Headline News for Alcoa, Kraft Foods, ConocoPhillips

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Alcoa Inc. (NYSE:AA) said in a letter to customers that it would increase prices for its European mill products delivered in the fourth quarter, because of rising costs, including metal premiums, alloying elements and energy costs. The letter dated Aug. 9 from the company's European headquarters in Geneva, Switzerland -- later disseminated to the press -- said, "According to current estimates, we evaluate the impact in fourth quarter 2010 to be at a level of around 120 euro per tonne."  The letter said rapidly rising metal costs must be considered along with the exchange traded aluminum price.  – Reuters

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Nelson Peltz has apparently lost his appetite for Kraft Foods Inc. (NYSE:KFT). The activist investor has sold his shares in the company which he once sought to influence through his holdings, MarketWatch reported. In a regulatory filing Friday, Mr. Peltz’s Trian Partners said it owned no Kraft stock as of June 30. The fund had reported ownership of 4.4 million shares March 31. – MarketWatch

ConocoPhillips (NYSE:COP) reported a pinhole leak in a process line at its 247,000 barrel-per-day refinery in Belle Chasse, Louisiana on Friday, according to a filing with regulators. A company spokesman was not immediately available to comment on which unit was affected and if there was any effect on production. – Reuters

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