AP Financial News Summary at 5:12 p.m. EDT
GM, UAW Reach Deal to Cut Health Costs
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DETROIT (AP) _ General Motors Corp., under pressure to turn around its business after losing nearly $3 billion in the first nine months of the year, announced a tentative agreement with the United Auto Workers Monday that will help lower its staggering health care costs.
IBM Beats Expectations in Third Quarter
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BOSTON (AP) _ Good results in hardware and services aided third-quarter profits at International Business Machines Corp., beating analysts’ forecasts for the technology bellwether.
Chiron Lowers Outlook on Flu Shot Change
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SAN FRANCISCO(AP) _ Chiron Corp. said Monday it won’t ship as many flu shots as it initially had hoped, which will cause the biotechnology company to miss its previous full-year earnings forecast.
Stocks End Up on GM Deal, Tobacco Ruling
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NEW YORK (AP) _ Wall Street rallied to finish moderately higher Monday as nervous investors got some reassurance from General Motors Corp.’s new labor agreement and a favorable court ruling for cigarette makers. Technology stocks rebounded ahead of three major profit reports.
Refco in Talks Aimed at Buyout
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NEW YORK (AP) _ Troubled commodities broker Refco Inc. could be essentially scrapped for its parts, with talks Monday aimed at selling the company’s core futures brokerage business to a group of private investors.
Citigroup, Wachovia Earnings Both Jump
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NEW YORK (AP) _ Citigroup Inc., the nation’s largest financial institution, said its third-quarter earnings rose 35 percent, boosted by a big gain from the sale of its life insurance and annuities business. Wachovia Corp.’s earnings soared 32 percent, fueled by strong revenue growth from its acquisition of regional bank SouthTrust Corp. and higher fees and lending income.
Court Won’t Let Bush Push Tobacco Penalty
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WASHINGTON (AP) _ The Supreme Court refused Monday to allow the Bush administration to pursue a $280 billion penalty against tobacco companies on claims they misled the public about the dangers of smoking.
Oil Prices Rise As Another Storm Brews
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Crude-oil futures rose more than $1 a barrel Monday on concerns that a tropical storm in the Caribbean could grow into a hurricane and threaten Gulf of Mexico oil facilities still recovering from previous hurricanes.
Mattel Profits Fall; Hasbro Earnings Up
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NEW YORK (AP)_ Barbie lost out to Darth Vader as Mattel Inc. posted a double-digit decline in third-quarter earnings Monday, and rival Hasbro Inc. generated an increase in profit.
Schwab Has Best Quarter Since Dot-Com Boom
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SAN FRANCISCO (AP) _ Charles Schwab Corp.’s quarterly profit surged above $200 million for the first time since the dot-com boom, continuing a comeback that has been orchestrated by the stock brokerage’s eponymous founder.