Stock sell-off of chipmakers...Trump tweets on bank reports...Ford shedding 10% of salaried workforce
NEW YORK (AP) _ A sell-off in shares of chipmakers is pushing U.S. stocks lower in morning trading on Wall Street. Companies are taking steps to comply with the Trump administration’s decision to restrict technology sales to Chinese telecom giant Huawei (WAH’-way). About one-third of Huawei’s suppliers are American chipmakers, including Qualcomm and Broadcom. Both those stocks have been down more than 4% in early trading.
WASHINGTON (AP) _ President Donald Trump tweeted today that he didn’t borrow from many banks because he “didn’t need the money,” not because they wouldn’t do business with him. The tweet appears to be in response to a New York Times report that Deutsche (DOY’-chuh) Bank anti-money- laundering specialists recommended that multiple transactions associated with Trump and his son-in-law, Jared Kushner, be flagged to federal authorities.
DETROIT (AP) _ Ford is shedding 10 percent of its global salaried workforce by cutting 7,000 white-collar jobs when Ford’s major global restructuring ends in August. The company says the plan will save about $600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager.
WASHINGTON (AP) _ FCC Chairman Ajit Pai says he plans to recommend the agency approve the $26.5 billion merger of T-Mobile and Sprint. Pai says the combination will speed up 5G deployment in the U.S. and help bring faster broadband to rural Americans.
WASHINGTON (AP) — The Supreme Court is sending a dispute between drugmaker Merck and patients who used its bone-strengthening drug Fosamax back to a lower court. The high court ruled Monday that a lawsuit involving hundreds of people who sued alleging they were injured by Fosamax should go back to a lower court for further proceedings. The Fosamax users had argued that Merck had failed to provide adequate warnings on the drug’s label.