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Lockheed Martin sees 2Q profit, ups outlook
Jul 26 2005 9:03PM (CT)
COLLEGE PARK, Md. (AP) - Lockheed Martin Corp.'s second-quarter earnings surged 56 percent as the defense contractor best-known for its fighter jets showed Tuesday how it has successfully shifted its focus to newer programs.
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Verizon posts profit on wireless showing
Jul 26 2005 8:51PM (CT)
NEW YORK (AP) - Verizon Communications Inc.'s second-quarter profit rose 18 percent, but the big telephone company's results were slightly shy of Wall Street forecasts and signs of price competition clouded an otherwise powerful showing by Verizon Wireless.
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Petro-Canada's earnings posted online
Jul 26 2005 8:06PM (CT)
TORONTO (AP) - Petro-Canada was left scrambling to deal with the premature release of its second quarter earnings report Tuesday, after a news release service inadvertently posted the company's results on its French-language Web site.
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Japanese stocks gain ahead of reports
Jul 26 2005 7:41PM (CT)
TOKYO (AP) - Japanese stocks edged higher in early trading Wednesday ahead of earnings reports from companies including Honda Motor Co., Canon Inc. and Sanyo Electric Co. The dollar rose against the yen and euro.
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Texas coroner deposed in Vioxx trial
Jul 26 2005 7:41PM (CT)
ANGLETON, Texas (AP) - Lawyers on both sides of the nation's first Vioxx-related civil trial on Tuesday deposed the coroner who autopsied a man who died of an irregular heartbeat eight months after beginning a regimen of Vioxx.
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Wyoming man sentenced for extortion
Jul 26 2005 7:16PM (CT)
ST. LOUIS (AP) - A Wyoming man was sentenced to a year and nine months in prison Tuesday after admitting he threatened to publish negative stock reports about the Hardee's fast-food chain's parent company if he wasn't hired as a consultant.
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Vornado to become latest addition to S&P
Jul 26 2005 6:54PM (CT)
NEW YORK (AP) - Standard & Poor's Corp. on Tuesday said it will add Vornado Realty Trust to its flagship S&P 500 Index to replace SunGard Data Systems Inc., which is being acquired by a private equity consortium.
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WorldCom's Sullivan will sell home
Jul 26 2005 6:05PM (CT)
NEW YORK (AP) - The former finance chief of WorldCom will sell the 10-bedroom, Mediterranean-style mansion he is building in South Florida and turn the proceeds over to investors who lost billions in the epic accounting fraud.
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Former Qwest exec settles SEC allegations
Jul 26 2005 6:02PM (CT)
DENVER (AP) - Federal regulators said Tuesday a former executive of Qwest Communications International Inc. has agreed to pay $2.1 million to settle civil charges that he participated in a fraud conspiracy that forced the telecommunications company to restate billions in revenue.
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Auto sales expected to hit four-year high
Jul 26 2005 6:01PM (CT)
DETROIT (AP) - Auto sales could hit a four-year high this month thanks to popular employee-pricing discounts, leading some dealers to believe that U.S. automakers will extend the deals until Labor Day.
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Electronic Arts swings to a $58M loss
Jul 26 2005 6:00PM (CT)
SAN JOSE, Calif. (AP) - Electronic Arts Inc. swung to a loss in its fiscal first quarter as the world's largest video-game maker was pressured by increased competition that caused revenue to shrink 16 percent.
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Medco Health's 2Q profit climbs 8 percent
Jul 26 2005 5:43PM (CT)
TRENTON, N.J. (AP) - Medco Health Solutions Inc., one of the biggest U.S. managers of prescription benefit programs, on Tuesday posted an 8 percent jump in second-quarter profit as revenues and gross margins increased slightly.
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Bond prices edge higher
Jul 26 2005 5:34PM (CT)
NEW YORK (AP) - Bonds edged higher Tuesday in another quiet session, with Treasurys getting a limited lift from a report showing consumer confidence declining unexpectedly.
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ImClone second-quarter earnings rise
Jul 26 2005 5:29PM (CT)
NEW YORK (AP) - ImClone Systems Inc. said Tuesday its second-quarter profit rose 7 percent as continued strong sales of its Erbitux cancer drug helped the company offset lower manufacturing revenue and increased research costs.
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Reuters reports more job-cut plans
Jul 26 2005 5:25PM (CT)
LONDON (AP) - Reuters Group PLC said it could cut up to 500 more jobs in coming years as the news and financial-data provider pursues a restructuring plan meant to drive growth in China and India.
