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Ex-cable execs plead not guilty in tax case
Oct 26 2005 11:22PM (CT)
WILLIAMSPORT, Pa. (AP) - The founder of Adelphia Communications Corp. and his son, both already convicted of a massive fraud at the bankrupt cable-television company, pleaded not guilty Wednesday to federal charges that they and other relatives evaded $300 million in taxes.
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Japanese stocks rise; dollar up vs. yen
Oct 26 2005 10:53PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning as traders bought exporter blue chips on the strength of the dollar which moved to a two-year high against the yen.
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SEC subpoenas GM documents on Delphi
Oct 26 2005 10:51PM (CT)
DETROIT (AP) - The Securities and Exchange Commission has subpoenaed General Motors Corp. for documents about the world's largest automaker's dealings with parts maker Delphi Corp. and other matters.
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Baidu profit rises, but doesn't impress
Oct 26 2005 9:53PM (CT)
BEIJING (AP) - Baidu.com Inc. exceeded analyst expectations in its first quarterly earnings report as a publicly held company, but the performance proved to be a letdown for investors betting on the maker of China's leading Internet search engine.
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Hyundai Motor 3Q profit rises 27 percent
Oct 26 2005 9:29PM (CT)
SEOUL, South Korea (AP) - Hyundai Motor Co., South Korea's largest automaker, reported Thursday its third-quarter net profit rose 27 percent from a year earlier as robust earnings at overseas units and gains from investments in affiliates offset production losses from a strike.
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Newmont Mining 3Q profit falls 2 percent
Oct 26 2005 8:47PM (CT)
DENVER (AP) - Newmont Mining Corp., the world's largest gold producer, reported Wednesday its third-quarter results declined 2 percent, saying steeper costs offset an increase in revenue tied to higher gold prices.
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Tighter oversight OK'd for mortgage giants
Oct 26 2005 7:47PM (CT)
WASHINGTON (AP) - The House on Wednesday approved tighter oversight of the two largest buyers of home mortgages as majority Republicans also barred groups that run voter registration drives from getting money from a housing fund the companies would create.
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2 companies win oil, gas leases in Alaska
Oct 26 2005 7:34PM (CT)
ANCHORAGE, Alaska (AP) - The first sale of state oil and gas leases in 22 years on the Alaska Peninsula generated 37 bids Wednesday, with a major oil company winning the most.
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Pulte Homes 3Q income rises 43 percent
Oct 26 2005 7:20PM (CT)
BLOOMFIELD HILLS, Mich. (AP) - Pulte Homes Inc.'s third-quarter profits grew 43 percent on strong home-building revenue, and the company boosted its outlook for 2005.
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Interstate Bakeries unable to file report
Oct 26 2005 6:37PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the bankrupt maker of Hostess Twinkies and Wonder Bread, said Wednesday that it won't be able to file a required report on a defined benefit pension plan because of continuing accounting problems.
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Merck rests its defense in Vioxx trial
Oct 26 2005 6:20PM (CT)
ATLANTIC CITY, N.J. (AP) - Merck & Co. rested its defense Wednesday in a high-stakes Vioxx product liability trial _ and none too soon for jurors, who apparently have been pondering how to wind down from the rigors of the seven-week trial.
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Taser profit plunges 90 pct. in 3 quarters
Oct 26 2005 5:57PM (CT)
PHOENIX (AP) - The safety controversy surrounding Taser International Inc.'s stun guns has hurt the company's profit, which fell more than 90 percent in the first three quarters of 2005.
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Anheuser-Busch 3Q profit drops 24 percent
Oct 26 2005 5:54PM (CT)
ST. LOUIS (AP) - Anheuser-Busch Cos. Inc., the nation's biggest brewer, said Wednesday its third-quarter profit fell 24 percent due to cost pressures, competition from other alcoholic drinks such as wines and spirits and a charge for a legal settlement.
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Corning posts $203 million profit in 3Q
Oct 26 2005 5:42PM (CT)
ROCHESTER, N.Y. (AP) - Corning Inc., benefiting from soaring demand for ultra-thin glass used in flat-screen computers and televisions, posted a $203 million profit in the third quarter in contrast to a loss of nearly $2.5 billion a year ago.
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Investors watch Guidant after subpoena
Oct 26 2005 5:33PM (CT)
MINNEAPOLIS (AP) - Federal prosecutors who have subpoenaed three makers of implantable heart devices are probably looking at payments the companies make to doctors, analysts said on Wednesday.
