Stocks mixed…EU to impose tariffs Friday… Existing home sales slip
NEW YORK (AP) – Stocks are mixed in early trading on Wall Street. Technology companies and banks are making some of the largest gains. Twenty-First Century Fox is jumping after it agreed to a new deal with Disney, which will buy Fox’s entertainment businesses for $71.3 billion. Walgreens rose after it was added to the Dow Jones industrial average, where it will replace General Electric next week.
BRUSSELS (AP) – The European Union will start imposing duties on a list of U.S. products as of Friday in response to President Donald Trump’s decision to slap tariffs on steel and aluminum imports from Europe. The 28-nation EU was first expected to do so only next month but EU Trade Commissioner Cecilia Malmstrom said they would introduce “rebalancing” tariffs on more than $3 billion worth of U.S. products this week. The targets include steel, agricultural and other products, including bourbon, peanut butter, cranberries and orange juice.
WASHINGTON (AP) – Sales of existing home slipped 0.4 percent last month, as the prolonged shortage of properties on the market is deterring home-buying. The National Association of Realtors says homes sold at a seasonally adjusted annual pace of 5.43 million in May, the second straight monthly decline. Sales have tumbled 3 percent over the past year.
NEW YORK (AP) – Disney is making a $70.3 billion counterbid for Fox’s entertainment businesses following Comcast’s $65 billion offer for the company. The deal would include Fox film and TV studios, some cable networks and international assets, but not Fox News Channel or the Fox television network. AT&T just bought Time Warner for $81 billion, after a federal judge rejected the government’s antitrust concerns. Disney had made a $52.5 billion all-stock offer in December. It’s now offering $38 per Twenty-First Century Fox share, up from $28 per share.
DETROIT (AP) – A survey of new-vehicle buyers finds that car and truck quality hit a record high this year as automakers started to clear up bugs with infotainment systems. The annual survey by J.D. Power finds that buyers reported a record-low 93 problems per 100 vehicles during the first three months of ownership, four problems fewer than last year. The survey also found that Korean brands Genesis, Kia and Hyundai claimed the top three spots for the first time in new vehicle quality. Porsche and Ford rounded out the top five.