The Montgomery Advertiser from Montgomery, Alabama • 28

Bontgomc nj HVdurrtiscr Mary Irby-Jones StateBusiness editor yDim Saturday March 8, 2003 Phone (334) 261-1526 Fax (334) 261-1521 425 Molton St. Montgomery AL 36104 Market may not experience relief rally HYUNDAI-AL Alabaman- Experts are warning stock holders not to count on a wartime rebound Online: Latest Hyundai coverage on jobs and suppliers montgomeryadvertiser.com baum. An economy unable to shake its slump and the stock market's three-year slide have made investors far too skeptical to plunge back into buying once the Iraq suspense has ended. An indication of just how unwilling investors are to make big moves is that buying activity for New York Stock Exchange stocks is at a 6 12 year low, according to Lowry's Buying Power Index. it doesn't change anything about earnings, uncertainty about terrorism, overcapacity in every industry out there and (stock) valuations remaining too high," said Kaltbaum, president of Investors' Edge Partners, a money management firm in Orlando, Fla.

Historically, stocks depressed by war jitters begin to rally after the United States initiates military action. Many hopeful market observers have been com- By Amy Baldwin The Associated Press NEW YORK In the past, Wall Street has enjoyed relief rallies after a long-anticipated war actually started. But the stock market shouldn't bet on that phenomenon happening if and when the United States begins military action against Iraq. "I've been telling people not to count on it," said money manager Gary Kalt- paring current events in the market and in Iraq to the run-up to the Persian Gulf war in early 1991. In the five months before that war; the Standard Poor's 500 lost 5.8 percent, according to Manning Napier Advisors Inc.

But during the war, in January and February 1991, the rose 11.9 percent. Investors hoping for a surge this time should keep in mind that this is a market that has defied history. "Lower (share) prices are just not bringing buyers into the market. It is amazing that demand hasn't picked up at all," said Richard A. Dickson, senior market strategist at Lowry's Research Reports in Palm Beach, which compiles the index.

There's little doubt that investors will breathe a sigh of relief if a war is started and they begin to get a clearer picture of U.S. military prospects. But that also means that investors will be free to refocus their attention on the economy, which is still struggling to get going again. "Conventional wisdom says you get a move (up on) emotional optimism. But JOBS WITH HYUNDAI Hyundai Motor Manufacturing Alabama is accepting applications for 1,600 production and maintenance jobs.

Candidates must request an application by mail from the Alabama State Employment Service by March 23. For complete details on how to apply, log on to www.montgomeryad-vertiser.com and visit the Hyundai coverage. mart earn Expo builds on success MARKETS Dow Jones New York Stock Exchange Gainers 1,776 prompt a Jolb sDasBn 7,740.03 Nasdaq Losers 1,451 Nasdaq Gainers 1,474 Losers 1,662 1,305.29 Complete market report 828.89 I jjzm 7- MOST JOB CUTS SINCE 2001 Companies across the nation slashed 308,000 jobs in February, the steepest one-month slide since labor markets hit a slump in the wake of the Sept. 1 1 attacks. 200,000 I I 100,000 0 montgomeryadvertiser.com Search stock listings for a Quick Quote Bottom line BRIEFLY Firm closes after long run in Shoals FLORENCE Martin Industries, which made fireplaces, gas logs and home heating appliances for nearly 100 years in the Shoals, was purchased in bankruptcy court for $3.7 million.

Monessen Hearth Systems Co. of Paris, bought Martin in a deal approved by a judge, ending a Shoals company that has operated in either Sheffield or Florence since 1905. Martin Industries had about 343 workers in September, with about SO of those working in the Shoals. TELL US WHAT YOU THINK The housing market is booming in Montgomery. What is the most important Photos by David Alan Planchet Advertiser The civilian jobless rate reached 5.8 percent in January By Leigh Strope The Associated Press WASHINGTON Businesses unexpectedly slashed more than 300,000 jobs last month in the largest cuts since the terrorist attacks, pushing the unemployment rate higher as the nation moved closer to war.

