Business memo 08/12/02

Edward Jones ties for highest ranking

The financial services firm Edward Jones tied for first in J.D. Power and Associates' first survey of customer satisfaction among full-service investors, according to Stan Irwin, one of the firm's Cape Girardeau investment representatives. The ranking ranked Edward Jones ahead of 19 other firms.

The study was based on responses from more than 8,500 customers who invest with one of the 21 firms included in the study. Key factors were customer service, advice, account management, information resources, Web site capability and cost of transactions and services.

July sales dampened for many retailers

Lean inventories and consumer skittishness dampened July sales for many retailers but helped profits as merchants didn't have to resort to heavy discounting to get rid of shorts and T-shirts to make room for back-to-school items.

As the nation's largest merchants reported their July sales for the month on last week, even the discounters like Wal-Mart Stores Inc. stumbled. The month, typically not busy as stores clear out their summer leftovers, was slower than usual. Stores have maintained lean inventories, and given strong June sales, there wasn't much to move out in July.

-- From staff, wire reports