General Motors said its second-quarter profit dropped 41 percent as losses in Europe dampened a strong performance in its core North American market. The largest U.S. automaker said it earned $1.5 billion in the quarter compared with $2.5 billion in the same period last year.
Drug exec jailed
for insider trading
A Bristol-Myers Squibb executive is being held on $250,000 bail after his arrest on insider trading charges. New Jersey's U.S. attorney says Robert Ramnarine bought and sold stock in companies that his pharmaceutical firm was considering buying. Prosecutors allege Ramnarine made close to $310,000 in profits from his trades.
Generic drugs save U.S. consumers $1T
Growing use of generic medicines has reduced U.S. health care spending by more than $1 trillion over the past decade, according to a Generic Pharmaceutical Association study, which said generics saved about $193 billion last year alone.
Bristol-Myers Squibb abandons Hep C pill
Bristol-Myers Squibb lost ground in the race to develop a stand-alone hepatitis C pill after it suspended testing of an experimental drug that it paid $2.5 billion to acquire. The company said it wouldn't continue to test the drug after a patient developed heart failure.
off, revenue up
LinkedIn's second-quarter net income fell as the professional networking site boosted spending to grow its business. The company earned $2.8 million, or 3 cents per share, down 38 percent from $4.5 million, or 4 cents per share, last year. Even so, revenue grew 89 percent to $228 million over same period of 2011.
DirecTV sees drop
in U.S. subscribers
DirecTV reported its first drop in net subscribers to its service in the United States, highlighting the challenges facing pay television providers in a saturated marketplace. Still, it more than made up for the decline by adding a record number of subscribers in Latin America. DirecTV reported a 1.4 percent increase in net income, to $711 million, or $1.09 a share, in the second quarter.
Retail spendingis up last month
U.S. shoppers proved resilient in July, driving up same-store sales at retailers nationwide despite persistent worry about jobs and the global economy. A preliminary tally by the International Council of Shopping Centers of 20 retailers found revenue in stores open at least a year rose 4.6Â percent in July, higher than the 3 percent to 3.5Â percent ICSC expected.
Kellogg 2Q profit
falls, revenue rises
Kellogg Co. said its second-quarter net income fell 12 percent to 84 cents per share as commodity costs climbed and weakness in Europe continued. Revenue increased 2 percent to $3.47 billion. The company, which recently purchased the Pringles brand, saw its U.S. snacks business post a 4.1 percent increase in sales.