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TRANSPORTATION
United, Delta lose big, top views
United Air parent UAL lost $10.05 a share in Q3, its worst loss ever, excluding federal aid and charges. Analysts saw $10.27. United lost $1.29 a year ago. Revenue fell 16% to $4.1 bil, and may worsen in Q4. Delta Air lost $2.43 vs. views of $2.70. It earned $1.01 a year ago. Revenue slid 22% to $3.4 bil.
Delta might defer up to 30 jet orders from Boeing until after '03. It deferred eight regional jet orders from Bombardier.
FINANCE
S&Ls off on falling yield spreads
With long-term rates diving, the spread between short and long end has tightened. S&Ls make money on mortgages based on the yield spread. Long-term rates had stayed high despite nine Fed rate cuts. But the Treasury's move to stop selling 30-year debt sent 30- and 10-year yields plunging. Washington Mutual lost 5% to 28.56, a 52-week low. Golden West Financial slid 3% to 47.26, also a 52-week low.