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Tuesday, August 16, 2005

News Scan: Aug. 15, 2005 - Forbes.com

News Scan: Aug. 15, 2005 - Forbes.comNews Scan: Aug. 15, 2005

NEW YORK - Business, technology and wealth news:

HP Profit Falls, Beat Views
Hewlett-Packard's fiscal third-quarter earnings beat Wall Street expectations as the personal computer company's sales improved and its printer business remained strong amid a major corporate restructuring.

July U.S. Inflation Jumps On Gas
Consumer prices shot up in July, reflecting higher prices for gasoline and other energy products while output at the nations' factories, mines and utilities slowed sharply. The Federal Reserve reported that industrial production rose just 0.1% last, the weakest showing in three months. Output increases at factories and utilities slowed after big gains in June while mining output actually fell.

JPMorgan, TD Settle Enron Suits
Two banks agreed on Tuesday to pay at least $420 million to settle their parts of the "Megaclaims" lawsuit filed by Enron against 10 banks, alleging they "aided and abetted fraud" and could have prevented the energy trader's collapse.

Merck Rests Case In Vioxx Civil Trial
Merck rested its case Tuesday and jurors heard the last bit of testimony in the nation's first civil trial related to the drug maker's painkiller Vioxx, bringing the panel in the five-week case a step closer to deciding its outcome.

U.S. Stocks End Down On Inflation Data
Stocks tumbled after Wal-Mart Stores said higher gasoline prices curbed customer spending. The news sent many retail stocks lower, while government data showing a larger-than-expected jump in inflation also dampened investor enthusiasm.

American Airlines Ups Some Fare Surcharges
American Airlines, a subsidiary of AMR, on Tuesday said it is raising the surcharges on international fares to help offset soaring fuel costs. The air carrier added a $10 surcharge one way, or $20 round trip, on flights to and from international destinations, Puerto Rico and the Virgin Islands, effective immediately.

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