Yahoo said second-quarter earnings rose to $28.3 million, from $1.5 million a year earlier, excluding costs related to the acquisitions of GeoCities, Online Anywhere and Encompass. Counting those costs, the Internet search service lost $15.1 million, compared with a loss of $14.2 million a year earlier. For the most recent quarter, earnings per share excluding merger costs came to 11 cents, which beat the 8 cents a share predicted by Wall Street analysts.
Delta Air Lines "bumped" 8,144 passengers in the first quarter, the Department of Transportation said -- nearly as many as the other nine major U.S. carriers combined. Southwest was second with 1,938 passengers bumped because of overbooking. Delta said it has assigned a high-level management team to improve forecasting of passenger loads.
Brazil's steel industry will avoid punitive tariffs by voluntarily reducing shipments to the United States of a core product, U.S. officials said. Brazil and its producers also agreed to quotas on hot-rolled carbon steel and to minimum prices set above those currently prevailing in the United States.
The Federal Trade Commission said it set up a toll-free phone line for consumers to report fraud such as Internet scams and phony prizes offered through the mail. It will compile reports and make the data available to almost 200 law enforcement agencies in the United States and Canada. The number is 1-877-FTC-HELP (382-4357) and will be staffed weekdays from 9 a.m. to 8 p.m. Eastern time.
General Electric won an order valued at $25 billion over 20 years to develop and supply engines for Boeing's new longer-range 777X jetliner. Boeing picked GE over the other top jet engine makers, United Technologies' Pratt & Whitney unit and Rolls-Royce.
Waste Management shares fell 36.5 percent, to $34, after the largest U.S. trash hauler warned that second-quarter and full-year profits will not meet expectations, because of disappointing sales in its key North America business.
Oneida, the world's largest flatware maker, said its board rejected a $626.3 million cash takeover bid from rival Libbey, citing questions about the offer's financing and antitrust concerns. It was Libbey's third attempt since 1995 to gain control of Oneida.
The SEC, in a rare about-face, dropped insider trading charges alleging that a Singapore developer profited from APL securities he bought shortly before an announcement that the shipping company would be acquired by a competitor. The SEC said it abandoned its civil case against Bobby Ong because it didn't have enough evidence to proceed to trial.
Cox Communications has agreed to swap $2.85 billion in AT&T stock it holds for AT&T cable television systems that serve 495,000 subscribers. Cox, the fifth-largest U.S. cable TV company, will exchange 50.3 million AT&T shares for cable TV systems based in Tulsa and Baton Rouge, La.
Ericsson, the world's third-largest mobile phone producer, said chief executive and president Sven-Christer Nilsson had resigned. Chairman Lars Ramqvist will also be chief executive, and Executive Vice President Kurt Hellstrom is to become president, Ericsson said. The Swedish company is speeding up a restructuring aimed at improving profitability and long-term growth.
Hyundai Space & Aircraft, the aerospace affiliate of the South Korean company, sued Boeing for $750 million, accusing the aircraft giant of bad-faith dealings in Hyundai's contract to supply wings for a new Boeing passenger jet. Hyundai said Boeing and a subsidiary stalled on parts deliveries, made thousands of design changes, failed to provide skilled workers, fabricated performance requirements and falsely accused Hyundai of contract violations.
Mazda has recalled its new 2000 MPV minivans because they were fitted with the wrong combination of lower intake manifold, fuel injector and fuel rail assembly, which could cause a rough idle or a fuel leak. The company said it knew of no leaks among the 87 owners who have taken possession of vehicles.
America Online of Dulles announced a multimillion-dollar, multiyear marketing alliance with iOwn of San Francisco in which iOwn's mortgage services will be promoted on AOL's Digital City and Netcenter Web sites. Separately, AOL said it reached a two-year multimillion-dollar agreement with MXG Media of Los Angeles in which MXG, a media company focusing on teenage girls, will pay to be featured on AOL, AOL.com, Netcenter and CompuServe.