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Amazon shares slump on holiday sales outlook
Oct 26 2005 5:26PM (CT)
SEATTLE (AP) - Amazon.com Inc.'s shares tumbled nearly 14 percent Wednesday after the Internet retailer startled Wall Street with a soft sales outlook for the holiday shopping season.
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Biogen Idec 3Q profit falls 27 percent
Oct 26 2005 5:25PM (CT)
BOSTON (AP) - Biogen Idec Inc. on Wednesday said its third-quarter profit fell by 27 percent amid merger costs and severance expenses from job cuts. The result fell short of Wall Street's expectations, sending Biogen Idec's shares down nearly 4 percent in after-market trading.
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WellPoint stock falls despite 3Q profit
Oct 26 2005 5:11PM (CT)
INDIANAPOLIS (AP) - Shares of WellPoint Inc. tumbled Wednesday, despite a solid earnings report that showed revenue for the nation's largest health insurer more than doubled as the company continued to reap the benefits of last year's merger.
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3Q profit soars at utility company Xcel
Oct 26 2005 5:09PM (CT)
MINNEAPOLIS (AP) - Xcel Energy Inc. on Wednesday said warm summer weather and higher profit margins for electricity sparked a more than fourfold jump in its third-quarter earnings, but warned that fourth-quarter profit will likely fall short of forecasts.
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Treasurys sell off for third day
Oct 26 2005 5:05PM (CT)
NEW YORK (AP) - Treasury prices declined broadly for the third straight session Wednesday without any fresh economic data for investors to lean on, sending yields to or near their highest closing levels this year.
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Court sides with heirs of Jewish family
Oct 26 2005 4:59PM (CT)
BERLIN (AP) - Germany's highest administrative court has upheld claims to real estate in Berlin by heirs of a Jewish family who lost their department store fortune under the Nazis.
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Lucent 4Q profit falls on higher expenses
Oct 26 2005 4:58PM (CT)
NEWARK, N.J. (AP) - Telecommunications equipment maker Lucent Technologies Inc. reported Wednesday that profit dropped 69 percent in its fiscal fourth quarter because of fewer tax benefits and higher expenses.
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Reynolds American profit down on charges
Oct 26 2005 4:54PM (CT)
CHARLOTTE, N.C. (AP) - Reynolds American Inc., the nation's No. 2 tobacco company, on Wednesday said its third-quarter earnings fell 37 percent, weighed down by hefty charges from payments to tobacco growers and an industry buyout of a tobacco quota plan.
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Cardinal Health 1Q earnings grow 7 percent
Oct 26 2005 4:49PM (CT)
COLUMBUS, Ohio (AP) - Drug and medical services company Cardinal Health Inc. said Wednesday its first-quarter earnings rose 7 percent, primarily on the strength of its drug distribution business.
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Industry: Bird flu won't curb Thanksgiving
Oct 26 2005 4:48PM (CT)
OMAHA, Neb. (AP) - With Thanksgiving a month away, the turkey industry says consumers aren't letting fears of bird flu get in the way of the most poultry-centric of holidays.
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Boeing net jumps, defense unit disappoints
Oct 26 2005 4:43PM (CT)
CHICAGO (AP) - Boeing Co.'s third-quarter profits more than doubled thanks to a tax gain that more than offset the impact of an airplane assembly workers' strike, but a lackluster performance by its long-stellar defense business disappointed Wall Street on Wednesday.
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Bausch & Lomb dicloses investigation
Oct 26 2005 4:36PM (CT)
ROCHESTER, N.Y. (AP) - Bausch & Lomb Inc. disclosed it is investigating allegations of improper conduct by its Brazilian subsidiary as it posted a preliminary 59 percent drop in third-quarter profit Wednesday.
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GM begins production of new transmissions
Oct 26 2005 4:30PM (CT)
DETROIT (AP) - General Motors Corp. on Wednesday began producing a new generation of six-speed transmissions it said are designed to improve fuel economy, reduce cabin noise and give a smoother ride.
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Sprint Nextel posts profit after merger
Oct 26 2005 4:27PM (CT)
KANSAS CITY, Mo. (AP) - Sprint Nextel Corp. posted a third-quarter profit Wednesday for its first quarter since Sprint purchased Nextel Communications Inc. in August for $35 billion to create the nation's third-largest wireless carrier.
