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Bank of America, JPMorgan Chase post gains
Oct 19 2005 11:54PM (CT)
NEW YORK (AP) - Two of the nation's largest banks, Bank of America Corp. and JPMorgan Chase & Co., reported solid third-quarter profits Wednesday as strength in their investment banking and trading units more than offset sluggishness in their retail businesses.
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Wagoner: GM not considering bankruptcy
Oct 19 2005 11:53PM (CT)
DETROIT (AP) - General Motors Corp. isn't considering bankruptcy protection as a way to solve its financial troubles, the automaker's chairman and CEO said Wednesday.
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Allstate reports biggest quarterly loss
Oct 19 2005 11:49PM (CT)
CHICAGO (AP) - The insurer Allstate Corp. reported a third-quarter loss of $1.55 billion Wednesday as a result of Katrina and other hurricanes that pounded the Gulf Coast over the summer _ its biggest quarterly loss as a publicly traded company.
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Oil prices slip below $62 a barrel
Oct 19 2005 11:35PM (CT)
SINGAPORE (AP) - Crude futures fell Thursday, weighed down by the U.S. government's report of increases in domestic gasoline stocks last week and diminished fears about the prospect of storm damage to U.S. oil infrastructure. Forecasters said the fierce Hurricane Wilma will likely bypass the key production areas of the Gulf of Mexico.
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Japanese stocks bounce back; dollar down
Oct 19 2005 11:11PM (CT)
TOKYO (AP) - Japanese stocks bounced back Thursday morning after six sessions of declines, with investors buying electronics and telecommunication stocks like Canon Inc. and NTT DoCoMo Inc. The dollar fell against the yen and euro.
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Analog Devices raises 4Q revenue on sales
Oct 19 2005 11:08PM (CT)
NORWOOD, Mass. (AP) - Chip maker Analog Devices Inc. on Wednesday boosted its fourth-quarter revenue guidance to a 6 percent sequential rise, up from previous range of 1 percent to 4 percent growth, based on strong sales of digital signal processing devices.
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Motorola sues ex-president over new job
Oct 19 2005 11:03PM (CT)
CHICAGO (AP) - Motorola Inc., the world's No. 2 maker of mobile phones, has brought suit against its former president, accusing him of breaching noncompete agreements with the company by accepting the top job at Nortel Networks Corp.
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Brazil's central bank cuts lending rate
Oct 19 2005 10:01PM (CT)
BRASILIA, Brazil (AP) - Brazil's central bank Wednesday cut the country's reference lending rate for a second consecutive month amid continued mild economic expansion and signs domestic inflation remains in line with official targets.
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China says economy shows 9.4 pct growth
Oct 19 2005 10:00PM (CT)
BEIJING (AP) - China's economy grew by 9.4 percent in the first three quarters of 2005 as investment surged and the trade surplus widened, the government said Thursday.
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Delta expects to post big loss for 2005
Oct 19 2005 8:57PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., which is operating under bankruptcy protection, expects to post a loss of $2.16 billion excluding special items for 2005 because of soaring fuel prices, its chief financial officer told a group of the company's pilots Wednesday.
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America Online to lay off 700 employees
Oct 19 2005 7:59PM (CT)
RICHMOND, Va. (AP) - America Online is laying off more than 700 employees, mainly in call centers, as its base of dial-up subscribers continues to slump.
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Ecological cars highlight Tokyo auto show
Oct 19 2005 7:12PM (CT)
CHIBA, Japan (AP) - The usually futuristic "concept cars" at the Tokyo auto show are taking on an all-too-real immediacy this year amid soaring oil prices, with ecologically-friendly autos grabbing the limelight.
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Netflix's third-quarter profit plummets
Oct 19 2005 6:51PM (CT)
SAN FRANCISCO (AP) - Netflix Inc.'s third-quarter profit plunged 63 percent amid continued price cutting that helped the online DVD rental service win over thousands of new converts in a duel with Blockbuster Inc.
