Stocks rise…Home construction up, but still lower than a year ago…China responds on Huawei
NEW YORK (AP) – Stocks are rising in morning trading on Wall Street as investors were encouraged by strong quarterly earnings reports from Walmart and Cisco Systems. Chipmakers, however, showed an early weakness as Qualcomm and Qorvo stocks fell.
WASHINGTON (AP) – U.S. home construction rose in April, led by an uptick in single-family homes. The Commerce Department says homebuilding rose 5.7% last month. While construction of single-family homes increased 6.2%, that’s down 4.3% from a year earlier. Housing starts fell 2.5% from a year earlier, suggesting that would-be home buyers are facing a shortage of new houses.
NEW YORK (AP) – Walmart topped Wall Street expectations with another quarter of same-store sales growth and profits. The company is reporting first-quarter net income of $3.84 billion. Adjusted earnings came to $1.13 per share. According to a survey of industry analysts by Zacks Investment Research, that beat per-share earnings projections by 11 cents.
JERUSALEM (AP) – Facebook says it has identified a private Israel-based influence campaign aimed at disrupting elections in various countries and has canceled dozens of accounts that engaged in spreading disinformation. Facebook’s head of cybersecurity policy, Nathaniel Gleicher, tells reporters that the tech giant purged 65 accounts, 161 pages and dozens of groups. He says they primarily posed as political candidates and peddled fake news about elections, mostly in Sub-Saharan African countries, and with some scattered activity in Southeast Asia.
BEIJING (AP) – China’s government has criticized Washington for imposing export controls on tech giant Huawei (WAH’-way) and said it will “resolutely safeguard” its companies. A spokesman criticized “abuse of export control measures” after President Donald Trump signed an order that requires technology vendors to get approval for sales to Huawei. Huawei is the biggest global maker of network gear for phone companies and has spent a decade fighting U.S. accusations it facilitates Beijing’s spying.