Blockbuster, the largest U.S. movie rental chain, posted a higher-than-expected quarterly profit as it cut costs by closing stores, reducing advertising and overhead expenses.

Retailer J.C. Penney reported a 50 percent drop in quarterly profit Thursday as weak demand forced it to cut prices to clear unsold merchandise, but the results were better than Wall Street expected.

CBS said it is buying media firm CNET for $11.50 a share, a move that will make the broadcaster one of the top 10 Internet companies in the United States.

CEO compensation at the biggest U.S. corporations dropped sharply last year, reflecting in part the rough business conditions at top-tier banks and other large financial firms, a study has found.

European earnings were mixed Thursday, with forecast-beating results out from London-based SABMiller and UK telecom BT and a drop in profit for financial KBC.

European shares traded flat Thursday afternoon, with BT Group up more than 4 percent on the back of robust results while Barclays fell after refusing to rule out a rights issue.

European shares were expected to open down on Thursday in a heavy session for earnings, when Barclays, Credit Agricole and Zurich Financial report results.

United Airlines and Continental Airlines are talking about forming an alliance to gain some benefits of working together without going through a merger, which Continental rejected last month, a person close to the talks said. 

China ordered fresh waves of helicopters and aid into earthquake-devastated areas as severed roads, aftershocks and the sheer magnitude of 15,000 or more dead defied increasingly desperate rescue efforts. 

Asian markets ended mostly higher Thursday after investors welcomed benign U.S. consumer data which eased inflation fears. South Korea led the advanced finishing over 2 percent higher.

General Electric plans to auction off its appliances business for as much as $8 billion, ending the company's long association with so-called "white goods," the Wall Street Journal reported.

Stocks finished higher Wednesday, despite profit-taking in the last half-hour of trading, as Wall Street cheered what appeared to be a tame inflation reading.

American International Group Chairman Robert Willumstad said Wednesday the global insurance giant's directors stand behind Chief Executive Martin Sullivan, fending off concerns raised by investors frustrated by two quarters of record losses.

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