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AP Financial News Summary at 11:00 a.m. EDT

October 11, 2006

DOJ Approves AT&T-BellSouth Deal

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WASHINGTON (AP) _ The Justice Department approved AT&T’s buyout of BellSouth Corp. on Wednesday, clearing a major hurdle for reuniting two modernized parts of the old Ma Bell phone monopoly that the government broke up in 1984.

McAfee CEO, Chairman Retires After Probe

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SANTA CLARA, Calif. (AP) _ Antivirus and security software provider McAfee Inc. on Wednesday said it fired President Kevin Weiss, and announced that CEO and Chairman George Samenuk will retire after a stock options investigation found accounting problems that will require financial restatements.

Alcoa Shares Fall As Profit Disappoints

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PITTSBURGH (AP) _ Alcoa Inc. shares fell nearly 6 percent Wednesday after the aluminum maker’s strong profit rise for the third quarter still disappointed Wall Street.

Visa to Go Public in Restructuring Move

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NEW YORK (AP) _ Following the lead of MasterCard Inc., competitor Visa announced Wednesday that it plans to restructure its organization to create a new company and then sell shares in an initial public offering.

Gannett 3Q Earns Fall on Weak Ads

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NEW YORK (AP) _ Gannett Co., the largest newspaper publisher in the country, reported a 12 percent decline in third-quarter earnings Wednesday on weaker advertising and one-time gains in the same period a year ago.

Stocks Fall in Morning Trading

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NEW YORK (AP) _ Stocks were lower Wednesday as investors cringed at the first batch of quarterly earnings reports, which included weaker-than-expected results from aluminum producer Alcoa Inc.

CEO of Sovereign Bancorp Resigns

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PHILADELPHIA (AP) _ Jay Sidhu, who turned Sovereign Bancorp Inc. from a small savings and loan into an $89 billion financial powerhouse, resigned Wednesday amid criticism of a deal he engineered with a Spanish bank that bypassed shareholder approval.

CNet CEO Quits Following Options Probe

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SAN FRANCISCO (AP) _ Shelby Bonnie, chairman and chief executive of technology news publisher CNet Networks Inc., has resigned following a review of the company’s stock-options practices, the company said Wednesday.

OPEC Chief: Members Agree to Output Cut

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ABUJA, Nigeria (AP) _ OPEC has agreed to trim global oil production by 1 million barrels a day to boost prices, and its members were discussing how to share the cut, the cartel’s president said Wednesday.

Oil Up After OPEC Confirms Output Cut

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VIENNA, Austria (AP) _ Oil prices rose Wednesday after the president of OPEC confirmed that the organization will cut global crude production by 1 million barrels a day to prop up the market.

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