Mid-Day Minute - July 14

Goldman reports soaring 2Q profits

Goldman Sachs Group Inc. posted record second quarter earnings as revenue from trading and stock underwriting delivered all time high results. Revenue at the New York-based bank jumped 46 percent to $13.8 billion compared to the same period last year. Net earnings grew 65 percent to $3.43 billion compared to a year ago.

Treasury secretary says economy improving quicker than expected

Treasury Secretary, Timothy Geithner, on Tuesday said the U.S. economy is showing signs of improvement more quickly than had been expected. Geithner did not comment on calls by some economists for a second stimulus package on top of the $787 billion plan signed into law earlier.

J&J beats expectations

Johnson & Johnson on Tuesday reported that revenue for the second quarter was $15.2 billion, down 7.4 percent from the same period a year ago. The health products maker said its net earnings were $3.2 billion for the period, or $1.15 per share, down about 5 percent from the same period last year. A year ago, the firm earned $3.37 billion, or $1.18 per share. Analysts had expected $1.11 per share, according to Reuters Estimates.

Exxon makes $600 million investment in biofuel

Oil giant Exxon Mobil Corporation announced Tuesday it will invest more than $600 million and partner with biotech firm Synthetic Genomics Inc.to develop biofuels from photosynthetic algae at a large scale.

U.S. cabinet members in China to address clean energy

U.S. Energy Secretary Steven Chu and Commerce Secretary Gary Locke arrived in China - where they will stay until the 17th - to press the country to lower its tariffs on clean energy technology and to promote cooperation between the two countries into this sector.

Madoff relocates a second time
Jailed author of the biggest Ponzi scheme in U.S. history is on his the move again. He is currently being transferred from a medium security prison in Atlanta to an undisclosed location, according to the Federal Bureau of Prisons, CNN reported. Madoff arrived at the Atlanta prison on Tuesday after he was moved from his New York jail cell.

Airline capacity stabilizing

Global airline capacity, after cuts in the past year, is beginning to stabilize, according to aviation data firm OAG. Scheduled flights are down 3 percent in July compared with the same period last year, according to the report. According to a chart the heaviest capacity drop this year took place in February with a drop of 7 percent.

General Electric unveils product to save energy
General Electric today unveiled the Net Zero Energy Home, a system that will feature solar cells and energy storage products to save energy.

BA considers bonds issue

British Airways said Tuesday it is considering launching a convertible bonds issue to bolster its balance sheet, according to Reuters. The airline’s chairman, Martin Broughton said a rights issue was not appropriate due to a “number of key issues” coming up in the next twelve months.