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NEW YORK (AP) — Stocks are heading higher in early trading on Wall Street as investors welcome good news on the U.S. economy. Nike jumped after turning in higher profits, and Janus Capital Group soared following news that it has hired famed bond-fund manager Bill Gross.
WASHINGTON (AP) — The government is reporting a solid rebound in the gross domestic product after a dismal winter. The Commerce Department says the U.S. economy expanded at an annual rate of 4.6 percent from in the April-to-June quarter, the fastest pace in more than two years. That follows a decline of 2.1 percent in the first three months of the year. The improvement is even better than the 4.2 percent estimate made a month ago.
SANTA CLARA, Calif. (AP) — Intel will pay up to $1.5 billion for a 20 percent stake in a Chinese venture that will design and make Intel-branded chips for mobile phones and other electronics. Intel is attempting to become a tougher competitor in the mobile chip business, which it has been unable to dominate the way it has desktop and laptop computers. The company is also pushing for a larger share of China's growing mobile market, which is already the largest in the world.
TORONTO (AP) — BlackBerry says it posted a loss of $207 million in the second quarter. It lost two cents per share on an adjusted basis on revenue of $916 million. That was smaller than its loss of $965 million a year ago. The news comes two days after the embattled Canadian company launched a new large-screen, square phone called the Passport as it tries to regain market share lost to Apple's iPhones and Google-powered Android phones.
BERLIN (AP) — Passengers on European airlines may soon be able to use cell phones and tablet computers at any time during flights. New safety guidelines issued today by the European Aviation Safety Agency give airlines discretion to allow passengers to use electronics for the entire flight without the putting them into "airplane mode." Before allowing devices to be used, airlines will need to certify that their planes aren't affected by transmission signals.