Business and Finance
AT&T'S EARNINGS leaped 41% in the second quarter, sharply higher than expected. The company cited cost-cutting efforts, including trimming jobs, consolidating facilities and writing down the value of inventories. Long-distance telephone revenue also showed strong growth.</br></br>Jim Walter Corp. received a $50-a-share, or $2.03 billion, leveraged buyout proposal from Kohlberg Kravis. The proposal sent the stock of the home builder and building-materials supplier soaring $12.50, to $58, indicating a higher offer is expected.</br></br>---</br></br>Two prominent Texas investors propose to raise up to $300 million to take control of several failing S&Ls and merge them into the largest savings association in the state.</br></br>---