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RETAIL
Kmart falls 13% on downgrade
Prudential Securities cut the ailing discount retailer to sell from hold. It cut Q4 '02 and fiscal '03 profit views. The broker said the firm may file for Chapter 11 if "trends do not improve." Kmart said it has sufficient funds and credit to avoid bankruptcy. It recently said Dec. same-store sales will be at the low end of its 0%-2% growth target. Its shares fell 0.72 to 4.74, a long-time low.
AEROSPACE/DEFENSE
Raytheon wins large military deal
The potential $1.22 bil pact will solidify the defense firm's staff, but won't add jobs. The one-year deal with four one-year options calls for the production of 234 T-6A Texan II aircraft, plus related ground-based gear and tech support.
Airbus denies N.Y. jet damage