AP Financial News Summary at 5:17 p.m. EST
Dow Jones Industrials Close Above 11,000
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NEW YORK (AP) _ The Dow Jones industrial average closed above 11,000 Monday for the first time since before the Sept. 11, 2001, terrorist attacks, lifted by a five-day rally that has sent stocks soaring so far in 2006.
Alcoa Profit Falls in Fourth Quarter
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NEW YORK (AP) _ Alcoa Inc. reported a 16 percent decline in its fourth-quarter profit on Monday, missing Wall Street projections as the huge aluminum producer was racked by setbacks from hurricane-related refinery slowdowns to restructuring costs.
General Motors Unveils New Camaro Concept
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DETROIT (AP) _ Following a parade of classic Chevrolet Camaros, General Motors Corp. rolled out a concept version of the once-popular sport coupe that is testing the waters for a possible revived production model.
Wyeth 2006 Forecast Misses Street Views
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NEW YORK (AP) _ Drug maker Wyeth on Monday predicted 2006 earnings beneath Wall Street expectations, though the company said 2005 profit will slightly exceed its own guidance.
United Airlines Starts Bankruptcy Endgame
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ELK GROVE VILLAGE, Ill. (AP) _ United Airlines’ parent company said Monday it has launched its bankruptcy exit financing loan of up to $3 billion, effectively starting the countdown toward the conclusion of its three-plus years in bankruptcy.
Texas Instruments Selling Division for $3B
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DALLAS (AP) _ By selling its sensors and controls division for $3 billion to a private equity firm, Texas Instruments is giving up short-term profit for what it says will be faster growth from investing in its core business of making chips for wireless phones and electronic devices.
Labor Objects to Exec. Bonuses at American
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FORT WORTH, Texas (AP) _ Leaders of two unions at American Airlines have objected to stock-based bonuses that executives of the money-losing carrier are due to receive in April.
Tyco Shares Up on Report Mulling Breakup
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TRENTON, N.J. (AP) _ Shares of the conglomerate Tyco International Ltd. rose almost 4 percent Monday after a published report said the company was considering splitting itself into three separate entities.
Boston Scientific Pushes Back Expectations
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BOSTON (AP) _ Boston Scientific Corp. said Monday it would take a year longer than originally expected to see earnings gains from its proposed acquisition of Guidant Corp. because it is committed to taking costly steps to restore the rival medical device maker’s business after recent product recalls.
Fed Reports Consumer Borrowing Falls Again
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WASHINGTON (AP) _ Consumer borrowing fell in November for a second straight month, the first time that has occurred in more than 13 years.