Economists warned that February's widespread job losses signal a frail economy in danger of toppling back into recession. The civilian jobless rate reached 5.8 percent, up a tenth of a percentage point from January, the Labor Department reported Friday. Economists had predicted the modest rise, but they were blindsided by the hemorrhaging of jobs that wiped out large hiring gains in January. "It's a very dark report," said Mark Zandi, chief economist at Economy.com. "The economy is flat at best and arguably is sliding back into recession." Worries about war, coupled with last month's terror alert increase and harsh winter weather, all contributed to the jobs loss of 308,000, economists said.

Another possible factor was Ann and Don Wadsworth, left, of Alexander City, talk with Randy Branson of Cabinet Creations Friday at the Home Building and Remodeling Expo at the Montgomery Civic Center. Home info arms weekend warriors 2001 2002 2003 .1 1. s-- Source: Department of Labor AP the activation of military reservists, though Labor Department officials were unable to quantify the impact. i It was the biggest monthly decline since November 2001, when companies purged 327,000 from their payrolls following the attacks on the World Trade Center and Pentagon. Apart from the attacks, the cuts were the largest since January 1982.

actor that drives your choice? Or, if you ECONOMY Russell to move Bike Athletic from Knoxville KNOXVILLE, Tenn. Bike Athletic's new owner has decided to move the By Brett Clanton Montgomery Advertise, It can be tough finding that perfect color to paint the kitchen. But Sarah Ferguson found just the right hue at the Montgomery Homebuilding and Remodeling Expo on Friday, her first trip to the big show. "This is nice. It's really nice," said Ferguson, who drove in from Tuskegee for the event.

"People can see it all in one place instead of having to drive all over the world looking for something." The Expo, which began Friday morning and runs through Sunday, attracted light but steady crowds to the Montgomery Civic Center on its first day. Exhibitors and organizers said they expected bigger crowds this weekend. "Wait until tomorrow," said Rob Warren, an exhibitor with The Home Depot. "It'll be so crowded you won't be able to move." Warren is betting on it. "I brought about 5,600 pieces of literature, and we'll probably give all of them out by day's end tomorrow," he said.

The 100-plus exhibitors who set up booths and product displays do not bring cash registers with them. The expo is more of a product showcase and a way to meet potential customers. "We get some good leads from it, ONLINE ONLY A list of Home Expo par- ticipants can be found on: montgomeryadvertiser.com and a lot of follow up," said Don Pressley, general manager of Silent Sentry Electric Security Inc. in Montgomery. Ben Reeves, manager of Blade-runner Tool Hardwood, said: "We still get people coming in to the store that saw us here a year ago." Reeves was hopeful that his decision to spring for two booth spaces this year would pay off, but on Friday he had his doubts.

"So far, it's been pretty light." The Greater Montgomery Home Builders Association has hosted the expo each year since 1994. More than 5,000 people bought tickets to the event last year. "Our goal is to beat that this year," said Marie Price, a spokeswoman for the home builders association. Price said the event welcomes all kinds, from school groups to families and couples. "We have a lot of people who come in here with floor plans in their hands," she said.

Auburn University Montgomery student Ashley Bennett, 20, said she just came "to get some ideas" for the house she is remodeling. company's Tennessee operations to existing locations in Georgia and Alabama, officials said Friday. Russell based Ward vewear and outdoor apparel maker, said it will relocate Bike's distribution center to Columbus, and its screen printing and custom decoration departments to Alexander City by the middle of April. About 50 employees will be affected by the moves. "For the long-term health of the business, we needed to move these three operations now so that there would be minimal disruption in Bike's ability to service its customers during its peak shipping season which comes in the middle of the year," said Jack Ward, Russell's chairman and CEO.

Bike's office and customer service operation will be moved by the end of July. The Associated Press Roger Teel of Montgomery looks over a Lion Head door set, part of the Tuscan Collection at the Doors by Decora booth Friday. But Mark Silberman, an exhibitor with David Kahn Co. Real Estate, said the expo can be a dangerous place for casual shoppers such as Bennett. "It often leads people to think, 'Gee, we ought to in Atlanta and Alexander City, bought Bike for $16.25 million in January, several months after Bike had filed for bankruptcy.

