31.   Doing so would have reduced annual earnings.

32.   Drug stocks in general rose as investors turned to safe bets amid concerns that a slowing economy will reduce earnings at many companies, analysts said.

33.   Earnings have been reduced recently because of losses in trading in the wholesale market where prices have been very volatile.

34.   Earnings were reduced by three factors, Jennings said -- old stock clearance, reduced sales and a change in the sales mix to lower margin products.

35.   European earnings also were reduced by start-up costs of the new Vectra car, GM said.

36.   Even if the acquisition were financed with long-term debt, the transaction would reduce earnings only slightly, Mead said.

37.   Fitzsimonds said earnings would be reduced for the same reasons in the first half of next year.

38.   For example, options are usually not treated as an expense and thus do not reduce earnings.

39.   He said the slow sales might reduce earnings for the quarter by a few pennies a share.

40.   Higher interest rates raise company borrowing costs, reduce earnings and the size of dividends paid shareholders.