Business Highlights
Posted Apr 25, 2019 10:09:14 AM.
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Walmart experiments with AI to monitor stores in real time
LEVITTOWN, N.Y. (AP) — Walmart is experimenting with using artificial intelligence to manage its physical stores. The retail giant is opening the Intelligent Retail Lab inside a Neighborhood Market grocery store in Levittown, New York. Walmart says the technology will allow workers to quickly replenish products on shelves or open more cash registers if lines get too long.
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Tesla posts surprisingly large 1Q loss as sales slump 31%
SAN FRANCISCO (AP) — Tesla CEO Elon Musk had prepped Wall Street for a first quarter loss but analysts were still stunned by its size: $702.1 million, among the company’s worst quarters in the past two years. The net loss was more than double what analysts had predicted as Tesla’s sales slumped 31% for the quarter. The loss of $4.10 per share left Musk spending much of a conference call explaining how it happened.
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3M to cut 2,000 jobs, 1Q results miss Wall Street’s view
ST PAUL, Minn. (AP) — 3M plans to cut 2,000 jobs globally as part of restructuring efforts. The company said the move is expected to save about $225M to $250M a year.
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Comcast sheds cable customers but adds internet subscribers
PHILADELPHIA (AP) — Comcast kept shedding cable customers and adding home internet customers in its most recent quarter. To deal with the industry shift online from cable, Comcast has focused on growing its broadband business while integrating streaming apps into its cable box. It is also launching its own NBCUniversal streaming service in 2020. NBCUniversal revenue dropped in the first quarter, absent last year’s Super Bowl and Olympics events.
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US durable goods orders up solid 2.7% in March
WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose 2.7% in March with a key category that tracks business investment decisions rising at the strongest pace in eight months. The Commerce Department says the increase in orders for durable goods followed a 1.1% drop in orders in February.
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Disappointing 3M earnings weigh on Wall Street ahead of bell
LONDON (AP) — Disappointing earnings from 3M, the maker of Post-it notes, industrial coatings and ceramics, is weighing on stocks ahead of Wall Street’s open Thursday. The failure of two projected mergers in Europe has dented market sentiment, too.
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UPS falls short of forecasts on bad weather, costs
NEW YORK (AP) — UPS reports weak first quarter profit on flat revenue and higher costs. The company cited bad weather as a key factor in weighing down revenue growth during the quarter. It also counted a $123 million pretax charge as it restructures some of its business. Both profit and revenue fell short of Wall Street forecasts. The company reaffirmed is full year profit forecast.
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Possible $5B Facebook fine echoes European tech penalties
SAN FRANCISCO (AP) — The possibility of a $5 billion federal privacy fine for Facebook suggests that U.S. regulators may be taking a cue from their European counterparts, who have been handing out large penalties to U.S. technology giants. The potential move by the U.S. Federal Trade Commission would be more than a slap on the wrist, especially if it comes with strings that limit how the company targets advertising to its massive user base.
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UK blocks Sainsbury’s merger with Walmart unit Asda
LONDON (AP) — British regulators have blocked Sainsbury’s 7.3 billion-pound ($9.4 billion) purchase of Walmart’s Asda unit amid concerns the deal would have increased prices and reduced the quality and range of products available. For Walmart, it’s another setback in its effort to export its low-price strategy around the world. The regulator said Thursday that the deal would lead to a poorer shopping experience across the country.
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Nintendo profit jumps 39% on Switch software sales
TOKYO (AP) — Japanese video game maker Nintendo Co. is reporting a 39% rise in profit for the fiscal year through March on healthy software sales for its popular Switch console. The Kyoto-based company behind the Super Mario and Pokemon franchises reported Thursday a 194 billion yen ($1.7 billion) annual profit. Nintendo says popular Switch software included “Super Smash Bros. Ultimate,” which sold 13.8 million units. It expects to ship 18 million Switch devices the current year.
The Associated Press