Corning Plans to Take 3Q Charges of $2.8 Billion to $2.9 Billion
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CORNING, NY -- Corning Inc. (GLW) plans to record $2.8 billion to $2.9 billion in noncash charges in the third quarter to impair goodwill and investments in its struggling telecommunications segment and establish a deferred-tax valuation allowance.
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MCI Inc. , the No. 2 U.S. long-distance company, said on Monday it would record noncash impairment charges of about &#36;3.5 billion in the third quarter, mostly for property, plant and equipment.
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Shares of Corning Inc., the world&#39;s largest maker of glass used in flat-panel televisions, fell as much as 5.7 percent in Europe after the company said it will take a charge of as much as $2.
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Inserts new paragraph 3 to show 3-cent charge for purposes of comparison with Reuters Estimates
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Bear Stearns Cos. Inc.  on Friday said it will provide up to $3.2 billion in financing for a struggling hedge fund it manages, but sources said a second fund is still working out a restructuring plan with creditors.
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Bear Stearns Cos. , trying to  prevent the collapse of two of its hedge funds, may take over  about $3.2 billion of the funds&#39; loans to prevent creditors  from seizing more assets, Bloomberg reported on its Web site on  Friday.
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IBM on Wednesday said it will take a third-quarter charge of $320 million to settle all but two claims of an ongoing lawsuit claiming its pension plan discriminated against older workers, in exchange for capping its potential
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Telecommunications company Sprint Corp. on Friday said it will record an unspecified third-quarter impairment charge that will reduce the value of its long-distance network assets, and will realign its sales efforts in a plan that will cut up to 700 jobs in its Sprint Business Solutions division.
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Exxon Mobil Corp. , the world's largest publicly traded oil company, said on Friday it would take a charge of &#36;550 million in the third quarter to cover claims from gas station owners who sued the company for fuel overcharges.
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IBM on Wednesday said it will  take a third-quarter charge of $320 million to settle all but  two claims of an ongoing lawsuit claiming its pension plan  discriminated against older workers, in exchange for capping  its potential liability at $1.4 billion.
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Prosecutors released more details Friday on new theft and money laundering charges against a jailed former oil tycoon and increased by $2 billion the amount of money they say he and his partner stole from subsidiaries of OAS Yukos.
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Automaker DaimlerChrysler AG said it will book a charge of &#36;492 million in the third quarter to cover the cost of recalls and past quality problems at Japanese truckmaker Mitsubishi Fuso Truck and Bus Corp.
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Marsh &amp; McLennan Companies Inc. is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe by New York authorities as a way to help fund a possible settlement over the questioned fees.
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Ford Motor Credit Co., the finance subsidiary of Ford Motor Co. , said on Friday a previously announced restructuring plan would result in charges of $290 million, including $200 million to fund job cuts.
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Marsh and McLennan is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe. The company says it will put the fees into a separate account to be used as
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American Express said on Friday it expects to record a fourth-quarter pre-tax charge of up to &#36;120 million and cut 2,000 jobs related to a restructuring of its business travel unit and the sale of some overseas operations.
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The company plans to recoup by raising its commission on items that sell.