Financial News

Brenda (Barker) Johnson
June 28, 2018
AP-NC Newswatch
June 28, 2018
Financial News

 

 

Stocks post modest gains…Economic growth revised downward…Last Toys-R-Us stores closing

 

NEW YORK (AP) – Stocks are modestly higher, a day after they gave up an early gain and fell to their lowest level in a month. Amazon said it’s buying an online pharmacy and launching its own delivery van business, and drugstores and medication distributors as well as delivery companies are sinking. Banks and technology companies are higher.

 

WASHINGTON (AP) – U.S. economic growth in the first quarter was revised down to a lackluster 2 percent – a sharp deceleration and the poorest showing in a year. But economists expect a significant rebound in the current quarter, forecasting a sizzling growth rate of 4 percent or more.

 

NEW YORK (AP) – Shares of BJ’s Wholesale Club are soaring as it returns to the public markets after seven years. The warehouse retailer, which went private in 2011, plans to use proceeds from the offering to repay debt and for general corporate purposes.

 

SAN FRANCISCO (AP) – Kroger Co. is about to test whether it can steer supermarket customers away from crowded grocery aisles with a fleet of diminutive driverless cars designed to lower delivery costs. The test program announced Thursday could make Kroger the first U.S. grocer to make deliveries with robotic cars that won’t have a human riding along to take control in case something goes wrong.

 

NEW YORK (AP) – Toys R Us is closing its last U.S. stores by tomorrow, the end of a chain known for its sprawling stores, brightly colored logo and Geoffrey the giraffe mascot. As the stores close, over 30,000 workers will be looking for work. Toys R Us’ troubles have also shaken big toy makers like Mattel and Hasbro.

 

 

AP-WF-06-28-18 1537GMT