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Oshkosh posts $26.9 million profit in Q2

Oshkosh Corp., owner of JLG, which has factories in Bedford County, reported second-quarter profit of $26.9 million on Thursday.

On a per-share basis, the Oshkosh, Wis.-based company said it earned 41 cents.

Comcast beats Wall Street expectations for Q2 earnings

Comcast Corp. reported net income of $3.4 billion in the second quarter on Thursday.

The Philadelphia-based company said it had net earnings of 76 cents per share. Earnings, adjusted for investment costs and amortization costs, were $1.01 per share. The results exceeded Wall Street expectations.

Congress approves bill to help US computer chip companies

The House passed a $280 billion package to boost the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with its international rivals, namely China.

The House approved the bill by a solid margin of 243-187. The measure now goes to President Joe Biden to be signed into law, and it offers the White House a major victory in domestic politics.

Apple still booming despite falling Q3 earnings

Apple’s profits have tumbled over the past quarter, but the world’s biggest tech company is holding up better than many of its peers as the economy teeters on the brink of recession.

As it grappled with manufacturing headaches and inflationary pressures that vexed a wide range of businesses, Apple saw its profit for the April-June period fall 10% while its revenue edged up. by 2%. Both figures were better than analysts had expected.

Amazon shows a loss of 2T; revenues exceed estimates

Amazon reported its second consecutive quarterly loss, but its earnings beat Wall Street expectations, sending its stock soaring.

Seattle-based e-commerce giant Amazon lost $2 billion, or 20 cents per share, in the three months ended June 30 due to a $3.9 billion writedown of the value of its equity investment in the start-up of electric vehicles. Rivian Automotive.

It posted revenue of $121.2 billion, beating Wall Street expectations of $119 billion.

Facebook ends funding for US press partnerships

Meta Platforms says it will no longer pay US news agencies to have their material appear on Facebook’s News tab as it reallocates resources amid the economic downturn.

The company said Thursday that most of its users don’t come to Facebook for news. He said it doesn’t make sense to invest in areas that don’t match his users’ preferences.

Jobless claims fell last week

Fewer Americans applied for unemployment benefits last week, but the number from the previous week was revised up significantly, with applications exceeding the 250,000 level in consecutive weeks for the first time in addition eight months.

Claims for unemployment assistance for the week ending July 23 fell 5,000 to 256,000 from 261,000 the previous week, the Labor Department reported Thursday.

Average long-term mortgage rates in the United States are falling

Average long-term U.S. mortgage rates fell this week just as the Federal Reserve announced another sharp rate hike in its bid to tame high inflation for four decades.

Mortgage buyer Freddie Mac reported on Thursday that the 30-year rate fell back to 5.3% from 5.54% last week. A year ago, the 30-year average rate was 2.8%.

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