Apple’s fiscal 2Q revenue, profit sag amid iPhone slump
SAN FRANCISCO (AP) — Weak iPhone demand is still causing Apple’s overall sales to shrink, despite the company’s effort to emphasize services designed to bring in a steady flow of money from its 1.4 billion devices still in use. Revenue for the January-March quarter fell 5% from the same time in 2017 to $58 billion, the company said in its earnings report Tuesday. It’s the first time Apple has suffered two consecutive quarterly revenue declines in two-and-half years.
Berkshire steps into fight for Anadarko on Occidental’s side
OMAHA, Nebraska (AP) — A rare bidding war in the energy sector is getting another twist. Warren Buffett’s Berkshire Hathaway entered the fray Tuesday by offering $10 billion in financing to Occidental Petroleum in its bid to acquire Anadarko. Occidental’s offer arrived after Chevron said earlier this month that it wanted to take over the company in a $50 billion deal.
Trump lawsuit tries to block subpoenas for financial records
WASHINGTON (AP) — A lawsuit filed by President Donald Trump and the Trump Organization says congressional subpoenas issued for his financial records are unlawful. The suit was filed Monday in federal court by Trump, sons Donald Jr. and Eric and daughter Ivanka, and the Donald J. Trump Revocable Trust. It seeks to block the attempt by two House panels to obtain records from financial institutions, including Deutsche Bank. The House committees are investigating Trump’s finances.
US sales OK’d for cigarette alternative that heats tobacco
WASHINGTON (AP) — The U.S. Food and Drug Administration will allow Philip Morris International to sell a cigarette alternative that heats tobacco without burning it. But regulators who announced the approval Tuesday have not yet decided whether to allow the device to be advertised as less harmful than cigarettes. Without that key marketing pitch, analysts expect limited use of the penlike device.
US consumer confidence improves in April
WASHINGTON (AP) — American consumers were feeling more confident this month though their level of optimism remains lower than it was last fall. The Conference Board, a business research group, reported Tuesday that its consumer confidence index rose to 129.2 in April from 124.2 in March.
‘Privacy focused’ Facebook puts the spotlight on groups
SAN FRANCISCO (AP) — Facebook CEO Mark Zuckerberg elaborated on his new “privacy-focused” vision for the social network. He announced a major redesign of Facebook’s app and website built around letting people connect with small groups and reiterated the company’s intention to build secure, encryption-protected communication into its Messenger app and others. Facebook faces a growing array of critics, emboldened regulators and competitors. Zuckerberg acknowledged skepticism of the company during his keynote.
Pfizer 1Q profit jumps 9% on higher drug sales, lower costs
Higher prescription drugs sales and restrained spending gave drugmaker Pfizer a 9% jump in first quarter profit as it easily topped analysts’ profit expectations. The biggest U.S. drugmaker had several drug approvals in the U.S. or elsewhere during the quarter and expects more later this year.
Facebook takes another stab at virtual reality
SAN JOSE, California (AP) — Facebook will launch its latest attempt to widen the appeal of dwelling in artificial worlds with the May 21 release of its Oculus Quest headset. The company unveiled its plans for the Oculus Quest last fall without disclosing when the $399 headset would be available. Facebook has been trying to get more people hooked on virtual reality since it bought Oculus for $2 billion five years ago, with little success so far.
Weak sales weigh on GM in 1st quarter
Americans paid more for some GM vehicles in the 1st quarter, but overall sales fell and the automaker missed Wall Street’s expectations. GM said Tuesday that it delivered more than 665,000 vehicles in the US in the quarter and reached the highest average transaction prices for any 1st quarter in its history.
White House says Trump-Dems meeting ‘productive
WASHINGTON (AP) — White House press secretary Sarah Sanders says Tuesday’s infrastructure meeting between President Donald Trump and Democratic lawmakers was “excellent and productive.” Trump met with Democratic lawmakers at the White House, with Senate Minority Leader Chuck Schumer saying afterward Trump agreed to a $2 trillion price tag for infrastructure investments. The two sides haven’t decided on how to pay for it.
US stocks post meager gains; S&P 500 index hits new high
NEW YORK (AP) — Wall Street capped a day of mostly wobbly trading with meager gains Tuesday, enough to nudge the S&P 500 to an all-time high for the third straight day. Household goods makers, health care stocks, utilities and other sectors helped lift the market, narrowly offsetting a steep decline in consumer services companies. Google’s parent company, Alphabet, led the slide in communications stocks after the search giant reported a slowdown in revenue growth.
The S&P 500 rose 2.80 points, or 0.1%, to 2,945.83, a record. The Dow Jones Industrial Average added 38.52, or 0.1%, to 26,592.91. The Nasdaq, which is heavily weighted with technology companies, fell 66.47 points, or 0.8%, to 8,095.39. The Russell 2000 index of smaller company stocks dropped 7.15 points, or 0.4%, to 1,591.21.