Oil closes below $119 per barrelNEW YORK - Oil prices briefly dropped below $118 per barrel Wednesday - $30 below their record high - after a jump in U.S. crude and other fuel supplies fed beliefs that high energy prices are eating into demand.Light, sweet crude for September delivery finished the session down 59 cents at $118.58 per barrel on the New York Mercantile Exchange.It was crude's lowest settlement price since May 2; prices earlier fell as low as $117.11, a $30, or 20 percent, drop from their trading high of $147.27, reached July 11. Some investors believe a 20 percent pullback signals the beginning of a bear market.Sprint Nextel reports 2Q loss, stocks tumbleKANSAS CITY, Mo. - Sprint Nextel Corp.'s up-and-down road to recovery continued Wednesday as the company reported adjusted second-quarter results that beat Wall Street expectations as well as a slower loss of subscribers.But the nation's third-largest wireless carrier also said it expected customer losses to ramp back up next quarter and said was selling $3 billion in convertible stock, partly to pay down debt.Sprint lost $344 million, or 12 cents per share, versus earnings of $19 million, or 1 cent per share, during the same period a year ago.Sprint's shares tumbled $1.21, or 14.2 percent, to close at $7.34.Time Warner reports 2Q net drops 26%NEW YORK - Time Warner Inc.'s second- quarter earnings fell 26 percent on declining subscriber fees at its AOL online unit and lower ad revenue at the Time publishing business, the media conglomerate said Wednesday.The company affirmed its full-year financial targets after revenue rose at its film, cable and networks segments.Time Warner also took legal and tax steps that make it possible to split its AOL online business and sell it in parts.Miner Xstrata makes $10 billion bidGENEVA - A $10 billion takeover bid from Anglo-Swiss mining giant Xstrata PLC sent shares in rival Lonmin PLC soaring Wednesday, but the world's No. 3 platinum producer rejected the offer as too low.The London-based company urged investors not to sell as its stock shot up 50 percent after Xstrata offered 33 pounds per share - a 42 percent premium over Tuesday's closing price.Lonmin shares eventually closed 47.7 percent higher Wednesday.Countrywide sued over lending practicesHARTFORD, Conn. - Connecticut sued Countrywide Financial Corp. on Wednesday, becoming the latest state to take the mortgage lender to court over its lending practices.State Attorney General Richard Blumenthal alleged that Countrywide misled borrowers into taking on risky home loans they could not afford. California, Illinois, Florida and the city of San Diego have made similar claims in their own lawsuits against the company.CarMax to slow growth after sales dropRICHMOND, Va. - Used vehicle retailer CarMax Inc. said Wednesday it is reducing staffing levels and will temporarily slow its store growth after seeing a sharp drop in car and truck sales because of high gas prices.CarMax originally withdrew its fiscal-year sales and earnings guidance in June, after sales dropped beginning Memorial Day weekend. From the Memorial Day weekend through the end of May, CarMax said its same-store sales - or sales at stores open at least a year - fell 5 percent.Dubai buys 5th of circusDUBAI, United Arab Emirates - The government-controlled developer of palm-shaped islands off Dubai's coast and a related investment arm said Wednesday they have bought a 20 percent stake in international circus touring company Cirque du Soleil.Property developer Nakheel and investment company Istithmar World Capital did not say how much they paid for their share of the group.

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