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Computer chip giant Intel Corp. is planning to build a $2 billion chip-manufacturing plant in Hillsboro, Oregon, this summer, bringing up to 3,000 jobs to the area.

Moody's Investors Service announced Tuesday that it has downgraded struggling Lucent Technologies to junk bond status, lowering senior long-term debt issued by the Murray Hill, N.J., company from Baa3 to Ba1.

The Santa Clara-based 3Com said Tuesday it lost $518 million, or $1.52 a share, in the three months ended June 1, compared with a loss of $147 million, or 45 cents a share, in the same period a year ago.

It's the fifth consecutive quarter that the company has posted a loss.

Honda will cease production of its Prelude sports car in the U.S. after next year due to lagging sales.

A U.S. Bankruptcy Court judge in Las Vegas has agreed to give National Airlines until July 31 to arrange a buyout plan that would keep the struggling airline from being grounded.

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