AP Financial News Summary at 3:55 p.m. EDT
Stocks Fall on Increased Inflation Fears
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NEW YORK (AP) _ Heightened fears of inflation sent stocks sliding for a second straight session Tuesday as a key price index climbed to an 11-year high and an improving manufacturing sector raised the likelihood of another interest rate hike by the Federal Reserve.
Oil Prices Jump As Traders Eye Mideast
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WASHINGTON (AP) _ Oil prices climbed Tuesday as energy traders kept an eye on supply threats ranging from a tropical storm in the Caribbean to fighting in the Middle East.
Ford Sales Down; Toyota, Honda Sales Up
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DETROIT (AP) _ General Motors Corp. and Ford Motor Co. said Tuesday their July vehicle sales plummeted from last year, when heavy discounts fueled a near record month for the auto industry.
Consumer Spending Is Sluggish in June
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WASHINGTON (AP) _ Consumer spending was weak for a fourth straight month in June as rising gasoline prices left Americans with little to spend on other items. Construction activity posted a stronger-than-expected advance, though, as a record level of government spending helped offset weakness in housing.
Radio Broadcasters Adopt Digital Format
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JERSEY CITY, N.J. (AP) _ From his 16th floor office at WKTU-FM, program director Jeff Zuchowski has a breathtaking view across the Hudson River of Manhattan. Just the setting for programming the only country music station in New York, with favorites such as ``Beer for My Horses″ and ``Life Ain’t Always Beautiful.″
Burger King Shares Decline on 4Q Loss
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MIAMI (AP) _ Shares of Burger King Holdings Inc. plunged Tuesday to their lowest level since the company’s initial public offering in May after the world’s No. 2 hamburger chain posted a fiscal fourth-quarter loss in its first earnings report since going public.
Kodak to Eliminate 2,000 Jobs
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ROCHESTER, N.Y. (AP) _ Eastman Kodak Co., undergoing a tough transition to digital photography, posted a wider loss of $282 million in the second quarter _ its seventh quarterly loss in a row _ and said Tuesday it is eliminating another 2,000 jobs. Its shares tumbled more than 6 percent.
Northwest Flight Attendants May Strike
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MINNEAPOLIS (AP) _ Northwest Airlines flight attendants said on Tuesday that they’ve started a 15-day countdown toward a strike on the night of Aug. 15, putting the bankrupt carrier at risk for even worse financial problems.
Moscow Judge Declares Yukos Bankrupt
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MOSCOW (AP) _ Russian oil company OAO Yukos was declared bankrupt Tuesday, marking the end of a politically charged, three-year back tax campaign and opening the way for the Kremlin to further tighten its grip on the strategically vital energy sector.