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Monday, August 4th, 2008
WASHINGTON (AP) -- Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed Tuesday to leave its key rate alone at 2 percent for the second straight meeting. In turn, the prime lending rate for millions of consumers and businesses remained at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other lines. Wall Street extends rally after Fed decision.

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Monday, August 4th, 2008
NEW YORK (AP) -- The U.S. service sector contracted in July -- though less than expected -- as new orders decreased and prices rose, stifling growth for truckers, retailers and insurers. The Institute for Supply Management, a trade group of purchasing executives, said Tuesday its reading of the service sector was 49.5 in July, up from 48.2 in June. It beat economists' prediction of a reading of 49.0, according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR. Procter & Gamble 4Q profit jumps 33 percent.

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Monday, August 4th, 2008
CINCINNATI (AP) -- The Procter & Gamble Co. reported a 33 percent jump in fourth-quarter profit Tuesday as the consumer products maker battles soaring energy and commodity costs with higher prices and product improvements. P&G said results were also helped by good growth in developing markets such as China and Russia, the weaker dollar, and cost-cutting efforts. The maker of Tide detergent, Olay skin care and Pampers diapers said it earned $3.02 billion, or 92 cents per share, up from $2.27 billion, or 67 cents per share, a year earlier. Excluding tax benefits, P&G earned 80 cents per share. Cisco earnings up 4 percent, beating forecasts.

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Tuesday, August 4th, 2008
NEW YORK (AP) -- Cisco Systems Inc. reported a 4 percent increase in quarterly profit Tuesday, beating analysts' expectations by a penny per share, but signaled that the weak economy would affect results in the next few quarters. The world's largest maker of computer networking gear said it earned $2.01 billion, or 33 cents per share, in the three months ended July 25, its fiscal fourth quarter. In the same period last year, Cisco earned $1.93 billion, or 31 cents per share. Sales rose 10 percent to $10.4 billion. Cablevision may spin off business units.

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Tuesday, August 4th, 2008
NEW YORK (AP) -- Nine months after shareholders rejected the Dolan family's latest bid to take Cablevision Systems Corp. private, the cable operator said Tuesday it is considering several options to boost its stock price including spinning off some of its diverse holdings. Chief Executive James Dolan, who has long argued the market undervalues Cablevision, said in a statement the company is "actively looking" at options to close the gap between the company's operating performance and the market value of its shares. Cablevision said its board has also authorized it to explore making stock buybacks or pay quarterly dividends. Sony to buy Bertelsmann's Sony BMG stake for $900M.

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Tuesday, August 4th, 2008
LOS ANGELES (AP) -- Sony Corp. said Tuesday it is buying Bertelsmann AG out of their 50-50 music venture Sony BMG for $900 million, giving it full ownership of a roster of artists including Alicia Keys and the increased ability to leverage music over an array of electronic devices. In a filing with the Securities and Exchange Commission, the Japanese electronics and entertainment giant said it would pay Bertelsmann $600 million and give it all of the $600 million in cash holdings of the joint venture. Since privately owned Bertelsmann already owned $300 million of that sum, the deal is valued at $900 million. News Corp 4Q profit jumps 27 percent.

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