News For Wednesday Jul 23, 2008 News For Wednesday Jul 23, 2008

Business Business

Ship-barge crash closes Mississippi at New Orleans - Added 6 weeks ago

A stretch of the Mississippi River at New Orleans could be closed for days as crews clean a 12-mile oil slick caused Wednesday when a tanker and barge collided, officials said. Heavy, almost tar-like fuel oil spilled...

Weak dollar, foreign sales boost drugmakers - Added 6 weeks ago

Profits posted Wednesday by Pfizer Inc. and Wyeth show a common theme among pharmaceutical companies _ nearly all the growth they're seeing these days is overseas, driven by emerging markets and the weak dollar. ...

Toyota outsells GM worldwide in first half - Added 6 weeks ago

General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which...

Product Recalls: vacuum attachment tools - Added 6 weeks ago

The following recalls have been announced: _ About 987,000 Dirt Devil vacuum power brush attachment tools, made in China by TTI Floor Care North America, because plastic pieces inside the vacuum tool can break apart...

McDonald's swings to profit, may alter dollar menu - Added 6 weeks ago

Consumers helped bring McDonald's Corp. back to profitability in the second quarter by spending on breakfast biscuits, chicken sandwiches and drinks despite the tough economy in the U.S. But the nation's No. 1...

PepsiCo 2Q profit rises 9 percent - Added 6 weeks ago

American consumers shying away from bottled water and soft drinks hurt PepsiCo's bottom line, but growth in its international and Frito-Lay snack businesses was strong enough to lead the company to a 9 percent rise in...

Whirlpool reports 27 percent dip in 2Q profit - Added 6 weeks ago

Household appliance maker Whirlpool Corp. said Wednesday its second-quarter profit fell 27 percent because of higher material and oil-related costs, and lower U.S. demand. "This is a very serious, severe economic...

Summary Box: Minimum wage increase may not go far - Added 6 weeks ago

WHAT'S HAPPENING: The federal minimum wage will increase 70 cents, to $6.55 an hour, on Thursday, giving about 2 million workers a raise. IT MAY NOT HELP: With energy and food prices soaring higher, the increase will...

Sallie Mae's 2Q profit falls 72 percent - Added 6 weeks ago

Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took...

Costco, AT&T, McDonald's, WaMu, Fannie big movers - Added 6 weeks ago

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE AT&T Inc., up $1.24 at $33.06 The telecommunications company met adjusted second-quarter...

Stocks advance following sharp drop in oil prices - Added 6 weeks ago

Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy. Investors expect that a sustained...

Costco's profits squeezed by higher energy costs - Added 6 weeks ago

Costco Wholesale Corp. _ which has attracted shoppers looking for cheaper options _ warned Wednesday that its earnings in the current quarter will be below Wall Street expectations as it faces higher energy costs that...

Treasury prices extend losses in flight to stocks - Added 6 weeks ago

Treasury prices fell for a second straight session Wednesday as investors grew increasingly optimistic about the ability of banks and brokerages to weather the credit crisis. The drop in Treasurys came as the...

Agriculture futures fall on CBOT; livestock mixed - Added 6 weeks ago

Agriculture futures traded lower Wednesday on the Chicago Board of Trade. Wheat for September delivery fell 13.5 cents to $7.8325 a bushel; December corn lost 1.75 cents to $5.905 a bushel; December oats slipped 2...

Hershey 2Q profit, sales up after price increase - Added 6 weeks ago

Raising prices and streamlining its production lines helped Hershey to dramatically higher second-quarter sales and profit, the nation's largest candy maker said Wednesday, even as it absorbs spiraling commodity costs...

Costco sees 4Q below estimates - Added 6 weeks ago

Costco Wholesale Corp. said Wednesday that its earnings for the current quarter will be lower than expected as it delays raising prices on items from food to patio sets amid soaring energy costs that have accelerated in...

Waiters pick up part of LongHorn's labor costs - Added 6 weeks ago

With the cost of everything from air conditioning to whipped cream rising, many restaurants have been raising prices. LongHorn Steakhouse is passing on part of the tab to its servers. LongHorn has instituted what its...

Commodities turn lower for 2nd day on crude drop - Added 6 weeks ago

Commodities extended their slide Wednesday as crude oil fell below $125 a barrel, dragging down gold, soybeans, wheat and other hard assets as traders shifted money into equities. Crude dropped about $4 a barrel, bring...

Anheuser-Busch 2Q profit rises 1.8 percent - Added 6 weeks ago

Anheuser-Busch Cos. Inc. managed to turn a profit in the most recent quarter _ despite fears that rising costs for ingredients and fuel would cut into The King Of Beers' bottom line. But the St. Louis-based brewer, the...

Paulson: Rescue bill key to solving housing crisis - Added 6 weeks ago

Treasury Secretary Henry Paulson said Wednesday that agreement on a sweeping housing rescue bill will send a strong message to investors around the world and will be key to helping the nation turn the corner on the...

New York Times to raise newsstand price to $1.50 - Added 6 weeks ago

The New York Times Co. will increase the Monday-Saturday newsstand cost of its flagship paper by 25 cents to $1.50, the publisher said Wednesday. Times Chief Executive Janet Robinson said the price increase for The New...

Chrysler plans to cut 1,000 salaried jobs - Added 6 weeks ago

Chrysler LLC said Wednesday it will cut 1,000 salaried jobs worldwide by Sept. 30 as it tries to return to profitability amid a severe downturn in U.S. sales. The automaker announced the cuts in a letter to employees....

Fed: Slower growth, rising prices slam economy - Added 6 weeks ago

The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike. The Fed's new snapshot of business conditions, released Wednesday, also...

Summary Box: Anheuser-Busch 2Q profit up 1.8 pct - Added 6 weeks ago

THE EARNINGS: Anheuser-Busch Cos. Inc., the nation's largest brewer, saw second-quarter profit rise 1.8 percent to $689 million. THE PRICE HIKES: Facing rising costs for ingredients and fuel, the company said starting...

Government: Airfares in US rose 4.4 pct in 1Q - Added 6 weeks ago

Average domestic airfares rose 4.4 percent in the first quarter of 2008 compared to the same period a year earlier, the government said Wednesday in an analysis that was based on a small sample of itineraries and...

Summary Box: McDonald's swings to 2Q profit - Added 6 weeks ago

KEY RESULTS: McDonald's Corp. swung to a second-quarter profit, helped by strong worldwide sales and a gain from selling its stake in sandwich chain Pret A Manger. Revenue rose 4 percent overall. SAME-STORE SALES:...

ConocoPhillips 2Q profit soars - Added 6 weeks ago

Record crude prices helped oil giant ConocoPhillips' second-quarter profit climb 13 percent from adjusted results a year ago, beginning what is expected to be a string of robust earnings announcements from major oil...

Oil dips as fuel supplies grow more than expected - Added 6 weeks ago

Oil prices resumed their slide Wednesday after the government reported U.S. gasoline supplies rose more than expected as the weak economy eats into demand. Light, sweet crude for September delivery was trading down...

Arena Bowl brings smile to New Orleans economy - Added 6 weeks ago

In a city that has hosted Super Bowls, Bowl Championship Series title games, Final Fours and the NBA All-Star game, the lesser-known Arena Bowl is the little game that could. Tourism officials say it will draw a...

Boeing's 2Q profit falls 19 percent on charge - Added 6 weeks ago

Boeing Co., the world's second-largest commercial airplane maker, on Wednesday said second-quarter earnings fell 19 percent due to a previously disclosed $248 million charge for delays in fulfilling a defense contract. ...

NY Times misses Wall Street revenue forecast - Added 6 weeks ago

New York Times Co.'s second-quarter earnings fell 82 percent from a year ago, when it saw a one-time gain from the sale of a unit, but print advertising continued to shrink and pulled down operating income, the...

International sales lift Pfizer 2Q profit - Added 6 weeks ago

Pfizer Inc. on Wednesday said its second-quarter profit more than doubled as restructuring charges declined and the weak dollar helped lift overseas revenue, offsetting new generic competition and enabling the company...

Toyota's global sales rose 2 percent in 1st-half - Added 6 weeks ago

Toyota sold more than 4.8 million vehicles worldwide in the first half, up 2 percent from the same period a year earlier, the Japanese automaker said Wednesday. That exceeded General Motors Corp.'s sales of 4.5 million...

Pricing, weaker dollar help Philip Morris 2Q - Added 6 weeks ago

Cigarette maker Philip Morris International said Wednesday that net income rose 23 percent in the second quarter, boosted by higher prices and the weaker dollar. The company, which sells Marlboros outside the U.S.,...

New York Times 2Q profit drops 82 percent - Added 6 weeks ago

New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink. The New York-based newspaper publisher...

Tokio Marine to buy Philly Consolidated for $4.4B - Added 6 weeks ago

Tokio Marine Holdings Inc., Japan's largest insurer, said Wednesday it plans to acquire U.S.-based property and casualty insurance firm Philadelphia Consolidated Holding Corp. for $4.39 billion in cash. Tokio Marine...

Travelers 2Q profit down on premiums, catastrophes - Added 6 weeks ago

Property casualty insurer The Travelers Cos. says its second-quarter profit declined as it wrote fewer premiums, took higher catastrophe losses and recorded fewer investment gains. The Travelers Cos. Inc. says it...

Wellpoint 2Q profit drops, but beats forecast - Added 6 weeks ago

Blue Cross and Blue Shield health plan operator WellPoint has reported a 10 percent drop in second-quarter profit on higher medical costs, and has narrowed its outlook for the full year. For the three months ended June...

Carlyle's bid for China company ends - Added 6 weeks ago

U.S. private equity firm Carlyle Group has dropped its bid to buy a stake in a Chinese construction equipment maker, the two companies said Wednesday, after multiyear talks that stirred nationalist opposition. ...

Effects linger from last summer's drought in W.Va. - Added 6 weeks ago

First, there was last summer's drought. Then came more bad news: skyrocketing fuel and fertilizer prices, and a wet spring that delayed West Virginia farmers' plantings and hay harvests. In 2007, the state's 21,000...

Utilities say grid can handle rechargeable cars - Added 6 weeks ago

Which draws more juice from the electric grid, a big-screen plasma television or recharging a plug-in hybrid car? The answer is the car. But the electricity drawn by plasma televisions is easing the minds of utility...

Washington Mutual posts 2Q loss of $3.3 billion - Added 6 weeks ago

Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss _ the biggest quarterly loss in its history. The...

Flight with 7 congressmen makes emergency landing - Added 6 weeks ago

A Continental Airlines flight carrying former presidential candidate Ron Paul and six other members of Congress to Washington, D.C., made an emergency landing in New Orleans on Tuesday after a loss in cabin pressure. ...

UnitedHealth profit drops but tops estimates - Added 6 weeks ago

Health insurers battered by rising costs and employer benefits cuts caught a break Tuesday when UnitedHealth Group beat Wall Street expecations and saw its stock jump nearly 8 percent, even though it reported a sharp...

- Added 6 weeks ago

Polygamist leader Jeffs indicted in Texas on sex assault count; five sect members also charged. ...

Blackwater looks to rebuild name on other fronts - Added 6 weeks ago

The world over, guns for hire are known as "Blackwater guys" _ and that's the reason Blackwater Worldwide wants to move beyond the business of private security contracting. But Blackwater's breakneck growth in the past...

Summary Box: Blackwater looks to rebuild name - Added 6 weeks ago

BUILDING BLACKWATER: Former Navy SEAL Erik Prince founded Blackwater Worldwide with initial plans to provide training to law enforcement and military. BREAD AND BUTTER: The company's biggest growth came as it made the...

Investors question financial sector rebound - Added 6 weeks ago

Surprisingly large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have quickly revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit...

UPS reports 2Q profit decline, lowers outlook - Added 6 weeks ago

Customers are using UPS shipping services within the U.S. less amid a slumping U.S. economy and soaring fuel prices. The company's international business was affected as imports into the country declined in the second...

Stocks jump as crude drops $3 a barrel - Added 6 weeks ago

Wall Street shook off early doldrums and closed sharply higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. The Dow Jones...