Also

* Avon Products Inc. said second-quarter profit rose 12% to $154.9 million, or 64 cents a share, because of higher sales in Europe and the U.S. and gains from currency trades. Sales rose 3.9% to $1.51 billion.

* USFreightways Corp.’s second-quarter net income fell 48% to $5.94 million, or 22 cents a share, as the regional trucker reduced the value of assets at the freight management unit it is considering selling. Operating earnings matched analysts’ average estimate of 38 cents.

* Level 3 Communications Inc.’s chief executive denied he sought shares in initial public offerings as a “sweetheart deal” for giving more business to Citigroup Inc.’s Salomon Smith Barney unit. James Crowe’s statement came in response to claims in a lawsuit filed by former Salomon broker David Chacon, who said the brokerage rewarded top executives of telecommunications clients with thousands of shares from stock offerings underwritten by the firm.

* Tyco International Ltd., whose stock has plunged 79% this year amid criticism of the firm’s accounting and management oversight, said it plans to increase the size of its board to 15 directors from 11. Tyco plans to ask for shareholder approval of the plan at a meeting Sept. 5.

* Conseco Inc. said it has agreed to sell its variable annuity business to Inviva Inc. for an undisclosed amount.