Profits

Apple's stock is on a tear following the electronics giant's announcement it would buy back $60 billion in stock and boost its dividend 15% to $3.05 a share. The huge buyback plan and dividend increase eclipsed a somewhat disappointing second-quarter earnings report in which profit dipped for the first time in a decade. The company also forecast that its earnings in the current quarter would be lower. Apple shares are up more than $20 to $426.79 in after-hours trading. The stock closed at $406.13, up $7.64, in regular trading.

Apple released its fiscal second-quarter earnings, reporting better-than-expected revenue but the first year-over-year quarterly profit decline since 2003. The company posted profit of $9.5 billion, or $10.09 a share, and revenue of $43.6 billion. During the same quarter last year, Apple reported profit of $11.6 billion, or $12.30, on revenue of $39.2 billion. Apple sold 37.4 million iPhones in the quarter, compared with 35.1 million in the year-ago quarter. IPad sales totaled 19.5 million compared with 11.8 million in the year-ago quarter.

Heavy-equipment maker Caterpillar Inc. reported a 45% drop in first-quarter profit and cut its full-year outlook amid a slowdown in its mining business. The Peoria, Ill., company said mining companies continue to reduce their spending and new equipment orders remain weak after a surge last year. But Caterpillar said its sales in China increased in the quarter ended March 31, and that it's becoming more optimistic about the U.S. housing sector. "What's happening in our business and in the economy overall is a mixed picture," said Doug Oberhelman, Caterpillar's chairman and chief executive.

Most people have probably encountered Avery Dennison Corp. products without even knowing it. The Pasadena company makes self-adhesive labels used on a wide variety of consumer goods: beer and wine bottles, shampoo and personal care items, pharmaceuticals and food. It also makes labels and tags attached to clothing. You know those annoying plastic fasteners that connect price tags to shirts, dresses and other clothing? Yep, they make those too. "We're everywhere you look, and you don't think about us a whole lot," said Dean A. Scarborough, the company's chief executive.

Dozens of medical marijuana activists rallied outside Los Angeles City Hall last week, declaring war on an enemy. Their target was not the federal government, whose agents raided several local dispensaries in recent days, or neighborhood groups trying to shut down the city's estimated 700 pot shops. The enemy was fellow medical marijuana advocates. Three competing measures on the May 21 city ballot have divided L.A.'s lucrative medical cannabis industry, with each side accusing the other of trying only to protect profits, not do what is best for patients.

UnitedHealth Group Inc., the nation's largest health insurer, said its first-quarter profit dropped 14% as medical costs climbed higher. The Minnetonka, Minn., company said its health plan membership increased 18% in the quarter to 42 million people, boosted by international growth. But UnitedHealth's biggest expense, medical costs, shot up 13% in the quarter to $22.6 billion. Analysts expressed some surprise at the increase in medical costs since some hospital chains and other medical providers have reported weaker patient volume.

Bank of America Corp. quadrupled its first-quarter profit, reducing expenses and loan losses and reporting better brokerage and investment banking results, but continued to be bogged down by its mortgage operations, disappointing investors. Trying to regain forward momentum after two years of downsizing, the nation's second-largest bank said Wednesday its revenue fell 8% from last year to $23.9 billion. That was better than the $23.4 billion Wall Street had expected, in contrast with rival megabanks Wells Fargo & Co. and JPMorgan & Co., which missed analysts' estimates for revenue when they reported results last week.

Frankie Stein, Clawdeen Wolf and the other not-so-mean girls at Monster High stole Barbie's thunder in the first quarter as sales of the toys led Mattel Inc. to more than quadruple its profit. Sales of Mattel's Other Girl line, headed by Monster High, were up 56% compared with the first quarter of 2012. The colorful dolls that are supposedly the offspring of famous monsters have leaped into second place in the El Segundo company's doll lineup. Barbie is still the queen bee at age 54, but sales of the iconic doll were down 2%. The fastest roller coaster and other record-setting thrill rides Mattel reported a profit of $38.5 million, or 11 cents a share, in the quarter that ended March 31, a leap up from $7.8 million and 2 cents a share in the same period a year ago. Revenue was up 7% to $995.6 million.

Tesco PLC's ambitious U.S. experiment -- 5-year-old grocery chain Fresh & Easy -- has failed after costing its British parent billions of dollars, the company said Wednesday. After a strategic review of the brand in the last year, during which Tesco had indicated it might limp back across the pond to lick its wounds, the largest British grocer confirmed its “ exit from the United States .” Tesco will attempt to sell Fresh & Easy and its 200 stores in California, Arizona and Nevada.

Citigroup Inc.'s first-quarter profit jumped 30% as the giant bank tries to emerge from the shadow of the financial crisis under new Chief Executive Michael Corbat. Citi said Monday it earned $3.8 billion, or $1.23 a share, in the first quarter, up from $2.9 billion, or 95 cents, during the same period a year ago, beating analysts' estimates. The bank's shares gained $1.15, or 2.6%, to $45.93 in early trading on Wall Street. Revenue of $20.5 billion grew 6% from $19.4 billion in the first quarter of last year.