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AP Financial News Summary at 4:14 p.m. EDT

August 19, 2004

Google Shares Surge in Market Debut

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SAN JOSE, Calif. (AP) _ Shares of Google Inc. surged 18 percent in their market debut Thursday, the culmination of a unique and bumpy initial stock offering for the 6-year-old dot-com dreamed up in a college dorm room.

United Likely to Terminate Pension Plans

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CHICAGO (AP) _ Cash-strapped United Airlines said in a bankruptcy court filing Thursday that it ``likely″ will be necessary to terminate and replace its employee pension plans.

Stocks Sag As Oil Prices Steam Higher

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NEW YORK (AP) _ With the much-ballyhooed initial public offering of Google Inc. behind them and oil chugging to a new record high, investors took a step back Thursday, sending stocks lower.

Oil Prices Hit New High Amid Iraq Violence

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WASHINGTON (AP) _ Crude futures plowed to a new high near $49 a barrel Thursday as the threat of sabotage to Iraqi oil infrastructure loomed larger than promises from Baghdad to boost exports in coming days.

Leading Indicators, Jobless Claims Fall

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NEW YORK (AP) _ Offering more evidence that the nation’s economic recovery is losing steam, a closely watched gauge of future business activity fell in July for the second consecutive month.

Nortel Networks to Eliminate 3,500 Jobs

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TORONTO (AP) _ Nortel Networks said on Thursday it will slash its work force by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.

Parmalat Sues Credit Suisse First Boston

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ROME (AP) _ Insolvent dairy company Parmalat said Thursday it was suing Credit Suisse First Boston to get back 248 million euros ($306 million) that the Italian conglomerate’s former executives paid the investment bank as part of a 2002 deal.

Airline Moves Lower on Oil, Labor Worries

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NEW YORK (AP) _ Shares of airline stocks moved sharply lower Thursday as investors pulled out of the industry due to both a surge in oil prices and concerns about a fresh round of labor issues facing a number of big players in the sector.

Court Rejects Khodorkovsky’s Appeal

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MOSCOW (AP) _ A Moscow court on Thursday rejected a defense motion to drop a key part of the criminal case against former Yukos oil company chief executive Mikhail Khodorkovsky and his business partner, the Interfax news agency reported.

Halliburton Wins $41M in Smith Suit

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HOUSTON (AP) _ Halliburton Co., one of the world’s largest oilfield services companies, on Thursday said a federal court awarded it $41 million in a patent-infringement suit against competitor Smith International Inc.

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