Procter & Gamble traded actively after the company reiterated its near-term and long-term earnings outlook. P&G, which closed its acquisition of Gillette on Saturday, said it expects the purchase to reduce earnings by 20 cents to 26 cents a share in fiscal 2006 and by 12 cents to 18 cents a share in fiscal 2007. The deal is expected to be neutral to earnings in fiscal 2008, becoming accretive during the second half of fiscal 2008. P&G now expects annual sales growth for the remainder of the decade to be 5% to 7%, up from an earlier forecast of 4% to 6%. Shares were trading down 16 cents to $59.30.