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Tellabs 2Q profit slips 17 percent
Jul 26 2005 5:23PM (CT)
NAPERVILLE, Ill. (AP) - Tellabs Inc. said Tuesday its second-quarter profit slipped 17 percent as gross margins fell, but the maker of telecommunications gear still managed to exceed Wall Street estimates.
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Biogen Idec reports $35 million 2Q profit
Jul 26 2005 5:17PM (CT)
BOSTON (AP) - Biogen Idec Inc. on Tuesday said its second-quarter profit rose to nearly $35 million from less than $1 million a year ago, a result that beat Wall Street expectations for a company struggling to regain its footing after withdrawing a multiple sclerosis drug over safety concerns.
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Judge eyes leniency for ex-Cendant exec
Jul 26 2005 5:15PM (CT)
HARTFORD, Conn. (AP) - A federal judge on Tuesday indicated that he is considering a prison sentence less than the 12 to 15 years sought by prosecutors for Cendant Corp.'s former vice chairman, E. Kirk Shelton.
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Striking Walgreen pharmacists return
Jul 26 2005 5:13PM (CT)
CHICAGO (AP) - Striking union pharmacists at 400 Chicago-area Walgreen Co. stores voted to return to work Tuesday without a new contract, the union and the company said.
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AK Steel second-quarter profit falls
Jul 26 2005 5:10PM (CT)
MIDDLETOWN, Ohio (AP) - Steel manufacturer AK Steel Holding Corp. on Tuesday said second-quarter profit fell sharply, hurt by a one-time tax charge, compared with year-ago results that included a large gain. Its shares fell nearly 3 percent in early trading.
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US Steel posts 16 percent rise in 2Q
Jul 26 2005 5:10PM (CT)
PITTSBURGH (AP) - United States Steel Corp. said Tuesday its second-quarter earnings rose 16 percent on strong operating results in its European and tubular segments, as well as solid performance in the company's flat-rolled business.
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Legg Mason 1Q profit climbs 31 percent
Jul 26 2005 5:10PM (CT)
BALTIMORE (AP) - Financial services company Legg Mason Inc., which would become the fifth-largest U.S. asset manager through a deal with Citigroup Inc., said Tuesday its first-quarter earnings rose 31 percent on strong investment performance.
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AFL-CIO leaders pass resolution
Jul 26 2005 5:05PM (CT)
CHICAGO (AP) - AFL-CIO leaders passed a resolution Tuesday to increase union organizing and political action across the country _ issues that drove two major unions out of the organization a day earlier.
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McGraw-Hill second-quarter profit rises
Jul 26 2005 5:02PM (CT)
NEW YORK (AP) - McGraw Hill Cos., a major textbook publisher, said Tuesday its second-quarter profit rose almost 18 percent on strong results from its financial services and education businesses.
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Black & Decker 2Q profit up on higher sales
Jul 26 2005 5:01PM (CT)
TOWSON, Md. (AP) - Black & Decker Corp., the power tools and home improvement products maker, said Tuesday second-quarter profit rose 27 percent on increased sales, exceeding Wall Street estimates.
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Southern reports rise in 2Q profit
Jul 26 2005 5:00PM (CT)
ATLANTA (AP) - Energy provider Southern Co. reported a nearly 10 percent jump in second-quarter profit on solid revenue growth despite mild weather and above-average rainfall.
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GMAC will to up to $55B in auto loans
Jul 26 2005 4:59PM (CT)
DETROIT (AP) - General Motors Corp.'s GMAC financial services unit said Tuesday it will sell up to $55 billion worth of U.S. auto loans to Bank of America Corp. over the next five years in a deal to raise cash and help the division finance more vehicles.
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Cadbury Schweppes posts net profit on sales
Jul 26 2005 4:49PM (CT)
LONDON (AP) - Confectionery group Cadbury Schweppes PLC posted a 6.1 percent increase in first half-net profit Tuesday, driven by strong sales, and said it expects to meet its full-year targets despite challenging markets.
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Timberland second-quarter profit falls
Jul 26 2005 4:43PM (CT)
STRATHAM, N.H. (AP) - Timberland Co., a maker of outdoor footwear and apparel, said Tuesday its second-quarter profit fell 20 percent on sagging operating margins and weak U.S. sales.
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Wm. Wrigley 2Q profit rises 17 percent
Jul 26 2005 4:42PM (CT)
CHICAGO (AP) - Wm. Wrigley Jr. Co., the world's biggest chewing gum maker, on Tuesday said second-quarter profit rose 17 percent, driven by higher global shipments and favorable foreign currency exchange rates. Its shares rose 3 percent.
