Among the earnings stories for Tuesday, May 5, from AP Financial News: MILWAUKEE (AP) ¿ Kraft Foods Inc. said that its first-quarter profit rose 10 percent despite the drag of the stronger U.S. dollar on international sales. HOUSTON (AP) ¿ Natural gas transport and storage company Spectra Energy Corp. said its first-quarter net income fell 19 percent, as weaker commodity prices and exchange rates cut away at margins. ST. LOUIS (AP) ¿ Archer Daniels Midland Co., a major corn and soybean processor and agribusiness heavyweight, said its fiscal third-quarter profit tumbled an unexpectedly sharp 98 percent due to a drop in sales and one-time losses related to equity investments. BLOOMFIELD HILLS, Mich. (AP) ¿ Auto dealership chain Penske Automotive Group Inc. said its first-quarter income plunged by nearly 50 percent as vehicle sales continued to slide. NEW YORK (AP) ¿ CVS Caremark Corp. said that charges and higher costs outweighed a a boost in the drugstore operator's pharmacy sales, pushing first-quarter profit down slightly.
COLUMBUS, Ohio (AP) ¿ Power generator Duke Energy said that its first-quarter earnings fell 26 percent as a sour economy ate away at electricity demand for its industrial customers in the hard-hit areas of the Carolinas and the Midwest. The company also cited damage caused by winter storms. ROSELAND, N.J. (AP) ¿ Automatic Data Processing Inc., a business outsourcing provider, said its fiscal third-quarter profit fell 3 percent due to weakening economic conditions and unfavorable foreign currency exchange rates. FEDERAL WAY, Wash. (AP) ¿ Weyerhaeuser Co. said its first-quarter loss deepened as the timber and wood products company struggled with a stagnant housing market.