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Wal-Mart heiress returns USC diploma
Oct 19 2005 6:23PM (CT)
LOS ANGELES (AP) - Elizabeth Paige Laurie's name was on a sports arena at the University of Southern California when a former roomate alleged the Wal-Mart heiress paid her $20,000 to do her homework. Now it isn't even on a USC diploma.
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EMC Corp.'s profit up 94 percent
Oct 19 2005 6:14PM (CT)
BOSTON (AP) - EMC Corp. said Wednesday its profit nearly doubled to $422 million in the third quarter as the provider of data-storage products and services narrowly beat Wall Street's estimate and said it plans to further accelerate a stock buyback program.
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Bond prices up slightly in quiet trading
Oct 19 2005 5:36PM (CT)
NEW YORK (AP) - Prices on U.S. government bonds rose slightly Wednesday in quiet trading as Federal Reserve officials continued to express concern over inflation.
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Amgen earnings quadruple over charges
Oct 19 2005 5:24PM (CT)
SAN FRANCISCO (AP) - Amgen Inc. said Wednesday its third quarter earnings more than quadrupled, largely because the world's most valuable biotechnology company took an exceptional $554 million charge related to an acquisition of Tularik Inc. in the same period a year ago.
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N.C. judge: Tobacco cos. must pay farmers
Oct 19 2005 5:07PM (CT)
RALEIGH, N.C. (AP) - Tobacco companies must pay farmers and quota holders $106 million in payments and interest that were due for the fourth quarter of 2004, a judge ordered Wednesday.
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Guidant: J&J deal makes strategic sense
Oct 19 2005 5:01PM (CT)
INDIANAPOLIS (AP) - Medical device maker Guidant Corp. tried Wednesday to quell concerns its $25.4 billion purchase by Johnson & Johnson may be in jeopardy and saw a small recovery of its share price.
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Refco seeks quick sale of unit
Oct 19 2005 4:58PM (CT)
NEW YORK (AP) - Refco Inc., the bankrupt futures trading company, is seeking an expedited sale of its regulated commodities brokerage unit, a lawyer for Refco said Wednesday.
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Merck expert defends testimony
Oct 19 2005 4:49PM (CT)
ATLANTIC CITY, N.J. (AP) - Defending his opinions during cross-examination, an expert cardiologist who says Vioxx wasn't to blame for a postal worker's 2001 heart attack acknowledged Wednesday he was unsure whether the man had a family history of heart disease.
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Crude oil prices in New York plunge
Oct 19 2005 4:40PM (CT)
NEW YORK (AP) - Oil prices plunged Wednesday after the government reported large builds in crude and gasoline inventories.
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Altria Group 3Q profit climbs 9 percent
Oct 19 2005 4:38PM (CT)
RICHMOND, Va. (AP) - Altria Group Inc., maker of top-selling Marlboro cigarettes, said Wednesday its third-quarter net income increased 9 percent, primarily driven by the strong sales performance of its international tobacco business.
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Yahoo's profits continue to accelerate
Oct 19 2005 4:28PM (CT)
SAN FRANCISCO (AP) - Yahoo Inc. shares rose 6.6 percent Wednesday, a day after reporting third-quarter earnings and revenue that surpassed Wall Street's expectations.
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Intel shares fall on 3Q earnings report
Oct 19 2005 4:27PM (CT)
SAN JOSE, Calif. (AP) - Shares of Intel Corp. fell Wednesday after the chip maker posted a slim 5 percent increase in third-quarter profits and indicated fourth-quarter sales could be affected by continuing supply constraints and a buildup of customer inventory.
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Cisco Systems to invest $1.1B in India
Oct 19 2005 4:24PM (CT)
NEW DELHI (AP) - U. S.-based Cisco Systems Inc. will spend $1.1 billion in India over the next three years in the company's largest investment outside the United States, its chief executive said Wednesday.
