AP Financial News Summary at 10:53 a.m. EDT
Ford’s Bullish Profit Outlook Lifts Stocks
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NEW YORK (AP) _ A bullish profit outlook from Ford Motor Co. pushed stocks higher Friday as investors’ fears of disappointing third-quarter profits eased.
Ford Raises 3Q, 2004 Earnings Outlook
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DETROIT (AP) _ Ford Motor Co. raised its third-quarter and full-year earnings guidance for 2004 on Friday on the back of continued strong performance at its financial services arm, even as the company’s car business in the key U.S. market remains well behind year-ago results.
Consumers’ Assessment of Economy Steady
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NEW YORK (AP) _ Consumers’ assessment of the economy held largely steady this month, according to a university research report released Friday.
Jaguar to Cut 1,150 Jobs at Headquarters
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LONDON (AP) _ Luxury carmaker Jaguar said Friday it was stopping assembly work at its headquarters and cutting 1,150 jobs as a result of overproduction and poor sales in the key U.S. market.
Higher Ticket Prices Spur Carnival Profit
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MIAMI (AP) _ Carnival Corp. & plc, the world’s largest cruise company, reported Friday that higher ticket prices and onboard sales propelled third-quarter earnings up 40 percent to its best three-month results ever.
United Needs to Cut $500M More in Costs
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CHICAGO (AP) _ United Airlines has notified a bankruptcy judge that it needs to cut $500 million more in costs than previously stated.
Circuit City Narrows Second-Quarter Loss
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RICHMOND, Va. (AP) _ Circuit City Stores Inc., the nation’s No. 2 consumer electronics chain, said Friday it narrowed it losses in the second quarter on higher sales and fewer charges related to the sale of its bank-card business. The results beat analysts’ expectations and shares of Circuit City gained 3 percent.
Qualcomm Raises 4Q, Year Outlook
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SAN DIEGO (AP) _ Qualcomm Inc., which licenses CDMA semiconductor technology and system software to more than 100 equipment and cell phone makers, on Friday raised fourth-quarter and fiscal 2004 revenue and earnings estimates.
Maytag Closes Assembly Plant in Illinois
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GALESBURG, Ill. (AP) _ Bobbi Neice has counted down the days to unemployment for nearly two years but says the early warning didn’t make it any easier when Maytag shut down its last assembly line in this western Illinois city.
Japanese Officials Penalize Citibank
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TOKYO (AP) _ Japanese financial authorities announced Friday they are punishing Citibank by suspending private banking operations at four of its offices after finding problems with their operations.