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Dana reports a wider quarterly loss, plans job cuts (at MarketWatch)

which supplies the auto industry with axels, driveshafts and other structural products, said its revenue was virtually flat at $2.3 billion. 'In my career -- which is longer than I like to think about -- I can't recall a more difficult year.' — Executive Chairman John Devine The U.S. auto industry has been getting hammered as people give up their love affair with trucks and large sport-utility vehicles in the wake of gasoline prices at above $4 a gallon, opting instead for smaller, more fuel-efficient vehicles supplied primarily by foreign manufacturers. Dana's three largest customers are Ford Motor Co. and Toyota Motor Corp. Further, a weaker domestic economy has reduced overall consumer spending for large purchases. "We were getting a cyclical downturn, we've lived with that before, but this is different because now we're... [read full story]                    

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