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AP Financial News Summary at 12:21 a.m. EDT

June 30, 2006

Apple: Stock Options Possibly Mishandled

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SAN FRANCISCO (AP) _ Apple Computer Inc. on Thursday joined the crowd of Silicon Valley companies to acknowledge some stock options awarded to employees might have been mishandled _ a problem that threatens to raise questions about the accuracy of past financial statements.

Fed Raises Interest Rate to 5.25 Percent

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WASHINGTON (AP) _ The Federal Reserve hoisted interest rates to the highest point in more than five years Thursday but also raised hopes that a respite from two years of rate pain may be in sight. Wall Street rallied, breathing a sigh of relief.

Dow Closes Up 217, Nasdaq Finishes Up 63

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NEW YORK (AP) _ A relief rally carried Wall Street sharply higher Thursday after the Federal Reserve appeared to soften its stance on future interest rate hikes, saying it would consider both the economy’s health and inflation as it formulates its policy. The Dow Jones industrial average rose more than 215 points, its biggest one-day point gain in more than three years.

Hawaiian running back Micah Strickland heads to Oregon State

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CORVALLIS, Ore. (AP) _ Micah Strickland of Kaaawa, Hawaii has signed a financial aid agreement and is enrolled at Oregon State University.

Oil Prices Settle Above $73 a Barrel

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WASHINGTON (AP) _ Oil prices rose by more than $1 a barrel on Thursday, climbing on the back of a rally in gasoline futures, which settled at a nine-month high.

Oil Spill in La. Leaves Ships Stranded

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LAKE CHARLES, La. (AP) _ Ships have been stranded, seafood sources threatened and the nation’s oil reserve tapped as the result of 47,000 barrels of oil spilling into a southwestern Louisiana shipping channel, forcing its closure.

Palm 4Q Profit Advances; Shares Decline

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SAN JOSE, Calif. (AP) _ Palm Inc. said Thursday its quarterly profit surged yet again on strong sales of its Treo smart phones. However, Palm shares sank more than 8 percent as the company posted a weaker-than-expected outlook.

RIM Adds 680,000 Users in First Quarter

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NEW YORK (AP) _ Research In Motion Ltd. said Thursday it earned $129.8 million in its latest quarter as the maker of BlackBerry wireless devices and services added 680,000 users, boosting revenue by 35 percent.

Lunch With Billionaire Sells for $620,100

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OMAHA, Neb. (AP) _ A lunch date with billionaire investor Warren Buffett is getting pricier. Someone paid $620,100 in an online charity auction to dine with the Oracle of Omaha in New York. In last year’s auction, the winning bid was $351,100.

Survey: JetBlue Is Best Low-Cost Carrier

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WESTLAKE VILLAGE, Calif. (AP) _ Travelers ranked JetBlue Airways Corp. their favorite low-cost carrier and Continental Airlines Inc. the best traditional full-service carrier, according to a survey released Thursday.

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