AP Financial News Summary at 5:52 a.m. EDT
Dell 2Q Profit Rises, Revenue Misses View
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DALLAS (AP) _ Low-priced laptops and other bargain systems cramped Dell Inc.’s second-quarter revenues and the company’s CEO said the computer leader had pushed too aggressively for market share.
Ex-WorldCom CFO Gets Five Years in Prison
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NEW YORK (AP) _ Former WorldCom finance chief Scott Sullivan was sentenced Thursday to five years in prison by a judge who called him ``the architect″ of the company’s epic fraud _ but gave him a break because he helped convict his onetime boss, CEO Bernard Ebbers.
Dow Rises 91, Nasdaq Up 17 on Late Rally
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NEW YORK (AP) _ Investors put aside concerns about rising oil prices Thursday, helping the market to a late day rally focused on generally positive economic news.
Fed Chairman Inspires Virginia Painter
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RICHMOND, Va. (AP) _ An artist looking to make some cash before graduate school is causing a stir with her oil paintings of Alan Greenspan, some bought by fans of the Federal Reserve chairman sight unseen.
70,000 People Stranded at Heathrow Airport
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LONDON (AP) _ At least 70,000 travelers were stranded Friday after British Airways canceled all flights because of an industrial dispute at London’s Heathrow airport, a spokesman for the airline said.
July Retail Sales Climb on Auto Purchases
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WASHINGTON (AP) _ Sales incentives at auto dealerships sent retail sales up in July despite lackluster demand at department stores and a number of other retail establishments.
DreamWorks Swings to Second-Quarter Loss
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LOS ANGELES (AP) _ DreamWorks Animation SKG Inc. swung to a loss in the second quarter, although the results posted Thursday were slightly better than the bleak fiscal picture the studio outlined last month.
Crude Oil Prices Surge Past $66 a Barrel
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BUDAPEST, Hungary (AP) _ Crude oil prices soared to new highs Friday, climbing past $66 a barrel as reports of new U.S. refinery outages rekindled fears that gasoline supplies in the world’s biggest consumer would struggle to meet rising demand.
U.S. to Seek Textile Deal With China
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WASHINGTON (AP) _ The Bush administration, struggling to deal with America’s surging trade deficit with China, announced Thursday it would begin negotiations aimed at broad restrictions on imports of Chinese clothing and textiles.
Japan’s Four-Day Stock Rally Comes to End
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TOKYO (AP) _ Japan’s four-day stock rally ended Friday as investors locked in profits after shares rose to a four-year high the previous session. The dollar fell against the yen.