Wells Fargo & Co. today reported a $2.83 billion loss in the fourth quarter, the company’s first quarterly loss since 2001, the Associated Press reported. The company said it took significant charges to reduce its exposure to bad loans in the Wachovia Corp. portfolio and to build up its reserves to cover future losses. The San Francisco-based bank reported a net loss of 79 cents per share, compared with earnings of $1.36 billion, or 41 cents per share, a year earlier. For the full year, Wells Fargo earned $2.84 billion, or 75 cents per share, compared with $8.06 billion, or $2.38 per share, in 2007. Excluding the charges, Wells Fargo would have reported a fourth quarter profit of 41 cents.

Sioux City-based Terra Industries Inc. today announced that its board of directors unanimously voted against a Jan. 15 unsolicited proposal from CF Industries Holdings Inc. to combine the two companies. In a letter to CF Industries’ president and CEO, the board wrote, “We concluded that your proposal does not present a compelling case to create additional value for the shareholders of either company.”

The Downtown Community Alliance today announced that the opening day of the Downtown Farmers Market will be Saturday, May 2, from 7 a.m. until noon, which is earlier than the usual opening on Mother’s Day weekend. The market will be held in the Court Avenue district in downtown Des Moines May 2 through Oct. 30.

Dubuque-based Flexsteel Industries Inc. announced that it will release its operating results for the period ended Dec. 31 after U.S. markets close on Feb. 5. A conference call will be held at 10:30 a.m. Iowa time on Feb. 6 to discuss second-quarter and fiscal year-to-date operating results. The call is open to the public and can be accessed by dialing (888) 275-4480 and entering the code 75463509.

Wellmark Blue Cross and Blue Shield Chairman and CEO John Forsyth has been elected to a one-year term as chairman of the National Institute for Health Care Management board of directors. He also was elected to a one-year term for the initial board of directors of the Association of American Medical Colleges, where he currently serves as chair of the investment committee. Wellmark was also acknowledged by the U. S. Department of Defense for its support of the National Guard. The award was given to the company in a brief ceremony on Jan. 19.

Iowa State University announced yesterday that its Internet-Scale Event and Attack Generation Environment (ISEAGE) cyber test laboratory would become an official test center for Network World magazine, a well-known technology publication. The ISEAGE cyber test lab creates a virtual Internet for the purpose of researching, designing and testing cyber defense mechanisms as well as analysis of cyber attacks. Network World will use the lab to conduct tests and reviews on technology products for its publication.