Pfizer tops 2Q profit forecasts

NEW YORK (AP) — Pfizer Inc. on Tuesday reported second-quarter profit of $3.07 billion.

The New York-based company said it had profit of 51 cents per share. Earnings, adjusted for one-time gains and costs, came to 67 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The drugmaker posted revenue of $12.9 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $13.02 billion.

Pfizer shares have increased 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 10 percent. The stock has dropped 10 percent in the last 12 months.

Apple beats Street 3Q forecasts

CUPERTINO, Calif. (AP) — Apple Inc. (AAPL) on Tuesday reported fiscal third-quarter net income of $8.72 billion.

The Cupertino, California-based company said it had profit of $1.67 per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.

The maker of iPhones, iPads and other products posted revenue of $45.41 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $44.71 billion.

Apple shares have increased 30 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 percent. In the final minutes of trading on Tuesday, shares hit $150.05, an increase of 41 percent in the last 12 months.

Sprint posts rare profit

OVERLAND PARK, Kan. (AP) — Sprint said Tuesday that it should be able to “strike a deal” in the “near future,” driving up shares of the fourth-largest U.S. wireless carrier.

The Overland Park, Kansas, company also posted its first quarterly profit in three years as it cut costs.

Debt-heavy Sprint has been trying to turn its business around, and CEO Marcelo Claure said on a call with analysts Tuesday that it could “sustain itself” alone. But he said that the cost savings and potential benefits of hooking up with another phone company or a cable company would leave Sprint in a better position. Claure said that “we think in the near future, we should be able to strike a deal with one of the different players.”