Stocks give up gains…Pfizer is higher…Judge addresses utility bankruptcy
NEW YORK (AP) – Major U.S. stock indexes are mostly lower after giving up some of their early gains as investors assessed a mixed bag of corporate results and looked ahead to a heavy schedule of news on companies and the economy. Losses in technology and media companies outweighed gains in industrial and health care stocks.
NEW YORK (AP) – Shares in Pfizer rose after the world’s largest drugmaker reported mixed results. While hefty costs for layoffs and acquisitions sunk fourth-quarter profit, the results still topped Wall Street forecasts. The company has been struggling to upgrade sterile injectable drug factories it bought from Hospira, but repairs have dragged on and production shutdowns have cut into sales.
NEW YORK (AP) – Shares in Harley-Davidson fell after the motorcycle maker reported a drop in sales worldwide, led by a weak showing in the U.S. Shipments worldwide fell 7.9 percent. The company, which has been struggling to boost sales domestically, has been increasingly looking to sell more bikes overseas. It has warned that the ongoing trade dispute with China would raise costs.
SAN FRANCISCO (AP) – A U.S. judge in San Francisco is wasting little time as he begins to address Pacific Gas & Electric Corp.’s bankruptcy filing. Bankruptcy Judge Dennis Montali scheduled a hearing in the case today, hours after the nation’s largest utility filed for Chapter 11 reorganization. Montali said in a brief order that he wouldn’t make any decisions or hear arguments on numerous PG&E requests. The company is asking the judge to approve up to $5.5 billion in financing and allow it to keep paying employees, among other requests.
PARIS (AP) – French President Emmanuel Macron says the Brexit divorce deal worked out between the EU and the British government can’t be renegotiated. Macron spoke after British Prime Minister Theresa May promised to overhaul the deal in a bid to win over skeptical British lawmakers.