USA TODAY International Edition
Moneyline
Brie 1y . . .
The Securities and Exchange Commission has upgraded its probe of retiree- bene D ts accounting at General Motors, making the investigation formal and giving regulators the power to issue subpoenas and review records. Five other companies — Ford Motor, Delphi, Boeing, Navistar International and Northwest Airlines — have been queried informally by the agency. . . .
Japan’s parliament adopted legislation that will prevent non- Japanese companies from acquiring shares to control domestic broadcasters.
World markets roundup Earnings concerns keep stocks mixed
Stocks seesawed Wednesday as investors struggled to digest a mix of earnings reports, including disappointing sales from Boeing and a lower- than-expected holidays ales forecast from Amazon. In late trading, the Dow Jones industrial average was up 8.09 at 10,385.96. In the broader market, the Standard & Poor’s 500 indexwas off 0.14 at 1196.40, and the Nasdaq composite indexwas down 2.77 to 2106.68.
Pro! t plunges for stun gun maker Taser
Taser International, the world’s largest maker of electric stun guns, said third-quarter earnings plunged 96% as safety concerns hurt sales of the weapons to police departments. Net income dropped to $ 270,945, or less than 1 cent a share, from $ 6.1 million, or 11 cents a share, the year before. Sales fell 38% to $ 11.68 million amid an inquiry by the Securities and Exchange Commission into Taser’s claims about the safety of its stun guns, which incapacitate people by delivering 50,000 volts of electricity. ( More earnings, 7A)
U. S. presses China on anti- piracy steps
The United States on Wednesday asked China to prove itwas trying to stop “ rampant” piracy and counterfeiting of U.S. goods from movies, music and software to auto parts, medicine and shampoo. U.S. Trade Representative Rob Portman said the United States was invoking a rarelyus ed World Trade Organization article to request evidence from China of what the communist state is doing to stop the practice.
DaimlerChrysler bucks pro! t trend
DaimlerChrysler, the German parent company of Mercedes and U.S.- based Chrysler, said third-quarter earnings fell 21% due in part to higher taxes. But increasing demand for Chrysler, Mercedes and commercial vehicles drove operating pro D t 38% higher. The Chrysler unit made $379 million in the quarter. It was the onlyt raditional Detroit carmaker to earn money this quarter. Competitor General Motors lost $ 1.6 billion on its automotive operations, and Ford Motor lost $ 1.3 billion from the carmaking side of its business.
Brazil inquiry halts Bausch & Lomb ! ling
Bausch & Lomb said it may delay D ling D scal thirdquarter results, due Nov. 3, pending an investigation into the management at a Brazilian unit. The board’s audit committee found the general manager, controller and other employees of the contact lens maker’s Brazilian unit didn’t properly account for about $600,000 in expenses for an unauthorized pension plan, the Rochester, N. Y.- based companysa id Wednesday.
‘ Interest-only’ loans attract more buyers
Home buyers chose “ interest- only” loans, which initially require payment of only D nancing costs, for almost a quarter of new mortgages in the D rst six months of 2005, the Mortgage Bankers Association said. Interest-only loans accounted for 23% of new mortgages, a jump from 17% a year ago. After an introductory period, monthly payments can more than double as the borrower begins paying back the loan principal. Meanwhile, mortgage applications fell last week to a six- month low as interest rates hovered around 6.06%, close to their highest level this year. Compiled from Reuters, AP, Bloomberg News reports