Briefcase

Europe, Intel gloom precedes stock drop

NEW YORK – U.S. stocks fell hard Monday as doubts about a recent Europe accord and a lowered outlook by Intel Corp. spurred a broad retreat after two weeks of gains.

The Dow Jones industrial average closed down 162.87 points, or 1.3 percent, to 12,021.39, trimming losses in the last hour of trading after sinking 243 points.

Bank of America Corp. led decliners in all but two of the blue-chip index’s 30 components, losing 4.7 percent. Intel Corp. sank 4 percent after the semiconductor maker cut projected revenue for the fourth quarter, saying supply shortages for hard drives had computer makers cutting back on orders for other parts.

Only McDonald’s Corp. and Walt Disney Co. stepped into positive turf.

The S&P 500 index shed 18.72 points, or 1.5 percent, to 1,236.47, with energy companies and financial firms taking the biggest losses of its 10 industry groups, all of which closed lower.

The Nasdaq composite dropped 34.59 points, or 1.3 percent, to 2,612.26.

MarketWatch

Ednetics contest ends in food bank bounty

Post Falls technology company Ednetics recently hosted an employee construction contest that involved 21,600 cans of food.

Using those cans, nine teams of Ednetics workers spent most of a day constructing large-scale can assemblies, such as a large Christmas tree, chimney and train set.

This week the company is donating the food to four North Idaho food banks that serve Post Falls, Athol, Coeur d’Alene and Rathdrum.

The event is part of the company’s regular tradition of hosting team-building events tied to community projects. Company spokeswoman Becky Campbell said the Wal-Mart store at State Line and the Post Falls Super 1 Foods offered discounts on food items to help the cause.

The company develops technology communications services for schools, school districts and agencies.

Tom Sowa

Motor Trend names F-150 year’s top truck

DETROIT – Motor Trend magazine named Ford’s F-150 the Truck of the Year, edging out the Nissan NV commercial van, the Ram HD Laramie Longhorn and the Toyota Tacoma.

The magazine’s editors presented the award Monday to Mark Fields, Ford president of the Americas at a ceremony at the company’s Dearborn, Mich., headquarters.

While Motor Trend tested versions of the pickup with a 5.0-liter V-8 engine, it was Ford’s 3.5-liter V-6 EcoBoost engine that helped capture the award.

Detroit Free Press