Toyota posted a 28% drop in quarterly profit, and the Japanese car maker said a stronger yen, soaring raw-material costs and a continued U.S. slowdown will likely lead to its first annual profit decline in seven years.
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Tribune’s net rose sharply on tax benefits tied to its buyout. Slumping ad sales hurt the publishing unit’s profit.
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Barr’s net nearly doubled, but the drug company cut its forecast, sending shares lower. Biovail’s profit fell 40%.
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Asset manager Fortress Investment Group reported a first-quarter loss, posting tepid results across its hedge funds and private-equity vehicles.
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Nasdaq OMX’s net income soared amid the February acquisition of Nordic and Baltic exchange operator OMX.
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Vonage posted a narrower loss on cost cuts, but subscriber growth continued to slow at the Internet phone company as more customers canceled their service.
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Cablevision’s loss widened as weakness in its Madison Square Garden operations offset subscriber growth. The company disclosed plans to build a wireless broadband network in the New York area.
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Bond insurers Security Capital Assurance and Assured Guaranty both reported first-quarter losses amid the credit crunch, which has shrunk the value of many mortgage-backed securities they insured.
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