AP Financial News Summary at 9:50 a.m. EDT
Ford Reports $123 Million 2Q Loss
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DEARBORN, Mich. (AP) _ Ford Motor Co. said Thursday that it lost $123 million in the second quarter due to slumping sales and the cost of shedding personnel. The nation’s second-biggest automaker also signaled it plans additional steps in its restructuring effort.
Apple Shares Surge 12 Percent Pre-Market
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SAN FRANCISCO (AP) _ Apple Computer Inc.’s recent update of its notebook line and the continued popularity of its iPod music players helped fuel a nearly 48 percent increase in profit and countered Wall Street fears that the company might be losing its shine.
Pfizer 2Q Profit Drops 30 Percent
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NEW YORK (AP) _ Pfizer Inc. posted a 30 percent drop in second-quarter net income on Thursday, as the drugmaker’s sales edged up slightly but results in the year-ago period were bolstered by one-time tax gains.
Stocks Gain on Apple, Honeywell Earnings
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NEW YORK (AP) _ Stocks edged higher in early trading Thursday as upbeat earnings from Apple Computer Inc. and Honeywell International Inc. helped Wall Street build on steep gains in the prior session.
Nasdaq 2Q Profit Rises 42 Percent
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NEW YORK (AP) _ Second-quarter profits at Nasdaq Stock Market Inc. grew 42 percent from a year ago and easily surpassed Wall Street forecasts, the company said Thursday.
Toyota Will Not Join or Block Alliance
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TOKYO (AP) _ Toyota has no interest in blocking or joining the proposed partnership between General Motors and the Renault-Nissan alliance, the Japanese automaker’s president said Thursday.
Oil Prices Head Up on Inventory Gain
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VIENNA, Austria (AP) _ Crude oil prices rose Thursday as the market adjusted after dropping sharply the previous day on an unexpected increase in U.S. gasoline supplies.
Abercrombie Cracks Down on Counterfeiters
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COLUMBUS, Ohio (AP) _ As Abercrombie & Fitch Co. prepares to expand to overseas markets, the casual youth retailer decided it wanted to tighten its grip on the legion of copies of its worn denim, striped polos and skinny tanks being sold around the globe.
China’s Big Clean-Up Sparks Business Boom
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JINSHAN, China (AP) _ Shanghai’s gleaming chemical industrial park, a processing zone for some of the world’s most toxic materials, is a showcase in China’s campaign to clean up its polluted land, skies and water. Frederic Gourdin’s job is to keep it that way.
Marriott to Make Hotel Rooms Smoke-Free
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BALTIMORE (AP) _ Hotel operator Marriott International Inc. has decided to make all of its hotels in the United States and Canada smoke-free starting in September.
Honeywell 2Q Profit Surges 73 Percent
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MORRIS TOWNSHIP, N.J. (AP) _ Honeywell International Inc., which makes products for the aerospace, automation and transportation industries, said Thursday its second-quarter profit surged 73 percent on strong sales growth, and the company increased its full-year earnings guidance.