NEW YORK — Rupert Murdoch's News Corp. reported higher earnings in its latest quarter today, one week after the media conglomerate wrapped up a three-month campaign to buy Wall Street Journal publisher Dow Jones & Co.

Murdoch, speaking on a conference call with analysts and reporters, said he had high hopes for Dow Jones' potential, saying there was no better company to exploit the "burgeoning demand for global financial information."

At the same time, Murdoch also took aim at the $5 billion deal's critics — several of whom said the quality and independence of the paper could suffer under Murdoch.

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BUSH EXPRESSES CONFIDENCE MARKET WILL CALM DOWN

WASHINGTON — President Bush struck a reassuring tone today about recent turbulence on Wall Street, saying he believes the markets will work their way through the turmoil safely and achieve a "soft landing."

Bush, in his most extensive remarks on a gyrating stock market that has sent investors on a rollercoaster ride, expressed confidence that investors would eventually calm down. The president said he expects investors to reassess their risk and begin to focus more on the economy's fundamentals, which he said are solid and sound.

Investors are concerned about a worsening housing slump and possibly a widening credit crunch — an uneasiness of recent weeks that they fear could permeate the financial system and the national economy.

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AIG REPORTS 34% JUMP IN QUARTERLY PROFITS

NEW YORK — American International Group Inc., one of the world's largest insurers, today said its second-quarter profit jumped 34 percent on growth in its general and life insurance businesses and its asset management group.

AIG President and Chief Executive Martin J. Sullivan took steps to defuse investor concern over its exposure to the troubled subprime mortgage lending market, saying in a statement that the company continues "to be very comfortable with our exposure to the U.S. residential mortgage market, both in our operations and our investment activities."

Defaults on subprime loans, or those made to people with poor credit, have climbed sharply in recent months and have triggered concern about the impact on credit markets worldwide. AIG has potential exposure to that industry as an investor, lender and mortgage insurer.

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SPRINT NEXTEL PROFITS PLUMMET FROM YEAR BEFORE

KANSAS CITY, Mo. — Wireless provider Sprint Nextel Corp. today said second-quarter profits dropped sharply, but it still beat Wall Street estimates and had positive news on subscriber growth for the first time in almost a year.

The Reston, Va.-based company, with operational headquarters in Overland Park, Kan., said it earned $19 million, or 1 cent per share, during the three months ending June 30, compared with $370 million, or 10 cents per share, during the same period a year ago.

Not counting one-time amortization, the company said it earned 25 cents per share, beating the 22 cents per share prediction of analysts surveyed by Thomson Financial.

Revenue during the quarter rose about 2 percent from $10 billion to $10.16 billion, missing Wall Street's estimate of $10.2 billion.

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REVLON LOWERS SECOND-QUARTER LOSSES

NEW YORK — Revlon Inc. reported narrowed second-quarter losses today as the New York-based cosmetics company reaped benefits from a restructuring program initiated last year, a solid rise in sales and better cost controls.

The company, which is controlled by financier Ron Perelman and markets such products as Almay cosmetics and Charlie perfume, said it lost $11.3 million, or 2 cents per share, for the three months ended June 30. That compared with $87.1 million, or 20 cents a share in the year-ago period.

Revenues rose almost 9 percent to $349.2 million, up from $321.1 million. Analysts surveyed by Thomson Financial had expected losses of 7 cents per share and revenues of $325.93 million.

Shares rose 13 cents, or 12 percent, to $1.17 today.

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AUTO SUPPLIER DELPHI LOWERS NET LOSS

DETROIT — Delphi Corp. today posted a narrower net loss during the second quarter that reflected charges for its restructuring and estimated costs related to lawsuits over allegations of accounting improprieties that led to restated earnings.

The Troy-based auto supplier and former parts-making operation of General Motors Corp. reported a net loss of $821 million, or $1.46 a share, compared with a loss of $2.3 billion, or $4.05 a share, during the same period last year. Last year's second quarter included charges of $1.9 billion related to U.S. employee attrition programs.

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N.Y. CABLE PROVIDER GAINS, BUT LOWERS FULL-YEAR ESTIMATES

NEW YORK — Cablevision Systems Corp., a New York-area cable TV provider, reported higher profits today following an asset sale, but lowered its full-year revenue and profit estimates.

The company, which has 3 million cable subscribers in the New York area and owns Radio City Music Hall and Madison Square Garden, earned $317.4 million in the three months ending in June, compared with $14.6 million a year ago. Per-share earnings rose to $1.08 from 5 cents.

Cablevision's stock rose 28 cents to $34.00 today.

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TRADE GROUP PREDICTS LOWER HOME SALES IN 2007

WASHINGTON — Home sales will hit a five-year low this year, as wary lenders cut back on loans for many borrowers, a trade group for real estate agents said today.

The National Association of Realtors' revised forecast calls for existing home sales of 6.04 million in 2007, down 6.8 percent from last year. The forecast was 1 percent lower, or 70,000 fewer homes, than July's prediction of 6.11 million.

This year's sales would be the lowest since 2002, when sales hit 5.63 million. Last year's sales were 6.48 million.

Next year, the trade group expects sales to climb to 6.38 million, up slightly from the forecast it gave in July of 6.37 million.

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OIL, GAS FUTURES FALL AFTER DAY OF FLUCTUATIONS

NEW YORK — Oil and gas futures fell today as investors reacted cautiously to a government report showing an unexpected drop in refinery activity and big declines in oil and gasoline inventories.

Oil and gas futures jumped immediately after the report's release, then alternated between gains and losses for the rest of the day. The mixed response may signify that overall sentiment is turning.

Addison Armstrong, an analyst at TFS Energy Futures LLC in Stamford, Conn., thinks many of the speculators who have driven oil prices higher in recent weeks are continuing to sell, taking profits out of the rally. Investors may also be reluctant to buy because of what happened last week, when oil prices jumped to records, then steeply declined after the government reported a sharp drop in oil inventories.

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CISCO'S PROFIT UP ON STRONG ROUTER SALES

SAN FRANCISCO — Cisco Systems Inc. shares jumped 7 percent after the network equipment maker reported fiscal fourth-quarter results that beat Wall Street's expectations and boosted its financial forecast.

Cisco's profit jumped 25 percent as it continues to see strong sales of the routers and switches that direct traffic over the Internet and other technologies tied to a boom in multimedia online content.

The company said after the market closed yesterday that net income for the period ended July 28 was $1.93 billion, or 31 cents per share, compared with $1.54 billion, or 25 cents per share, during the same quarter a year ago.