Stocks waver…Productivity up 3.6%…Congress postpones Trump, banks deadline
NEW YORK (AP) – Stocks are off to a mixed start in early trading on Wall Street as losses in industrial and energy companies are offset slightly by gains in banks and technology companies. Marathon Oil sank after reporting revenue fell short of estimates. Elsewhere, Disney and cable TV and media company Comcast both fell.
WASHINGTON (AP) – U.S. productivity grew at a solid 3.6% rate in the first three months of this year, the strongest quarterly gain in more than four years and a hopeful sign that a long stretch of weak productivity gains may be coming to an end. The Labor Department says the first quarter increase in productivity was more than double the 1.3% rate of gain in the fourth quarter.
NEW YORK (AP) – Congress has agreed to postpone a deadline until after a hearing set for May 22 for two banks to respond to subpoenas seeking President Donald Trump’s financial records. Trump filed a lawsuit Monday in New York seeking to block Deutsche (DOY’-chuh) Bank and Capital One from responding to subpoenas issued as part of a Democrat-led investigation into the Republican’s business dealings.
ST. PAUL, Minn (AP) – 3M says it is buying medical technology company Acelity and its subsidiaries for $6.7 billion, including debt. The San Antonio, Texas-based Acelity is a maker of advanced wound care products and technologies and had $1.5 billion in revenue last year.
PALO ALTO, Calif. (AP) – A week after posting a huge first quarter loss and revealing the need to raise cash, Tesla is doing just that. Tesla is offering $650 million of common stock and $1.35 billion in convertible senior notes due in 2024 in two separate offerings.