EARNINGS

APPLE 3Q PROFIT BOOSTED BY IPOD, MAC SALES Apple Computer Inc.’s bottom line was aided in the third quarter by a 3-cents-a-share tax benefit, but that strong margins lifted profits at the computer maker nonetheless, Chief Financial Officer Peter Oppenheimer said. In an interview with Dow Jones, Mr. Oppenheimer said the increased profitability came as Apple saw strong sales of its new Macintosh computers running chips from Intel Corp. The Cupertino, Calif., company sold 1.33 million computers during the three-month period, a performance Oppenheimer called “fantastic.” Sales were strong in the education market, and the company’s share of the American retail market for laptops rose to 12% in June from 6% in January, he said.

– Dow Jones Newswires

INTEL CFO: INVENTORY GREW MORE THAN EXPECTED IN 2Q Intel Corp.’s chief financial officer, Andy Bryant, said yesterday that there was more inventory in the second quarter than expected. During an interview with Dow Jones Newswires, Mr. Bryant said Intel isn’t concerned, given the excess inventory is for is 64-nanometer processors, an area in which the company would like to have some extra inventory. According to Mr. Bryant, Intel’s target for revenue in its third quarter marks a 7.5% increase, which is at the low end of seasonal patterns.

– Dow Jones Newswires

JPMORGAN’S 2Q PROFIT TRIPLES ON TRADING, CREDIT CARDS JPMorgan Chase & Co.,the third-biggest American bank, said second-quarter profit more than tripled to a record as trading rebounded and fewer credit card customers defaulted on debts.The company’s shares had their biggest one-day gain in more than three years after earnings topped analysts’ estimates. New York-based JPMorgan said net income climbed to $3.54 billion, or 99 cents a share, from $994 million, or 28 cents, a year earlier. Revenue rose 19% to $14.9 billion.

– Bloomberg News

WALL STREET

YAHOO STOCK FALLS TO BIGGEST ONE-DAY DROP Yahoo’s stock price plunged by nearly 22% yesterday, marking its largest one-day drop ever after the Internet powerhouse postponed a pivotal change to the advertising formula that propels its profits. The Sunnyvale, Calif.-based company jarred Wall Street with the unexpected delay late Tuesday after announcing solid second-quarter results that mirrored analyst estimates.Yesterday, Yahoo Inc.’s shares plummeted $7.04, or 21.8%, to close at $25.20 on the Nasdaq Stock Market. The downturn surpassed a 20.9% downturn in Yahoo’s stock in October 2000 after the company warned investors it was about to be hard hit by the dot-com bust.

– Associated Press

INTERNET

WTO TO PROBE LIMITS ON INTERNET GAMBLING The WTO yesterday set up a panel to investigate whether American restrictions on Internet gambling comply with international trade rules. The Caribbean country of Antigua and Barbuda had asked for the World Trade Organization to set up the panel after consultations with America failed to yield a solution.The dispute centers on whether Washington should drop prohibitions on Americans placing bets in online casinos.

– Associated Press