U.S. stocks slump as growth figures disappoint

Date: Fri, 30 Jul 2010 12:00:58 -0400

U.S. STOCKS SLUMP AS GROWTH FIGURES DISAPPOINT
U.S. stocks fall Friday after government data showed economic growth
slowed in the second quarter, though they regain some lost ground
after better-than-expected reports on consumer confidence and
manufacturing.

MERCK'S PROFIT DROPS ON MERGER COSTS, REVAMP
Merck & Co. reports sharply lower second-quarter earnings, its bottom
line dragged down by costs associated with its recent takeover of
rival Schering-Plough Corp and a continuing restructuring program.

CHEVRON PROFIT TRIPLES AS REFINING RECOVERS
Chevron on Friday said its second-quarter net income tripled on higher
crude prices and a 3% rise in oil production, as the oil giant beat
Wall Street's profit target.

AEP'S QUARTERLY NET FALLS ON ONE-TIME COSTS
American Electric Power's second-quarter net earnings fall, but
adjusted profit comes in ahead of analysts' consensus forecast.

ROSY SECOND-HALF OUTLOOK LIFTS ALCATEL-LUCENT
Shares of Alcatel-Lucent rise as much as 8% as the telecoms-equipment
giant reports in-line underlying earnings.