Also ...

A dissident band of Sallie Mae shareholders took control of its board at a special meeting, ending a bitter battle over the future of the newly privatized Washington, D.C.-based company. Student Loan Marketing Assn. stock shot up $4.81 to close at $149.94 on the New York Stock Exchange. In a separate vote, 80% of shareholders voted for the company to sever ties to the government instead of maintaining its partially private status. . . . U.S. companies’ second-quarter profits rose a more-than-expected 10%. With 414 of the S&P; 500 companies reporting, 58% beat estimates and 23% fell short, with the total growth exceeding the year-ago 8.9%. . . . Procter & Gamble Co.’s fiscal fourth-quarter earnings rose 13% before gains or charges to $611 million, or 87 cents a share, from $539 million, or 75 cents, a year ago. . . . Montgomery Ward Holding Corp. said it plans to close 44 specialty retail stores and cut 3,900 jobs in the first significant step of its plan to emerge from bankruptcy. The store-closing plan requires court approval. The stores to be closed are Montgomery Ward’s Lechmere, Home Image and Electric Avenue & More units. . . . A federal judge in Boston dismissed all but one claim in a complaint accusing current and former executives of the U.S. subsidiary of Swedish pharmaceutical giant Astra of sexual harassment on grounds the plaintiffs had signed settlement agreements with the company barring further action. . . . Hyundai Motor Co. and Daewoo Motor Co., Korea’s two biggest car makers, will each buy stakes in Kia Steel Co., helping their biggest rival stay afloat. The terms weren’t disclosed, though Hyundai and Daewoo will jointly manage the unit of Kia Group. . . . The Good Housekeeping Seal, an emblem of consumer value that has been around since 1909, is receiving extended warranty powers in a campaign unveiled by the magazine. Any product that carries the Good Housekeeping Seal, as well as all other products advertised in the 5-million-circulation monthly, now will come with twice the protection offered before. If the item proves defective within two years of the date of purchase, the magazine will replace it or refund the sale price.