Reuters Business Summary

Amazon Q2 net profit doubles, sales up 41 percent

SAN FRANCISCO (Reuters) - Amazon.com Inc said on Wednesday quarterly net income doubled on a 41 percent rise in revenue, helped by higher operating profit margins. The online retailer posted second-quarter net profit of $158 million, or 37 cents per share, compared with $78 million, or 19 cents per share, a year earlier. Revenue in the quarter, which is seasonally the slowest, rose to $4.06 billion.

Fed Beige Book: Price pressures elevated or rising

WASHINGTON (Reuters) - Price pressures were elevated or increasing across the United States in recent weeks, even though the pace of economic growth slowed somewhat, the Federal Reserve said on Wednesday. "All reporting districts characterized overall price pressures as elevated or increasing," the Fed said in its Beige Book report on the state of the economy through July 14.

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: 行情), 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.

San Diego sues Bank of America over foreclosures

SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he had filed a lawsuit against Bank of America Corp (BAC.N: 行情) and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary." Aguirre said he plans to file similar lawsuits against Washington Mutual Inc WM.N, Wells Fargo & Co (WFC.N: 行情) and Wachovia Corp WB.N in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure.

Wall Street rises as oil drops, financials gain

NEW YORK (Reuters) - Stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve the rescue plan for mortgage finance companies Fannie Mae (FNM.N: 行情) and Freddie Mac (FRE.N: 行情) and as the price of oil fell. Based on the latest available data, the Dow Jones industrial average .DJI unofficially ended 29.88 points, or 0.26 percent, higher at 11,632.38. The Standard & Poor's 500 Index .SPX ended 5.05 points, or 0.40 percent, higher at 1,282.05. The Nasdaq Composite Index .IXIC ended 21.92 points, or 0.95 percent, higher at 2,325.88.

Creditors say fraud possible in SemGroup collapse

WILMINGTON, Delaware (Reuters) - A group of SemGroup LP creditors on Wednesday raised the prospect that unauthorized energy trading may have caused the $3.2 billion loss that sank the 12th-biggest privately held U.S. company. Eleven lenders that participated in a $141 million secured term loan objected to SemGroup's request for permission to access cash collateral to maintain normal business operations, warning in a brief filed with the court that any fraudulent trades made by SemGroup could affect their ability to recoup their losses.

Lehman likely to make sizable asset sale: UBS