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January 09, 2001|Bloomberg News

There was more trouble on the earnings front Monday: Procter & Gamble (PG), the largest U.S. maker of household products, may not meet fiscal second-half profit estimates because rivals are keeping prices low, Chief Financial Officer Clayton Daley said in remarks released after the close of regular trading. The maker of Tide detergent and Bounty towels has been unable to raise prices to recoup higher raw materials costs. P&G shares rose $1.63 to $76.56 before the news. The firm has had declining profit for three consecutive quarters.

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