AP Financial News Summary at 4:17 p.m. EDT
Bullish Ford Outlook Nudges Stocks Higher
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NEW YORK (AP) _ A bullish profit outlook from Ford Motor Co. sent stocks moderately higher Friday as investors looked past a disappointing report on consumer sentiment and a big rise in oil prices.
Cigarette Makers and Feds Head to Court
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WASHINGTON (AP) _ The nation’s cigarette makers are accustomed to massive anti-smoking lawsuits, but even cases that have produced enormous jury awards don’t come close to damages the government is seeking from the companies: $280 billion.
Ford Raises 3Q, 2004 Earnings Outlook
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DETROIT (AP) _ Ford Motor Co. raised its third-quarter and full-year earnings forecast for 2004 citing continued strong performance Friday at its financial services arm, even as the company’s car business in the key U.S. market struggles.
United Needs to Cut $500M More in Costs
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CHICAGO (AP) _ United Airlines has notified a bankruptcy judge that it needs to cut $500 million more in costs than previously stated.
Japan Shutting Down Citibank Operations
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TOKYO (AP) _ Japanese financial authorities announced Friday they would shut down Citibank’s private banking business in the country after finding ``severe legal violations″ in its operations.
Consumers’ Assessment of Economy Steady
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NEW YORK (AP) _ Consumers’ assessment of the economy held largely steady this month, according to a university research report released Friday.
Jaguar to Cut 1,150 Jobs at Headquarters
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LONDON (AP) _ Luxury carmaker Jaguar said Friday it was stopping assembly work at its headquarters and cutting 1,150 jobs as a result of overproduction and poor sales in the key U.S. market.
Higher Ticket Prices Spur Carnival Profit
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Qualcomm Raises 4Q, Year Outlook
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SAN DIEGO (AP) _ Qualcomm Inc. Friday raised its earnings and revenue forecasts for the current quarter, based on higher shipments of its cell-phone chips.