Major local employer: Capital One Financial

Capital One Financial Corp. second-quarter earnings fell 40 percent due to a sharp increase in its loan-loss provision amid deterioration in the credit markets.

The financial-services firm's net income fell to $452.9 million, or $1.21 per share, from $750.4 million, or $1.89 per share, a year earlier.

Analysts polled by Thomson Financial had forecast, on average, higher earnings of $1.31 per share for the quarter.

Total revenue fell nearly 5 percent to $3.35 billion from $3.51 billion a year ago.

Capital One stock gained $5.52, or 14.8 percent, to close at $42.80 in the regular session before the company reported results. Shares fell $1.28, or 3 percent, to $41.52 in after-hours trading. -- The Associated Press

Richmond-based firms: Media General Inc.

Richmond-based Media General Inc. reported a preliminary loss for the second quarter, hurt by severance costs and a drop in advertising revenue.

The company, which owns the Richmond Times-Dispatch, said it lost $129,000, or 1 cent per share, in the quarter that ended June 30. It posted profit of $5.1 million, or 22 cents per share, in the same period of 2007.

The most recent results were reported as preliminary because the company expects to take a noncash impairment charge, to reflect a reduction in value of its intangible assets, of between $500 million and $550 million. It expects to detail the amount when it files its quarterly report with the Securities and Exchange Commission by Aug. 8.

President and Chief Executive Marshall N. Morton said the company decided to re-evaluate its assets now because of "the continued economic slowdown and the market's perception of media industry equity valuations."

The quarterly results include severance charges of 14 cents per share, plus discontinued operations consisting of five television stations that have been or will be sold.

Excluding severance charges, income from continuing operations in the second quarter was 8 cents per share.

Analysts, whose estimates typically exclude one-time charges, expected profit of 6 cents per share, according to Thomson Financial.

Revenue for the second quarter was $204.9 million, down 10.2 percent from the year-earlier period.

Morton said the results reflect a weakening economy and a challenging business environment for Media General's publishing division, which oversees the operations of 25 daily newspapers and about 275 weekly newspapers and other publications.

The division's profit fell 69.9 percent to $6.8 million. Newspaper advertising revenue declined 17.1 percent.

The company's broadcast division reported a drop in revenue of 5.7 percent for the quarter, while profit declined 17.2 percent to $14.9 million. The company owns 20 network-affiliated television stations.

Media General's interactive media division, which includes Web sites affiliated with the company's newspapers and televisions stations, had a quarterly loss of $656,000, compared with a profit of $359,000 in the 2007 quarter. Revenue rose 13.7 percent to $10.6 million.

Media General shares rose $1.16, or 10.2 percent, to close at $12.47 yesterday on the New York Stock Exchange.

-- John Reid Blackwell

Dow industrial firms: JPMorgan Chase & Co.

JPMorgan Chase & Co.'s profit fell 53 percent to $2 billion, or 54 cents per share, in the April to June period, down from $4.23 billion, or $1.20, in the same quarter last year.

Revenue slipped 3 percent to $18.4 billion.

JPMorgan shares rose $4.86, or 13.5 percent, to $40.80.

-- The Associated Press

IBM Corp.

IBM Corp.'s second-quarter profit jumped 22 percent to $2.77 billion, or $1.98 per share.

The results were 16 cents per share higher than analysts expected.

Last year IBM earned $2.26 billion, or $1.55 per share, for the same period.

Sales for the period rose nearly 13 percent to $26.8 billion, about $900 million more than analysts expected.

IBM stock rose 58 cents to $126.52 during regular trading session before the company reported results. Shares gained an additional $2.40, or 1.9 percent, to $128.92 in after-hours trading.

-- The Associated Press

Coca-Cola Co.

Coca-Cola Co.'s profit fell 23 percent to $1.42 billion, or 61 cents per share, from $1.85 billion, or 80 cents, in the year-ago quarter.

Revenue rose 17 percent to $9.05 billion from $7.73 billion.

Coca-Cola Co. shares fell $2, or 3.82 percent, to $50.34.

United Technologies

United Technologies Corp.'s second-quarter profit rose 11 percent to $1.28 billion, or $1.32 per share, from $1.15 billion, or $1.16, a year earlier.

The results beat Wall Street analysts.

Quarterly revenue increased 12.7 percent to $15.7 billion.

Shares of United Technologies closed at $64.70, up $3.59, or nearly 6 percent.

-- The Associated Press