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Earnings Roundup: Best Buy, Smithfield Foods

The Associated Press

Among the earnings stories for Tuesday, June 16, from AP Financial News:

NEW YORK (AP) — Best Buy Co. Inc. reported Tuesday that its first-quarter profit fell 15 percent, even as its biggest competitor exited the market, as recession-weary shoppers cut back on items like appliances and digital cameras.

SMITHFIELD, Va. (AP) — Smithfield Foods Inc., the nation's largest hog producer and pork processor, posted a smaller-than-expected fiscal fourth-quarter loss Tuesday as pork sales remained stable. The company said the swine flu outbreak had no significant impact on results.

NORWALK, Conn. (AP) — FactSet Research Systems Inc., which provides financial research and analytics, said Tuesday its fiscal third-quarter income climbed 18 percent on higher revenues and better margins, beating Wall Street expectations.