TODAY'S PAPER
42° Good Morning
42° Good Morning
Business

Biz Buzz


LONG ISLAND


Misonix gains partner in Chile

Farmingdale-based Misonix Inc., an ultrasound medical device developer, has a new distribution partner in South America. Misonix has a new three-year exclusive distribution agreement with Osteotrauma Ltda., of Concepción, Chile. Osteotrauma will sell and distribute the SonaStar Ultrasonic Surgical Aspirator and the BoneScalpel Ultrasonic Bone Cutter throughout Chile, Misonix said. The agreement includes annual minimum purchase requirements. "Osteotrauma supplies a wide range of specialty medical products to the Chilean market with a focus on neurosurgery and spine surgery," Misonix said in yesterday's announcement. -- JOSEPH MALLIA


NATION


Dog days for auto sales likely

Auto sales were expected to rise only slightly in July, adding to concerns in the industry that Americans are pulling back on car buying. Analysts predicted a small increase in U.S. sales of new cars and trucks. A lack of discounts and lingering shortages of Japanese cars kept many buyers away. Americans also worried about the economy. "There's definitely some weakness kind of looming out there," said Jeff Schuster, executive director of global forecasting at J.D. Power and Associates. Sales started strong this year but have slowed as the economy's growth faltered and Japan's March earthquake caused shortages of popular models sold by Honda and Toyota. The unemployment rate rose to 9.2 percent earlier this summer, the highest level this year, and consumer confidence is shaky. But July wasn't a total loss. Sales of compact cars and newer, more fuel-efficient SUVs rose. Truck sales were down, however, hurt by continuing weakness in construction. Sales rose 8 percent at General Motors, led by fuel-efficient vehicles. Ford Motor Co. said sales rose 6 percent. The new Ford Explorer was a strong performer, with sales more than double those of a year ago. The Fiesta saw sales rise 58 percent. Chrysler Group Llc said its sales rose 20 percent. It was helped by new products such as the Jeep Grand Cherokee, which saw sales jump 76 percent. -- AP


Pfizer's 2Q profit rises 5%

Generic competition cut deeper into drugmaker Pfizer Inc.'s sales in the second quarter -- with the U.S. patent expiration for its cholesterol fighter Lipitor, the world's top-selling drug, just five months away. The world's biggest drugmaker eked out a 5 percent profit increase, thanks to lower taxes and reduced restructuring charges from its 2009 purchase of Wyeth. Still, Pfizer shares dropped nearly 5 percent. The Manhattan-based maker of erectile dysfunction pill Viagra said its net income was $2.61 billion, or 33 cents per share, up from $2.48 billion, or 31 cents a share, in 2010's second quarter. But its underlying profit, excluding one-time items, declined 4 percent from a year ago, to $4.73 billion, or 60 cents a share. -- AP


CBS net income, ad revenue up

Broadcaster CBS Corp. said yesterday that its net income more than doubled in the second quarter, helped by new deals with online distributors such as Netflix and a small increase in advertising revenue. Net income came to $395 million, or 58 cents per share, compared with $150 million, or 22 cents per share, a year ago. Revenue grew 8 percent to $3.59 billion. The results beat the forecast of analysts polled by FactSet, who were looking for earnings of 45 cents per share on revenue of $3.55 billion. Advertising revenue rose 3 percent from last year, despite being compared with higher political advertising and higher revenue for the NCAA college basketball tournament a year ago. This year, CBS shared coverage of the tournament with Time Warner Inc.'s Turner. That reduced revenue, but it also lowered costs and improved profits. -- AP

More news