Helped by deep cost cuts, Motorola Inc. on Thursday posted an unexpected profit for the second quarter after several quarters of losses, and said it expected things to keep improving this year.

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Surprise Profit at Motorola

Helped by deep cost cuts, Motorola Inc. on Thursday posted an unexpected profit for the second quarter after several quarters of losses, and said it expected things to keep improving this year.

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Surprise Profit for Motorola

The government was considering suspending its popular car trade-in program Thursday night on concerns it is quickly depleting the $1 billion allocated for rebates

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Feds May Suspend “Cash For Clunkers”

There may need to be a new award for short-sightedness in Washington DC: The Clunker Award.

The U.S. Transportation Dept. is expected on Friday to announce a suspension of the popular “Cash for Clunkers” program that rewards car buyers for trading in old cars and trucks for new, more fuel efficient vehicles after just one week. Federal officials fear that a backlog of applications for rebates will quickly exhaust the fund, and will tell dealers on Friday to stop closing sales that depend on the government money.

The White House was working feverishly Thursday night to find a way to avert a suspension of the program.

The controversial program gives vehicle buyers either $3,500 or $4,500 depending on the vehicle being traded in and the vehicle purchased. Dealers began making sales based on the extra rebates earlier this month, weeks before the government began processing transactions last Friday. The backlog swamped the DOT’s ability to process the sales.

A suspension of the program would be a blow to a beleaguered auto industry, which just began seeing an upturn in sales thanks in part to the program. Automaker executives have said in recent days that July sales should clock in at an annualized rate of 12 million, compared with a rate of less than 10 million last month and for the first half of the year.

Congress last month approved the Car Allowance Rebate System (CARS) following the success of similar programs in Europe. It was supposed to be funded by $4 billion. But differences over the details between California Democrats and Midwest Democrats forced a compromise that granted only $1 billion. Legislators expected to revisit the program in the Fall for a second funding, as well as additional debate about modifying the details of the bill.

Through Wednesday, almost 23,000 vehicles had been purchased through the program. At least another 25,000 were believed to be sitting in the system unprocessed yet. And the fear is that dealers may have already processed more than 200,000 sales that haven’t been sent in yet. The DOT is concerned that sales are being made faster than the agency can process them, and that money will be promised to consumers beyond the $1 billion allocated so far.

Michigan Congresswoman Candace Miller (Dem.) spent Wednesday and Thursday lobbying Speaker of the House Nancy Pelosi to find additional funding before Congress adjourns.

“There can be no doubt that the Cash for Clunkers program is a complete success given the fact that the entire $1 billion allocated to the program was expended in less than a week,” said Miller late Thursday when word got out of the program’s suspension. “This is simply the most stimulative $1 billion the federal government has spent during the entire economic downturn. The federal government must come up with more money, immediately, to keep this program going. Whether we look at returned TARP funds or reprogram stimulus funds to a truly stimulative purpose, the administration must take action.”

Cash For Clunkers Faces Possible Suspension

What Wall Street analysts are saying about selected stocks in the news Thursday

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Analyst Picks and Pans: General Electric, McDonald’s, Symantec

Mick Jones has watched classic rock bands like the Eagles, AC/DC and Journey reach new levels of popularity thanks to Wal-Mart; now he wants to get his band, Foreigner, in on the action. “To me, the most important thing is that the band regains recognition…

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Wal-Mart – Business – Mick Jones – Classic rock – Allegedly Unethical Firms

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Mick Jones talks about Foreigner’s Wal-Mart deal

Amazon.com’s takeover of its Internet retail competitor likely isn’t just a cash-out for Zappos’ founders such as Tony Hsieh

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Amazon-Zappos: Not the Usual Silicon Valley M&A

The government planned to suspend its popular car trade-in program Thursday night on concerns it is quickly depleting the $1 billion allocated for rebates

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Feds to Suspend “Cash for Clunkers”

Casino operator Wynn Resorts Ltd. said Thursday its second-quarter net income fell 91 percent, hurt by lower gambling revenue and the continuing costs of opening the Encore at Wynn Las Vegas casino, but the profit topped forecasts. The company, run by…

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Wynn Resorts – Encore Las Vegas – Casino – Gambling – Net income

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Wynn Resorts’ 2Q profit falls but beats estimates

HOUSTON (Reuters) – Exxon Mobil Corp reported a steeper-than-expected drop in quarterly profit as natural gas and crude oil prices slid from a year ago and the global recession hurt demand for fuel.

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Exxon profit tumbles 66 percent, misses Street view

Cablevision Systems Corp. said Thursday that its board has approved a plan to spin off as a separate company its Madison Square Garden business, owner of the New York Knicks, Rangers and the famed sports arena where they play. In a widely anticipated move,…

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Madison Square Garden – New York Knicks – Cablevision – United States – New York

Cablevision to spin off Madison Square Garden

LONDON (Reuters) – Oil rose above $64 a barrel on Thursday, boosted by stock markets in Europe and Asia, better than expected corporate results and data suggesting the economic downturn was bottoming out.

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Oil bounces above $64 on stock markets, data

Cereal maker Kellogg Co. said Thursday its profit rose 13 percent in the second quarter, boosted by higher prices and cost cutting, even though the stronger dollar hurt the company’s sales. The maker of Frosted Flakes, Cheez-Its and Eggo waffles said its…

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Frosted Flakes – Eggo – Kellogg Company – Cheez-It – Business

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Kellogg profit rises 13 percent in 2Q

NEW YORK/LONDON (Reuters) – Aggressive cost cutting helped NYSE Euronext beat earnings expectations for a second straight quarter Thursday, and the company expects staff reductions to yield more savings.

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NYSE Euronext beats Street as costs fall

NEW YORK (Reuters) – MasterCard Inc, the world’s second-largest credit card network, reported better-then-expected quarterly earnings Thursday as it raised fees and cut expenses, sending its shares up 6.5 percent.

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MasterCard unveils strong earnings, shares rise