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Burlington Northern 2Q earnings skyrocket
Jul 26 2005 4:41PM (CT)
FORT WORTH, Texas (AP) - Burlington Northern Santa Fe Corp., the nation's second-largest railroad operator, said Tuesday its second-quarter profit increased 47 percent as freight revenue climbed 15 percent to a record $3.04 billion.
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Texas Instruments shares up after report
Jul 26 2005 4:40PM (CT)
DALLAS (AP) - Texas Instruments Inc. shares climbed more than 5 percent Tuesday, surpassing its 52-week closing high after the semiconductor maker reported a stronger-than-expected 42 percent increase in earnings for the second quarter.
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Vermont sues over cigarette advertising
Jul 26 2005 4:36PM (CT)
MONTPELIER, Vt. (AP) - Nine states and the District of Columbia accused cigarette maker R.J. Reynolds Tobacco Co. on Tuesday of making misleading claims that its Eclipse brand of cigarette may carry less risk of cancer and other health ailments.
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Cendant sells marketing services division
Jul 26 2005 4:35PM (CT)
NEW YORK (AP) - Cendant Corp., a conglomerate with holdings in travel, lodging and real estate, said Tuesday it will sell its marketing services division to a unit of private equity firm Apollo Management for about $1.83 billion.
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DuPont 2Q profit doubles, stock falls
Jul 26 2005 4:34PM (CT)
BALTIMORE (AP) - DuPont Co., one of the nation's biggest chemicals companies, on Tuesday said second-quarter profit more than doubled, aided by one-time gains. But its stock skidded more than 6 percent as its earnings without the gains missed Wall Street's forecasts.
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Martha Stewart Living in programming deal
Jul 26 2005 4:34PM (CT)
NEW YORK (AP) - Media and merchandising conglomerate Martha Stewart Living Omnimedia Inc. said Tuesday that it signed with cable company Discovery Communications to rebroadcast Stewart's upcoming daytime TV show and air a new home improvement reality series.
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New York crude oil ends above $59
Jul 26 2005 4:32PM (CT)
NEW YORK (AP) - Crude-oil futures settled higher Tuesday for the third straight session, topping $59 a barrel, but prices stayed in a tight range.
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Corning posts $165 million profit in sec
Jul 26 2005 4:29PM (CT)
CORNING, N.Y. (AP) - Corning Inc. posted a 53 percent jump in second-quarter profit, propelled by higher demand for ultra-thin glass used in flat-screen computers and televisions. The results beat Wall Street's forecasts.
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7-Eleven 2Q profit jumps on higher sales
Jul 26 2005 4:10PM (CT)
DALLAS (AP) - 7-Eleven Inc., the world's largest convenience-store operator, said Tuesday that its second-quarter profit jumped 22 percent as a result of higher sales and cost controls.
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Cox promises vigorous enforcement of laws
Jul 26 2005 3:57PM (CT)
WASHINGTON (AP) - Rep. Christopher Cox, a free-market conservative who is President Bush's choice to head the Securities and Exchange Commission, told Congress Tuesday he would oversee vigorous enforcement of securities laws.
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Amazon.com 2Q profits fall 32 percent
Jul 26 2005 3:51PM (CT)
SEATTLE (AP) - Amazon.com Inc. said Tuesday its second-quarter profits sagged 32 percent from a year ago, despite brisk sales at home and abroad.
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Safeway's 2Q profit falls on makeover costs
Jul 26 2005 3:40PM (CT)
PLEASANTON, Calif. (AP) - Safeway Inc.'s second-quarter profit dropped 14 percent as the costs of an ambitious makeover offset an uptick in sales at the recuperating grocery chain.
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Northwest Airlines posts $225M loss in 2Q
Jul 26 2005 3:33PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp., which operates the nation's fourth largest airline, reported Tuesday its second-quarter loss widened to $225 million and warned that it needs pension reform and labor cost cuts to stay out of Chapter 11 bankruptcy proceedings.
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Former Qwest exec settles SEC allegations
Jul 26 2005 2:54PM (CT)
DENVER (AP) - Federal regulators said Tuesday a former Qwest Communications executive agreed to pay $2.1 million to settle civil charges by the Securities and Exchange Commission that he participated in a fraud conspiracy that forced the company to restate billions in revenue.
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Consumer confidence dips on job worries
Jul 26 2005 2:46PM (CT)
NEW YORK (AP) - Americans' anxiety about the economy and their jobs resurfaced in July, sending a widely followed measure of consumer confidence downward and ending a three-month winning streak.
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Lexmark 2Q profit slides on tax charge
Jul 26 2005 2:45PM (CT)
LEXINGTON, Ky. (AP) - Lexmark International Inc., a leading supplier of printers and related materials, said Tuesday its second-quarter profit fell due to a tax charge and the company announced plans to lay off 275 workers through the first half of next year.
