Business & Finance News
Wall Street’s three major indexes rose slightly on Friday as Intel’s weak results put the techology sector under pressure and the energy index tumbled along with the price of oil and mixed first-quarter GDP data gave investors some pause.
Global stock markets edged higher on Friday as data showing U.S. economic growth accelerated in the first quarter offset corporate earnings disappointments, while the dollar fell against a basket of currencies.
Toyota Motor Corp said on Friday it was halting plans to install Dedicated Short-Range Communications (DSRC) technology, aimed at letting cars and trucks communicate with one another to avoid collisions, on U.S. vehicles beginning in 2021.
Uber Technologies Inc, the world’s largest ride-hailing company, plans an initial public offering that values the company lower than the startup’s insiders had hoped, between $80.5 billion and $91.5 billion.
Tesla Inc’s stock slumped over 5% on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.
Oil prices sank more than 3 percent on Friday after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
United Airlines said on Friday it expects to cancel about 900 flights in May and around 130 in April due to the grounding of Boeing’s 737 MAX jets.
U.S. stocks came under pressure on Friday, hit by weak results from Intel and Exxon Mobil, with mixed first-quarter GDP data adding to a somber mood.
White House economic adviser Kevin Hassett said on Friday that “ample progress” is being made in the U.S.-China trade talks.
Shares of Walmart, Target and other U.S. retailers fell on Friday as Amazon.com Inc unveiled a one-day delivery plan for its Prime members in a move to further disrupt the fiercely competitive retail landscape.
Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41% in the first quarter.
Chevron Corp on Friday pushed back at the potential for a rival to break up its $33 billion deal for Anadarko Petroleum Corp, saying the two companies had already begun meetings on a merger plan.
U.S. economic growth accelerated in the first quarter, but the burst in growth was driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, temporary boosters that are seen weighing on the economy later this year.
Tesla Inc’s stock slumped over 4% on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.
Oil prices tumbled more than 3 percent on Friday after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
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