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Higher prices boost oil companies' profit
Oct 26 2005 4:18PM (CT)
HOUSTON (AP) - ConocoPhillips, the nation's third-largest integrated oil and gas company, said third-quarter profit surged 89 percent, reflecting high prices for crude oil and natural gas after one of the worst hurricane seasons in memory slammed the heart of the nation's oil industry.
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OfficeMax posts 3Q loss on weak sales
Oct 26 2005 4:15PM (CT)
CHICAGO (AP) - Shares of OfficeMax Inc. slid Wednesday after the nation's third largest office-supplies retailer said it swung to a third-quarter loss, mostly from the sale of its paper and forest products units last year.
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Wednesday's Commodities Roundup
Oct 26 2005 4:10PM (CT)
NEW YORK (AP) - Oil prices dropped nearly $2 and ended under $61 Wednesday, as inventories posted another weekly build and an early rally led by heating-oil futures failed.
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Yankee Candle to close stores, cut jobs
Oct 26 2005 4:09PM (CT)
SOUTH DEERFIELD, Mass. (AP) - Yankee Candle Co. said Wednesday it will close up to 20 stores, cut an unspecified number of jobs and raise prices in response to rising candle wax and energy costs.
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Janus 3Q profit drops 33 percent
Oct 26 2005 4:07PM (CT)
DENVER (AP) - Janus Capital Group Inc. said Wednesday its third-quarter earnings declined 33 percent, but that it was the first time since the mutual funds manager was targeted by an improper trading investigation that more money was being added to the funds than was being withdrawn. Janus stock soared 10 percent on the news.
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MGM Mirage 3Q profit down on storm impact
Oct 26 2005 3:44PM (CT)
LAS VEGAS (AP) - MGM Mirage Inc. on Wednesday blamed a 27 percent third-quarter drop in profits largely on business lost along the battered Gulf Coast because of Hurricane Katrina. The company's shares dropped almost 14 percent.
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Blockbuster seeks easier credit terms
Oct 26 2005 3:18PM (CT)
DALLAS (AP) - Shares of movie-rental giant Blockbuster Inc. tumbled almost 16 percent on Wednesday after the company disclosed it has asked lenders for "more flexibility" in its credit agreements and plans to raise more capital to pay down debt.
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DaimlerChrysler sees year-ago sales match
Oct 26 2005 2:59PM (CT)
FRANKFURT, Germany (AP) - DaimlerChrysler AG is on track to match sales from a year ago, the automaker said Wednesday after it posted a 755 million euros ($910 million) third-quarter profit and reported its Mercedes Car Group showed signs of a turnaround.
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Some crop prices to rise because of Wilma
Oct 26 2005 2:43PM (CT)
IMMOKALEE, Fla. (AP) - Shoppers can expect to pay much more for tomatoes and peppers, especially in grocery stores along the East Coast, for the next two months because Hurricane Wilma flooded fields and tore through crops in Florida.
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ConocoPhillips 3Q profit soars 89 percent
Oct 26 2005 2:37PM (CT)
HOUSTON (AP) - ConocoPhillips, the nation's third-largest integrated oil and gas company, said Wednesday its third-quarter profit surged 89 percent, reflecting strong prices for crude oil and natural gas.
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Greenspan praises economic council
Oct 26 2005 2:19PM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan on Wednesday praised the useful advice provided to presidents over the years by the Council of Economic Advisers, a tiny White House agency now headed by the man expected to succeed Greenspan.
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Lean years may mean mortgage bank mergers
Oct 26 2005 2:16PM (CT)
ORLANDO, Fla. (AP) - The last four years will likely be remembered as a gilded age for anyone in real estate, especially mortgage bankers. But with interest rates rising, the industry is preparing for a slowdown that may prompt some lenders to merge with their competitors.
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Weak sales stall Renault revenue growth
Oct 26 2005 1:53PM (CT)
PARIS (AP) - French automaker Renault SA reported a 1 percent increase in third-quarter revenue Wednesday, saying sluggish sales closer to home offset robust growth on international markets.
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Fiat posts 3Q profit on cost cutting
Oct 26 2005 1:44PM (CT)
ROME (AP) - Italian automaker Fiat SpA posted a third-quarter net profit Wednesday, more than reversing a loss a year ago, due to cost cutting and robust August sales at its struggling auto unit.
