H&R Block posts loss
H&R Block Inc., the nation's largest tax preparer, reported a second-quarter loss of $52.2 million on Tuesday as its mortgage and investment service units continued to struggle.
For the three-month period ending Oct. 31, the Kansas City, Mo.-based company lost 32 cents per share, compared with earnings of $10.4 million, or 6 cents per share, in the same period a year ago.
H&R Block released the numbers after the market closed Tuesday. In the day's trading, the company's shares dropped 15 cents to close at $48.45 on New York Stock Exchange. In after-hours trading, shares were down $1.90 per share, or 4 percent.
Communications
Cingular to cut jobs
Cingular Wireless LLC will cut about 10 percent of its 68,000 jobs during the next 12 to 18 months as it combines operations with the recently acquired AT&T Wireless.
Many of the 7,000 or so job cuts will come from administrative ranks, while relatively few if any would come from customer service, CEO Stan Sigman said Tuesday.
No cuts are expected until January to prevent disruptions during the key holiday-selling season.
Earnings
Heinz squeezes out second-quarter profit
H.J. Heinz on Tuesday reported higher second-quarter profits but missed expectations, while offering tempered guidance.
The Pittsburgh-based food company posted net income of $199 million, or 56 cents a share, compared with $191.5 million, or 54 cents a share, in the year-ago period. Based on continuing operations, the company also earned 56 cents a share. Analysts expected 59 cents a share, according to Thomson First Call.
Money
Dollar hits low vs. euro
The U.S. dollar slid to yet another new low Tuesday against the euro, which rose above $1.31 for the first time after a weekend meeting of the world's top finance officials failed to send any signal of forthcoming action to stop the dollar's slide.
The European currency rose as high as $1.3105 in afternoon trading in Europe, breaking the previous record of $1.3074 set Thursday. Late in New York, the euro eased slightly but remained above its previous peak, trading at $1.3080.
Aviation
Airbus may challenge Boeing jetliner concept
Airbus hopes to get the green light within days to launch a new plane to rival to Boeing Co.'s 7E7 "Dreamliner," the head of the European plane maker said Tuesday.
Airbus SAS chief executive Noel Forgeard said he was "reasonably optimistic" that parent European Aeronautic Defence and Space Co. would approve the launch of the planned A350 when its board meets next week.
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