Stocks slip…Durable goods orders rise…Southwest pulling out of Newark airport
NEW YORK (AP) – Stocks are broadly lower in morning trading on Wall Street after weak earnings from several large companies pulled down the technology sector. Digital payments company PayPal slid 5.9% after cutting its revenue forecast. Microsoft, Intel and Cisco also fell. The market has been volatile since corporate earnings reports started trickling in last week. This is one of the busiest weeks in the latest round of earnings reports and the results have been mostly mixed.
WASHINGTON (AP) – Orders to U.S. factories for large manufactured goods rose last month after sharp declines the previous two months, propelled by demand for commercial aircraft and cars. The Commerce Department says orders for durable goods – or items meant to last at least three years – rose 2%, after a 2.3% decline in May and an even bigger 2.8% drop in April. A category that serves as a proxy for business investment rose 1.9%, its best showing since February.
NEWARK, N.J. (AP) – Southwest Airlines is pulling out of New Jersey’s Newark Liberty International Airport following extensive delays caused by the FAA’s grounding of the Boeing 737 Max. The airline says it will cease operations at Newark and consolidate them at LaGuardia Airport in New York effective Nov. 3. Southwest says the airline’s approximately 125 employees at Newark are being offered positions at LaGuardia or can bid for other jobs elsewhere. The airline offers up to 20 departures per day to 10 cities, including Denver and St. Louis.
DETROIT (AP) – A new diesel version of Chevrolet’s Silverado is giving the General Motors brand bragging rights for best highway mileage of any full-size pickup. GM says the rear-wheel-drive diesel will get 33 miles per gallon on the freeway and 23 in the city. That beats the diesel Ford F-150 by three mpg on the highway and one mpg in the city. An older version of Fiat Chrysler’s Ram gets 27 on the highway and 20 in the city. All the figures are estimates based on Environmental Protection Agency tests.
DETROIT (AP) – A person briefed on the matter says four major automakers have reached a secret deal with California to increase gas mileage and greenhouse gas emissions standards. Ford, BMW, Honda and Volkswagen are parties to the deal with the California Air Resources Board that bypasses the Trump Administration’s plan to freeze the standards at 2021 levels. The person says that under the deal, fuel economy and corresponding greenhouse gas standards would rise 3.7% per year from 2022 to 2026.