Stocks fall…Comcast ends bid for Twenty-First Century Fox…Target expands same-day delivery
NEW YORK (AP) – Stocks are falling in early trading on Wall Street as weak results from banks and consumer products companies pull major indexes lower. Online retailer eBay plunged after its second-quarter sales fell short of Wall Street projections. Comcast rose after ending its bid to buy most of Twenty-First Century Fox.
PHILADELPHIA (AP) – Comcast says it’s dropping out of the bidding war for Twenty-First Century Fox’s entertainment business, instead focusing on its bid for the U.K.’s Sky. Today’s announcement leaves the path open for The Walt Disney Co. to buy the Twenty-First Century Fox assets with its $71 billion offer. The Department of Justice has OK’d Disney’s bid as long as it sells 22 regional sports networks. Fox shareholders are set to vote on Disney’s offer July 27.
WASHINGTON (AP) – President Donald Trump says the European Union’s record $5 billion fine against tech giant Google proves his point that the EU is taking advantage of the U.S. But in a tweet today, Trump says “not for long!” Trump is engaged in a running dispute with the EU over trade. He recently described the EU, which includes some of America’s strongest allies, as a “foe” of the U.S. Trump and EU leaders are expected to meet at the White House next week.
DUBAI, United Arab Emirates (AP) – The Abu Dhabi National Oil Company says it has awarded contracts worth $1.6 billion to China’s largest state-owned oil company to conduct what it says is the world’s largest continuous 3D offshore and onshore seismic survey. BGP Inc., a subsidiary of China National Petroleum Company, will conduct the survey, to be completed by 2024. The deal was announced as China’s president was starting a visit in the UAE capital looking to deepen economic ties.
BIRMINGHAM, Ala. (AP) – Target will begin rolling out speedy service for thousands of products by the end of the month in the New York City area, less than a year after spending $550 million to acquire the same-day delivery company Shipt. It’s already begun same-day deliveries using Shipt in other parts of the country. Consumers must sign up for Shipt, regularly priced at $99 for an annual membership. Those that sign up before Aug. 14 will pay $49.