Earnings Roundup: General Motors, Nordstrom

Among the earnings stories for Thursday, Aug. 12, from AP Financial News:

DETROIT (AP) ⿿ In a signal moment for the turnaround of the American auto industry, General Motors is edging toward a public stock sale, and its profits are now solid enough that the automakers' demanding CEO will step aside, saying his work is done.

SEATTLE (AP) ⿿ Nordstrom Inc.'s second-quarter profit jumped nearly 39 percent as shoppers flocked to its special sales during the quarter.

LAS VEGAS (AP) ⿿ Gaming equipment maker Bally Technologies Inc. said its fiscal fourth-quarter net income jumped 54 percent, helped by a gain on the sale of a casino.

GREENWOOD VILLAGE, Colo. (AP) ⿿ Red Robin Gourmet Burgers Inc. said its second-quarter net income fell 33 percent as revenue was flat and advertising costs grew.

LOS ANGELES (AP) ⿿ Oil shipper Knightsbridge Tankers Ltd. said its profit surged in the second quarter as revenue jumped 88 percent on higher charter rates.

CHICAGO (AP) ⿿ Slipping sales and one-time charges cut into second-quarter results at Wendy's/Arby's Group Inc., the fast-food chain said, announcing its net income fell by more than a quarter.

NEW YORK (AP) ⿿ China Agritech Inc. reported second-quarter results that topped Wall Street forecasts, sending the company's stock soaring.

NASHVILLE, Tenn. (AP) ⿿ Casual dining chain O'Charley's Inc. posted a second-quarter loss as it saw revenue at company-operated restaurants open at least a year tumble.

DENVER (AP) ⿿ Royal Gold Inc., which manages precious metals royalties, said its fiscal fourth-quarter profit increased as royalty revenue surged by 83 percent.

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