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BUSINESS BRIEFS.(TO THE POINT)

Investor's Business Daily

| November 03, 2003 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ENERGY

ChevronTexaco profit beat views

The No. 2 U.S. oil firm posted operating net of $1.86 a share, topping views by 24 cents. ChevronTexaco has beaten forecasts three straight quarters. Last year the firm lost 85 cents ex-charges. Revenue surged 22% to $31 bil, boosted by higher oil and gas prices. But production fell 4%, much like rivals. Chevron said it'll cut 2000 jobs, 3.9% of staff, by early '05. Shares rose 4% to 74.30.

AutoZone investor selling shares

ESL Investments, a hedge fund headed by CEO and Chairman Edward Lampert, will sell 5.6 mil shares of the No. 1 U.S. car parts retailer. That's a fifth of ESL's total stake. Lampert owned 25.5 mil AutoZone shares, or 28.8% of shares out, as of Oct. 14. AutoZone shares sank 7% ...

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