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BOT stock zooms up on first day of trading
Oct 19 2005 4:21PM (CT)
CHICAGO (AP) - The Chicago Board of Trade received an enthusiastic reception from investors Wednesday on its first day as a publicly traded company, its shares zooming 49 percent above the initial offering price in one of the year's most successful IPOs.
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Washington Mutual earnings jump 22 pct.
Oct 19 2005 4:18PM (CT)
SEATTLE (AP) - Washington Mutual Inc., the nation's largest savings bank, reported Wednesday that its third-quarter earnings rose 22 percent from last year, beating Wall Street expectations.
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Sears names new executives
Oct 19 2005 4:17PM (CT)
HOFFMAN ESTATES, Ill. (AP) - Edward Lampert, the billionaire chairman of Sears Holdings Corp., isn't going to be chief marketer and merchandiser of the nation's No. 3 retailer after all.
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Honeywell's 3Q profit up 26 percent
Oct 19 2005 4:12PM (CT)
NEWARK, N.J. (AP) - Honeywell International Inc. on Wednesday said its profit rose 26.3 percent in the third quarter, led by its aerospace and automation and control solutions divisions.
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Office Depot reports 3Q loss of $47.9M
Oct 19 2005 4:08PM (CT)
DELRAY BEACH, Fla. (AP) - Office Depot Inc., the nation's second largest office supplies retailer, on Wednesday posted a third-quarter loss, from a profit a year ago, citing one-time charges and adoption of stock option expensing accounting rules.
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AMR posts $153 million third-quarter loss
Oct 19 2005 3:56PM (CT)
DALLAS (AP) - The parent of American Airlines, the nation's largest carrier, reported a $153 million loss in the third quarter despite a 15 percent rise in revenue, as it was hit by rising jet fuel prices and tough competition from low-cost carriers.
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Abbott Labs' shares up despite profit dip
Oct 19 2005 3:46PM (CT)
CHICAGO (AP) - Shares of Abbott Laboratories Inc. rose Wednesday after the pharmaceutical and medical products maker posted solid sales gains for the third quarter even though its profit slid 15 percent on costs related to a revamping of its manufacturing operations.
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Kodak loses $1 billion
Oct 19 2005 3:40PM (CT)
ROCHESTER, N.Y. (AP) - For the first time, Eastman Kodak Co. is generating more sales from digital imaging than from film-based photography, yet its massive makeover brought more pain in the third quarter _ a $1.03 billion loss largely due to one-time tax charges.
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Cingular reports 56 pct. jump in 3Q profit
Oct 19 2005 3:35PM (CT)
ATLANTA (AP) - Cingular Wireless LLC, the nation's largest cell phone provider, reported a 56 percent jump in third-quarter profit on solid growth in subscribers and revenue. It also said Wednesday it continues to shed jobs and stores as part of its effort to cut costs.
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Record revenues drive jump in E-Trade
Oct 19 2005 3:34PM (CT)
NEW YORK (AP) - Profits at online financial services company E-Trade Financial Corp. climbed more than 35 percent in the third quarter as customers traded into a rising stock market during the quarter and the company expanded its banking and loan businesses.
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Illinois Tool Works profit climbs
Oct 19 2005 3:26PM (CT)
NEW YORK (AP) - Illinois Tool Works Inc. said Wednesday its third-quarter profit jumped 24 percent, boosted by revenue growth and unexpectedly high leasing and investment income.
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Publishers sue Google over scanning plans
Oct 19 2005 2:52PM (CT)
NEW YORK (AP) - Just weeks after a leading authors' organization sued Google for copyright infringement, the Association of American Publishers has also filed suit against the search engine giant's plans to scan and index books for the Internet.
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Former energy traders face trial in spring
Oct 19 2005 2:48PM (CT)
HOUSTON (AP) - Former traders for Dynegy Inc. and El Paso Corp. charged with reporting bogus trade data that is used to calculate natural gas index prices will go to trial sometime next spring, a judge said Wednesday.
