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AP Financial News Summary at 4:49 p.m. EDT

July 29, 2004

Exxon Mobil’s 2Q Profits Surge 39 Percent

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DALLAS (AP) _ Higher prices for oil and gas led to another record quarter at Exxon Mobil Corp., the world’s largest publicly traded oil company, with profits jumping 39 percent from a year ago.

Stocks End Higher After Flat Session

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NEW YORK (AP) _ Oversold tech shares led Wall Street higher Thursday as investors brushed off high oil prices and brokerage downgrades of General Motors Corp. and focused on strong earnings.

Parmalat Sues Citigroup Amid Fraud Scandal

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ROME (AP) _ Italian dairy giant Parmalat, which is reeling from a massive fraud scandal involving billions in losses, sued Citigroup Inc., and some of its subsidiaries Thursday, seeking to recover damages, company officials said.

Oil Prices Ease From 21-Year High

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NEW YORK (AP) _ Oil prices eased Thursday but remained above $42 a barrel, a day after hitting a 21-year high in U.S. trading because of a threat by Russian authorities to shut down most of the production from that country’s largest oil company.

DaimlerChrysler Reports Strong Rebound

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FRANKFURT, Germany (AP) _ A strong rebound at former problem case Chrysler helped DaimlerChrysler AG post a fivefold increase in second-quarter profits Thursday, but earnings mainstay Mercedes _ which got a new chief _ saw its earnings slip.

Bristol-Myers’ 2Q Profits Drop 42 Percent

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NEW YORK (AP) _ Bristol-Myers Squibb Co.‘s second quarter earnings plunged 42 percent as the drug company increased legal reserves and wrote-off research and development costs. The results still beat Wall Street estimates, but were overshadowed by the company’s warning Thursday that analysts’ profit forecasts for 2005 and 2006 were too high.

U.S. Sees Slowdown in Wage Increases

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WASHINGTON (AP) _ Employment compensation for American workers rose a moderate 0.9 percent in the April-June quarter as restrained wage growth helped offset another sharp increase in benefit costs, the government reported Thursday.

Krispy Kreme Shares Sink on Inquiry News

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CHARLOTTE, N.C. (AP) _ Shares of Krispy Kreme Doughnuts Inc. sank more than 15 percent Thursday after the doughnut maker said federal regulators were looking into the retailer’s franchise repurchases and its recent profit warning.

U.S. Proposes Shrimp Tariffs for 4 Nations

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NEW ORLEANS (AP) _ The Bush administration proposed tariffs Thursday on shrimp imports from four of the largest shrimp-producing nations in Asia and South America, accusing them of hurting domestic producers by dumping the shellfish on the U.S. market at artificially low prices.

United Airlines Union Sues Over Pensions

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CHICAGO (AP) _ The fast-escalating controversy over United Airlines’ employee pension funds spilled into federal court Thursday when one of its labor unions sued company executives for halting contributions to the programs while United remains in bankruptcy.

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