Merger fuels Pfizer loss

Pfizer Inc., saddled by merger costs, reported a second-quarter loss of $3.59 billion and overall revenue below market expectations, in delivering its first results since its April acquisition of Pharmacia.

The world’s largest drug company said Friday it lost 48 cents per share for the quarter, reversing a 31 cent gain in the period a year ago that came on net income of $1.96 billion.

Pfizer — whose products include cholesterol-lowering drug Lipitor and impotence drug Viagra — said it earned 30 cents per share adjusted for the merger and other costs, a penny above a consensus estimate of analysts.

Legislation

Tax proposal aimed at helping manufacturers

Manufacturers who have been shedding jobs and slowing production would get a helping hand with tax cuts and equipment write-offs, House Ways and Means Committee Chairman Bill Thomas said Friday as he revealed a $120 billion tax cut for businesses.

The nation’s small and medium businesses — those with taxable incomes less than $10 million — would benefit from a 3 percentage point reduction in the top corporate income tax rate. That rate would fall to 32 percent from 35 percent.

Critics said it would encourage companies to move jobs abroad.

Telecommunications

Wireless deal in works

Regional telephone operator Qwest Communications International Inc. and Sprint PCS are close to making a deal where Qwest would offer its own-brand services on Sprint’s wireless network, according to a report on Friday in the Wall Street Journal’s online edition.

Qwest, which does not have a national wireless phone network, could offer services to consumers in its own region and to business customers across the country through the deal, the Web site said, citing people familiar with the situation.

Banking

Commerce ups dividend

Commerce Bancshares Inc. announced a 36.4 percent increase in its regular quarterly dividend to 22.5 cents a share, payable Sept. 26 to shareholders of record as of Sept. 12.

The banking company operates several branches in Lawrence.