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Court stops Web site from 'legal' claim
Oct 19 2005 2:13PM (CT)
WASHINGTON (AP) - A federal court has temporarily banned a Los Angeles-based Web site from claiming that its service lets users legally share copyrighted files, the government said Wednesday.
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Allianz to take extra $826 million hit
Oct 19 2005 1:19PM (CT)
BERLIN (AP) - Allianz AG, a financial-services company, said it expects an extra $826 million in costs for asbestos- and environmental-related claims at U.S. unit Fireman's Fund Insurance Co., information released Wednesday showed.
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Countries seek more cuts in EU farm aid
Oct 19 2005 12:42PM (CT)
GENEVA (AP) - European trade chief Peter Mandelson came under pressure Wednesday from within the EU and outside it, as major trade powers stepped up demands for deeper cuts in the region's farm aid and France withdrew its support for his proposals on agriculture.
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China banks poised to go on sale
Oct 19 2005 12:32PM (CT)
SHANGHAI, China (AP) - China's giant, state-owned banks _ notorious for huge portfolios of bad debt, weak management and antiquated service _ are poised to raise billions of dollars in international stock offerings ... and investors are keen to buy.
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Auction held to have lunch with Murdoch
Oct 19 2005 12:27PM (CT)
NEW YORK (AP) - How much would someone pay to have lunch with Rupert Murdoch? The answer will become clear next month when an auction gets under way for a lunch date with the Australian-born media magnate and chairman of News Corp.
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U.S. announces job-training initiative
Oct 19 2005 12:19PM (CT)
WASHINGTON (AP) - Roughly $125 million in grants is being awarded to 70 community colleges around the country to bolster job-training.
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Northwest allowed to return aircraft
Oct 19 2005 11:52AM (CT)
NEW YORK (AP) - A New York bankruptcy court judge on Wednesday said Northwest Airlines Corp. may return aircraft it is leasing but said the carrier has to give five days notice to the planes' owners.
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General Dynamics 3Q profit jumps to $374M
Oct 19 2005 11:42AM (CT)
RICHMOND, Va. (AP) - Defense contractor General Dynamics Corp. said Wednesday its third-quarter earnings rose 16 percent, surpassing Wall Street's estimates, on almost across-the-board improvements in its businesses.
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Roche third-quarter sales up 20 percent
Oct 19 2005 11:36AM (CT)
GENEVA (AP) - Demand for cancer drugs and an anti-flu treatment being stockpiled against a possible influenza pandemic helped boost Roche Holding AG's third-quarter sales by 20 percent, the pharmaceutical giant said Wednesday.
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AgfaPhoto likely to be out of business
Oct 19 2005 11:11AM (CT)
FRANKFURT, Germany (AP) - AgfaPhoto GmbH said Wednesday it was likely it would be out of business and its 2,400 employees without work by the end of the year after it failed to find a buyer interested in acquiring it.
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Fuel costs hamper mass transit systems
Oct 19 2005 10:27AM (CT)
ALBANY, N.Y. (AP) - Mass transit systems nationwide are considering cutting service, laying off staff, raising fares and delaying capital spending to meet rising diesel fuel prices. The spike at the pumps could cost public transportation systems as much as $750 million more a year.
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African countries threaten to block deal
Oct 19 2005 10:23AM (CT)
GENEVA (AP) - African cotton-producing countries threatened on Wednesday to block a possible global trade deal at a December meeting in Hong Kong unless rich nations make concrete promises to eliminate the subsidies they pay to domestic producers.
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JPMorgan Chase 3Q earnings up 78 percent
Oct 19 2005 9:37AM (CT)
NEW YORK (AP) - JPMorgan Chase & Co., the nation's third biggest banking company, reported Wednesday that strength in investment banking, including record trading revenue, contributed to a 78 percent increase in third-quarter profits.
