Countrywide quarterly profit drops; losses spread to prime loans

11:41 am ET Jul 24, 2007

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Countrywide quarterly profit drops; losses spread to prime loans

NEW YORK
Countrywide Financial Corp. reported a 33% drop in second-quarter net
income on Tuesday and signaled that problems in the subprime mortgage
market have spread to the highest-quality home loans.

McDonald's tallies quarterly net loss on $1.6 billion charge

CHICAGO
McDonald's Corp. on Tuesday reported a second-quarter net loss, dragged
down by a $1.6 billion charge related to its sale of restaurants in
Latin America to a franchiser, but the fast-food chain's same-store
sales spiked more than 7%.

Market Snapshot: U.S. stocks drop on credit, earnings worries

NEW YORK
Stocks dropped Tuesday in the face of renewed credit concerns and
disappointing profit reports from Dow component DuPont Co. and American
Express, as well as Countrywide Financial Corp.