Summary Box: Campbell Soup 4th-qtr results (AP)

Friday, September 3rd, 2010 | Finance News

SALES DOWN, PROFIT UP: The Campbell Soup Co. said Friday that its adjusted fourth-quarter profit was up 7 percent, even though its sales were down 1 percent.

LOWER SALES OUTLOOK: The company said its sales growth for fiscal 2011 is expected to be in the 2 percent to 3 percent range, down slightly from its long term outlook. But it still expects profit growth of 5 percent to 7 percent per share.

PICKY CONSUMERS: The company says that as the nation's economic slump continues, consumers are looking for bargains. As a result, the company expects to increase sales in coming months by selling more of its products, not by raising prices.

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Summary Box: Service sector growth slows in August (AP)

Friday, September 3rd, 2010 | Finance News

GROWTH SLOWING: The Institute for Supply Management said its service-sector index fell to 51.5 last month from 54.3 in July. The number indicates growth for the eighth consecutive month but it was the weakest pace since January.

SO WHAT?: Slower growth suggests service companies will not be as willing to hire, a bad sign since the sector accounts of about 80 percent of U.S. jobs. Businesses that provide services include hospitals, shops and restaurants, banks, consulting firms and shipping companies.

FUTURE UNCERTAIN: The ISM survey's gauge of future business, new orders, slowed in August to the weakest pace this year.

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Crews prepare to raise failed blowout preventer from BP rig (AP)

Friday, September 3rd, 2010 | Finance News

NEW ORLEANS – A vessel has latched onto a key piece of evidence in the oil spill investigation so crews can raise the 300-ton device to the surface of the Gulf of Mexico.

BP says the Helix Q4000 latched onto the blowout preventer a mile beneath the sea on Friday morning.

The plan is to replace the failed blowout preventer first to deal with any pressure that is caused when a relief well BP has been drilling intersects the blown-out well.

Once that intersection occurs, BP is expected to use mud and cement to plug the blown-out well for good from the bottom.

On Thursday, a temporary cap that stopped oil from gushing into the Gulf in mid-July was removed. No more oil is expected to leak into the sea.

An April 20 rig explosion killed 11 workers and led to 206 million gallons of oil spewing from BP's well.

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