Qwest Communications

Qwest Communications International Inc. on Tuesday reported a jump in third-quarter net income, although revenue dipped as consumers continued to move away from traditional telephone lines.

Chief Executive Officer Edward Mueller, who was appointed in August, added to uncertainty among analysts and investors by declining to provide details about his plans for the telecommunications company until he completes a strategic review, expected by year end.

The uncertainty didn't sit well with investors as shares of Denver-based Qwest fell nearly 14 percent, closing at $7.06 — a 52-week low.

"I think a complete holistic plan from a new CEO is the right thing to do," Mueller told analysts during a conference call.

Shares of Denver-based Qwest fell 12 percent by the afternoon, hitting a 52-week low.

For the quarter ended Sept. 30, Qwest reported net income of $2.07 billion, or $1.08 per share, compared with $194 million, or 9 cents per share, in the third quarter of 2006.

The surge in income was due to a tax benefit of $2.15 billion, compared with a tax benefit of $43 million in the previous year's quarter. Qwest also recorded $353 million in charges during the most recent period, stemming from settlements of shareholder lawsuits.

Excluding the special items, earnings would have been $269 million, or 14 cents a share, Chief Financial Officer John Richardson said.

Operating revenue declined 1.5 percent to $3.43 billion from $3.49 billion in the year-ago quarter.

Total access lines fell 7.2 percent, reflecting a move by consumers away from traditional phones to cell phones and phone service from cable companies. Qwest also saw a 19 percent drop in wholesale long-distance services.

Procter & Gamble Co.

Procter & Gamble Co., the largest U.S. consumer-goods maker, forecast full-year profit that trailed analysts' estimates on slowing U.S. consumer spending.

The shares fell the most in eight months even as the company reported a 14 percent increase in first-quarter profit.

Sales rose 7.5 percent to $20.2 billion, missing analysts' estimates of $20.3 billion, the maker of Tide laundry detergent said today. A weaker dollar accounted for 3 percentage points of the increase

Nevada Chemicals

Nevada Chemicals Inc., based in Salt Lake City, reported net income of $1.5 million, or 21 cents per share, for the third quarter ended Sept. 30. That compares with $816,000, or 12 cents per share, for the same quarter in 2006.

The company said the increase was due primarily to a litigation settlement with Degussa Corp., its joint venture partner, and variances in tax accruals.

Revenues and equity in earnings of its joint venture for the quarter totaled $1.9 million, up from $1.8 million a year earlier.

The company, through a 50-percent stake in Nevada-based Cyanco, produces chemicals used in the gold mining industry.

Qwest Communications

Qwest Communications International Inc. on Tuesday reported a jump in third-quarter net income, although revenue dipped as consumers continued to move away from traditional telephone lines.

Chief Executive Officer Edward Mueller, who was appointed in August, added to uncertainty among analysts and investors by declining to provide details about his plans for the telecommunications company until he completes a strategic review, expected by year end.

The uncertainty didn't sit well with investors as shares of Denver-based Qwest fell nearly 14 percent, closing at $7.06 — a 52-week low.

"I think a complete holistic plan from a new CEO is the right thing to do," Mueller told analysts during a conference call.

Shares of Denver-based Qwest fell 12 percent by the afternoon, hitting a 52-week low.

For the quarter ended Sept. 30, Qwest reported net income of $2.07 billion, or $1.08 per share, compared with $194 million, or 9 cents per share, in the third quarter of 2006.

The surge in income was due to a tax benefit of $2.15 billion, compared with a tax benefit of $43 million in the previous year's quarter. Qwest also recorded $353 million in charges during the most recent period, stemming from settlements of shareholder lawsuits.

Excluding the special items, earnings would have been $269 million, or 14 cents a share, Chief Financial Officer John Richardson said.

Operating revenue declined 1.5 percent to $3.43 billion from $3.49 billion in the year-ago quarter.

Total access lines fell 7.2 percent, reflecting a move by consumers away from traditional phones to cell phones and phone service from cable companies. Qwest also saw a 19 percent drop in wholesale long-distance services.

Procter & Gamble Co.

Procter & Gamble Co., the largest U.S. consumer-goods maker, forecast full-year profit that trailed analysts' estimates on slowing U.S. consumer spending.

The shares fell the most in eight months even as the company reported a 14 percent increase in first-quarter profit.

Sales rose 7.5 percent to $20.2 billion, missing analysts' estimates of $20.3 billion, the maker of Tide laundry detergent said today. A weaker dollar accounted for 3 percentage points of the increase

Nevada Chemicals

Nevada Chemicals Inc., based in Salt Lake City, reported net income of $1.5 million, or 21 cents per share, for the third quarter ended Sept. 30. That compares with $816,000, or 12 cents per share, for the same quarter in 2006.

The company said the increase was due primarily to a litigation settlement with Degussa Corp., its joint venture partner, and variances in tax accruals.

Revenues and equity in earnings of its joint venture for the quarter totaled $1.9 million, up from $1.8 million a year earlier.

The company, through a 50-percent stake in Nevada-based Cyanco, produces chemicals used in the gold mining industry.