Global Investing Roundups

Freddie Mac's Grim Quarter; Sprint Swings to 2Q Loss; Time Warner Could Dump AOL; Lonmin Rejects Xstrata Offer; Ambac Posts Record Net Profit; Playboy Stripped of Earnings; Oil Prices Continue Slide

  • Freddie Mac (FRE) yesterday (Wednesday) posted a second-quarter loss that was more than three-times larger than Wall Street expected, The Associated Press reported. Freddie lost $821 million, or $1.63 a share, for the quarter that ended June 30, compared with a profit of $729 million, or 96 cents a share, in the year-ago period. Revenue fell to $1.69 billion from $2.34 billion. Stock analysts surveyed by Thomson Financial expected a loss of just 53 cents a share.

  • Sprint Nextel Corp. (S) reported a $344 million loss yesterday (Wednesday), compared with a profit of $19 million a year ago. Revenue fell 11% to $9.06 billion. Sprint ended the quarter with just under 52 million customers, down from 54 million customers a year ago.

  • Time Warner Inc.'s (TWX) second-quarter earnings fell 26% on declining subscriber fees at its AOL online unit and lower ad revenue at the Time publishing business, The Associated Press reported. Time Warner said net income fell to $792 million, or 22 cents per share, from $1.07 billion, or 28 cents per share, a year ago. The media conglomerate also took legal and tax steps that make it possible to split its AOL online business and sell it in parts.

  • Oil prices fell below $118 a barrel yesterday (Wednesday) - $30 below their July 11 high. Light, sweet crude for September delivery settled 59 cents lower at $118.58 a barrel, after earlier falling as low as $117.11.