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Byline: - Staff and Wire Services

United Online has hike in Q1 income

WOODLAND HILLS - United Online Inc. saw its net income increase in the first quarter, but the Internet services company reported Wednesday that its revenue slipped slightly. For the first three months of the year, net income improved to $12.7 million, or 20 cents per share, up from $11.5 million, 18 cents per share, in the same period a year ago. Revenue dipped slightly to $127.3 million from $130.5 million.

Oaks mall owner to buy anchors

THOUSAND OAKS - The Macerich Co. will acquire the Macy's and Robinsons-May buildings at its mall, The Oaks, as part of an 11-building purchase from Federated Department Stores Inc., the retailer announced Wednesday. Terms of the sale were not announced, but the deal is expected to close in the latter part of the year. Federated, which owns a third property at the mall, will continue to operate under the Macy's name at the site.

ISM report show services growing

WASHINGTON - America's service sector expanded with gusto and factories saw orders shoot up by the largest amount in nearly a year, fresh evidence the economy is pushing ahead at a good clip into the spring.

The Institute for Supply Management reported Wednesday that its index of service-sector activity stood at 63 in April, compared with 60.5 in March. A reading of 50 and above points to a growing service sector, while a figure below 50 signals contraction. April's showing was better than analysts' forecast of 59.2.

Fourteen of the 17 service sectors that the institute's index measures showed increased activity in April.

In a second report, the Commerce Department said new bookings placed with manufacturers jumped by 4.2 percent in March, a notable pickup from the 0.4 percent increase in February.

P&G reports Q3 profit jumps 37%

CINCINNATI - Procter & Gamble Co. said Wednesday that its third-quarter profit jumped 37 percent, but the consumer products company's stock slid on weaker than expected sales figures and a fourth-quarter earnings forecast that was below Wall Street projections.

The maker of Tide detergent, Pampers diapers and Crest toothpaste earned $2.21 billion, or 63 cents a share, for the quarter ended March 31, compared with $1.61 billion, or 59 cents per share, a year ago. Revenue rose 21 percent to $17.3 billion from $14.3 billion a year ago, helped by the company's acquisition of Gillette Co. last year.

The earnings were above the 61 cents expected by analysts surveyed by Thomson Financial, but the revenue was below their estimate of $17.6 billion.

Nasdaq beefs up its stake in LSE 

LONDON - Nasdaq Stock Market Inc., which dropped a takeover bid for the London Stock Exchange PLC earlier this year, said Wednesday it has increased its stake in Europe's oldest bourse to 18.9 percent from just under 15 percent.

The purchases are the second major move by the U.S.-based electronic exchange to increase its share of the LSE since it abruptly abandoned its 2.4 billion pound ($4.4 billion) bid in March.