Financial News

AP Entertainment
October 16, 2019
AP-NC Newswatch
October 16, 2019
Financial News

 

 

 

Stocks slip…Retail sales dip…Jury selection begins in opioid trial amid reports of settlement talks

NEW YORK (AP) – Stocks are edging lower in early trading on Wall Street as investors weigh the latest batch of corporate earnings and a weak report on retail sales. A broad slide in technology stocks pushed the market lower. Software maker Adobe fell 3.4% and Microsoft fell 1.1%. Utilities, consumer product makers and real estate companies also fell in the early going. General Motors rose 1% a day after CEO Mary Barra joined company negotiators at the bargaining table, which raised investors’ hopes that a deal may be close for ending a month-long strike. Financial stocks held up better than the rest of the market thanks in part to a solid earnings report from Bank of America.

 

WASHINGTON (AP) – Retail sales dropped in September by the largest amount in seven months. The Commerce Department says retail sales fell 0.3% last month following a 0.6% gain in August, the first decline since a 0.5% drop in February. Analysts say it could be a sign that rising trade tensions and turbulent markets are having an impact on consumer spending.

 

CLEVELAND (AP) – Jury selection has begun in the first federal trial over the opioid epidemic despite a last-minute request from lawyers to delay it because of news reports on a settlement offer. Two Ohio counties claim drug companies that made, distributed and sold prescription painkillers engaged in a deadly conspiracy that has inflicted massive damage on their communities and created a public nuisance that costs the counties hundreds of millions of dollars a year. The judge denied requests to delay the trial amid reports that the three big drug distributors were offering a total of $18 billion over 18 years to settle the suits.

 

BEIJING (AP) – Chinese tech giant Huawei (WAH’-way) has reported a double-digit rise in sales despite U.S. sanctions that threaten to disrupt its smartphone and network equipment businesses. Huawei Technologies says its sales rose 24.4% in the first nine months of 2019 to $86 billion. That was faster than the 23.2% gain reported for the first half. The Trump administration accused Huawei in May of being a national security risk and imposed curbs on its access to U.S. technology and components including Google’s smartphone services.

 

BRUSSELS (AP) – European regulators have ordered chipmaker Broadcom to change the way it does business with key customers over competition concerns. The EU’s antitrust chief says her department had “strong indications” that Broadcom is “engaging in anticompetitive practices.” Her office opened an investigation in June into whether the world’s leading supplier of chipsets for TV set-top boxes and modems included terms of exclusivity in contracts with six customers that violate competition rules. The EU is demanding the San Jose, California company change its ways while the investigation continues.

 

AP-WF-10-16-19 1458GMT