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N.Y. Times earnings fall in third quarter
Oct 19 2005 9:04AM (CT)
NEW YORK (AP) - The New York Times Co. said Wednesday its earnings fell by more than half in the third quarter, even as sales rose, because of higher costs and a charge related to staff reductions.
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EU: Asia, Europe to compete for tourists
Oct 19 2005 8:52AM (CT)
BRUSSELS, Belgium (AP) - Asia will increasingly compete with Europe for vacationers, as the global tourism industry is set to double to 1.6 billion tourists by 2020, the European Commission reported Wednesday.
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Abbott Laboratories 3Q earnings decline
Oct 19 2005 8:46AM (CT)
NORTH CHICAGO, Ill. (AP) - Abbott Laboratories, a maker of drugs and medical tests, said Wednesday its third-quarter profit fell 15 percent on charges related to reducing costs.
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Bank of America 3Q earnings up 10 percent
Oct 19 2005 8:41AM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp., the nation's second biggest bank, on Wednesday said its third-quarter profit rose 10 percent, fueled by double-digit revenue growth across all of its business lines. Its shares edged up in early trading.
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EU: Europe job market remains lethargic
Oct 19 2005 8:39AM (CT)
BRUSSELS, Belgium (AP) - The EU's job market continues to lag behind those of Japan and the United States, even though jobs have been created and there is a growing employment rate, the European Commission reported Wednesday.
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Domino's Pizza appoints Mounts as CFO
Oct 19 2005 8:21AM (CT)
ANN ARBOR, Mich. (AP) - Domino's Pizza Inc. on Wednesday named L. David Mounts chief financial officer, replacing Harry J. Silverman, who is retiring after more than 20 years with the pizza maker.
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Air passengers go to court over leg clots
Oct 19 2005 7:24AM (CT)
LONDON (AP) - British Airways passengers who suffered deep vein thrombosis will take their claim for compensation to Britain's highest court of appeal on Wednesday.
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Groupe Danone revenue rises 4.2 percent
Oct 19 2005 6:49AM (CT)
PARIS (AP) - French food company Groupe Danone SA said Wednesday its revenue rose 4.2 percent in the first nine months of the year amid weak consumer spending in its home European market.
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Toyota electric car resembles armchair
Oct 19 2005 6:35AM (CT)
CHIBA, Japan (AP) - Toyota's single-seat electric car resembles a soft cuddly armchair on three wheels and comes with a virtual "friend" programmed inside that learns the driver's tastes and personality.
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Energy ministers aim to address oil prices
Oct 19 2005 5:19AM (CT)
GYEONGJU, South Korea (AP) - Pacific Rim energy ministers on Wednesday called for a wide-ranging response to soaring oil prices and promised to increase cooperation with OPEC and other international organizations to improve energy market transparency and reduce price swings.
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Farmers fret over fertilizer costs
Oct 19 2005 3:47AM (CT)
OMAHA, Neb. (AP) - Dave Nielsen just spent nearly $14,000 to fertilize his crops, an amount he never could have imagined when he started farming 20 years ago.
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Amalgamated Bank names new president, CEO
Oct 19 2005 12:38AM (CT)
NEW YORK (AP) - Amalgamated Bank, a union-controlled bank that has operated in New York for more than 80 years, on Wednesday named a former New York bank superintendent as its new president and chief executive officer.
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Royal Bank to take charge for Enron impact
Oct 19 2005 12:34AM (CT)
TORONTO (AP) - Royal Bank of Canada will take a fourth-quarter pretax charge of $500 million, or $255 million after taxes, to account for the impact of Enron Corp. litigation, Canada's largest bank said late Tuesday.
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Teva, Wyeth settle patent suit
Oct 19 2005 12:31AM (CT)
NEW YORK (AP) - Teva Pharmaceuticals Industries Ltd. said Tuesday it has settled a patent-infringement lawsuit with Wyeth over the company's generic version of Wyeth's antidepressant drug Effexor. Terms of the settlement were not disclosed.
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