Principal Financial Group Inc.’s stock price dropped nearly 11 percent yesterday to close at $16.92, despite the company’s efforts to reassure analysts and investors that its business strategy and capital remain strong at a presentation in New York, the Associated Press reported. At least two analysts lowered their 2009 earnings expectations for the company. Keefe, Bruyette & Woods analyst Jeffrey Schuman lowered his 2009 earnings estimate to $3.05 per share from $3.30 after Principal said it would reduce its guaranteed investment contract business by 30 percent over the next year to 18 months. Friedman, Billings, Ramsey analyst Randy Binner lowered his 2009 outlook to $3 per share from $3.50 over concerns about the company’s commercial mortgage-backed securities and other real estate investments. But he maintained his “market perform” rating. Principal’s shares have declined 72 percent so far this year. On Tuesday, the company announced that it was eliminating 550 positions.

Storm Lake-based Meta Financial Group Inc. reported a fiscal fourth-quarter loss of $1.8 million, or 71 cents per share, compared with net income of $600,000, or 21 cents per share, in the year-ago period. For the fiscal year ended Sept. 30, the company had net income of $100,000, or 2 cents per share, compared with $1.2 million, or 45 cents per share, in fiscal 2007. The company’s earnings this year were affected by a loan loss of $1.8 million in connection with loans fraudulently obtained by a borrower, as well as lawsuits related to the Dan Nelson auto dealership companies. Excluding the effect of these items, net income for the year would have been $2.5 million, or 95 cents per share.

Sauer-Danfoss Inc. has reached an agreement with Germany-based Schabmüller GmbH to sell its AC motor business, which primarily operates out of Odense, Denmark. It also lowered its earnings guidance for the year to 75 cents to 85 cents per share from its previous guidance of $1.15 to $1.25 per share, due to the sale and further deteriorating conditions in the marketplace. “Our markets in the Americas, Europe and Asia-Pacific continue to deteriorate at a rapid pace as a result of the global credit crisis and general economic conditions, with customers pushing out orders on very short notice,” said David Anderson, Sauer-Danfoss president and CEO, in a release. Sauer-Danfoss also announced that its board of directors had declared a cash dividend of 18 cents per share, payable on Jan. 15 to shareholders of record on Dec. 26. The hydraulic systems manufacturer operates a plant in Ames.

Fitch Ratings has downgraded General Growth Properties Inc., owner of Jordan Creek Town Center, amid growing concern that the company could default on its hefty loans, The Business Journal of the Greater Triad Area reported. General Growth received a two-week extension on $900 million in mortgage loans on Dec. 1. The company said it was seeking a longer-term extension, but Fitch seemed doubtful that it would happen. In a statement today, General Growth said it has completed about $896 million of mortgage loans with maturity dates of five to seven years, which will be used to fully retire a $58 million bond issued by The Rouse Co. LP maturing Dec. 11 and to refinance approximately $814 million of mortgage debt scheduled to mature in 2009. However, these refinanced loans are separate from the Fashion Show and Palazzo mortgage loans scheduled to mature on Dec. 12, the company said. It is in discussions with lenders for further extensions.

Yesterday UBS AG downgraded Coralville-based Heartland Express Inc. to “sell” from “neutral.”

Wells Fargo & Co. said it would take a $40 billion charge in the fourth quarter related to its acquisition of Wachovia Corp., which caused Ladenburg Thalmann analyst Richard Bove to cut his target price on the company’s stock, Reuters reported. Bove predicted Wells Fargo’s profit for the year would be $2 per share, because the charge will not be reflected in the income statement, along with another $11 billion in charges due to writedowns. However, loan losses are up and the bank’s margins are being squeezed, the analyst said. He cut his price target on Wells Fargo’s stock by $3 to $37, but still maintained his “buy” recommendation, because he expects the Wachovia deal to improve earnings when the economy stabilizes – he predicts that will occur in early 2011.

Ruth Haus has been named president of Living History Farms and Jim Dietz-Kilen has been named director of development. Haus has been interim director of the organization since July and before that served as CEO of the Des Moines Symphony, where she opened the Des Moines Symphony Academy, retired $500,000 in long-term debt and achieved record funding levels for the symphony’s endowment and annual fund campaigns. Haus spent 18 years in Washington, D.C., and served as vice president of corporate communications for the U.S. Chamber of Commerce. Dietz-Kilen joined Living History Farms on Dec. 1. He has been directing fund-raising efforts for community cultural organizations for the past 20 years, including the Des Moines Art Center, WOI Radio Group (now Iowa Public Radio) and the Des Moines Symphony.

The East Des Moines Chamber of Commerce is accepting nominations for the 2008 Citizen of the Year, Business of the Year, Volunteer of the Year and Neighborhood Organization of the Year. It also has established the Jim Goodman Entrepreneurial Award to be given to an individual who best exemplifies the entrepreneurial spirit exhibited by former chamber president Jim Goodman, who passed away unexpectedly in June. For nomination forms, go to www.edmchamber.org. Nominations are due by noon on Jan. 14, and recipients will be honored at the chamber’s annual dinner in early 2009.