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CVS issues warning; stock slides
The drugstore chain met Q3 goals of 30 cents a share, down 17%. Sales rose 10% to $5.4 bil. But it sees Q4 profit of 23-28 cents, well below views of 49 cents. It'll take a $350 mil charge as it closes 200, or 5%, of its stores. It also plans job cuts. Its stock sank 7.27, or 23%, to 24.35.
Cingular outlines upgrade plans
Cingular Wireless is moving to the GSM standard from a patchwork network of GSM and TDMA. The SBC Communications-BellSouth joint venture also will upgrade to EDGE technology, 30-45 times faster than current systems. EDGE is viewed as an interim step to broadband 3G …