares, fell 19 percent, according to the Air ation, a trade group said Patricia Moorman,vice president of worldwide distribution. “It’s a direct result of the economicsituation,” Moormansaid.“If we were going great gunslike we werea yearago, this wouldn’t be happening.It’s extremely regrettableto all of us.” ers includethe major airlines. The figures exclude SouthwestAirlines Co., the largest low- fare carrier. Bears Hush Talk Of a Bull Market Majorcarriers, including AMR Corp.’s American Airlines, UAL Corp.'s United Airlines and Delta Air LinesInc., which operates a hub at Salt LakeCity International Airport, cut seat andflight capacity about 20 percent after theterrorist hijackings BY AMY BALDWIN reduced air-travel demand. Toencourage consumerstofly, airlines beganfare discounts in late Septem- THE ASSOCIATED PRESS NEW YORK — Talk ofa new bull marketforming spread throughout Wall Street as the Dow Jones industrials ended the weekin thatterritory. But plenty ber. “My strongsuspicionis interna- tional revenue suffered more” than in the United States because of fear of terrorism and the highercost of suchflights for leisure travelers, said John Heimlich, the group’s director ofeconomic and market research. of bears remain onthe prowl, cautioning that stocks remain on unstable ground and that the market could be getting aheadofitself. The Dow ended Fridayat9,959.71, landing in what . is technically bull market groundas it finished 20.9 percent aboveits Sept. 21 low of8,235.81. A bull market is defined as a 20 percent or greater recovery from the low. Still, many analysts andtraders called the Dow’s moveartificial, reasoning that most of the gains from the low point represent a rebound from the American Indian Housing ‘The Enterprise building onpreviousefforts to develop housing for AmericanIndians on their reservations in New Mexico and South Dakota,has started a similar effort for tribes in Utah andIdaho. The Columbia, Md.-based nonprofit has hired Perry Mathewsto direct the operation. Heis the former associate director of the Utah Division of Indian Affairs. Mathews will provide technical assistance,facilitate access to finance andcreate additional housing stock on reservations in the two states. Heestimated there are 30,000 American Indiansin Utah, which is hometo the Northwest Shoshone, the Northern Ute, the White Mesa community, seven chapters of the Navajo Nation, the San Juan Southern Paiute,the five bands ofthe Paiute Indiantribe of Utah and two Goshutetribes. Holiday Merchants Cottonwood Mall, 4835 S. HighlandDrive, Holladay, has 22 new stores open for holiday shopping. The new merchants include Bungee Balls, toys; Day By Day,calen: dars and jo’ ; Eglowstore, glowin-the-dark items; Game ler Il, computer and TV games;Generation X,gifts; Geppedos,dolls and hand puppets; HammondFun Spot, toys and games; Hickory Farms,cheese, meatand crackergifts; Issimo Cosmetics, cosmetics and skin-care products; J. Morgan Confections, treats and gift mekLiving Scriptures, audio and video re MyTwinn, custom-made dolls; San Francisco Music Box, music boxes and ceramics; Sheepskin Station, sheepskin items; Story Book Nook, Raggedy Ann and Andy, Madeline toys; Spirit of the Games, 2002 Olym- Darron Ci Associated Press David Lentine makeshis way up the two-story simulated rock wall at the Galyan’s Trading Co. at Castleton Square Mall in Indianapolis. Galyan’s has 26 storesin 14 states,including oneat The Gatewayin Salt Lake City, andit plans to add seven morestores next year. Galyan’s Defies Gravity of Economics Sporting-goods chain keeps growing despite downturn for U.S.retailers Louisville, Ky. The additions give Galyan’s 26 stores in 14 BY MARK JEWELL Th more bullish than ever,”he said. Galyan’s opened its neweststore at The Gatewayin Salt Lake City on Nov.1. In the pastthree months it also opened stores in Novi, Mich., and SSOCIATEDPRESS INDIANAPOLIS —Ata time oflow consumer confidence and a stagnant retail sector, Galyan’s Trading Co.isn’t missinga beatas it sticks toits ambitious growth plansfive months after going public. The economic downturn and Sept.11 terrorist attacks that hurt manyofthe nation’s retailers seem to haveleft the sporting goods and outdoor equipmentretailer unscathed. “We'veseenstrong performance from our new stores, and in an environment that has been tough,” said chairman andchief executive Robert Mang, who presented a relatively upbeat earnings report Wednesday. Mangsaid Galyan’s is pushing ahead with plans to add seven more stores next year.“We're states, including four in the Indianapolis area and one in Plainfield, the Indianapolis suburb where Galyan’s is based. Galyan’s newerstores, includingits Salt Lake City location, feature two-story simulated rock walls that allow climbers to enjoy a vertical adventure without headingto thehills. And with the openingof the traditional holiday shopping season on Friday, customers crowded aroundthe climbing wall to watch childrenandadults scale the heights. In the golf section, enthusiasts were busyhittingnets to try out equipment before testing their luck on the links. ere’s a ‘wow factor’” to Galyan’s stores, Mangsaid. “We encourage product tryouts.” It is a big departure from the early days. The See GALYAN’S, Page B-5 Time Magazine Calls Utah Gyroplane Oneofthe Best Inventions of 2001 BY STEVEN OBERBECK ‘THE SALT LAKE TRIBUNE A Utah-made gyroplane manufactured by Groen Brothers Aviation, stink-free shoes and an atitomatic mashed potato machine have been identified by Time magazine as among the best inventions for 2001. Groen Brothers has worked for more than 15 years to bring its gyroplane to market. The aircraft is a cross betweena fixed-wing plane and a helicopter. In the Nov.19 edition of Time, the Salt Lake City-based company's j pag iageheeaany cdmld vor ed. The magazine says the gyroplane is in the final stages of Federal Aviation Administration testing and Groen Brothers is about to begin marketing the aircraft for private commercial use. A month ago, however, Groen Brothers said difficulty securing funding forced it to re-evaluate its business plan. The Saco mnot off half its 100-person wor! said it will relocate to Arizona mn massivesell-off that followed the Sept. 11 terrorist attacks, rather than buyingonproofthat business is turning around. “The market has moved off an incredibly depressed level that we got to after forced selling, mostly by insurance companies that hadto sell to o ‘set their losses after the Sept. 11 terrorist attacks,” said Todd Clark, co-head of trading at WR Hambrecht. “That created an artificial low price for the stock market. We have simply bounced back to more of an equilibrium.” Manyanalysts don’t expect the market to. keep rallying the wayit has since that initial post-attack sell-off. Afterall, theysay,it is still unclear when the economywill turn around. The marketis also vulnerableto political uncertainty as the United States continues to havemilitary forces in Afghanistan. “We have entered a market that is in a trading . range until we get more of an idea where the economyis heading,” Clarksaid. “It’s premature to call it anew bull market.” While it was fairly easy for the market to recapture its attack-related losses, another big move up will be harderto achieve andwill require the backing of improved earnings or outlooks, said Jon Brorson,director of equities at Northern Trust in Chicago. “If we can say that earnings are going to start coming through, then the market will go higher,” Brorsonsaid. Until there is hard evidence that earnings and the economy are improving, investors will at times be inclined to take profits, limiting the market's upside potential. |
