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Business News

Sales at U.S. retailers unexpectedly dropped in June. Purchases decreased 0.3% after a 1% gain in May. Eight of 13 major retail categories showed declines in demand. An early Memorial Day holiday that may have boosted sales in May at the expense of last month, and a longer school year caused by the harsh winter probably contributed to the more subdued sales performance for the quarter. Consumer spending accounts for almost 70%. (Bloomberg)

Bank of America's profits more than doubled in the second quarter, helped by lower legal costs. The banking giant had profits of  $4.99 billion. BofA's consumer banking division, its largest business by revenue and profits, had net income of $1.7 billion in the quarter. (AP)

Yum Brands,  the owner of Pizza Hut and KFC, reported its fourth straight quarter of falling sales, as the company struggles to regain lost ground in China. Yum's same-store sales in China plunged 10%. Overall, revenues fell 3% to $3.11 billion. Profits fell 30% $235 million.  (Reuters)

China's economy appears to be steadying, with quarterly growth coming in at 7% year-over-year. That beat forecasts, but renewed long-standing concerns over data accuracy. (CNBC)

CSX Corp.'s second-quarter profit improved 5% on lower costs, even though the number of shipments the railroad delivered declined slightly. Total volume at CSX, which operates more than 21,000 miles of track in 23 Eastern states and two Canadian provinces, slipped 1%. Coal revenue fell another 15%. Crude oil shipments increased modestly, but shipments of fracturing sand declined in the quarter, indicating reduced drilling activity. (AP)

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