Cisco 2Q Profit Matches Expectations
SAN JOSE, Calif. (AP) — Cisco Systems Inc.’s profit rose 7 percent in the second quarter, helping the world’s largest Internet networking supplier match Wall Street’s subdued expectations….
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Stocks Extend Tuesday’s Drop
NEW YORK (AP) — Wall Street pulled back for the third straight day Wednesday as many investors, still uneasy about the economy, sold off after a Federal Reserve official suggested rising inflation could prevent the central bank from making further interest rate cuts….
Time Warner Will Split AOL
NEW YORK (AP) — Time Warner Inc.’s new CEO Jeff Bewkes laid out his vision for changes at the media conglomerate Wednesday, including dividing AOL’s online access and advertising businesses and possibly spinning off the rest of the company’s cable division….
Stocks Pull Back After Fed Comments
NEW YORK (AP) — Stocks pulled back Wednesday as many investors, still uneasy about the economy, cashed in earlier gains after a Federal Reserve official suggested that rising inflation could prevent the central bank from making further interest rate cuts….
IAC Loses $369.9M on Mortgage Woes
NEW YORK (AP) — Barry Diller’s IAC/InterActiveCorp lost $369.9 million in the fourth quarter, on a big writedown at its mortgage referral business, tax expenses and costs in anticipation of the proposed spinoff of four businesses….
Macy’s Cutting About 2,300 Jobs
CINCINNATI (AP) — Department store operator Macy’s Inc. said Wednesday it will cut about 2,300 management jobs as it consolidates three regional divisions and decentralizes buying in a bid to reduce costs and boost sales….
Cigna 4Q Profit Up 13 Percent
PHILADELPHIA (AP) — Health insurer Cigna Corp. on Wednesday said fourth-quarter profit rose 13 percent as double-digit gains in overseas business as well as group disability and life helped to offset a slight decline in health care earnings….
California, Florida Weigh on McClatchy
NEW YORK (AP) — McClatchy Co. swung to a fourth-quarter profit from a loss a year ago, but the newspaper publisher continued to be buffeted by a severe housing slump in California and Florida….
Time Warner Will Split AOL
NEW YORK (AP) — Time Warner Inc.’s new CEO Jeff Bewkes laid out his vision for changes at the media conglomerate Wednesday, including dividing AOL’s online access and advertising businesses and possibly spinning off the rest of the company’s cable division….
Toll Brothers 1Q Revenue Slips 22 Pct
PHILADELPHIA (AP) — Toll Brothers Inc. said Wednesday that home building revenue fell by 22 percent in the first quarter, its seventh consecutive quarterly decline, and warned that it’s “not yet seeing much light at the end of the tunnel.”…