AP Financial News Summary at 8:23 p.m. EDT
Sources: Lay Indicted in Enron’s Collapse
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HOUSTON (AP) _ Kenneth Lay, the former Enron Corp. chief executive who insisted he knew nothing about financial fraud at the energy trading giant, has been indicted on criminal charges, sources told The Associated Press on Wednesday.
Dow Finishes Up 21, Nasdaq Rises 3
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NEW YORK (AP) _ Wall Street reversed a three-day slide Wednesday as investors returned to the market in search of bargains, shrugging off high-tech profit warnings and an analyst downgrade of Internet stocks.
Yahoo’s 2Q Profit More Than Doubles
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SAN FRANCISCO (AP) _ Yahoo! Inc.’s second-quarter profit more than doubled as the Internet giant continued to ride online advertising’s rising wave, but the results still disappointed investors hoping for even bigger things.
Alcoa Profits Up Again on Strong Demand
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PITTSBURGH (AP) _ Strong demand and a continuing rebound in aluminum prices drove Alcoa’s net profits up 87 percent during the second quarter, the company said Wednesday.
PeopleSoft Blames Shortfall on Oracle Bid
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SAN FRANCISCO (AP) _ Business software maker PeopleSoft Inc. blamed rival Oracle Corp.’s $7.7 billion takeover attempt for weakening its second-quarter profit, a development that could help make Oracle’s hostile offer become even more appealing.
Enron Cases Spread Like Spokes on Wheel
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HOUSTON (AP) _ The criminal cases coming out of the investigation of Enron’s collapse, which now include one against former CEO Kenneth Lay, radiate like the spokes on a wheel.
GM, Ford Heat Up Incentives Battle
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DETROIT (AP) _ General Motors Corp. and Ford Motor Co. intensified their incentives battle Wednesday, dangling as much as $5,000 in cash for the purchase of some vehicles following disappointing sales in June.
Pfizer: China Overturns Viagra Patent
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BEIJING (AP) _ Chinese authorities have overturned Pfizer Inc.’s patent for Viagra in a widely watched case over how much China will protect the intellectual property rights of foreign companies.
Genentech Profits Up on New Cancer Drug
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SAN FRANCISCO (AP) _ Biotechnology pioneer Genentech Inc.’s yearlong hot streak continued as the drug maker reported a 29 percent increase in profits on Wednesday, led by better-than-expected sales of Avastin, its newest cancer fighter.
Boeing Says Two Carriers to Buy 10 7E7s
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SEATTLE (AP) _ Two air charter carriers, Blue Panorama of Italy and First Choice Airways of the United Kingdom, are the first in Europe that plan to buy The Boeing Co.’s new 7E7 Dreamliner passenger jets, the company said Wednesday.