Among the earnings stories for Tuesday, July 22, from AP Financial News:
Top stories:
SEATTLE (AP) _ Washington Mutual Inc. said Tuesday it lost a staggering $3 billion during the second quarter as it increased its loss reserves to more than $8 billion to cover souring loans in its mortgage portfolio.
SAN FRANCISCO (AP) _ Yahoo Inc.'s second-quarter profit fell 18 percent, the latest sign of the financial decay that has frustrated shareholders and raised doubts about the Internet company's future.
Other stories:
CINCINNATI (AP) _ Fifth Third Bancorp on Tuesday said it swung to a second-quarter loss on measures to cover bad loans and charges related to the tax treatment of leases.
BIRMINGHAM, Ala. (AP) _ Regions Financial Corp. said Tuesday its second-quarter profit dropped 55 percent, below Wall Street expectations, as it set aside more than $300 million to cover bad loans.
PHILADELPHIA (AP) _ Advertising and marketing conglomerate Omnicom Group Inc. on Tuesday reported an 11 percent increase in second-quarter net income, propelled by strong international business.
MILWAUKEE (AP) _ Industrial parts maker Rockwell Automation Inc. said Tuesday its fiscal third-quarter earnings dropped 7 percent as expenses grew and economic conditions weakened in Europe and the United States.
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