AP Financial News Summary at 5:39 p.m. EDT
Jul. 16, 2004
Stewart Sentenced to 5 Months in Prison
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NEW YORK (AP) _ Choking back tears and pleading for leniency, Martha Stewart was sentenced to five months in prison Friday for lying about a stock sale. But the woman who saw her gracious homemaking empire crippled over a single transaction smiled boldly into the cameras outside to denounce her treatment, pitch her company and vow: ``I'll be back.''
Martha Stewart Living Stock Jumps
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NEW YORK (AP) _ Shares of Martha Stewart Living Omnimedia Inc. shot higher Friday after the company's founder was sentenced to prison time for lying to federal authorities about a stock sale unrelated to the company.
Wall Street Has 3rd Straight Losing Week
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NEW YORK (AP) _ Investors, shifting their focus from the economy to a possible second-half profit slump, sent technology and small-cap stocks sharply lower Friday, giving all three major indexes their third straight losing week. A jump in oil prices contributed to more moderate losses in other sectors.
Kmart Stands by Martha Stewart's Brand
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DETROIT (AP) _ Kmart Holding Co. reiterated its loyalty to Martha Stewart's company Friday after the domestic style maven was sentenced to five months in prison for lying about a stock sale.
Food, Energy Prices Ease Up in June
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WASHINGTON (AP) _ Americans hard hit by soaring food and energy prices got a bit of relief in June _ grocery and gasoline costs calmed down, holding consumer prices to a modest increase and providing fresh evidence that inflation isn't an immediate threat to the economy.
PNC Financial to Buy Riggs in $779M Deal
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PNC Financial Services Group Inc. agreed Friday to buy Riggs National Corp., which is under investigation for allegedly failing to prevent, and in some cases fostering money laundering, for about $779 million in stock and cash.
Brazilians Protest Slow Economic Recovery
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SAO PAULO, Brazil (AP) _ Thousands of Brazilians took to the streets Friday in cities across the country, protesting high unemployment and interest rates despite recent signs that South America's biggest economy is turning around after its worst recession in a decade.
Ex-Yukos Exec Fires Back at Charges
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MOSCOW (AP) _ Jailed tycoon Mikhail Khodorkovsky fired back at the state Friday for a yearlong attack on him and his former oil company Yukos, pledging to prove he is innocent of charges he called ``absurd'' and politically motivated.
Kevin Rollins Takes Over As CEO of Dell
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AUSTIN, Texas (AP) _ Dell Inc. founder and chairman Michael Dell formally handed over the chief executive job to president Kevin Rollins on Friday as the computer giant raised its earnings guidance for the second quarter.
Hasbro Earnings Rise in Second Quarter
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PROVIDENCE, R.I. (AP) _ Cost-efficiency efforts helped toymaker Hasbro Inc. post higher earnings in the second quarter, despite revenue reductions the company attributed to lower Beyblade sales.