Apple snaps out of iPhone slump, but for what’s next?
SAN FRANCISCO (AP) — Apple has snapped out of the first sales slump in the iPhone’s decade-long history, but the upturn doesn’t mean that the pioneering company has broken out of its innovation funk. If anything, the numbers released Tuesday in Apple’s fiscal first-quarter report served as the latest reminder of the company’s growing dependence on the iPhone while fruitlessly trying to come up with another breakthrough product since its chief visionary, Steve Jobs, died in 2011.
A rare swing and miss from Under Armour in 4Q; shares plunge
BALTIMORE (AP) — Under Armour, typically a star on earnings day, suffered a rare miss in the fourth quarter, sending shares plunging 23 percent. The company’s extended streak of soaring revenue growth going back years rose 12 percent, just over half what the Baltimore company has established as its norm.
Stocks battle to a mixed finish as drugmakers rally
NEW YORK (AP) — US stocks finish mixed as industrial companies and banks fall, but investors bid up stocks that pay big dividends, like utilities. Health care companies rally after a meeting between President Donald Trump and drug company executives. The Dow Jones industrial average falls as recent gainers like Goldman Sachs and Boeing decline.
At a moment of uncertainty, Fed likely to leave rates alone
WASHINGTON (AP) — The Federal Reserve is all but sure to leave interest rates alone when it ends a policy meeting Wednesday at a time of steady gains for the U.S. economy but also heightened uncertainty surrounding the new Trump administration.
CEO Jeff Bezos says Amazon backs suit opposing Trump order
SEATTLE (AP) — Amazon founder and CEO Jeff Bezos says the Seattle-based company supports a lawsuit filed by Washington state’s attorney general against President Donald Trump and the administration over Trump’s executive order on immigration and refugees. Fellow Washington state-based companies Microsoft and Expedia are also supporting the suit, which was filed in U.S. District Court in Seattle on Monday.
Exxon reports big drop in 4Q profit, takes gas write-down
DALLAS (AP) — Exxon Mobil posted its smallest quarterly profit in more than 17 years as low oil and gas prices pushed the company to write down the value of some natural gas holdings in the United States. The 40 percent decline in fourth-quarter profit capped Exxon’s weakest year since 1998.
Pfizer swings to 4Q profit after rough year, hikes 2017 view
Drugmaker Pfizer Inc. is forecasting slightly higher sales and profit this year after a difficult 2016, though reduced spending on overhead and lawsuits helped it swing to a fourth-quarter profit, following a loss a year earlier. The biggest U.S. drugmaker still missed analysts’ profit expectations, but it edged past revenue expectations.
US consumer confidence slips in January from 15-year high
WASHINGTON (AP) — U.S. consumer confidence slipped this month after surging to a 15-year high in December. The Conference Board says its consumer confidence index dropped to 111.8 in January from a December reading of 113.3, which had been the highest since August 2001.
Trump to sign order strengthening cybersecurity
WASHINGTON (AP) — President Donald Trump is planning to sign an executive order to improve the government’s ability to protect its computer networks and fend off hackers. The move puts the Office of Management and Budget in charge of cybersecurity efforts within the executive branch and directs federal agency heads to develop their own protection plans. Such a review has become a familiar move for an incoming administration. This year, it follows allegations of election-season hacking by the Russian government.
Wal-Mart dumps its version of Amazon Prime for new path
NEW YORK (AP) — Wal-Mart is replacing a program that offered free shipping but had an annual fee with one that has a lower free shipping threshold and faster delivery. It’s one of the first big moves by Walmart.com’s CEO Mark Lore, whose company Jet.com Wal-Mart bought last year as it hopes to answer Amazon’s powerful Prime membership success.
The Dow Jones industrial average sank 107.04 points, or 0.5 percent, to 19,864.09. The S&P 500 lost 2.03 points, or 0.1 percent, to 2,278.87. The Nasdaq composite gained 1.07 points to 5,614.79.
U.S. crude oil rose 18 cents to $52.81 a barrel in New York. Brent crude, the benchmark for international oil prices, added 47 cents to $55.70 a barrel in London. Natural gas fell 12 cents, or 3.6 percent, to $3.12 per 1,000 cubic feet. Wholesale gasoline rose 2 cents to $1.53 a gallon. Heating oil picked up 1 cent to $1.61 a gallon.
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