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Business News

Oil and Gold Punished Yesterday



Federal Reserve Chairman Janet Yellen returns to Capitol Hill today this time to talk to the House of Representatives.  

Bank of America posted a second quarter profits of $2.04 billion, down 43% from last year as the bottom fell out of the mortgage market.  The bank produced $13.7 billion in new home loans during the quarter down 59% from last year.  Litigation costs also shot up to $4 billion as B of A tries to settle loan disputes leftover from the financial crisis.  (Reuters)

Oregon’s largest employer, Intel, beat street estimates posting a profit of 55 cent a share.  The company was able to increase its profit margins during the quarter and its PC client business grew by 9%.  (CNBC)

For the fifth straight month retail sales increased showing the consumer is still out buying.  Sales, ex autos, are up 4.3% from last June.  Online and catalogue retailers are seeing even better than average sales up 8.1% over the last 12 months. (USA Today)

Producer prices increased 0.$% in June after falling in May.  That is a little hotter than expected, but inflation at the manufacturing level remains in check. (Associated Press

Thought your last flight was crowded?  Boeing is working on a high capacity 737 designed to carry up to 200 persons on short haul flights.  That is about a 10% increase in travelers over the current configuration. (Bloomberg)
 


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