AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, April 20, 2007:

Stocks Point to Higher Open

NEW YORK (AP) _ Stocks pointed to a higher opening Friday as investors reacted favorably to strong earnings from Google Inc. late Thursday. The Internet search company reported a 69 percent increase in first-quarter profit and exceeded analyst expectations _ which the company has done in 10 of the 11 quarters since its initial public offering. The results helped assuage some investors who had been cautious about the technology sector after disappointing earnings earlier in the week from companies such as Yahoo Inc.

___

Nacchio Convicted of 19 of 42 Charges

DENVER (AP) _ In the latest in a series of convictions against corporate executives, one-time CEO Joe Nacchio was found guilty of illegally selling $52 million in stock amid an accounting scandal that nearly sank Qwest Communications. Nacchio left the federal courthouse with his wife and son Michael after Thursday's verdict, declining to comment yet determined to appeal the 19 insider trading convictions, each of which carries a sentence of up to 10 years in prison and a $1 million fine.

___

Bank Group Ordered to Discuss Wolfowitz

WASHINGTON (AP) _ The World Bank's board on Friday ordered an ad hoc group to discuss the fate of president Paul Wolfowitz, whose leadership has been thrown into turmoil by revelations that he helped his girlfriend get a high-paying job. The 24-member board, in a statement released in the early morning, expressed its "great concern" over the matter and instructed the ad hoc group to take up the matter "immediately." Officials believed the ad hoc group _ whose representatives were not identified _ would convene later on Friday.

___

Google Inc.'s 1Q Profit Rises 69 Percent

SAN FRANCISCO (AP) _ Just like its Internet-leading search engine has a knack for finding the information people ask for, Google Inc. keeps giving Wall Street what it wants _ scintillating earnings growth that eclipses analyst estimates quarter after quarter. The company has flashed its financial prowess once again, reporting a 69 percent increase in first-quarter profit to surpass analyst projections by 38 cents per share. Google has now delivered pleasant earnings surprise in all but one of 11 quarters since going public in August.

___

U.S. Wheat Farmers Sue Australia's AWB

WICHITA, Kan. (AP) _ U.S. wheat farmers have filed a class-action lawsuit against Australian wheat exporter AWB Ltd., alleging it paid bribes and kickbacks to the Saddam Hussein regime that cost wheat growers in America millions of dollars in lost sales. The lawsuit, filed Monday in federal district court in New York City, contends AWB and its subsidiary AWB (U.S.A.) Ltd. were involved in a bribery and money laundering conspiracy that included various agencies of the Iraqi government, a Jordanian trucking company and international shipping companies. It also alleges violations of U.S. antitrust laws.

___

Shooting at Lockheed Plant Spawns Suit

JACKSON, Miss. (AP) _ Doug Williams had undergone psychological evaluation for a racially charged argument with a fellow worker less than two years before he went on a shooting rampage at a Mississippi Lockheed Martin plant in 2003, killing six people and injuring eight. Now the family of one victim alleges that Milwaukee, Wis.-based NEAS Inc. and Meridian-based Psychology Associates failed to address the racism and rage that erupted in one of the nation's deadliest workplace attacks.

___

Investors Forgive Struggling AMD

SAN JOSE, Calif. (AP) _ Advanced Micro Devices Inc. had a disastrous first quarter, incurring a loss twice as large as analysts expected. However, investors forgave the struggling chipmaker, sending the company's already-depressed shares higher on signs a fierce price battle with Intel Corp. was waning and management is getting serious about cutting costs. "Everybody expected AMD to have a terrible quarter _ and if it's terrible, what's two times terrible?" said JoAnne Feeney, senior research analyst with FTN Midwest Securities Corp. "That's water under the bridge. At this point everybody wants to know if this company can become more profitable. And at this point, it seems like the company is saying all the right things."

___

Automakers Display New Products in China

SHANGHAI, China (AP) _ Global automakers are putting their hottest new products on display in Shanghai, counting on design, quality and technology to give them an edge against newcomer Chinese car makers in the world's fastest-growing major market. All the big global names are in China's biggest city this week for the Shanghai Auto Show, a biennial event showcasing the one-time bicycle kingdom's newfound devotion to the motor vehicle.

___

Lawyers Cope With Bankruptcy Law Online

WASHINGTON (AP) _ Patrick McMahon, a consumer-bankruptcy lawyer in San Francisco, had only a couple of days to help a client file for bankruptcy to prevent foreclosure on his home. There was just one problem: a new bankruptcy law that took effect in 2005 obligated the client to take a credit counseling class first. McMahon directed the client to a Web site that offered the class online. The client took it "at midnight," McMahon said. The foreclosure was stopped.

___

Eating Out Risky When It Comes to Sodium

DES MOINES, Iowa (AP) _ Americans trying to shake the salt habit aren't getting much help when they go out to eat. Despite repeated warnings by health experts about the consequences of over-salted diets, big fast food and casual dining restaurant chains either have made little apparent effort to reduce sodium in their food or simply don't disclose the amounts.

___

Gold Prices

HONG KONG (AP) _ Gold closed at $686.05 an ounce on Friday in Hong Kong, up $1.15 an ounce from Thursday's close of $684.90.

___

Japan Markets

TOKYO (AP) _ Japanese stocks rebounded from a sharp loss the previous day as investors bought up machinery and brewery shares ahead of the start of earnings season next week.

___

Dollar-Yen

TOKYO (AP) _ The dollar advanced against the yen in Asia Friday as speculators led by U.S. hedge funds took cues from rising Asian stocks to buy the greenback.

A service of The Associated Press. Copyright 2007 All rights reserved.