Reuters Business Summary

Top drug companies' earnings beat forecasts

LONDON (Reuters) - The world's two biggest drugmakers, Pfizer Inc (PFE.N: 行情) and GlaxoSmithKline Plc (GSK.L: 行情), both beat expectations for quarterly earnings on Wednesday, as did Wyeth WYE.N, indicating the sector's resilience. Although all three companies face major threats from generic competition, the latest results show demand for medicines is holding up relatively well at a time of economic downturn.

Boeing profit falls on military, civil delays

NEW YORK (Reuters) - Boeing Co (BA.N: 行情) reported a greater-than-expected 19 percent drop in quarterly profit on Wednesday as it took a charge on a delayed military plane contract and suffered knock-on effects of its troubled 787 Dreamliner program. The world's biggest-selling plane maker and the Pentagon's No. 2 contractor had lower sales at both its commercial and military operations, but held to its financial forecasts for this year and next, citing strong global demand for its products.

Wall Street flat as banks, retailers offset oil drop

NEW YORK (Reuters) - Stocks were little changed at the open on Wednesday as a decline in shares of banks and retailers offset optimism about a pullback in oil prices. The Dow Jones industrial average .DJI declined 32.49 points, or 0.28 percent, at 11,570.01, while the Standard & Poor's 500 Index .SPX was up 0.17 point, or 0.01 percent, at 1,277.17. The Nasdaq Composite Index .IXIC edged lower 2.28 points, or 0.10 percent, at 2,301.68.

Northwest reports second-quarter loss on fuel bill

CHICAGO (Reuters) - Northwest Airlines Corp NWA.N reported a quarterly net loss on Wednesday, reversing a year-earlier profit, on skyrocketing fuel prices. The carrier, which plans to merge with Delta Air Lines Inc (DAL.N: 行情), said its second-quarter net loss amounted to $377 million, or $1.43 per share, compared with a profit of $2.1 billion a year earlier.

Oil prices, weak dollar caused food price rally: study

CHICAGO (Reuters) - Rising oil prices and weakness in the dollar have combined to push food prices sharply higher this year, according to a study by agricultural economists released on Wednesday. "High commodity prices will persist as long as high oil prices remain and as long as the dollar stays weak," said Wally Tyner, one of three Purdue University agricultural economists who wrote the study. "Lower oil and a stronger dollar would bring pressure on commodity prices to fall."

GM trails Toyota in first-half 2008 global sales

DETROIT (Reuters) - General Motors Corp GM.N trailed Japanese rival Toyota Motor Corp (7203.T: 行情) in global vehicle sales decisively through the first half of the year, hurt by a large decline in North America. The Detroit-based automaker said on Wednesday that vehicle sales fell 3 percent to 4.54 million vehicles in the first half as higher sales in Europe, Asia and Latin America failed to offset a 15 percent decline in North America.

White House says Bush will sign housing bill into law