AP - United Airlines parent UAL Corp. said Tuesday it lost $2.73 billion in the second quarter on a combination of accounting charges and high fuel prices, and said it would reduce its work force by 7,000 people by the end of 2009 as it permanently reduces the amount of flying it does.

AP - Shares of Apple Inc. fell sharply as investors focused more on the company's cautious guidance for the current quarter than on the blockbuster Macintosh and iPod sales during the previous three-month period.

Reuters - A quick look at U.S. airline shares on Tuesday showed double-digit oil-inspired gains across the board, but three gloomy earnings reports underscored the havoc that soaring energy prices have wreaked on carriers.

AFP - Ericsson, the world leader in mobile phone network equipment, reported a 70 percent collapse in net profit for the second quarter on Tuesday and a two-thirds fall in operating margins.

AP - Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.