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Sagging sales and a charge for the disposal of a business unit hurt General Dynamics Corp's earnings in the second quarter. Continuing operations posted a modest earnings gain. The Falls Church contractor reported revenue of $7.5 billion during the quarter, nearly 5 percent lower than its $7.8 billion revenue a year ago, as sales fell in aerospace, IT and combat systems. Marine systems posted a 5 percent increase in sales, aided by a multiyear contract from the U.S. Navy for the construction of…
Lockheed Martin beat analysts' estimates in the second quarter, bolstered by the performance of its Fort Worth-based Lockheed Martin Aeronautics unit. Lockeed (NYSE: LMT) said its net income rose 3.5 percent to $889 million, of $2.76 per share. That compares to $859 million, of $2.64 per share in the same quarter a year ago. The Aeronautics business unit makes the F-35 Joint Strike Fighter, the most expensive defense program in the nation's history with a value of $396 billion. .Maryland-based…
The price of oil inched further above $102 a barrel Wednesday amid a new push for a cease-fire between Israel and Palestine and after Europe imposed additional sanctions on Russia that fell short of a heavy hit.
Backers of the Southfield development at the former South Weymouth Naval Air Station site want the Legislature to make the process easier, the Patriot-Ledger reports. The paper says the site could include 2,800 homes and up to 2 million of retail space.
(Reuters) - Boeing Co reported a 52 percent increase in quarterly profit, helped by a rise in commercial aircraft deliveries. The company's net income rose to $1.65 billion, or $2.24 per share, in the second quarter ended June 30, from $1.09 billion, or $1.41 per share, a year earlier. Core earnings, which exclude some pension and other costs, rose to $2.42 per share from $1.67. Commercial aircraft deliveries rose 7 percent to 181. Revenue rose 1 percent to $22.05 billion. For 2014, the company said it expects core earnings of $7.90-$8.10 per share, up from its previous forecast of $7.15-$7. ...
Construction began last month and the $19 million conversion of the old Holyoke Catholic High School campus into 54 apartments should take a year, the owner said. The apartments' rents will be geared to tenants with up to moderate incomes, with 10 percent, or five units, available for those receiving federal government rent help, E. Denis Walsh, of Weld Management, said Thursday (July 17). An event to mark the ground-breaking of the job is being scheduled, he said. Mayor Alex B. Morse said the…
Fiat Chrysler CEO Sergio Marchionne on Wednesday quashed speculation of a possible tie-up with Germany's Volkswagen , saying the idea had never been on the agenda. A German magazine earlier this month reported Volkswagen Chairman Ferdinand Piech had held talks with the owners of Fiat Chrysler about buying all or part of the group. John Elkann, the head of holding group Exor which controls Fiat Chrysler via a 30 percent stake, said at the same event as Marchionne that there was nothing else to add on the matter. Fiat and Exor had already denied the German report, while Volkswagen said it had no takeover plans.
Police say a 6-week-old baby was left unattended inside a SUV in the parking lot of a Northeast Philadelphia Walmart store.
Reports of smoke in a Center City hotel forced hundreds of people outside in the dark around 4:30 a.m. Wednesday. Guests stood outside the Sheraton Philadelphia Downtown Hotel at 201 N. 17th St. while firefighters investigated smoke coming from the building's basement, according to officials. An ambulance transported two people to Hahnemann University Hospital, but it is unclear why. Read the entire NBC10 story here.
A crash slowed traffic on the Schuylkill Expressway Wednesday morning, and police say it may have been caused by road rage.
WASHINGTON (AP) — Regulators are expected to vote Wednesday to end a longtime staple of the investment industry — the fixed $1 share price for money-market mutual funds — at least for some money funds used by big investors.
WASHINGTON (AP) — Regulators are expected to vote Wednesday to end a longtime staple of the investment industry — the fixed $1 share price for money-market mutual funds — at least for some money funds used by big investors.
If you seem to consistently get your mail late, you're not alone. A new inspector general's report ranks the nation's capitol as No. 1 in the nation for late mail delivery. The report found that more than two-thirds of the time, mail is delivered after 5 p.m. in the D.C. and Maryland suburbs, The Washington Post reports. Northern Virginia didn't fare much better. It ranked in the top 5 areas receiving mail late. The review found 69 percent of carriers still working their routes at night last year. Besides…
A run of weak quarters highlights the pressure on Chief Executive Andrew Witty, whose drive to reshape Britain's biggest drugmaker has yet to deliver the hoped-for return to sustained revenue growth, following a lengthy period of patent expiries. Analysts, on average, had forecast sales of 5.76 billion pounds and core EPS, which excludes certain items, of 21.3 pence, according to Thomson Reuters.
ST. PAUL, Minn. (AP) — Jurors are due to reconvene in St. Paul to deliberate on whether a late famed military sniper defamed former Minnesota Gov. Jesse Ventura in his best-selling memoir.
(Reuters) - PepsiCo Inc reported a 2 percent fall in second-quarter profit as carbonated soft drink volumes declined 2 percent in North America. The company's net income fell to $1.98 billion, or $1.29 per share, in the 12 weeks ended June 14 from $2.01 billion, or $1.28 per share, a year earlier. Excluding items, PepsiCo earned $1.32 per share. Revenue rose 0.5 percent to $16.89 billion. (Reporting by Anjali Athavaley in New York and Siddharth Cavale in Bangalore; Editing by Kirti Pandey)
Parking Panda Corp. is partnering with the Baltimore Ravens to enable fans to find and reserve parking near the stadium on game days. Baltimore-based Parking Panda will be the Ravens’ exclusive provider of third-party parking options at more than 12 garages around M&T Bank Stadium. Parking Panda’s real-time platform, which is already live on the Ravens’ website, allows fans to view parking availability and rates. Parking Panda also has a mobile app for iPhone and Android devices. Previously,…
By Brenda Goh and Paul Carsten SHANGHAI/LANGFANG China (Reuters) - Shanghai police said on Wednesday they detained five people in an investigation into a Chinese-based supplier of foreign fast-food brands including KFC and McDonald's Corp over allegations the firm supplied out-of-date meat. The five detained include the head of the company - Shanghai Husi Food Co Ltd, a unit of U.S.-based OSI Group LLC - and the firm's quality manager, the police said in an online statement. McDonald's, Yum Brands Inc, the parent company of KFC and Pizza Hut, and coffee chain Starbucks Corp are among global brands to have pulled products from their outlets after it emerged that Shanghai Husi supplied expired meat to clients in China, as well as Japan, in the latest in a series of food safety scandals in the country. Earlier, the official Xinhua news agency cited the Shanghai food and drug watchdog as saying that food safety violations at Shanghai Husi were company-led rather than the acts of individuals.
WILLISTON, N.D. (AP) — A massive blaze that shot fireballs into the sky at an oil supply and logistics company in a western North Dakota oil patch hub has been extinguished, according to the town's fire department.
Good morning and welcome to your Wednesday. Here's some of your business: 1. AM News Talkers: For some Metro riders bound to ride the new Silver Line, it won't be all fun and games. It might be more expensive. WAMU reports folks who live in the Herndon and Reston areas will take a hit to the wallet as their Fairfax Connector buses drop them off at the new Silver Line station in Reston come Monday. Bus fares aren't going up, but the rail commute will be more costly. Plus? It will bea longer commute…
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