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AP Business NewsBrief at 12:45 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Stocks fall as lawmakers remain at odds over debtNEW YORK (AP) _ Stocks are falling as lawmakers remain at odds over how to avoid a debt default. A decline in orders for manufactured goods orders is also pushing stocks lower. House Speaker John Boehner had planned to hold a vote on his debt-limit plan Wednesday but that was postponed after congressional budget officials said it would have cut spending less than advertised. The White House had also threatened to veto Boehner's plan. The stalemate has put financial markets on edge. GOP retools plan as Congress seeks debt fixWASHINGTON (AP) _ Six days away from a potentially calamitous government default, House Republicans appeared to be coalescing Wednesday around a work-in-progress plan by House Speaker John Boehner that would increase the U.S. borrowing limit and chop $1 billion in federal spending. But Senate Democrats labeled the GOP proposal a non-starter _ a short-term solution that would leave the economy on shaky footing. Each side tried to claim the moral high ground in a standoff that has put financial markets on edge. Delta 2Q profit falls 58 pct; 2,000 take buyoutsDelta Air Lines said 2,000 workers took voluntary buyouts and it will scale back flying more than planned later this year as it cuts costs to make up for higher fuel prices. The high cost of jet fuel was the main reason Delta's second-quarter net income fell by 58 percent compared to a year ago. It earned $198 million, or 23 cents per share, compared with $467 million, or 55 cents a year ago. Fuel costs rose 36 percent to $2.66 billion in the latest quarter. Boeing 2Q profit beats Street; raises guidanceBoeing's commercial airplane profits surged in the second quarter, pushing net income up almost 20 percent. It raised its guidance for the year. Boeing also said on Wednesday that it will not deliver as many of its new 787s and 747-8s this year as previously hoped. Dunkin' gets warm response from new investorsNEW YORK (AP) _ Shares of Dunkin' Brands Group Inc. shot up 39 percent in morning trading on their first day on the Nasdaq. The company, which is trading on the Nasdaq under the ticker DNKN, was fetching $26.45 per share, after pricing at $19 per share before the open. At $25.70, the company would raise about $589 million _ more if the underwriters decide to buy additional shares in the next month. Durable goods orders fall 2.1 percent in JuneWASHINGTON (AP) _ Businesses cut back on orders for aircraft, autos, heavy machinery and computers in June, sending demand for long-lasting manufactured goods lower for the second month in the past three. Orders for durable goods fell 2.1 percent last month, with the weakness led by a big drop in orders for commercial aircraft, the Commerce Department reported Wednesday. A number of other categories also showed weakness including autos and auto parts. A key category that tracks business investment plans fell 0.4 percent in June. Corning's 2Q profit falls 17 percentROCHESTER, N.Y. (AP) _ As Americans slow their purchases of flat-screen televisions, Corning Inc. scaled back its forecast for the global glass market Wednesday and blamed a higher tax rate and an earthquake disruption in Japan for a 17 percent drop in second-quarter profits. The specialty glass maker also lowered its 2011 sales forecast for Gorilla glass to $800 million from $1 billion. The ultra-strong cover glass is not migrating as quickly as expected from smartphones and tablet devices to high-end TVs with frameless screens, it said. ConocoPhillips 2Q profit drops but tops estimatesNEW YORK (AP) _ ConocoPhillips said Wednesday its second quarter profit dropped 18.3 percent but beat expectations. The year-ago quarter benefited from large gains as the company shed assets. The Houston oil and natural gas company reported earnings of $3.4 billion, or $2.41 per share, for the April-June period. That compares with $4.2 billion, or $2.77 per share, for the same part of 2010 when Conoco reported $2.9 billion in asset sales. Man charged with hacking into Australian broadbandCANBERRA, Australia (AP) _ An unemployed truck driver was charged Wednesday with hacking into an Australian broadband network provider in an alleged crime that police say could have caused significant damage to the national Internet infrastructure. David Cecil, 25, was charged in a court in New South Wales state with hacking into one of the National Broadband Network's service providers and numerous other businesses and websites in Australia and overseas since May. Aetna 2Q net income climbs 9 percentINDIANAPOLIS (AP) _ Health insurer Aetna Inc. said Wednesday its second-quarter net income rose 9 percent in part because it benefited from a continued slowdown in the use of health care services by its members. The company also raised its full-year earnings forecast. Health care utilization has grown at a slower clip than insurers and industry watchers have expected for the past several quarters, and that has helped managed care companies turn in strong performances. Analysts mainly cite the economy as a possible reason for the trend. They say consumers tend to scale back their use of care after a recession by putting off elective procedures or skipping doctor visits. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |