Business Highlights
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Freddie Mac posts $1.2 billion net income for 2Q
WASHINGTON (AP) ⿿ Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period.
The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them.
Taxpayers have spent about $170 billion to rescue Fannie and Freddie, the costliest bailout of the 2008 financial crisis. It could cost about $200 billion more to support the companies through 2014 after subtracting dividend payments, according to the government. ___ Disney beats 3Q profit views but revenue misses LOS ANGELES (AP) ⿿ The Walt Disney Co.'s profit for the third quarter beat analyst estimates but revenue came up short due to unchanged revenue at its movie studio despite a surge in profit from "The Avengers." Net income rose 24 percent to $1.83 billion, or $1.01 per share. There were minor adjustments that had no impact on the per-share results, which exceeded the 93 cents per share expected by analysts polled by FactSet. Revenue rose 4 percent to $11.09 billion, short of the $11.32 billion expected by analysts. ___ CVS Caremark profit jumps 18 percent; boosts outlook CVS Caremark Corp.'s second-quarter net income jumped 18.4 percent, as its drugstores took business from rival Walgreen and an expansion of its pharmacy benefits management segment pushed revenue higher. The Woonsocket, R.I., company's earnings topped Wall Street expectations, and it raised and narrowed its 2012 forecast. CVS Caremark said a recently settled split between rival drugstore chain Walgreen Co. and Express Scripts Holding Co. sent more customers to CVS drugstores, and it aims to keep many of them. The split added between 6.5 million and 7 million prescriptions for CVS pharmacies in the quarter. That contributed about 3.5 cents per share to earnings after adding 3 cents in the first quarter.Select the service that is right for you!
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