Related topics

AP Financial News Summary at 9:07 a.m. EDT

July 21, 2005

China Severs Its Currency’s Link to Dollar

%mlink(STRY:v9222; PHOTO:TOK203-0721050856; AUDIO:%)

BEIJING (AP) _ China dropped its politically volatile policy of linking its currency to the U.S. dollar but retained controls on its exchange rate, switching the link to a basket of foreign currencies in a move that could push up the price of Chinese exports to the United States and Europe.

Jobless Claims Post Biggest Dip in 2 1/2 Years

%mlink(STRY:v9250; PHOTO:; AUDIO:%)

WASHINGTON (AP) _ The number of Americans filing new claims for unemployment benefits plunged by the largest amount in 2 1/2 years last week, reflecting a slowdown in layoffs in the auto industry.

Stocks Are Set to Open Mixed on Data

%mlink(STRY:v9260; PHOTO:NYRD105-0720051302; AUDIO:05217096%)

NEW YORK (AP) _ U.S. stock futures are mixed early Thursday after stocks on Wall Street ended higher Wednesday. Traders will be busy digesting a continued load of corporate earnings as well as jobless claims and leading-indicators data and the July Philadelphia Fed regional survey.

Coca-Cola Posts Q2 Profit on Revenue Gains

%mlink(STRY:v9272; PHOTO:GARF103-0721050732; AUDIO:%)

ATLANTA (AP) _ The Coca-Cola Co., the world’s largest beverage maker, reported a 9 percent jump in second-quarter profit on solid gains in revenue, handily beating Wall Street expectations.

Merck Q2 Earnings Plunge on Charge

%mlink(STRY:v9227; PHOTO:; AUDIO:%)

WHITEHOUSE STATION, N.J. _ Drug maker Merck & Co. said Thursday that its second-quarter profit fell 59 percent on a charge for the repatriation of about $15 billion in foreign profits and the lack of sales of the recalled painkiller Vioxx.

McDonald’s Q2 Profits Drop on Tax Charge

%mlink(STRY:v9304; PHOTO:; AUDIO:%)

CHICAGO (AP) _ McDonald’s Corp. reported a 10 percent drop in second-quarter earnings Thursday due to taxes from repatriating international profits but extended its momentum with a modest gain in operating income.

UPS Posts Q2 Profit Jump on Revenue Growth

%mlink(STRY:v9244; PHOTO:; AUDIO:%)

ATLANTA (AP) _ UPS Inc., the world’s largest shipping carrier, reported a more than 20 percent jump Thursday in second-quarter profit on strong growth in revenue.

Delta Reports Narrower Second-Quarter Loss

%mlink(STRY:v9277; PHOTO:GARF101-0721050732; AUDIO:%)

ATLANTA (AP) _ Delta Air Lines Inc., the nation’s third-largest carrier, said its second-quarter loss narrowed significantly compared to a year ago, but persistently high fuel prices have limited the impact of solid gains in revenue.

Caterpillar Q2 Profit Rises on Sales

%mlink(STRY:v9297; PHOTO:; AUDIO:%)

PEORIA, Ill. (AP) _ Caterpillar Inc., a maker of bulldozers and other heavy equipment, said Thursday its second-quarter profit rose sharply as improved volume and prices lifted sales for the period.

Whirlpool Q2 Profit Falls on Oil Costs

%mlink(STRY:v9283; PHOTO:; AUDIO:%)

BENTON HARBOR, Mich. (AP) _ Appliance maker Whirlpool Corp. on Thursday said its second-quarter profit slid 9 percent, weighed down by sharply higher prices for oil and other materials, and predicted oil-related costs would land near the high end of its forecast.

Update hourly