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AP Financial News Summary at 11:40 a.m. EDT

June 16, 2006

Trade Deficit Posts Surprising Improvement

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WASHINGTON (AP) _ The deficit in the broadest measure of foreign trade, after setting an all-time high at the end of 2005, narrowed by an unexpectedly large amount in the first three months of this year.

Fed Official: Rate Hikes May Continue

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SEOUL, South Korea (AP) _ U.S. inflation may be worse than what is showing up in government data and the Federal Reserve may have to keep raising interest rates if it persists, a Fed official said Friday.

Adobe Systems 2Q Profit Falls

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SAN FRANCISCO (AP) _ Acquisition costs negated higher second-quarter sales at Adobe Systems Inc., resulting in an 18 percent drop in profits for the maker of the widely used Acrobat and Photoshop software.

Winnebago Reports Lower Earnings

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DES MOINES, Iowa (AP) _ Recreational vehicle manufacturer Winnebago Industries Inc. reported a third-quarter drop in earnings from a year ago as slow demand for motor homes and a trend toward lower priced units continues to affect the industry.

Stocks Barely Mixed After 2 Days of Gains

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NEW YORK (AP) _ Stocks were barely mixed Friday at the end of a week of zigzag trading that saw stocks sell off early in the week then rebound sharply.

ConAgra Foods Says CFO Leaving Company

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OMAHA, Neb. (AP) _ ConAgra Foods Inc. announced Friday that its chief financial officer would be leaving the packaged foods company.

2 Former Skandia Executives Charged

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STOCKHOLM, Sweden (AP) _ Two former executives at Sweden’s largest insurer Skandia were charged with tax evasion on Friday, including Lars-Eric Petersson, who has already been sentenced to two years in jail for fraud against the company, court officials said.

Co-CEO of Airbus Parent Defends Stock Sale

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PARIS (AP) _ The embattled French co-CEO of Airbus parent EADS on Friday defended his sale of shares in the company before delays in the superjumbo A380 sent the stock tumbling, calling it an ``unfortunate coincidence.″

Oil Prices Climb Amid Concerns Over Iran

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VIENNA, Austria (AP) _ Crude prices climbed Friday, briefly moving above $70 a barrel as continued concerns that Iran might use oil as a weapon over its nuclear dispute outweighed good news about supply from the United States and Russia.

Neurocrine: Sleep Pill May Need More Tests

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NEW YORK (AP) _ Neurocrine Biosciences Inc.’s shares sank Friday after the company said a day earlier it may have to conduct additional clinical tests to receive final approval for its experimental sleeping pill.

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