U.S. home sales unexpectedly rose in June

U.S. home sales unexpectedly rose in JuneThe number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs. The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey.

Initial jobless claims drop below 400,000The number of people who filed for jobless benefits fell below 400,000 last week for the first time since early April, a decline likely aided by workers returning to manufacturing jobs after plants were retooled. New applications for U.S. unemployment compensation dropped by 24,000 to 398,000, the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 422,000 from 418,000.

Heavy rain expected to cut N.D. wheat yieldWheat yields in North Dakota, the largest U.S. producer, are expected to fall 9.8 percent this year after excessive rains eroded crops, a three-day tour of the state's fields showed. The hard-red spring wheat crop may yield 41.5 bushels an acre, based on 369 field samples taken during the Wheat Quality Council's annual tour of the state. This year's projection still was the third-highest since the tour began in 1992.

LightSquared, Sprint reach wireless dealBillionaire Philip Falcone's LightSquared Inc. struck a 15-year deal with Sprint Nextel Corp. to share network expansion costs and equipment in an effort aimed at making both stronger wireless competitors. LightSquared will pay Sprint to build and operate a nationwide wireless network that uses high-speed long-term evolution, or LTE, technology, the companies said. Over 11 years, LightSquared will pay Sprint $9 billion in cash and credits valued at about $4.5 billion.

Amazon gets rights to stream Universal moviesAmazon.com Inc. continued its quest to challenge Netflix Inc. in streaming video offerings by signing a deal with NBCUniversal for rights to Universal Pictures movies. The deal gives Amazon Prime customers instant access to movies such as "Fear and Loathing in Las Vegas," "Being John Malkovich" and "Billy Elliott." Netflix earlier this month announced a multiyear renewal of its deal with NBCUniversal

More pilots call in sick, Continental saysContinental Airlines canceled six more flights Thursday, on top of 24 Wednesday, because of pilots who said they were too ill to work. "An unusually high amount of pilots calling in sick" forced the carrier to scrub five departures at its Newark hub in New Jersey and one in Houston, a spokeswoman, Megan McCarthy, said. Continental's Air Line Pilots Association chapter chairman told members the union and its leaders "strongly oppose actions ... to disrupt Continental's operations."

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