Merrill Lynch posts fourth straight loss

Merrill Lynch & Co. on Thursday reported its fourth straight quarterly loss and write-downs from failed investments nearing $40 billion.

The world's biggest brokerage announced a wider-than-expected $4.89 billion second-quarter loss and said it was selling assets -- its stake in media company Bloomberg LP for $4.4 billion and its Financial Data Services Inc. subsidiary for $3.5 billion.

New York-based Merrill's quarterly loss came to $4.97 per share, after accounting for payment of dividends for the three months ended June 30. Year-ago profit was $2.01 billion, or $2.24 per share.

Microsoft Corp. The Redmond, Wash.-based technology giant said Thursday its fiscal fourth-quarter profit jumped 42 percent, helped by strong sales of its Office and Windows software, but the company offered a softer-than-expected outlook for the current quarter.

Earnings for the three months ended June 30 rose to $4.3 billion, or 46 cents per share, missing analyst expectations by a penny per share.

Revenue increased 18 percent to nearly $15.8 billion from $13.4 billion last year, just ahead of Wall Street's average forecast of $15.7 billion.

Advanced Micro Devices Inc. Hector Ruiz was pushed aside Thursday after six tumultuous years as CEO as the Silicon Valley chip maker tries to pull itself out of a deep financial hole.

AMD's revenue rose to $1.35 billion from $1.31 billion, but it was short of the $1.45 billion expected on Wall Street.

J.P. Morgan Chase & Co. The New York-based bank reported better-than-expected results despite a spike in mortgage and other loan defaults.

J.P. Morgan Chase reported a 53 percent drop in profit. It earned $2 billion, or 54 cents per share, in the April to June period, down from $4.23 billion, or $1.20 per share, in the same period last year. Revenue slipped 3 percent to $18.4 billion. Analysts surveyed by Thomson First Call had predicted, on average, a profit of 44 cents share on $16.6 billion in revenue.

Continental Airlines The fourth-largest U.S. carrier said Thursday that record-high fuel prices caused a loss in the quarter ended June 30, although the deficit was smaller than expected.

Houston-based Continental Airlines lost $3 million, or 3 cents per share. Excluding a net gain of $22 million from one-time events, the carrier lost $25 million, or 25 cents per share.

Harley-Davidson Inc. The motorcycle maker said Thursday its second-quarter profit fell sharply. But the Milwaukee-based company stood by its outlook for the year, and its earnings beat Wall Street's expectations.

Harley-Davidson said its earnings for the quarter ended June 29 fell 23 percent to $222.8 million, or 95 cents per share, from $290.5 million, or $1.14 per share, in the same quarter last year. Revenue dropped nearly 3 percent to $1.57 billion from $1.62 billion in the year-ago quarter.

Nucor Corp. The Charlotte, N.C.-based steelmaker reported that strong shipments and growing margins propelled its second-quarter profit 68 percent higher to $580.8 million, or $1.94 per share, from $344.9 million, or $1.14 per share, a year ago.

Revenue rose 70 percent to $7.09 billion from $4.17 billion a year ago. The results beat average estimates of analysts polled by Thomson First Call, who expected earnings per share of $1.83 on sales of $6.37 billion.

Coca-Cola Co. The world's biggest beverage company said its profit fell 23 percent in the second quarter.

Capital One Financial Corp. The financial services firm said Thursday its second-quarter earnings fell 40 percent because of a sharp increase in its loan-loss provision amid further deterioration in the credit markets.

Capital One's net income fell to $452.9 million, or $1.21 per share, from $750.4 million, or $1.89 per share, a year earlier.

Total revenue fell nearly 5 percent to $3.35 billion, from $3.51 billion during the year-ago period.

IBM Corp. The technology company's second-quarter profit leaped 22 percent, blowing past Wall Street estimates, as the bread-and-butter services division continued to thrive.

The Armonk, N.Y.-based company also raised its profit outlook for 2008, saying it expects to earn at least $8.75 per share on the year, an improvement of 25 cents per share over IBM's previous guidance.