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"It's hard to see how companies can squeeze more earnings growth out of cost savings," King said. "At some point, the economic numbers and revenue have to pick up." The Philadelphia branch of the Federal Reserve reported that manufacturers in the region said business conditions slumped this month. Orders for manufactured goods and shipments have been weak. In Washington, the Labor Department reported that the number of Americans seeking unemployment benefits rose last week to 360,000. That suggests companies are laying more people off, just one week after applications for benefits hit a five-year low. The yield on the 10-year Treasury note dropped to 1.88 percent from 1.94 percent late Wednesday. It's a sign that traders are shifting money into lower-risk investments like U.S. government debt. Gold prices fell slightly and the price of crude oil edged higher. Gold fell $9.30 to $1,386.90 an ounce. Crude oil rose 86 cents to $95.16 a barrel in New York. Among other companies making moves: Tesla Motors jumped 9 percent, or $7.41, to $92.25. The electric-car maker it said it aims to raise $830 million from the sale of stocks and convertible bonds to pay off a loan from the federal government. Tesla has surged 65 percent since May 8, when it announced its first profitable quarter. Semiconductor maker Advanced Micro Devices plunged 13 percent, the biggest drop in the S&P 500 index. A Goldman Sachs analyst advised investors to sell AMD, arguing that its shares had become too expensive. AMD had shot up 83 percent this year before Thursday's plunge on hopes that the company can cash in on making chips for video game consoles. AMD lost 55 cents to $3.83. Amyris fell 3 percent after a law firm filed a class action suit against the specialty-chemicals company, saying it misled investors about its production capabilities. Amyris lost 11 cents to $3.09.
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