Home sales heat up
Existing home sales rose for the third straight month, up 3.6 percent compared with May, the National Association of Realtors said. Results beat expectations of 1.5 percent growth from economists polled by Thomson Reuters. Total sales were 4.89 million.
Dow breaks 9,000
The Dow Jones Industrial Average rose above 9,000 for the first time since January on Thursday as earnings from major U.S. companies exhibited better than expected results and home sales continued on their upward trend.
Ford reports profit
Ford Motor Co. reported profitability in the second quarter on Thursday, reporting a net income of $2.3 billion, or 69 cents per share. Last year in the same period the company lost $8.67 billion. Excluding one time gains related to debt restructuring, the company would lost $424 million, compared with $1.03 billion a year ago.
AT&T profit higher than estimated
AT&T Inc posted a smaller-than-expected drop in quarterly profit as strong sales of Apple Inc's iPhone helped boost wireless subscriber growth. Some analysts are concerned that the company's dependence on the iPhone for much of its growth raised concerns about what would happen if it lost its exclusive rights to sell the phone in the U.S. Read Full Article here.
South Korea fines Qualcomm $208 million in anti-trust case
South Korea's anti-trust agency issued a $208 million fine on Qualcomm Inc and ordered the U.S. wireless chip and technology company to stop discriminating against companies using competitor's products. Read Full Article here.
Ericsson in bid for Nortel wireless assets
Swedish telecom equipment maker Ericsson is bidding for Nortel's mobile network division. Read Full Article here.