AP Financial News Summary at 2:58 p.m. EST
Boston Scientific Retracts Extension
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BOSTON (AP) _ Boston Scientific Corp. gave Guidant two extra hours Friday to respond to its latest offer, but then swiftly retracted the extension after learning that Guidant was using the time to negotiate further with Johnson & Johnson about a possible counteroffer, an adviser familiar with the situation said.
Tyco to Split Into 3 Cos. at Cost of $1B
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TRENTON, N.J. (AP) _ Tyco International Ltd., still recovering from scandals that saw its longtime former chief executive sentenced to prison, said Friday it plans to split into three public companies.
Stocks Head Lower Ahead of 4Q Earnings
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NEW YORK (AP) _ Stocks widened their losses Friday as a slowdown in retail sales and weak outlooks from Lucent Technologies Inc. and Tyco International Ltd. further stymied the market’s January rally.
Dec. Wholesale Inflation, Retail Sales Up
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WASHINGTON (AP) _ Soaring gasoline costs pushed inflation at the wholesale level up sharply in December, ending a year in which wholesale inflation rose at the fastest pace since 1990.
GM Expecting to Save $4 Billion in 2006
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DETROIT (AP) _ General Motors Corp. expects to save about $4 billion this year as it implements its North American turnaround plan, Chairman and CEO Rick Wagoner said Friday. But he declined to give earnings guidance, saying there are too many outstanding issues facing the struggling automaker.
Lucent Lowers Revenue Outlook on Sales
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MOUNT LAUREL, N.J. (AP) _ Telecommunications equipment maker Lucent Technologies Inc. said Friday it expects slower revenue growth this year than previously forecast because of lower sales in the United States and China.
Nuclear Power Critics Taking Long View
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RALEIGH, N.C. (AP) _ With guaranteed federal loans and insurance protection promised to the first power companies to build a new wave of nuclear plants, the race is on for construction of up to 10 stations between Maryland and Mississippi.
Some Students Prefer Classes Online
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Andy Steele lives just a few blocks from the campus of Black Hills State University in Spearfish, S.D., so commuting to class isn’t the problem. But he doesn’t like lectures much, isn’t a morning person, and wants time during the day to restore motorcycles.
S&P Downgrades Verizon Debt Rating
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NEW YORK (AP) _ Standard & Poor’s lowered its debt rating for Verizon Communications Inc. and placed AT&T Inc. and BellSouth Corp. on CreditWatch for possible downgrade, citing an accelerating loss of customers by the nation’s three biggest telephone companies to rival services from cable TV providers.
Oil Prices Fall, Markets Fret on Iran
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Crude futures fell Friday but the market continued to fret over the potential impact of Iran’s nuclear ambitions.