GENERAL MOTORS PROFIT FALLS 80%

GM reported an 80% drop its 2Q net profit, with earnings hit by $1.5 billion in charges related to vehicle recalls and money set aside to fund a compensation plan for victims of car accidents linked to defective ignition-switches.

FORD 2Q PROFIT RISES 6%

Ford Motor's 2Q net income rose 6% to $1.3 billion, driven by a record quarter in North America, strong results in Asia and the first quarterly profit in Europe in three years. Revenue fell 1% to $37.4 billion. Shares rose 1% premarket.

CALPERS PULLS BACK FROM HEDGE FUNDS

Public pensions from California to Ohio, including the largest public pension fund in the U.S., Calpers. are backing away from hedge funds because of concerns about high fees and lackluster returns.

NOKIA SWINGS TO 2Q PROFIT

Finland's mobile-network maker Nokia said its expectations for 2014 have improved, as its financial performance in the latest quarter was boosted by the sale of its handset business to Microsoft.

IASB GIVES NON-U.S. BANKS A LOAN-ACCOUNTING OVERHAUL

European banks and other banks outside the U.S. will have to record losses on bad loans more quickly and set aside more reserves for loan losses under an overhaul of finance-accounting rules that global rule makers finalized.

AMERICAN AIRLINES PROFIT CLIMBS, SETS CAPITAL DEPLOYMENT PLAN

American Airlines unveiled a capital deployment plan that will cut its debt, provide additional pension contributions and return capital to shareholders as it announced its highest quarterly profit on record in the second quarter.

UNITED CONTINENTAL 2Q PROFIT RISES 68%

United Continental Holdings earned $789 million, or $2.01 a share, as passenger revenue climbed. Excluding items, EPS was $2.34. Revenue rose 3.3% to $10.33 billion. Results beat market expectations. Shares rose 4% premarket.

RAYTHEON'S PROFIT RISES 12%

Raytheon reported a 12% rise in 2Q profit, although a closely watched measure of new business fell short of analysts' expectations. Sales dropped at all four of its divisions, slipping to $5.7 billion.

CATERPILLAR'S 2Q REVENUE DISAPPOINTS

Caterpillar earned $999 million, or $1.57 a share, amid lower operating costs and strong construction results, while its mining-related business continued to post weak results. Earnings topped analysts' view; revenue came up short. Shares fell 2% premarket.

U.K.'S SFO BRINGS CHARGES AGAINST ALSTOM UNIT

The U.K.'s Serious Fraud Office said it brought criminal charges against a U.K. subsidiary of French power and transportation company Alstom over allegations of corruption.

EX-BANCO ESPÍRITO SANTO HEAD DETAINED

Ricardo Salgado, who until recently was chief executive of troubled Portuguese lender Banco Espírito Santo, has been detained for questioning as part of a three-year money-laundering and tax evasion investigation.

UNILEVER SEES SLOWDOWN IN EMERGING MARKETS

Unilever indicated a further sales slowdown in emerging markets, even as first-half profit grew on the back of a number of disposals.

SABMILLER SALES, VOLUMES RISE IN 1Q

The world's No. 2 brewer SABMiller said sales and beer volumes rose steadily in the first three months of its financial year, buoyed by strong growth in Africa and Europe.

ELI LILLY PROFIT FALLS 39% ON PATENT EXPIRATIONS

Eli Lilly said its 2Q profit slid 39% to $733.5 million, or 68 cents a share, as patent expirations for some of its bigger-selling drugs dragged down revenue and volume. Revenue slid 17% to $4.94 billion.

BASF PROFIT LIFTED BY SPECIALTY CHEMICALS

German chemicals giant BASF said that second-quarter net profit jumped 12%, boosted by its industrial and specialty chemicals division.

BOEING CLINCHES DEAL TO SELL PARTS TO IRAN

Boeing has agreed the conditions by which it could sell aircraft spare parts to state-owned Iran Air, a move that could lead to the first sale of products by a U.S. aerospace company to the Islamic republic since 1979.

CANON PROFIT JUMPS 22%

Canon Inc. said its net profit jumped 22% in the April to June period thanks to surging sales of multifunction office devices and industrial equipment. The office equipment and camera maker said its net profit rose to 80.8 billion yen.