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Total Items: 11669 Current Page: 1 Feed Date: 07/23/2008
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Stocks advance following sharp drop in oil prices (AP)

Traders Richard Farrell, left, and Christopher Carrella, both with Kellogg Specialist Group, work at computer terminals during early trading at the New York Stock Exchange, Thursday July17, 2008. The Dow Jones industrial average rose more than 100 points after Wall Street extended its rally into a second session.  (AP Photos/Bebeto Matthews)AP - Stocks rose moderately Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.



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Summary Box: AT&T profit up 30 pct (AP)
AP - KEY RESULTS: Investors expected the weak economy to finally catch up to AT&T, and it did, but not as badly as many feared. Profit was up 30 percent, even though more customers disconnected their landlines.
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Summary Box: McDonald's swings to 2Q profit (AP)
AP - KEY RESULTS: McDonald's Corp. swung to a second-quarter profit, helped by strong worldwide sales and a gain from selling its stake in sandwich chain Pret A Manger. Revenue rose 4 percent overall.
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Waiters pick up part of LongHorn's labor costs (AP)

A Longhorn Steakhouse restaurant is seen Monday, July 21, 2008, in Hamilton, N.J.  After Darden Restaurants Inc. bought LongHorn for $1.19 billion in October, it instituted what it calls 'a more disciplined' tip-sharing plan ? a policy servers say is cutting their earnings.  (AP Photo/Mel Evans)AP - With the cost of everything from air conditioning to whipped cream rising, many restaurants have been raising prices. LongHorn Steakhouse is passing on part of the tab to its servers.



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Wall Street edges up as oil drops, financials gain (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - Stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve the rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and the price of oil fell.



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Fed Beige Book: Price pressures elevated or rising (Reuters)

In this July 16, 2008 file photo, Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee hearing on Capitol Hill in Washington. The chairman's financial disclosure form, released Monday, July 18, 2008, showed his holdings last year were in no-fills investments, including U.S. Treasury securities, Canadian Treasury bonds, mutual funds and annuities. (AP Photo/Susan Walsh, file)Reuters - The pace of U.S. economic activity slowed somewhat through mid-July and price pressures were elevated or increasing across the country, the U.S. Federal Reserve said on Wednesday in a report showing evidence of inflation warning signs across the country.



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EMC Revenue, Profit Defies Economic Woes (PC World)
PC World - EMC revenue rose 18 percent in the second quarter, boosted by enterprise storage growth.
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Dow ticks lower after Fed's Beige Book (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - The Dow ticked lower and the S&P 500 and the Nasdaq cut gains after the Federal Reserve said in its Beige Book on Wednesday that the pace of economic activity slowed somewhat through mid-July.



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Soaring oil prices lift ConocoPhillips profit (AP)

In this June 30, 2008 file photo, Erick Kelly, a petroleum driver for ConocoPhillips, puts away hoses after filling tanks at a gas station in north Seattle. Oil giant ConocoPhillips says record crude prices helped its second-quarter profit dwarf year-ago results, Wednesday, July 23, 2008, when the company incurred a $4.5 billion charge related to its former assets in Venezuela. (AP Photo/Elaine Thompson, file)AP - Record crude prices helped oil giant ConocoPhillips' second-quarter profit climb 13 percent from adjusted results a year ago, beginning what is expected to be a string of robust earnings announcements from major oil companies.



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Costco warns on profit, stock tumbles (Reuters)
Reuters - Costco Wholesale Corp warned on Wednesday that its quarterly profit would miss current Wall Street targets because of soaring energy costs and other inflationary pressures, sending shares of the No. 1 U.S. warehouse club operator down as much as 13.5 percent.
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