AP Financial News Summary at 12:19 p.m. EDT
Ex-Enron CEO Skilling Denies Hiding Losses
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HOUSTON (AP) _ Former Enron Corp. Chief Executive Jeffrey Skilling disputed on Wednesday allegations that he approved moving part of an Enron division into a more profitable one to hide $200 million in losses.
JPMorgan Chase Earnings Up 36 Pct. in 1Q
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NEW YORK (AP) _ JPMorgan Chase & Co. reported a 36 percent gain in first-quarter earnings on Wednesday, beating Wall Street estimates with strength in credit cards and commercial banking.
Consumer Prices Jump 0.4 Percent in March
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WASHINGTON (AP) _ Consumer prices shot up in March, reflecting higher costs for gasoline, clothing and hotel rooms, with core inflation rising by the biggest amount in a year.
Intel to Provide Clues About Share Loss
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SAN JOSE, Calif. (AP) _ In April 2003, Intel Corp. rival Advanced Micro Devices Inc. released ``Opteron,″ a revolutionary microprocessor for server computers that ran in the standard 32-bit mode or in a more advanced 64-bit mode.
Stocks Drift on Rise in Core CPI
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NEW YORK (AP) _ Stocks fluctuated Wednesday as an upswing in consumer prices dampened investors’ celebration over signals that the Federal Reserve may be done hiking interest rates.
Pfizer Earnings Surge in First Quarter
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NEW YORK (AP) _ Pfizer Inc., the world’s largest drug company, said Wednesday that despite lower sales, its first-quarter profit soared compared with results a year ago that were depressed by two major charges.
Oil Prices Dip to Just Under $71 a Barrel
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LONDON (AP) _ Oil prices briefly climbed to a new high Wednesday, but then quickly ran out of steam after the U.S. government released data showing gasoline demand rising at a slower clip than a year ago.
Coca-Cola Posts 10 Pct. Jump in 1Q Profit
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ATLANTA (AP) _ The Coca-Cola Co., the world’s largest beverage maker, reported a 10 percent increase Wednesday in first-quarter profit on flat revenue. The earnings narrowly beat Wall Street expectations.
Closing Arguments Delayed in Vioxx Trial
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RIO GRANDE CITY, Texas (AP) _ Closing arguments in a lawsuit in state court over Merck & Co.’s painkiller Vioxx were delayed until Thursday so a juror could attend a grandparent’s funeral.
Honeywell 1Q Earnings Jump 22 Percent
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TRENTON, N.J. (AP) _ Honeywell International Inc. said Wednesday its first-quarter earnings jumped 22 percent, boosted by a stronger performance in its aerospace and automation and control businesses.