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AP Business NewsBrief at 10:56 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks mixed on oil rebound, solid Goldman resultsNEW YORK (AP) _ The stock market traded mixed Tuesday, with investors pleased to see that Goldman Sachs' profit bested estimates but also concerned about high energy prices. Goldman Sachs Group Inc., the world's largest investment bank, posted a better-than-expected profit of $2.05 billion during its second fiscal quarter. Goldman shares rose 63 cents to $182.75.
Wholesale prices bolt higher in MayWASHINGTON (AP) _Wholesale prices bolted ahead in May at the fastest pace in six months as energy and food costs marched higher. The Labor Department reported Tuesday that its Producer Price Index, which measures the costs of goods before they reach store shelves, shot up 1.4 percent in May. That was up from a modest 0.2 percent rise in April and marked the biggest increase since November.
Goldman Sachs 2Q falls but beats expectationsNEW YORK (AP) _ Goldman Sachs Group Inc., the world's largest investment bank, on Tuesday said second-quarter earnings fell about 10 percent, but still easily beat lowered Wall Street expectations on higher fees from asset management and stock underwriting. The company reported a profit of $2.05 billion, or $4.58 per share, for the three months ended May 30 compared to $2.29 billion, or $4.93 per share a year earlier. Revenue fell 7 percent to $9.42 billion from $10.18 billion a year earlier.
Best Buy 1Q profit falls but beats expectationsMINNEAPOLIS (AP) _ Best Buy reported a 7 percent drop first-quarter profits Tuesday, but it still beat Wall Street's expectations because of a lower share count and increased sales. The electronics retailer said net income dipped to $179 million, or 43 cents per share, from $192 million, or 39 cents per share. The per-share figure is based on fewer shares outstanding.
Oil eases after Monday's record, but stays choppyNEW YORK (AP) _ Oil prices eased only slightly Tuesday following a wild record-setting session the previous day, as investors weighed expectations of higher Saudi Arabian output against the market's ability to quench soaring global demand. Light, sweet crude for July delivery fell 62 cents to $133.99 a barrel on the New York Mercantile Exchange, but posted occasional gains.
US, China commence high-stakes business conferenceANNAPOLIS, Md. (AP) _ The United States and China must increase their cooperation on energy issues in the face of increased demand and record high oil prices, Treasury Secretary Henry Paulson said Tuesday as he opened a meeting of high-level economic officials from the two countries. The session, the fourth in a series, was held on the campus of the U.S. Naval Academy. The Chinese team was being led by a newcomer, Vice Premier Wang Qishan, who took over after the retirement earlier this year of former Vice Premier Wu Yi.
Air Canada to cut 2,000 jobs, slash capacityMONTREAL (AP) _ Air Canada will cut up to 2,000 jobs at the end of this year as it sharply reduces capacity to deal with the rising cost of fuel. The airline said Tuesday it needs to fly fewer trips as oil prices keep rising to record levels.
German investor confidence drops to 15-year lowFRANKFURT, Germany (AP) _ German investor confidence has tumbled to its lowest level in more than 15 years amid soaring food and oil prices and anticipation of an interest rate rise, a closely watched survey showed Tuesday. The ZEW institute's monthly index, which measures investors' expectations for the German economy over the next six months, dropped to negative 52.4 points from negative 41.4 in May.
Cadence offers to buy Mentor Graphics for $1.45BSAN JOSE, Calif. (AP) _ Electronic design software maker Cadence Design Systems Inc. disclosed Tuesday it has offered $16 a share for smaller rival Mentor Graphics Corp., after failing to agree on deal privately for nearly two months. Based on Mentor's shares outstanding as of June 2, the offer is worth $1.45 billion. A representative for Wilsonville, Ore.-based Mentor Graphics could not immediately be reached for comment Tuesday morning.
High fuel costs hurt charter, commercial fishingISLAMORADA, Fla. (AP) _ Down here in the so-called "Sportfishing Capital of the World," there's a saying among anglers: Even during a depression, a man has money for beer and fishing. Rising fuel costs and general economic malaise, however, are putting that mantra to the test in the Florida Keys and elsewhere where charter boat fishing brings in millions of dollars. Across the country, boat captains are feeling the pinch in recreational and commercial fishing.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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