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Reported by Star-Bulletin staff & wire
Thursday, February 22, 2001
American Air workers authorize strike
FORT WORTH, Texas -- AMR Corp.'s American Airlines flight attendants voted overwhelmingly to authorize a strike if no resolution is reached in contract talks that have dragged on for more than two years, the union said today. The union said the vote was 96 percent in favor of allowing union leaders to call for a strike. Yesterday, the union said about 18,000 of its 23,000 voted, the highest turnout for any referendum in the union's history. Under federal law, airline unions may not strike until they are released from negotiations by the National Mediation Board and go through a 30-day "cooling-off" period. The airline and the union are due to resume talks, overseen by a federal mediator, on March 2.
30-year rates rise to 7.12 percent
WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages rose this week to 7.12 percent, up from 7.01 percent last week, according to mortgage firm Freddie Mac. Fifteen-year mortgages rose to 6.69 percent, up from 6.61 percent. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.43 percent, up from 6.40 percent.
S&P changes help propel three stocks
NEW YORK -- Standard & Poor's Corp. said they will add three firms to S&P indices next week. Citizens Communications Co., a provider of telecommunications and energy distribution services, will be added to the S&P 500 index at the close of trading Monday. Citizens will replace bank holding firm U.S. Bancorp, which is being acquired by another firm in the S&P 500, Firstar Corp. Lone Star Technologies Inc., a holding firm that owns makers of products used in oilfields and other industries, and independent natural gas and crude oil company Key Production Co. will be added to the S&P SmallCap 600 index on Tuesday.
In other news . . .
PLANO, Texas -- J.C. Penney Co. said it had a loss for the second straight quarter because of steep price cuts taken during the holiday season and increased expenses at the firm's Eckerd drugstore chain.