Business Highlights

Posted on Friday, April 26th, 2019 By The Associated Press

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Outlook for the US economy and stock market brightens

WASHINGTON (AP) — The worries that hung ominously over the U.S. economy early this year appear to have lifted. And that sunnier picture has helped bolster confidence in the stock market — driving the benchmark S&P 500 index to another record high Friday. The latest dose of encouragement came in a report that the U.S. economy grew much faster than expected in the January-March quarter, suggesting that the nearly decade-long expansion still has a ways to go.

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Uber looks to raise up to $9B in initial public offering

NEW YORK (AP) — Ride-hailing giant Uber is aiming to raise $9 billion in its mammoth public stock offering that, while smaller than initially expected, still dwarfs most stock market debuts. The San Francisco-based company expects to be valued at $80.5 billion to $91.5 billion, falling well below prior estimates that rose as high as $120 billion, in a sign that investors may be taking a more cautious approach to ride-hailing. Even so, Uber is on track for one of the largest IPOs in history.

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Amazon to bring 1-day delivery to Prime members

NEW YORK (AP) — Two-day delivery is going out of style. Amazon, which hooked shoppers on getting just about anything delivered in two days, announced Thursday that it will soon promise one-day delivery for its Prime members on most items. Amazon hopes that cutting delivery times in half will make its $119-a-year Prime membership more worthwhile at a time when every other online store offers free deliveries in two days. The shift is likely to put even more pressure on Amazon's retail rivals.

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Exxon's 1Q profit tumbles 49% partly on higher spending

IRVING, Texas (AP) — Exxon's first-quarter profit fell 49% to $2.35 billion as it stepped up spending on exploration and production in west Texas. Global production rose 2%. A year ago, the results were buffed by sale of a stake in an offshore Australia natural gas field.

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American expects $350 million hit from grounded Boeing plane

DALLAS (AP) — American Airlines says the grounding of its Boeing Max jets will cost it $350 million this year. The airline says it needs to shift 700,000 passengers who were booked on Max flights. The CEO is confident that the FAA will approve the Boeing fix to the jet after two deadly crashes.

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Another sleeping rocker recalled after 5 infant deaths

NEW YORK (AP) — Another brand of sleeping rockers is being recalled, after five infants died in them over the past seven years. Kids II said Friday that it is recalling nearly 700,000 rocking sleepers that were sold since 2012 at Walmart, Target and Toys R Us for between $40 and $80. It comes just two weeks after Fisher-Price recalled about 4.7 million of its similar Rock 'n Play sleepers in which more than 30 babies died over a decade. Consumers should stop using the sleeper immediately.

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Work messaging app Slack takes next step for IPO

NEW YORK (AP) — Work messaging platform Slack is taking the next step in filing to go public, the latest in several highly anticipated tech IPOs. In a filing with the Securities and Exchange Commission Friday, Slack says it made $400 million in revenue in 2018 on a net loss of $138.9 million. In February Slack filed a draft registration statement with the SEC. It plans to list its stock on the NYSE under the ticker "SK."

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Be wary of robot emotions; 'simulated love is never love'

SAN FRANCISCO (AP) — Robots are starting to move and talk more like humans. So it's only natural that people sometimes get sad when they "die," or stop working. But researchers are worried that life-like designs can easily trick people into thinking robots are smarter and more empathetic than they really are.

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Ford: Justice Dept. opens probe into emissions certification

DETROIT (AP) — Ford says the Justice Department has opened a criminal investigation into its US emissions certification process. The automaker said in a regulatory filing that it's fully cooperating with all government agencies.

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MoviePass rival Sinemia kills US movie theater subscriptions

NEW YORK (AP) — There's another casualty among companies offering movies in theaters for a set monthly fee. Sinemia says it's discontinuing operations in the U.S., just months after it started a movie-a-day plan to fill a void left by last summer's fall of MoviePass. What remains are subscriptions offered directly by theater chains, as they can still make money from popcorn and candy.

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US stocks close higher as S&P 500, Nasdaq hit new highs

NEW YORK (AP) — Wall Street capped a week of milestones by delivering a couple more Friday. A late-afternoon burst of buying nudged the benchmark S&P 500 index and Nasdaq composite to new closing highs for the second time this week. The Dow Jones Industrial Average also eked out a gain. The market's latest milestones came as investors weighed corporate earnings and a report showing the U.S. economy grew at a solid 3.2% annual rate in the first quarter.

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The S&P 500 rose 13.71 points, or 0.5%, to 2,939.88. The Dow rose 81.25 points, or 0.3%, to 26,543.33. The Nasdaq composite added 27.72 points, or 0.3%, to 8,146.40. The Russell 2000 index of smaller company stocks climbed 16.20 points, or 1%, to 1,591.82.

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