Ex-Qwest CEO gets six years in prison

DENVER -- Joe Nacchio, the former Qwest Communications chief who was forced to resign during a multibillion-dollar accounting scandal, was sentenced to six years in prison Friday for illegally selling $52 million in stock while not telling investors his telecommunications company faced serious financial risks. Nacchio was ordered to forfeit the $52 million within 15 days. He received a maximum $19 million fine and two years' probation after he serves his sentence. Once a federal prison is chosen for him, he is to report within 15 days. He was denied bail while he appeals his conviction.

Fortune's profit tops expectations

DEERFIELD -- Fortune Brands Inc. posted better-than-expected quarterly earnings Friday as strong demand for its Titleist golf equipment and spirits such as Jim Beam bourbon largely offset the impact of the housing market downturn on home products sales. The Deerfield-based company, whose other brands include Moen faucets, reported second-quarter net income of $232 million, or $1.48 per share, down 6 percent from $247.8 million, or $1.63 per share, a year earlier, when a tax-related gain boosted results.

Six Flags posts second-quarter loss

NEW YORK -- Six Flags Inc., the second-largest U.S. theme-park operator and owner of Great America in Gurnee, posted a second-quarter net loss of $45.4 million, or 54 cents a share, compared with a loss of $39.6 million, or 48 cents, a year earlier. The New York-based company said sales rose 6.1 percent to $344.8 million. Profit was reduced by increased advertising to draw more families with children instead of groups of teenagers, said the company.

Chevron makes $5.38 billion

SAN RAMON, Calif. -- Chevron Corp., based in San Ramon, said Friday it made $5.38 billion, or $2.52 per share, during the three months ended June 30. That represented a 24 percent increase from net income of $4.35 billion, or $1.97 per share, a year earlier.