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Onex pay cuts may not impact other talks
Jul 26 2005 1:43PM (CT)
WICHITA, Kan. (AP) - Labor concessions won by Onex Corp. in its purchase of the Boeing Co.'s commercial aircraft operations here are not expected to affect future contracts with workers at other aircraft makers, industry observers said.
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Aircraft industry shaking up unions
Jul 26 2005 1:40PM (CT)
WICHITA, Kan. (AP) - Already reeling from layoffs that slashed their ranks, unions representing this city's aircraft workers must now grapple with a new workplace reality after the sale of the Boeing Co.'s commercial airplane operations in Kansas and Oklahoma to a Canadian firm.
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Parmalat says pretax earnings up a third
Jul 26 2005 1:14PM (CT)
MILAN, Italy (AP) - Italian dairy giant Parmalat said Tuesday that its earnings before interest, taxes, depreciation and amortization rose by more than a third in the first half of 2005 as the insolvent group boosted profitability it all its units.
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Democrats block bill to monitor China trade
Jul 26 2005 12:57PM (CT)
WASHINGTON (AP) - Legislation to strengthen monitoring of Chinese trade practices was defeated in the House Tuesday, a victim of a larger political battle over passage of a free trade agreement with Central America.
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Business groups focus on math, science
Jul 26 2005 12:53PM (CT)
WASHINGTON (AP) - Arguing for more urgency, businesses with tens of millions of workers are hoping to prod the nation into improving its math and science education.
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BP's 2Q profit rises on strong oil prices
Jul 26 2005 12:15PM (CT)
LONDON (AP) - BP Group PLC, one of the world's largest oil companies, said second-quarter profit rose 29 percent on the strength of world oil prices, but said it was taking a $700 million (580 million euros) charge to settle claims from a refinery explosion.
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Regulator opens probe into Danone trading
Jul 26 2005 12:12PM (CT)
PARIS (AP) - The French stock market watchdog said Tuesday it has opened a formal investigation into trading in shares of food and drink company Groupe Danone SA in recent weeks.
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Negotiators: subsidies threaten progress
Jul 26 2005 12:08PM (CT)
GENEVA (AP) - Officials from the World Trade Organization's 148 member states kicked off a week of talks on liberalizing world trade Tuesday, but said they were discouraged with their lack of progress on the first challenge _ putting together a framework agreement on cutting farm subsidies.
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Lockheed Martin 2Q profit soars on sales
Jul 26 2005 11:58AM (CT)
COLLEGE PARK, Md. (AP) - Lockheed Martin Corp., the nation's largest defense contractor, said Tuesday that higher sales in its information technology and systems segments drove second-quarter earnings up 56 percent and offset a dip in fighter jet sales.
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Pernod completes Allied Domecq buyout
Jul 26 2005 9:55AM (CT)
PARIS (AP) - Pernod Ricard SA has completed its takeover of British rival Allied Domecq PLC to become the world's second-largest wines and spirits maker, the French drinks company said Tuesday.
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International Paper 2Q profit declines
Jul 26 2005 9:07AM (CT)
STAMFORD, Conn. (AP) - International Paper Co. on Tuesday reported second-quarter profit fell 60 percent from last year due to discontinued operations as well as weaker demand and higher costs that have hurt the paper industry.
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BBVA's 2Q profit rises on loan growth
Jul 26 2005 9:01AM (CT)
MADRID, Spain (AP) - Banco Bilbao Vizcaya Argentaria SA said Tuesday its second-quarter net profit rose 22 percent, boosted by strong loan growth in Spain and Mexico.
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Medco Health's 2Q profit up on margins
Jul 26 2005 8:48AM (CT)
FRANKLIN LAKES, N.J. (AP) - Medco Health Solutions Inc., one of the country's largest managers of prescription drug programs, said Tuesday its second-quarter profit rose 8 percent on higher gross margins.
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Cadbury Schweppes posts net profit on sales
Jul 26 2005 7:55AM (CT)
LONDON (AP) - Confectionery group Cadbury Schweppes PLC posted a 6.1 percent increase in first-half net profit Tuesday, driven by strong sales, and said it expects to meet its full-year targets despite challenging markets.
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Norsk Hydro 2Q profit surges on oil prices
Jul 26 2005 7:48AM (CT)
OSLO, Norway (AP) - Norsk Hydro ASA said Tuesday that record oil prices helped boost its second-quarter profit 61 percent, despite production stoppages on offshore fields due to maintenance and a blowout.
