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GM 1Q earnings fall 60 percent, triggering stock slide

General Motors’ first-quarter net income fell 60 percent from a year ago, and its shares fell even though the numbers beat Wall Street estimates. GM says earnings and revenue fell because shipments to dealers dropped as factories were closed to retool for new full-size pickup trucks. Shares of GM tumbled 2.4 percent to $37.18 in Thursday midday training. …read more […]

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Senate panel advances bill protecting special counsel

The Senate Judiciary Committee voted Thursday protect special counsel Robert Mueller’s job, putting the matter in the hands of Senate Majority Leader Mitch McConnell, who has said he won’t let the bill reach Senate floor. Republicans have split amid President Donald Trump’s repeatedly criticism of Mueller’s Russia investigation. …read more […]

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ConocoPhillips profit tops estimates on rising oil prices, cost cuts

ConocoPhillips (COP.N), the world’s largest independent oil and natural gas exploration and production company, posted a bigger-than-expected quarterly profit on Thursday, helped by rising crude prices (CLc1) and cost cuts. Results at Conoco, like many of its peers, have steadily improved in recent quarters alongside commodity prices and as better technology makes operations more efficient. Also, Conoco’s stock has risen as the company has prioritized cost cuts and asset sales over production increases. …read more […]

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Qualcomm profit tops estimates on higher modem chip sales

The results announced on Wednesday, particularly in Qualcomm’s smartphone chip business, were in contrast to those from major mobile phone components makers in Asia including TSMC and SK Hynix Inc , which have warned of slower growth in their smartphone chip divisions. While revenue from Qualcomm’s modem chips business – its largest – rose 6 percent in the three months ended March 25, revenue from its licensing business plunged 44 percent, reflecting the loss of revenue due to a high-profile patent battle with Apple Inc (AAPL.O). Qualcomm said it sees about 5 percent growth in modern mobile …read more […]

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Ford accelerates cost-cutting plan, will drop most U.S. sedans

Ford Motor Co (F.N) on Wednesday outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers. Ford Chief Executive Jim Hackett told investors the company is undergoing “a profound refocus” of its operations and may exit unprofitable businesses. Ford said it expects pretax profit margins of 8 percent globally and 10 percent in North America by 2020, ahead of a previous target of 2022. …read more […]