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$APC said that by reducing the dividend by 81%, it believes to save $450MM of cash per annum. The company does not expect to increase capital spending this year even if oil exceeds $50. $APC believes that savings from these efforts will provide more than $350MM annually.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.