IBT Staff Reporter

Comcast Corp reported a better-than-expected 6 percent rise in quarterly revenue, but the cable giant's profit was undercut by fees it paid to bankers and lawyers involved in its acquisition of NBC Universal.

CBS entertainment president Nina Tassler said on Wednesday the top-rated TV network was restless, motivated and paranoid about developing new shows and looking increasingly to social networking and the Internet for its next big hits.

Oil and gas producers ConocoPhillips, ENI and BG Group reported big jumps in second quarter profits on Wednesday thanks to higher oil and gas prices and firmer refining margins.

The S&P 500 struggled to break a key technical level as conflicting reports showing improved corporate earnings and falling orders for the most expensive manufactured goods kept U.S. stocks slightly lower on Wednesday.

ConocoPhillips , the third-largest U.S. oil company, on Wednesday said it will sell its entire stake in Russian oil major Lukoil in a bid to boost shareholder returns and reported better-than-expected quarterly profit.

The dollar fell versus the Japanese yen on Wednesday as a weaker-than-expected reading on new orders for U.S. durable goods added to fears about the U.S. economic outlook. Demand for the dollar also fell against the euro as investors awaited for more supportive news for the euro, which rose above $1.30 but has been stuck in a range recently.

Gold held near $1,160 an ounce in Europe on Wednesday, steadying after hitting three-month lows the day before, helped by a degree of investor nervousness over the U.S. economy and by strong demand from top consumer India.

Gold and copper production in China may suffer a setback following the Chinese government's order to limit Zijin Mining Group's production at a gold mine located near a separate copper mine that was the source of a toxic spill.

Boeing Co reported a higher-than-expected quarterly net profit on Wednesday as the commercial airplane market recovers from a downturn, but its shares slipped 2 percent as revenue fell short of estimates.

ConocoPhillips , the third-largest U.S. oil company, reported a better-than expected quarterly profit on Wednesday and said it will sell its entire stake in Lukoil.

Wall Street stocks fell on Wednesday as the S&P 500 struggled to break through a key technical level after an unexpected decline in durable goods orders weighed on market sentiment.

Sprint Nextel said it had lost fewer monthly contract customers in the second quarter than analysts had expected, helped by its high-speed EVO phone from HTC Corp .

Children's visits to the emergency room for serious food-allergy reactions may be on the rise, if the experience of one major U.S. medical center is an indicator.

An updated edition of a mental health bible for doctors may include diagnoses for disorders such as toddler tantrums and binge eating, experts say, and could mean that soon no-one will be classed as normal.

WellPoint Inc posted higher-than-expected quarterly profit on Wednesday on better performance of its health plans for small businesses and it raised its full-year outlook, the latest in a string of strong second-quarter earnings reports for U.S. health insurers.

International Monetary Fund staff believe the yuan is substantially undervalued based on expectations that China's current account surplus will increase as the global economic recovery gains strength, a senior IMF official said on Wednesday.

A day after BP said it would sell $30 billion in assets to pay for its Gulf of Mexico oil spill, the focus shifted to what is for sale, while lawyers prepared to tackle a mountain of claims for damages.

Stocks were set for a slightly lower open on Wednesday after data showed orders for durable goods unexpectedly fell in June and Boeing Co's 2010 profit outlook was beneath Wall Street's consensus forecast.

It's a case that has left Warren Buffett's Dairy Queen business cold.

U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.

Several U.S. government agencies are preparing a criminal probe of at least three companies involved in the massive oil spill in the Gulf of Mexico, though it could take more than a year before any charges are filed, the Washington Post reported on Wednesday.

LG Electronics Inc the world's No.2 TV maker, faces more pressure to turn around its mobile business and tackle its underperforming shares after it missed forecasts with a 90 percent slump in quarterly profit.

Boeing Co reported a higher-than-expected quarterly net profit on Wednesday as the commercial airplane market recovers from a downturn, but the results were down from a year earlier on fewer airplane deliveries.

Comcast Corp reported a better-than-expected 6 percent rise in quarterly revenue, but the cable giant's profit was undercut by fees it paid to bankers and lawyers involved in its acquisition of NBC Universal.

S&P 500 index futures turned negative on Wednesday after an unexpected month-over-month decline in June durable goods orders.

Melrose Jewelers: Melrose Jewelers, USA's leading Online Rolex Watch Retailer, has announced that it has become the #1 Online Rolex Retailer in Italy including Rome (Roma), Milan (Milano), Naples (Napoli), Turin, Palermo, Genoa (Genova), Bologna, and Florence. In Q1 and Q2 2010 Melrose Jewelers' revenue from Italy jumped over 65% over the same period last year.

With gold prices declining this week substantially following global cues, the future of gold is safe if the World Gold Council report is anything to go by. According to WGC, though gold topped $1,250 per troy ounce this quarter and reached record highs in dollar terms, the metal has still some steam left before it pauses.

Oil slipped toward $77 per barrel on Wednesday after an industry report of an unexpected rise in U.S. crude stocks and a fall in U.S. consumer confidence fueled doubts about the pace of recovery in energy demand.

S&P 500 futures were flat on Wednesday, struggling to move past their 200-day simple moving average ahead of a busy day on the earnings calendar.