AP Financial News Summary at 12:14 p.m. EDT
GM Posts 2Q Loss of $3.2 Billion
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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.
Stocks Down Slightly on Profit Taking
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NEW YORK (AP) _ Stocks fell moderately Wednesday as investors took profits following two sessions of gains.
SEC May Require More Exec Pay Disclosure
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WASHINGTON (AP) _ Companies will have to provide more details of their executives’ pay and perks under a plan being adopted 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 2Q Profit Rises 65 Pct.
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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 higher Wednesday after U.S. government data showed a large drop in gasoline supplies, with summer demand almost 2 percent higher than last year despite $3-a-gallon pump prices.
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 Posts Narrower 2Q Loss
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NEW YORK (AP) _ Shares of Martha Stewart Living Omnimedia Inc. surged Wednesday after the media company reported a 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.