Stocks mostly higher…Penney CEO goes to Lowe’s…EU isn’t hopeful on tariffs
NEW YORK (AP) – Stocks are mostly higher as the U.S. and China make more progress on defusing their trade tensions. Technology companies and banks are rising. Automakers are climbing after China said it will reduce auto import duties, another sign the two powers are resolving some of their differences on trade. Chipmaker Micron Technology is surging after it said it will buy back $10 billion in stock.
MOORESVILLE, N.C. (AP) – J.C. Penney’s CEO is leaving the company to become the top executive at Lowe’s. The announced departure of Marvin Ellison sent shares of J.C. Penney tumbling more than 12 percent. Shares of Lowe’s, which has struggled to keep pace with rival Home Depot, surged higher. Ellison spent 12 years at Home Depot before joining J.C. Penney. Sales at J.C. Penney continue to slide, and the company last week cut its outlook for the year.
BRUSSELS (AP) – The European Union is voicing doubt that President Donald Trump will accept an offer of trade talks and other incentives to permanently exempt the bloc from tariffs on steel and aluminum exports next week. In March, Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum, but granted the 28 EU countries an exemption until June 1. He also temporarily excluded big steel producers Canada and Mexico, provided they agree to renegotiate a North American trade deal.
SEATTLE (AP) – The American Civil Liberties Union and other privacy activists are asking Amazon to stop marketing a powerful facial recognition tool to police. They say law enforcement agencies could use the technology to to easily build a system that would automate the identification and tracking of anyone. The tool is called Rekognition. It is already being used in a limited manner by the Washington County Sheriff’s Office in Oregon to check photographs of unidentified suspects against a database of mug shots.
NEW YORK (AP) – Energized by the (hash)MeToo movement, two national advocacy groups are teaming up to lodge sexual harassment complaints against McDonald’s on behalf of 10 women who have worked at the fast food restaurant in nine cities. The legal effort was organized by Fight for $15, which campaigns to raise pay for low-wage workers.