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Monday Evening Business Brief

July 30, 2012, 5:20 PM

Monday Evening Business Brief

Stocks drifted lower on Wall Street. The Dow fell nearly 3 points to 13,073. The S&P 500 lost less than a point, while the Nasdaq dropped 12 points.

  • Chrysler, which sells almost 90 percent of its cars and trucks in the U.S. and Canada, reports making a $436 million profit in the second quarter. It was a huge turnaround from a year earlier, when the company lost $370 million, mainly because it refinanced government bailout loans.
  • Jury selection has begun in the San Francisco trial pitting two tech giants against one another. Apple filed suit against Samsung alleging its smartphones and computer tablets are knockoffs of the iPhone and iPad.
  • With this summer's heat wave, the price of natural gas has spiked. Natural gas futures have surged 69 percent since hitting a 10-year low this spring. Power plants are burning more natural gas for electricity as homes and businesses rely more on air conditioning, while gas production has been cut back.
  • U.S. antitrust authorities have cleared Comcast Corp.'s more than $3 billion sale of its nearly 16 percent stake in A&E Television Networks to The Walt Disney Co. and Hearst Communications. The A&E networks include the History Channel, Lifetime, Biography as well as its namesake network.

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