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Nissan reports 14 percent profit drop
Jul 26 2005 7:39AM (CT)
TOKYO (AP) - Profits at Japanese automaker Nissan dipped 14 percent in the first fiscal quarter compared to the same period a year ago as it wrote down the value of its assets to accommodate new Japanese accounting rules.
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Air Liquide revenue up 12 percent in 2Q
Jul 26 2005 7:38AM (CT)
PARIS (AP) - Air Liquide SA, the world's largest industrial gases supplier, said Tuesday its second-quarter revenue rose nearly 12 percent from a year ago, and confirmed it was on track to achieve targeted profit growth of about 7 percent for the year.
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AirTran 2Q profit declines 32 percent
Jul 26 2005 7:19AM (CT)
ORLANDO, Fla. (AP) - AirTran Holdings Inc., the parent of low-cost carrier AirTran Airways, said Tuesday its second-quarter earnings dropped 32 percent as soaring fuel prices offset efforts to cut costs elsewhere.
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Infineon's loss quadruples in quarter
Jul 26 2005 6:57AM (CT)
BERLIN (AP) - German semiconductor maker Infineon Technologies AG reported Tuesday that its net loss more than quadrupled in the most recent quarter, with one-time charges and low prices for computer memory burdening the bottom line.
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German business confidence up for 2nd month
Jul 26 2005 6:53AM (CT)
BERLIN (AP) - German business confidence rose in July for the second consecutive month, reaching its highest level in five months and indicating the country is on "a path of solid growth," Germany's economics minister said.
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Titan narrows its second-quarter loss
Jul 26 2005 6:51AM (CT)
SAN DIEGO (AP) - Defense contractor Titan Corp. said Tuesday it narrowed its second-quarter loss, as increased sales helped offset charges to settle a shareholder lawsuit and costs related to its pending acquisition by L-3 Communications Holdings Inc.
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TSMC reports lower net profit for quarter
Jul 26 2005 5:43AM (CT)
TAIPEI, Taiwan (AP) - Taiwan Semiconductor Manufacturing Co., the world's largest supplier of made-to-order chips, said Tuesday its net profit fell 21.5 percent in the second quarter, but company executives painted a more optimistic picture for the rest of the year.
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Toyota introducing Lexus brand to Japan
Jul 26 2005 5:34AM (CT)
TOKYO (AP) - Bow-tied waiters held trays of mineral water and chic ambient music filled the air as Toyota unveiled the three models Tuesday that will mark the introduction of the Lexus luxury brand in Japan, 16 years after it was rolled out in the United States.
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Peugeot posts 21 percent profit slide
Jul 26 2005 5:01AM (CT)
PARIS (AP) - Peugeot SA said Tuesday its net profit fell 21 percent in the first half of 2005 as new models failed to offset a surge in raw material costs and price competition in sluggish European markets.
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China central bank denies currency report
Jul 26 2005 4:50AM (CT)
BEIJING (AP) - China's central bank warned Tuesday that it has no plans to allow sharp increases in the yuan's value, saying a 2 percent increase last week was part of an exchange-rate reform and not a prelude to more increases.
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Australian stock market rise to new record
Jul 26 2005 4:47AM (CT)
SYDNEY, Australia (AP) - For the fourth session in a row, the Australian stock market on Tuesday hit a record closing high as investors bet on strong results from Australia's upcoming earnings reporting season.
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Japan's No. 1 utility in talks with KDDI
Jul 26 2005 4:40AM (CT)
TOKYO (AP) - Japan's biggest power company, Tokyo Electric Power Co., is in talks with KDDI Corp., the country's No. 2 mobile phone operater, to combine telecommunications businesses in a move that could rival Nippon Telephone & Telegraph Corp., the companies said Tuesday.
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Blackberry fungus enters United States
Jul 26 2005 1:54AM (CT)
PORTLAND, Ore. (AP) - A deadly fungus used to control the spread of unwanted varieties of blackberries overseas has landed in the United States, infecting the capital of America's blackberry industry.
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Divided labor movement worries Democrats
Jul 26 2005 1:38AM (CT)
WASHINGTON (AP) - The AFL-CIO fracture is posing potential problems for Democratic leaders, who rely heavily on unions for money and volunteers. And it could play into the hands of Republicans seeking to extend their clout among one of the most traditionally Democratic constituencies.
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Bridgestone Firestone workers ratify deal
Jul 26 2005 12:05AM (CT)
NASHVILLE, Tenn. (AP) - Union workers at a Bridgestone Firestone plant in Tennessee avoided a strike by voting to approve a one-year contract by a margin of nearly 3-to-1.
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