Among the earnings stories for Thursday, Aug. 12, from AP Financial News: DETROIT (AP) â¿¿ 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) â¿¿ Nordstrom Inc.'s second-quarter profit jumped nearly 39 percent as shoppers flocked to its special sales during the quarter. LAS VEGAS (AP) â¿¿ 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) â¿¿ 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) â¿¿ Oil shipper Knightsbridge Tankers Ltd. said its profit surged in the second quarter as revenue jumped 88 percent on higher charter rates. CHICAGO (AP) â¿¿ 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) â¿¿ China Agritech Inc. reported second-quarter results that topped Wall Street forecasts, sending the company's stock soaring. NASHVILLE, Tenn. (AP) â¿¿ 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) â¿¿ 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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