Stocks slip…Twitter posts a profit…Comcast challenges Murdoch with bid for Sky
NEW YORK (AP) – Stocks are slipping in early trading on Wall Street, after a steep drop yesterday. Stock indexes in Europe and Asia are also taking losses. Investors continue to worry that growing costs for critical materials along with rising interest rates will affect profit growth for companies. U.S. bond yields are rising again.
SAN FRANCISCO (AP) – Twitter swung to a profit during the first quarter of the year, driven by growth overseas. Revenue was $664.9 million, easily beating analyst projections of $609.9 million. It’s the company’s second profitable quarter ever after a strong finish last year. But its stock tumbled more than 6 percent when the market opened.
LONDON (AP) – London-based pay TV operator Sky says it is withdrawing its recommendation to shareholders to accept 21stáCentury Fox’s bid. The move came just moments after Comcast placed a better offer on the table. The U.S. media giant made a $30 billion bid for Sky, topping a rival bid by Rupert Murdoch’s Fox.
BEIJING (AP) – China says it welcomes a planned visit by U.S. Treasury Secretary Steve Mnuchin (mih-NOO’-shin) next week amid trade tensions between the world’s two largest economies. The United States and China are entangled in their most consequential trade dispute since World War II. Both countries have proposed tariffs of $50 billion on each other’s products. Trump is looking to impose tariffs of up to $100 billion more on Chinese goods.
WASHINGTON (AP) – President Donald Trump says he’s “looking forward” to meeting with Apple CEO Tim Cook today at the White House. Trump says in a tweet that they “will be talking about many things, including how the U.S. has been treated unfairly for many years, by many countries, on trade.” The president is set to host Cook in the Oval Office a day after Cook attended Trump’s state dinner for French President Emmanuel Macron (eh-mahn-yoo-EHL’ mah-KROHN’).