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AP Financial News Summary at 9:17 a.m. EDT

July 31, 2006

Stock Futures Drop; Apple Looks Up

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LONDON (AP) _ U.S. stock market futures declined on Monday as traders took some of last week’s gains off the table, though Apple Computer Inc. saw the benefit of a broker upgrade in early trading.

United Airlines Parent Swings to 2Q Profit

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CHICAGO (AP) _ UAL Corp., parent of United Airlines, on Monday said it swung to a second-quarter profit from a year-ago loss that was weighed down by hefty reorganization costs, as the airline logged 16 percent revenue growth.

HSBC Says 1H Profit Rose 15 Percent

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LONDON (AP) _ Banking group HSBC Holdings PLC reported a nearly 15 percent rise in its profit for the first half on Monday, citing its expansion into emerging markets.

U.S. Worries China May Wane Reform

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BEIJING (AP) _ China’s economic reforms could slow or stop once World Trade Organization market-opening pledges are completed this year, leaving the government without explicit goals, a U.S. official warned Monday.

Oil Prices Up on Mideast Weekend Violence

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LONDON (AP) _ Oil prices rose Monday following an escalation of violence in the Middle East and an oil spill in one of Russia’s largest export pipelines.

Tyson Foods 3Q Loss Widens, Outlook Down

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SPRINGDALE, Ark. (AP) _ Tyson Foods Inc., the world’s largest meat processor, on Monday reported a wider-than-expected loss in the third quarter, weighed by one-time charges and losses in the chicken and beef sectors.

Japan Megabanks Report Mixed Results

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TOKYO (AP) _ Japan’s two biggest banks, Mitsubishi UFJ Financial Group Inc. and rival Mizuho Financial Group Inc., reported mixed earnings results Monday, although both credited the revived economy for helping reduce bad loans.

Toshiba, Hitachi Post Promising 1Q Results

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TOKYO (AP) _ Hitachi Ltd. trimmed its losses and Toshiba posted its first profit since it began reporting first-quarter earnings in 2002 in the latest signs of recovery among Japanese electronics makers.

Pearson 1st-Half Profit Dips, Sales Up

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LONDON (AP) _ Pearson PLC, the publisher of the Financial Times newspaper, reported a 98 percent drop in first-half net income Monday as one-time gains from asset sales had lifted year-earlier results.

Ford to Put 600K Toy Cars in Cereal Boxes

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DEARBORN, Michigan (AP) _ Ford Motor Co., in an effort to keep promoting its Fusion mid-sized car, plans to put 600,000 toy cars into Kellogg Co. cereal boxes starting Sunday.

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