Demand increased for aircraft, heavy machinery and computers in June, which helped boost durable goods orders. The Commerce Department said durable goods orders rose of 0.7% last month, following a 1.0% decline in May. Analysts expected a rise of only 0.5% in June.
Amazon (AMZN) reported a wider-than-expected loss of $126 million in the second quarter. However, revenue rose 23%, matching estimates. The company also said it expects to see a bigger-than-expected operating loss of $410 million to $810 million in the current quarter. Amazon's losses reflect the big investments its been making on new businesses and services. This year alone it unveiled streaming services, and its first set-top box and smartphone.
Visa (V) lowered its revenue outlook for the year due to a slow-down in cross-border transactions and a strengthening U.S. dollar. That news over-shadowed the company's favorable earnings. Visa beat analysts' earnings estimate by $0.07. It also beat on revenue.
Visa is also feeling the effects of the conflict between Russia and Ukraine. A new Russian law is forcing the company and rival MasterCard (MA) to deposit nearly $3 billion in collateral in Russian banks to operate there. Visa considered pulling out of Russia, but officials there said if the companies find local partners, they could avoid paying the collateral. Russian transactions make up about 2% of Visa’s revenue.
A satellite deal in Europe could help Rupert Murdoch in his pursuit of Time Warner (TWX). Murdoch's 21st Century Fox (FOX) agreed to sell its stakes in satellite companies in Italy and Germany to Britain's BSkyB for about $9 billion. 21st Century Fox is also the largest shareholder of BSkyB, but it's speculated the company could use the $9 billion to make another bid for Time Warner.
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