Stocks trending lower…EU, US Trade negotiations…Best Buy’s CEO steps down
NEW YORK (AP) – Stocks are trending lower in early trading on Wall Street as corporate earnings season picks up the pace this week. Goldman Sachs and Citigroup each reported profit that beat analysts’ expectations, but said their stock trading businesses struggled. Goldman fell 2.7% while Citi shares dropped 1.2%.
BRUSSELS (AP) – European Union countries have approved the conditions for negotiating a new and strictly limited trade deal with the United Sates, paving the way for talks to begin. EU headquarters said today that the agreement will focus on eliminating tariffs on industrial goods only, and would not include agricultural products despite U.S. demands they be on the table.
NEW YORK (AP) – Hubert Joly (HYOO’-behr joh-LEE’), the CEO who revived Best Buy, plans to step down but will remain in the new position of executive chairman of the board of directors. Joly is widely credited with turning around Best Buy starting in 2012 as it faced dwindling sales and foot traffic. Corie Barry will take over the CEO position and join the board after the annual meeting on June 11.
FRANKFURT, Germany (AP) – German prosecutors have indicted former Volkswagen CEO Martin Winterkorn (VIHN’-tehr-korn) and four others on charges of fraud and unfair competition, saying he failed to prevent manipulation of engine software that let Volkswagen cars cheat on diesel emission tests. They face from six months to 10 years imprisonment if convicted, and bonuses earned on sales based on the deception could be forfeited.
WASHINGTON (AP) – President Trump is offering some unsolicited advice to Boeing about the 737 Max jet. He tweets that if he were in charge of the company, he would “FIX” the plane, “add some additional great features, & REBRAND the plane with a new name” because “No product has suffered like this one.”