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Budget hotels help lift Accor revenue
Oct 26 2005 1:31PM (CT)
PARIS (AP) - French hotel group Accor SA, whose brands include the Sofitel and Red Roof Inns chains, said revenue rose 7.9 percent in the third quarter, boosted by a strong performance at its budget hotels.
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Norfolk Southern profit up on coal demand
Oct 26 2005 1:00PM (CT)
NORFOLK, Va. (AP) - Norfolk Southern Corp. said Wednesday its third-quarter profit rose 5 percent, boosted by higher demand for coal shipments.
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Vt. trying to defend 'Made in ...' label
Oct 26 2005 1:00PM (CT)
WATERBURY, Vt. (AP) - By mid-October, the fall foliage season was nearly over, but the tour buses and out-of-state cars were still pulling in at the cluster of shops selling Cabot Cheese, Lake Champlain chocolates and other made-in-Vermont products.
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Intuitive Surgical surges on 3Q profit
Oct 26 2005 12:59PM (CT)
CHICAGO (AP) - Shares of Intuitive Surgical Inc. jumped Wednesday, after the maker of robotic surgery devices reported a tripling of its third-quarter profit.
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Gander stock falls on 3Q sales warning
Oct 26 2005 12:57PM (CT)
NEW YORK (AP) - Gander Mountain Co. stock fell after the outdoors outfitter said it expects third-quarter sales to fall compared to last year and that it expects to miss its earlier targets.
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Royal Caribbean profit up as revenue rises
Oct 26 2005 12:01PM (CT)
MIAMI (AP) - Royal Caribbean Cruises Ltd. Wednesday reported a 33 percent increase in third-quarter profit, as revenue rose 8.4 percent due to higher cruise ticket prices and onboard revenue, as well as a modest capacity increase.
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L-3 Communications profit up on acquisition
Oct 26 2005 11:18AM (CT)
NEW YORK (AP) - L-3 Communications Holdings Inc. on Wednesday posted a 32 percent jump in third-quarter profit, helped by the company's July acquisition of Titan Corp., and raised its outlook for the year.
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SEC upgrades probe into General Motors
Oct 26 2005 11:08AM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission has upgraded its probe of retiree-benefits accounting at General Motors Corp., making the investigation formal and giving federal regulators the power to issue subpoenas and review records.
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Japan bars foreign control of broadcasters
Oct 26 2005 11:06AM (CT)
TOKYO (AP) - Japan's parliament on Wednesday adopted legislation that will prevent non-Japanese companies from acquiring shares to control domestic broadcasters, following an attempt earlier this year by a Japanese Internet company, backed by U.S. capital, to take over a radio station.
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Starwood Hotels profit down on some charges
Oct 26 2005 11:03AM (CT)
WHITE PLAINS, N.Y. (AP) - Starwood Hotels & Resorts Worldwide Inc. Wednesday said its third-quarter profit fell 64 percent, cut sharply by special charges.
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Japan in no hurry to lift U.S. beef ban
Oct 26 2005 10:20AM (CT)
TOKYO (AP) - Japan is in no hurry to lift its two-year ban on U.S. beef imports, Prime Minister Junichiro Koizumi said Wednesday, after a government panel delayed a decision earlier this week on whether to declare American beef safe for consumption.
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Russian official comments on inflation
Oct 26 2005 10:09AM (CT)
MOSCOW (AP) - Finance Minister Alexei Kudrin warned Wednesday that a strengthening ruble and high inflation threatened to undermine the competitiveness of Russia's economy as the nation seeks to join the World Trade Organization, Russian news agencies reported.
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Court approves PetroKazakhstan purchase
Oct 26 2005 9:48AM (CT)
SHANGHAI, China (AP) - A Canadian court has approved a $4.2 billion takeover of PetroKazakhstan by China's largest oil company, China National Petroleum Corp., clearing the final potential obstacle to China's biggest foreign acquisition yet.
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CSX 3Q profit up on higher coal shipments
Oct 26 2005 9:23AM (CT)
JACKSONVILLE, Fla. (AP) - Freight railroad operator CSX Corp. reported Wednesday that its third-quarter profit jumped 33 percent as higher coal shipments helped boost revenue.
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Toyota joint venture plans third plant
Oct 26 2005 9:09AM (CT)
TOKYO (AP) - Toyota Motor Corp. said Wednesday that its joint venture with China's biggest automaker plans to build a third plant in China with an annual production capacity of 200,000 passenger cars.
