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Gold falls as stocks stage early rally

April 30, 2009 12:11 pm | by SARA LEPRO - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Gold prices inched back below $900 an ounce on Thursday, falling as the dollar advanced against other major currencies and stocks staged an early rally.Other commodities, like oil and grain futures, finished higher.Gold prices have been trapped in a tight range of between $870 and...

Regulators didn't challenge Freddie's accounting

April 30, 2009 12:06 pm | by ALAN ZIBEL - AP Real Estate Writer - Associated Press | News | Comments

WASHINGTON (AP) — An outside investigator early last year told regulators that Freddie Mac failed to properly document interest rate bets, but the government didn't challenge the mortgage finance company's accounting practices.The Federal Housing Finance Agency confirmed that it did not request a...

Dismal start in the oil patch; Exxon still spends

April 30, 2009 12:01 pm | by JOHN PORRETTO - AP Energy Writer - Associated Press | News | Comments

HOUSTON (AP) — The oil industry is off to a dismal start this year, with Exxon Mobil and Marathon Oil on Thursday becoming the latest majors to report first-quarter profits plunging by half and more.Only last year, as crude prices soared well into the triple-digits, Exxon in particular was setting...

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Abercrombie cuts 170 headquarters staff

April 30, 2009 11:56 am | by MAE ANDERSON - AP Retail Writer - Associated Press | News | Comments

NEW YORK (AP) — Teen-oriented clothing chain Abercrombie & Fitch Co. said Thursday it is in the process of cutting its headquarters staff by about 9 percent to save money.Spokesman Eric Cerny confirmed that the company is cutting about 170 positions at its 2,000-strong Columbus, Ohio,...

Judge sets dates in Tribune bankruptcy

April 30, 2009 11:56 am | by RANDALL CHASE - AP Business Writer - Associated Press | News | Comments

WILMINGTON, Del. (AP) — A judge presiding over Tribune Co.'s Chapter 11 bankruptcy case heard initial arguments Thursday in the company's dispute with actor Warren Beatty over the TV and movie rights to comic book character Dick Tracy.Tribune Media Services, a Tribune subsidiary, has been feuding...

Consumer spending dip shows economy still fragile

April 30, 2009 11:51 am | by JEANNINE AVERSA - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Americans spent less than expected in March, pulling back after a burst of buying in the first two months of the year. The reversal was tied to a larger-than-anticipated decline in income and is a stark reminder of a fragile economy trying to rise out of a deep recession.The...

Texting delays mar popularity of $50 Boost plan

April 30, 2009 11:35 am | by PETER SVENSSON - AP Technology Writer - Associated Press | News | Comments

NEW YORK (AP) — A new $50 unlimited-calling plan sold under the Boost brand has been a badly needed success story for Sprint Nextel Corp., luring hundreds of thousands of new customers, by industry estimates.But dealers and customers report widespread problems with texting on the Boost network....

Report: SEC probing some Schering-Plough trades

April 30, 2009 11:35 am | by The Associated Press | News | Comments

KENILWORTH, N.J. (AP) — A suspicious surge in trading of Schering-Plough Corp. shares just before news of its merger deal with fellow drugmaker Merck & Co. is being investigated by federal regulators, according to a published report.The Securities and Exchange Commission is looking whether any...

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Sequenom aims to calm Wall Street as shares plunge

April 30, 2009 11:30 am | by MARLEY SEAMAN - AP Health Writer - Associated Press | News | Comments

NEW YORK (AP) — Medical test maker Sequenom struggled to reassure Wall Street about the future of its Down syndrome blood test Thursday, as the company's stock plunged 75 percent after Sequenom said employees mishandled study data and results.The news called into question whether studies of what...

Chrysler bankruptcy raises questions for workers

April 30, 2009 11:25 am | by DAVID N. GOODMAN - Associated Press Writers - Associated Press | News | Comments

AUBURN HILLS, Mich. (AP) — Fears that a Chrysler LLC bankruptcy could devastate southeast Michigan and harm Chrysler workers and retirees nationwide were abating somewhat as details of the deal were released Thursday."It's the best deal we can come up with," said Mark Conner, who works on the...

Some Chrysler parts suppliers stop shipping

April 30, 2009 11:25 am | by The Associated Press | News | Comments

DETROIT (AP) — Chrysler says it has sent workers home from at least two factories because parts suppliers have stopped shipping due to its bankruptcy filing.Vice Chairman and President Tom LaSorda said in a conference call Thursday that workers were sent home from stamping and assembly factories in...

Chrysler's LaSorda to retire; date undecided

April 30, 2009 11:25 am | by The Associated Press | News | Comments

DETROIT (AP) — Chrysler Vice Chairman and President Tom LaSorda says he is going to retire, but the date has not been set.The former Chrysler chief executive when it was owned by Daimler AG says it's time to step down after 32 years in the business. LaSorda said on a conference call with reporters...

Health officials in US warn migrants about flu

April 30, 2009 11:00 am | by GARANCE BURKE - Associated Press Writer - Associated Press | News | Comments

CUTLER, Calif. (AP) — As migrant workers from Mexico begin their journey north to take summer jobs in fields and construction sites across the U.S., public health officials and others are fanning out to intercept them at food lines and churches in hopes of stemming the spread of deadly swine...

Oshkosh posts second-quarter loss; shares tumble

April 30, 2009 10:44 am | by The Associated Press | News | Comments

OSHKOSH, Wis. (AP) — Specialty vehicle maker Oshkosh Corp. on Thursday said it moved to a loss in the second quarter as demand fell sharply amid the downturn.The company also now expects to post a loss for the full year. The news sent shares tumbling 19 percent, or $2.36, to $9.88 in afternoon...

Safeway 1st-quarter profit falls 25 percent

April 30, 2009 10:34 am | by SARAH SKIDMORE - AP Retail Writer - Associated Press | News | Comments

PORTLAND, Ore. (AP) — Grocery store operator Safeway Inc. said Thursday that weak consumer spending, the stronger dollar, lower fuel prices and the late Easter holiday caused its first-quarter profit to fall 25 percent.The Pleasanton, Calif.-based company also lowered its full-year outlook due to...

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