AFP - Mobile phone maker Sony Ericsson announced Friday it was cutting 2,000 jobs worldwide after reporting an operating loss in the second quarter due to difficult market conditions and the global economic slowdown.

AP - Wall Street was mixed Friday as disappointing earnings from technology companies like Google Inc. and Microsoft Corp. offset upbeat results from Citigroup Inc.

AP - The banking sector looked a little brighter for a second straight day Thursday after JPMorgan Chase & Co. reported better-than-expected results despite a spike in mortgage and other loan defaults.

Reuters - Google Inc reported a weaker-than-expected 35 percent rise in net profit as the company blamed lower returns from managing its huge cash pile rather than softening sales of online advertising.

AP - RED FLAG: Although its growth rate remains impressive, Google's earnings missed analyst estimates and CEO Eric Schmidt acknowledged the economic climate is "challenging."

AP - THE PROFIT: IBM Corp.'s second-quarter profit rose 22 percent, easily beating Wall Street's expectations. The Armonk, N.Y.-based company is benefiting from continued strength in its services division despite growing economic worries.

Reuters - Microsoft Corp posted a quarterly profit and outlook below Wall Street expectations on Thursday, citing "tough" economic conditions, and its shares fell 6 percent.