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1 Million 3G iPhones Sold
Apple said it sold 1 million of the 3G iPhone in its first three days on the market. By comparison, about 6 million copies of the company's first version of the phone were sold over the past year.
On Friday, Apple's servers buckled as buyers tried to activate new iPhones in stores while owners of older iPhones and the iPod Touch were updating and reactivating their devices. Apple's systems apparently recovered over the weekend and buyers were able to activate their phones through their home computers.
MANUFACTURING
Boeing Lands Big Plane Order
Etihad Airways announced an order for 45 Boeing aircraft, banking on increased investment and an aggressive tourism push in the United Arab Emirates to justify its hefty purchase. The planes are worth $9 billion at list prices.
The deal, signed at the Farnborough International Airshow near London, is for 35 Boeing 787 aircraft and 10 777-300ERs.
Etihad, the national airline of the United Arab Emirates, is also placing options for another 25 787s and 10 777s and has purchase rights for 10 more 787s and five 777s.
LEGAL
Ex-Milberg Lawyer Pleads Guilty
A lawyer pleaded guilty to a tax charge stemming from an investigation into class-action lawsuits filed against some of the country's biggest corporations. Under an agreement with prosecutors, Paul T. Selzer pleaded guilty to a charge that he tried to obstruct Internal Revenue Service code. Selzer was the final defendant in the long-running kickback case that led to guilty pleas by three former partners at the law firm of Milberg Weiss.
EARNINGS
Genentech, the biggest U.S. maker of cancer medicines, said second-quarter profit climbed 4.7 percent, to $782 million from $747 million in the comparable period a year earlier, the company said. Revenue rose 8 percent to $3.2 billion, led by U.S. sales of Avastin, which gained from a new use in breast cancer.
TREASURY BILLS
T-bill rates fell. The discount rate on three-month Treasury bills auctioned yesterday fell to 1.61 percent from 1.865 percent last week. Rates on six-month bills fell to 1.955 percent from 2.060 percent. The annualized return to investors is 1.639 percent for three-month bills, with a $10,000 bill selling for $9,959.30, and 2.002 percent for a six-month bill selling for $9,901.16. Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 2.25 percent last week from 2.35 percent two weeks ago.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
