AP Financial News Summary at 1:47 p.m. EDT
Stocks Barely Lower After Profit Taking
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NEW YORK (AP) _ Stocks were marginally lower Wednesday as investors took profits following two sessions of gains.
GM Shares Rise Despite $3.2B Loss
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DETROIT (AP) _ General Motors Corp. said Wednesday it lost $3.2 billion in the second quarter as it absorbed heavy charges for its massive restructuring program. But the world’s largest automaker reported an adjusted profit without the charges that handily beat Wall Street estimates and its sales surged 12 percent.
SEC Requires More Exec Pay Disclosure
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WASHINGTON (AP) _ Companies will have to provide more details of executive pay and perks under the most substantial overhaul of benefit disclosure policy since 1992, adopted unanimously Wednesday by federal regulators.
Boeing Shares Fall on $160M 2Q Loss
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CHICAGO (AP) _ Boeing Co. reported a $160 million loss for the second quarter on more than $1 billion in charges Wednesday, including the steep cost to settle a Justice Department investigation into its defense contracting.
ConocoPhillips Profit Leaps 65 Pct. in 2Q
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HOUSTON (AP) _ Lofty oil prices fueled a 65 percent surge in ConocoPhillips’ second-quarter net income, the company announced Wednesday. Its shares rose 2 percent in morning trading.
Amazon.com’s Shares Plunge to 3-Year Low
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SEATTLE (AP) _ Shares of Amazon.com Inc. plummeted to their lowest level in more than three years Wednesday after the online retailer said its second-quarter earnings fell nearly 58 percent due to its focus on giving customers cheap or free shipping deals and its spending to develop new technologies.
Oil Prices Rise As Gas Supplies Shrink
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WASHINGTON (AP) _ Oil prices cruised almost $1 higher on Wednesday, with no letdown in the Israeli-Hezbollah fighting and after U.S. government data showed a large drop in gasoline supplies.
Big Companies Cash in on Fed Contracts
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WASHINGTON (AP) _ Art Munn saw his business nearly fall victim to what congressional investigators say is a growing problem: Small firms on the verge of winning federal contracts lose out to well-connected corporate giants that also claim to be small companies.
Kimberly-Clark 2Q Profit Falls on Costs
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DALLAS (AP) _ Kimberly-Clark Corp., which makes Kleenex tissues and Huggies diapers, said Wednesday its second-quarter profit fell as rising costs for energy and raw materials offset a 4 percent increase in revenue.
Martha Stewart Shares Surge
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NEW YORK (AP) _ Shares of Martha Stewart Living Omnimedia Inc. surged Wednesday after the media company reported a much smaller-than-expected loss in the second quarter, benefiting from a 47 percent revenue gain fueled by the continued return of advertisers to its magazines.