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EU head office to push for new tax rules
Oct 26 2005 8:43AM (CT)
BRUSSELS, Belgium (AP) - The European Union's executive office plans to push through common EU rules for company tax despite opposition from three low-tax countries, an official said Wednesday.
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DaimlerChrysler buys out some MTU holders
Oct 26 2005 8:33AM (CT)
FRANKFURT, Germany (AP) - Automaker DaimlerChrysler AG said it has bought out the minority shareholders of diesel-engine-maker MTU Friedrichshafen GmbH for 171 million euros ($205.5 million).
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Landry named DaimlerChrysler Canada CEO
Oct 26 2005 8:09AM (CT)
FRANKFURT, Germany (AP) - Automaker DaimlerChrysler AG said Wednesday it has named Steven J. Landry as president and chief executive of DaimlerChrysler Canada Inc.
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Japanese production of cars up in Sept.
Oct 26 2005 8:05AM (CT)
TOKYO (AP) - Production of cars, trucks and buses in Japan climbed 1 percent in September from the same month last year, manufacturers said Wednesday.
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Bayer, J&J to develop thrombosis drug
Oct 26 2005 7:47AM (CT)
FRANKFURT, Germany (AP) - Bayer Healthcare, a unit of Bayer AG, said Wednesday it will develop and market a drug to treat blood clots with Johnson & Johnson in a $290 million (euro241 million) deal.
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Chip maker STMicro posts 3Q earnings drop
Oct 26 2005 7:44AM (CT)
GENEVA (AP) - Chip maker STMicroelectronics NV said its third-quarter earnings dropped 53 percent because of an industrywide slowdown, but its shares rose after the chief executive said he sees better growth ahead.
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Audi in talks over future of SEAT brand
Oct 26 2005 6:57AM (CT)
FRANKFURT, Germany (AP) - Audi AG said Wednesday said it was in talks about the future of its ailing SEAT SA brand, after a magazine reported it planned to absorb the Spanish unit.
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Dell unveils new data recovery system
Oct 26 2005 6:27AM (CT)
ROUND ROCK, Texas (AP) - Dell Inc. announced an all-inclusive way Wednesday to help consumers who've accidentally deleted precious photos or lost valuable data because of a hard drive crash.
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Sharp half-year profit down on chip slump
Oct 26 2005 5:32AM (CT)
TOKYO (AP) - Sharp Corp., the Japanese electronics maker best-known for its liquid crystal displays, reported a 7.2 percent drop in fiscal half-year profits, as its business was hurt by a slump in its computer chip and small-sized panel operations.
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Airbus rejected by Japan's manufacturers
Oct 26 2005 5:23AM (CT)
TOKYO (AP) - Japan's top three manufacturers have so far rejected offers from Airbus of contract work on the planned A350 jets, citing their order commitments to rival Boeing Co., Airbus Chief Executive Gustav Humbert said Wednesday.
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Watchdog keeping pressure on Microsoft
Oct 26 2005 5:09AM (CT)
SEOUL, South Korea (AP) - South Korea's antitrust watchdog said Wednesday it won't drop its investigation into allegations Microsoft Corp. engaged in unfair trade practices even if the U.S. software giant reaches an accord with the South Korean company that first brought the complaint.
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China bank's IPO may have weak debut
Oct 26 2005 4:13AM (CT)
HONG KONG (AP) - China Construction Bank Corp. could make a lackluster debut Thursday on the Hong Kong stock exchange because its shares have fallen slightly in unofficial "gray market" trading, analysts said.
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Most in Japan oppose U.S. beef imports
Oct 26 2005 12:48AM (CT)
TOKYO (AP) - Nearly 70 percent of Japanese are opposed to lifting a two-year ban on imports of U.S. beef, according to a newspaper poll published Wednesday as Japan continues to debate whether to resume imports.
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BP third-quarter profit rises 34 percent
Oct 26 2005 12:24AM (CT)
LONDON (AP) - Energy group BP PLC, one of the world's largest oil companies, reported a 34 percent rise in quarterly profit Tuesday as record energy prices more than outweighed hurricane damage to its rigs and refineries.
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Plan to take Cablevision private dropped
Oct 26 2005 12:22AM (CT)
NEW YORK (AP) - The family that controls Cablevision Systems Corp. has abandoned a bid to take the company private in the latest twist in a year-long saga of turmoil at the New York-area cable TV provider.
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