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AP Business NewsBrief at 8:18 a.m. EDT(Associated Press Via Acquire Media NewsEdge) United Continental 2Q profit dropsQuarterly profits fell almost 12 percent at United Continental as fuel prices rose faster than airfares. The company's net income was $538 million, or $1.39 per share. Not counting one-time items, UAL made $1.49 per share. That was more than expected by analysts surveyed by FactSet. Revenue rose more than 10 percent, to $9.8 billion, also more than analysts expected. Nokia posts $523M loss, slips behind iPhoneHELSINKI (AP) _ Mobile phone maker Nokia Corp. on Thursday posted a loss of (EURO)368 million ($523 million) in the second quarter and for the first time was overtaken by Apple's iPhone in smartphone shipments. Nokia, which posted a profit of (EURO)227 million in the same period in 2010, said revenue fell 7 percent to (EURO)9.3 billion from (EURO)10.0 billion last year. Express Scripts will buy rival Medco for $29.1BNEW YORK (AP) _ Express Scripts and Medco Health Solutions, the largest U.S. pharmacy benefits management companies, said Thursday they will combine in a deal worth $29.1 billion in cash and stock. The companies manage prescription drug benefits and look for ways to cut costs for health plan sponsors and members. Combined, they handled more than 1.7 billion prescriptions in 2010 and reported almost $110 billion in revenue. UK deputy PM: Chance to clean up press-gov't tiesLONDON (AP) _ Britain's phone-hacking scandal gives the country a chance to clean up improper relationships among politicians, journalist and law-enforcement officials, Deputy Prime Minister Nick Clegg said Thursday. Clegg defended Prime Minister David Cameron, however, over questions about whether he had improper discussions with executives of Rupert Murdoch's News Corp. about its hope of taking full control of cable network British Sky Broadcasting. Stock futures mixed ahead of unemployment claimsNEW YORK (AP) _ Stock futures are mixed ahead of weekly report on jobless claims. Quarterly earnings reports are also out Thursday morning from Eli Lilly Co., Morgan Stanley and PepsiCo Inc. Eli Lilly 2Q profit falls 11 percentINDIANAPOLIS (AP) _ Eli Lilly and Co. said Thursday its second-quarter net income fell 11 percent, as increases in marketing and other expenses blunted the drugmaker's revenue growth. The Indianapolis company earned $1.2 billion, or $1.07 per share, in the three months that ended June 30. That's down from the $1.35 billion, or $1.22 per share, Lilly earned in the same quarter last year. Revenue rose 9 percent to $6.25 billion. AT&T stays strong against threat of Verizon iPhoneNEW YORK (AP) _ AT&T saw a rebound in the number of new contract subscribers in the second quarter, showing resilience in the face of competition from Verizon's iPhone. The country's largest telecommunications company said Thursday that it added a net 331,000 new subscribers on contract-based plans, up from a record low of 62,000 in the first quarter. Eurozone set for Greek deal, bank levy unlikelyBRUSSELS (AP) _ European leaders are poised to sign off on a second bailout for Greece Thursday even at the potential cost of putting the country into default, a top eurozone official said Thursday. After Germany and France shelved a plan to levy a tax on the banks, investors are worried that an alternative way of getting banks involved in the second bailout of Greece will prompt credit rating agencies to slap a default rating on Greece. The worry is that plans to give Greece more time to repay its bonds to banks and other private investors could potentially threaten Greece's banking system and spark renewed concerns that much bigger economies such as Spain and Italy will get dragged into Europe's debt crisis mire. Whirlpool loses money in 2Q due to settlementBENTON HARBOR, Mich. (AP) _ Whirlpool reported a second-quarter loss Thursday, largely due to the settlement of a collection dispute, but adjusted results topped Wall Street's expectations. Shares dipped 3 percent in premarket trading, however, after the world's biggest appliance company said that it now expects full-year earnings to come in at the low end of its previously reported guidance. PepsiCo's 2Q earns up, but plans to boost pricesPURCHASE, N.Y. (AP) _ PepsiCo Inc. says its profit rose 18 percent in the second quarter as customers in emerging markets bought more snacks and drinks. But the company reaffirmed that it will raise prices to deal with higher costs for ingredients even though customers in developed markets like the U.S. continue to be stressed. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |