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CORPORATE EARNINGS

Microsoft Corp. said fourth-quarter profits rose 81 percent as sales of Office programs and Windows corporate network software grew. Profits rose to $2.69 billion, or 25 cents a share, from $1.48 billion, or 14 cents, a year earlier when the company had legal costs from a settlement with Time Warner and higher stock-option costs. Revenue rose 15 percent.

Community Bank System of DeWitt said profits rose 21 percent in the second quarter to $12.1 million, or 40 cents per share, driven by a bank acquisition in Pennsylvania, fewer loan losses and increased loan demand. Net interest income from lending rose 17 percent to $37.5 million, while fee income rose 21 percent to $10.8 million.

Amazon.com Inc. swung to a $76.4 million profit in the second quarter as revenue leapt 26 percent, prodded by the Internet retailer's offer of free shipping. Amazon's earnings in the quarter ended June 30 amounted to 18 cents per share -- a penny below analysts' projection of 19 cents, according to Thomson First Call. In the comparable quarter last year, Amazon lost $43.3 million, 11 cents per share.

Wendy's International said second-quarter earnings rose 17 percent, led by sales at its Tim Hortons doughnut chain. Profits climbed to $71.6 million, or 62 cents a share, from $61.1 million, or 53 cents, a year earlier. Sales rose 16 percent to $908.9 million.

Sears, Roebuck & Co. said second-quarter earnings fell 83 percent and profit this quarter will be less than analysts' forecast. The retailer's shares declined 2.9 percent. Profits fell to $53 million, or 24 cents a share, from $309 million, or $1.04, a year earlier, when results included profit from a credit-card unit Sears sold. Revenue fell 14 percent.

JetBlue Airways Corp. said second-quarter profit fell 43 percent from a year earlier, and higher fuel prices will push down profit margins for the year. Profits declined to $21.5 million, or 19 cents a share, from $38 million, or 36 cents.

Coca-Cola Co. said second-quarter earnings climbed 16 percent because of higher demand for diet drinks in North America and surging sales in Asian markets led by China. Profits rose to $1.58 billion, or 65 cents a share, from $1.36 billion, or 55 cents, a year earlier. Sales increased 4.7 percent to $5.97 billion, boosted by a declining U.S. dollar.

Danaher Corp. said second-quarter profits rose 46 percent, helped by acquisitions and the expanding economy. Profits climbed to $182.2 million, or 56 cents a share, from $125.1 million, or 39 cents.

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