Novartis (NVS: chart) said net profit jumped to $1.65 billion, or 70 cents a share, in the second quarter ended June 30, up versus $1.51 billion, or 63 cents a share in the year-earlier comparable quarter.

Sales advanced 12% to $7.79 billion versus $6.97 billion, beating estimates. Net profit was also above expectations of $1.59 billion. Overall drugs sales grew 12% to $5.13 billion versus $4.57 billion. The company's best-selling medicine for the second quarter was Diovan, a treatment against high-blood pressure, which enjoyed sales of $912 million, posting a 20% growth vs. last year’s sales.

Operating profit from medicines that don't require a prescription, jumped 5% to $289 million versus $274 million, on a 10% growth in sales to $1.84 billion versus $1.66 billion.

Yum Brands' (YUM: chart) second-quarter revenue and profit were pushed higher by the sales growth in the U.S. and worldwide due to the openings of new restaurants. Yum posted earnings of $187 million, or 62 cents a share, for the quarter, which is up versus $178 million and 58 cents a year earlier and also 5 cents above the estimate of analysts. Revenue totaled $2.2 billion, up 4%, as the company opened more than 500 new restaurants during last year. Shares of Yum lost 1% to $51.71 ahead of the report.

Apple Computer (AAPL: chart) Wednesday posted a third-quarter profit of $320 million, or 37 cents a share, on revenue of $3.52 billion versus $61 million, or 9 cents a share, on revenue of $2.01 billion in the same quarter a year earlier. Apple’s financial results outpaced analysts’ forecast of a profit of 31 cents a share on $3.34 billion in revenue. IPod sales jumped to 6.15 million units vs. 860,000 last year.

Advanced Micro Devices Inc. (AMD: chart) Wednesday reported second-quarter net income of $11 million, or 3 cents a share, down vs. $32 million, or 9 cents a share, in the year-ago quarter, beating Wall Street's views of a loss 6 cents a share. Sales remained largely unchanged at $1.26 billion in the quarter. Shares of AMD closed at $19.25, down 12 cents.

M.D.C. Holdings Inc. (MDC: chart) after the closing bell Wednesday said quarterly net income totaled $102.6 million, or $2.25 a share, versus $82.6 million, or $1.87 a share a year ago. Analysts forecasted earnings of $2.06 a share. The company said quarterly revenue was $1.0 billion compared with $875.5 million a year earlier. Shares of M.D.C. Holdings advanced 40 cents to finish at $86.40 Wednesday.

Avid Technology Inc. (AVD: chart), digital media company, after the bell Wednesday said it forecasts a sequential revenue drop to $160 million in the second quarter, blaming the decline on lower video revenues due to less broadcast revenue and unfavorable currency translation. The company sees a net loss for the quarter of $12 million to $13 million, or 34 cents to 36 cents a share. On a pro forma basis, Avid expects earnings of $14.5 million to $15.5 million, or 40 cents to 42 cents a share, while analysts are looking for a profit of 58 cents per share on revenue of $171 million for the second quarter.

PPD Inc. (PPDI: chart) after the closing bell Wednesday posted second-quarter net earnings of $23.7 million, or 41 cents a share, versus $23.3 million, or 41 cents a share, a year earlier. Revenue totaled $224.9 million compared with $183.2 million last year. The company lifted its 3Q, 4Q and full-year 2005 outlook to a range of 43 cents to 45 cents earnings per share, 49 cents to 51 cents a share and $1.85 to $1.93 a share, respectively.