Sonus Pharmaceuticals reported a net loss of $3 million, or 9 cents per share, in the first quarter, compared with a prior-year quarter loss of $5 million. The lower loss for the Bothell cancer drug developer was due to $5 million received from Bayer Schering Pharma AG, Sonus’ partner for Tocosol paclitaxel, a chemotherapy treatment, and lower research and development spending.
Zumiez expansion boosts profits
Zumiez Inc. of Everett said sales during April rose by 34 percent to $20 million, compared with $15 million in the same month last year. The teen-oriented retail company’s same-store sales increased 3 percent for the period. Zumiez, which ended the month with 254 stores, said having Easter fall in March this year made the April same-store comparison look less than impressive.
Movie, TV earnings help News Corp.
Rupert Murdoch’s News Corp., which disclosed a surprise bid for Dow Jones &Co. last week, reported 6.2 percent higher profit Wednesday on gains at its movie studio and cable networks, including Fox News Channel. Higher earnings from home video sales of “Borat” and the theatrical release of “Night at the Museum” and other movies helped drive News Corp.’s profit to $871 million in its third fiscal quarter ended March 31, up from $820 million in the same period a year ago.
Oil price drop may cut gas prices
Oil prices fell Wednesday on a U.S. inventories report showing the first rebound for gasoline stocks in three months. The increase could relieve pressure on U.S. retail gasoline prices, which have risen to near-record levels ahead of the summer driving season. Inventories remain well below levels a year ago, however, and persistent problems at the nation’s refineries and escalating violence in Nigeria’s oil region could drive prices still higher.
Delta Air Lines focuses on Asia
Delta Air Lines Inc. will cut domestic capacity over the next several years as it focuses more attention on expanding its international service, and it has its eyes set on Asia, Chief Financial Officer Ed Bastian said Wednesday. Delta, the third-largest carrier in the U.S., has long sought to gain a foothold in China.
Enron investors lobby for bank suit
Union officials, state regulators and people who lost retirement savings in the collapse of Enron Corp. urged the Securities and Exchange Commission on Wednesday to support the position of shareholders suing Wall Street banks for damages in a case before the Supreme Court. The Enron shareholders’ $40 billion lawsuit contends that Merrill Lynch &Co., Credit Suisse Group and Barclays PLC should be held equally liable as Enron as participants in the energy company’s accounting fraud. The shareholders appealed to the Supreme Court after a federal appeals court in New Orleans ruled in March that they cannot proceed with their class-action lawsuit.
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