Earnings roundup: UPS, Ambac Financial

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ATLANTA (AP) UPS Inc., the world's largest shipping carrier, said Wednesday its profit rose 7.5 percent in the first quarter, though it was affected by the weakening U.S. economy. The company lowered its earnings guidance for the year.

NEW YORK (AP) Ambac Financial Group Inc. posted another steep loss for the first quarter on Wednesday as turmoil in the bond market pummeled the value of many of the bond insurer's deals. Shares fell 21 percent in premarket trading.

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BLOOMFIELD HILLS, Mich. (AP) Taubman Centers Inc. said its first-quarter funds from operations improved on solid rents and a strong performance from a new Michigan mall.

THOUSAND OAKS, Calif. (AP) Aerospace and energy contractor Teledyne Technologies on Wednesday said its first-quarter profit shot up 36 percent, reflecting rising sales of its electronic instruments, defense electronics, and other commercial applications.

NAPLES, Fla. (AP) Hospital operator Health Management Associates Inc. said Wednesday its first-quarter profit more than doubled on a hefty gain from the sale of a 27 percent stake in certain hospitals to Novant Health.

NEW YORK (AP) Dover Corp.'s profit grew 14 percent in the first quarter as strong trends continued in the industrial sector, the maker of industrial equipment and parts said Wednesday.

SPRINGFIELD, Mo. (AP) Auto parts retailer O'Reilly Automotive Inc. said Wednesday its first-quarter profit fell 4.3 percent, blaming weak sales resulting from a tough economic environment.

LINTHICUM HEIGHTS, Md. (AP) Foundation Coal Holdings Inc. said Wednesday its first-quarter earnings tumbled 75 percent, hurt by the timing of certain investments, higher costs and longer-than-expected construction at one of its mines.

PHILADELPHIA (AP) Maternity apparel retailer Mothers Work Inc. said Wednesday it swung to a loss in the second quarter due to far lower-than-expected sales in March, which prompted more markdowns.