AP Financial News Summary at 3:23 p.m. EDT
Jul. 28, 2004
U.S. Crude Prices Hit 21-Year High
%mlink(STRY:v7785; PHOTO:NYJS103-0728041350; AUDIO:%)
LONDON (AP) _ Crude prices shot to a 21-year high Wednesday as markets reacted to a threat by Russian authorities to shut down most of the production from that country's largest oil company.
Time Warner's 2Q Earnings Dip 27 Percent
%mlink(STRY:v7821; PHOTO:NY855-0204040930; AUDIO:%)
NEW YORK (AP) _ Time Warner Inc.'s net earnings fell 27 percent in the second quarter from a year ago, when profits were boosted by a $760 million settlement with Microsoft Corp. in a dispute over browsers and a gain from the sale of its stake in Comedy Central.
Stocks Decline on Soaring Oil Prices
%mlink(STRY:v7832; PHOTO:; AUDIO:04287267%)
NEW YORK (AP) _ Stocks sagged Wednesday as crude prices neared $43 a barrel on news that Russia's largest oil company may be forced to halt production, muting investors' reaction to a strong earnings report and upbeat forecast from Boeing Co.
Boeing Reports $607 Million Profit in 2Q
%mlink(STRY:v7679; PHOTO:NY856-0426040919; AUDIO:%)
CHICAGO (AP) _ Boeing Co. reported a better-than-expected $607 million profit for the second quarter and raised its earnings estimates for the rest of this year and next, buoyed in part by an improving outlook for the long-stagnant commercial airplane business.
Fed Reports Slowdown in Consumer Spending
%mlink(STRY:v7790; PHOTO:NYET258-0728041225; AUDIO:%)
WASHINGTON (AP) _ The Federal Reserve reported Wednesday that the U.S. economy cooled off in June and July as consumer spending, especially on autos, slowed significantly after a big surge in early spring.
Comcast Posts $262M Profit in 2Q
%mlink(STRY:v7775; PHOTO:NY863-0211041148; AUDIO:%)
PHILADELPHIA (AP) _ Comcast Corp., the nation's largest cable company, said Wednesday that strong sales of its Internet service and increased demand for cable features like video-on-demand helped it post a $262 million profit in its second quarter in contrast to a loss a year ago.
Unilever's 2Q Profits Jump 33 Percent
%mlink(STRY:v7689; PHOTO:; AUDIO:%)
LONDON (AP) _ Unilever PLC, the maker of Lipton Tea and Ben & Jerry's ice cream, posted a 33 percent increase in second-quarter earnings but sales fell amid stiff competition, particularly in Europe, the company said Wednesday.
Reynolds' Shareholders OK Merger With B&W
%mlink(STRY:v7647; PHOTO:; AUDIO:%)
WINSTON-SALEM, N.C. (AP) _ Shareholders of R.J. Reynolds Tobacco Co. overwhelmingly approved a $4.2 billion merger with Brown & Williamson Tobacco Corp. on Wednesday, clearing the way for completion of the deal.
Sony's Profit Soars in Latest Quarter
%mlink(STRY:v7734; PHOTO:TOK108-0728040625; AUDIO:%)
TOKYO (AP) _ Sony Corp.'s profit surged as improved results from its cell-phone joint venture Sony Ericsson and other businesses in which it has an investment stake more than offset weaker operating results from its electronics and video-games businesses which saw shipments of its PlayStation 2 machines tumble.
Citigroup, Others to Pay $5M Each in Fines
%mlink(STRY:v7797; PHOTO:; AUDIO:%)
WASHINGTON (AP) _ Four Wall Street firms are paying $5 million each in fines and restitution to investors they allegedly overcharged for corporate bonds under settlements with securities regulators announced Wednesday.