Financial News

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May 18, 2018
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May 18, 2018
Financial News

 

 

 

Stocks mixed…Cambridge Analytica to liquidate operations…Campbell Soup CEO out

 

NEW YORK (AP) – Stock indexes are mixed in early trading on Wall Street, as losses by technology stocks, banks and consumer-goods companies offset gains by industrial firms. Energy stocks also fell as crude oil prices dipped. Bond prices rose, sending yields lower. Campbell Soup plunged more than 11 percent after announcing the retirement of its CEO.

 

NEW YORK (AP) – The British data collection agency that worked for President Donald Trump’s 2016 election campaign is liquidating existing operations. Cambridge Analytica filed for Chapter 7 bankruptcy protection late yesterday. It said in a New York court filing that its assets totaled $100,001 to $500,000. Its liabilities are between $1 million and $10 million. Cambridge Analytica has insisted that none of the Facebook data it acquired from an academic researcher was used in the Trump campaign.

 

NEW YORK (AP) – The top executive at Campbell Soup will retire and the company is undergoing a strategic review as it tries to revive sales that have been under pressure from due to shifting American tastes. Denise Morrison, who has been has been CEO since 2011, is being replaced immediately by board member Keith McLoughlin, who will lead the company on an interim basis. The New Jersey food company is wrestling with declining soup and juice sales in a market crowded with competitors.

 

TOKYO (AP) – The man who’s been tapped to head the Japanese auto industry association is promising to lead a push among manufacturers to keep a competitive edge in emerging technologies like zero-emission and autonomous driving. Toyota Motor Corp. chief Akio Toyoda told reporters in Tokyo today that automakers continue to be the mainstay of Japan’s economy. Toyoda is the first to lead the group twice, having served from 2012 to 2014.

 

ORLANDO, Fla. (AP) – The arms race to build new theme park attractions in Orlando, Florida is paying dividends. A new report shows that theme park attendance in North America last year was up 2.3 percent, powered by new attractions in Orlando. The Orlando market represents about a third of theme park attendance in North America, according to the report released this week by the Themed Entertainment Association. The Themed Entertainment Association estimates that Disney’s Magic Kingdom in Orlando had 20.5 million visitors, the most of any park in the world.

 

 

AP-WF-05-18-18 1455GMT