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Spitzer Is Probing Mutual Funds
1New York Attorney General Eliot Spitzer accused several mutual fund families, including Janus and a Bank of America unit, of permitting illegal trading practices that cost ordinary investors billions of dollars every year. Hedge fund Canary Partners will pay $40 mil in fines and restitution -- and cooperate with Spitzer, who led the $1.4 bil Wall Street settlement. More on this page
Cisco, AMD Sense Signs Of Hope
2 Cisco's Aug. sales were a bit better than expected, sending shares of the networking giant up 3.3% to 20.27, a 19-month high. Analysts called it a bullish comment in a usually slow month. PC chip firm AMD called July and Aug. "encouraging," but said Sept. will be key. AMD shares fell 1.3%. HP rose 2.2% after backing Q4 views.
Court Stays New FCC Media Caps
3A three-judge panel of the Third U.S. Circuit Court of Appeals temporarily blocked the FCC rules from taking effect today, saying they could cause irreparable harm. The FCC, in a 3-2 vote this summer, OK'd moves that loosened ownership rules on TV, and radio stations and newspapers. There's a powerful bipartisan effort in Congress to roll back some of those changes.
Aug. Auto Sales A Sizzling 19 Mil