WorldCom exec ordered false reports, jurors hear

NEW YORK -- Confronted with deteriorating finances at WorldCom, CEO Bernard Ebbers repeatedly insisted the company had to "hit our numbers," the former chief financial officer testified Tuesday. Scott Sullivan told jurors at Ebbers' fraud trial that he informed the CEO in the fall of 2000 that it could only meet Wall Street expectations by booking improper figures to boost revenue and hide expenses. The government contends the remark was a command from Ebbers for Sullivan and WorldCom accountants to commit fraud -- a fraud that eventually grew to $11 billion and drove the telecommunications firm into bankruptcy in 2002.

Cisco Systems profits go below expectations

SAN JOSE, Calif. -- Cisco Systems Inc.'s profits rose in the fiscal second quarter, though sales missed expectations, as the company continued to see strength both in its traditional router and switching businesses and advanced technologies such as Internet phones. The San Jose-based network equipment maker also said Tuesday that it expects the upward trend to continue in the third quarter with year-over-year revenue growth as high as 10 percent, even though the period is historically one of the weakest.

Pfizer cancer drug gets clean bill of health

NEW YORK -- Pfizer Inc. said Tuesday that a study of one of its cancer drugs was ended early and all patients in the trial are being offered the medication because it was found to be safe and effective. The positive news came on the same day an analyst predicted Pfizer could fire up to 30 percent of its sales force as part of a restructuring. Pfizer spokesman Paul Fitzhenry said the company had initiated a comprehensive review of its business but that it was premature to discuss any layoffs. The company has about 38,000 sales people worldwide.

Krispy Kreme starts corporate layoffs

CHARLOTTE, N.C. -- Krispy Kreme Doughnuts Inc.'s turnaround efforts began in earnest Tuesday with the layoff of about 125 workers, or 25 percent of the work force, at its corporate headquarters and other key facilities. Krispy Kreme said the cuts would affect about one quarter of the workers at its Winston-Salem headquarters and at plants where doughnut mix is made, equipment is manufactured and doughnuts are distributed.