Knoxville-based Bike was founded in 1874 as the developer of the original athletic supporter. It produces athletic-related products for sports teams and dealers. Russell, an athletic, acti- live in an apartment, for which amenities are you willing to pay more in your apartment? To respond, call Deidra Lemons at (334) 240-0131, fax (334) 261-1 521 or e-mail dlemonsl montgomeryad vertiser.com. Please include your name and phone number. DATEBOOK Today The Montgomery chapter of the National Association of Women in Construction will wrap up Women in Construction Week with a "Ms.

Fix-it-Day" hands-on seminar from 9 a.m. to 3 p.m. today at Home Depot. (334) 271-3200 or (334) 265-0200. The Home Building and Remodeling Expo will continue from 10 a.m.

to 6 p.m. today and noon to 5 p.m. Sunday at the Montgomery Civic Center. (334) 277-7766. Auburn University Montgomery Accounting Club will offer free tax preparation for basic federal and state income tax returns from 8:30 a.m.

to 12:30 p.m. today in Room 314, Business building. The Alabama Chapter of the National Association of Investors will host the last workshop for long-term investors using NAIC techniques and guidelines from 9 a.m. to 11:30 a.m. today at Eastern Hills Baptist Church, 3604 Pleasant Ridge Road.

(334) 272-4285. montgomeryadvertiser.com Datebook online Staff and wire reports Employee-shaped jobs: Nice work, if you get it few years ago, a VP at a large entertain-0 ment conglomerate WVcame up to a table at one of the annual awards events. Waving a hand at several statuettes plated with what might be taken for gold that his division had happened to collect that night, he launched into a paean to the source of his success: "My best people don't have jobs," he said, "they just look for opportunities, then go out and seize them!" Afterwards, several executives debated this form of enlightened management. Wasn't it best to let people During the same period, I have given my executives at IMG a large degree of autonomy in identifying areas in which our involvement might be profitable, or at least worthy of exploration. Some of these executives have literally created new areas of business for us.

So does that make me one of the empowerment camp? Hardly. In fact, the ability of any employee to carry out a successful foray into a new area almost always depends on their having mastered the underlying disciplines of their job, their field, and the current marketplace. Wisdom, in other words, comes not from free dom but from hard work and experience. I recently heard of a situation in another company, a start-up struggling to gain a toehold in difficult times. They hired a seemingly competent person to do research and maintain an informational Web page.

After a month the new hire called a meeting and presented a carefully annotated and thought-out plan. Only, it wasn't for the project for which she'd been hired. She had unearthed abundant evidence that negated any need for it, and instead proposed a comprehensive reorganization of the research department. Since uneasy, but couldn't counter her strong feelings because they hadn't super- vised her closely enough to measure their validity. In the end they acquiesced.

That ended the experiment with letting employees shape their own jobs at this particular company. These days, employees have to earn their freedom to make decisions and not have it handed to them with their company I.D. card. Mark H. McCormack is the founder of International Management Group, which represents international businesses, companies, athletes and celebrities.

research drove this particular company's product decisions and customer service, the new hire's plan was deemed worthy of pursuit. With the go-ahead, however, the Website languished, and after a month or two was no longer a source of customer leads and feedback. When asked about this, the new hire admitted she'd had to "make a decision" to de-emphasize the Web site. Had she consulted anyone about her decision? No. Yet she now recommended someone be hired to do it exclusively while acting as her assistant.

The company's top executives were Mark McCormack SUCCESS SECRETS discover their own strengths, and then apply this self-knowledge to their lives, up to and including giving employees the ability to rewrite their job descriptions? Wouldn't such an emancipation of "knowledge workers" free up the energy of companies in Page designed by Kimberly Wright Harper Page edited by Shannon Heupel and Chris Day I 4.