Update on the latest in business:
Stocks post broad gains
NEW YORK (AP) — Stocks have moved broadly higher as investors welcome strong quarterly earnings reports from Google parent Alphabet, drugmaker Biogen and other companies.
Technology and health care stocks accounted for much of the market’s gains. Alphabet rose 4.1 percent and Biogen climbed 4.3 percent.
Harley-Davidson surged 7.6 percent after reporting a strong quarter.
Energy companies rose along with the price of crude oil. Chevron rose 2.1 percent.
Utilities and other safe-play stocks lagged the market.
Administration prepares plan to provide billions in emergency aid to farmers
WASHINGTON (AP) — The Trump administration is preparing a plan to provide billions of dollars in emergency aid to farmers who have been hurt by tariffs. That’s according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.
The Agriculture Department was expected to announce the plan later Tuesday.
This comes as President Donald Trump appears at the Veterans of Foreign Wars national convention in Kansas City in the heart of the nation’s farm country. The plan aims to provide temporary relief to farmers who have faced retaliation from U.S. trade partners during Trump’s escalating trade dispute with China.
The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork.
Ag sector bounces on word of US tariff aid for farmers
NEW YORK (AP) — Wall Street is flooding into the agricultural sector on reports that the Trump administration is preparing a plan that would send billions in aid to U.S. farmers hurt by tariffs.
CF Industries Holding and Mosaic Company both traded up more than 3 percent, while Deere & Co. shot up more than 4 percent after news of the aid package was leaked to The Associated Press by two people briefed on the plan. Shares in Archer-Daniels-Midland and FMC Corp. also rose.
The Agriculture Department is expected to announce details later Tuesday. The plan would attempt to give relief to farmers who have faced retaliation from U.S. trade partners with duties on products like soybeans and pork.
President Donald Trump is in Kansas City Tuesday, the heart of the nation’s farm country.
Ryan says lawmakers are arguing against tariffs
WASHINGTON (AP) — House Speaker Paul Ryan says lawmakers are making the case to President Donald Trump that tariffs are “not the way to go.”
The Republican leader told reporters Tuesday, “I’ve made it pretty clear I don’t think tariffs are the right answer.”
Ryan said he understood Trump’s goal — of trying to get a “better deal for Americans” — but he disagreed with the president’s strategy. Ryan said he doesn’t support tariffs. He added that, “Tariffs are taxes.”
Ryan’s remarks came a couple hours after Trump tweeted that “Tariffs are the greatest!” and threatened to impose additional penalties on U.S. trading partners.
The president is meeting with European officials on Wednesday at the White House. The U.S. and European allies have been at odds over Trump’s tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.
Trump threatens additional penalties on trading partners
WASHINGTON (AP) — President Donald Trump is declaring that “Tariffs are the greatest!” and threatening to impose additional penalties on U.S. trading partners as he prepares for negotiations with European officials at the White House.
Trump is tweeting that trade partners need to either negotiate a “fair deal, or it gets hit with Tariffs. It’s as simple as that.”
The president writes that the U.S. is a ”‘piggy bank’ that’s being robbed.” He notes that countries “that have treated us unfairly on trade for years” are coming to Washington to negotiate.
Trump is meeting with European Commission President Jean-Claude Juncker (zhahn-KLOHD’ YUN’-kur) on Wednesday. The U.S. and European allies have been at odds over the president’s tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.
China insists US airlines describe Taiwan as part of China
BEIJING (AP) — China says there will be “no room for negotiation” in its demand that U.S. airlines describe self-ruled Taiwan as part of China ahead of a deadline this week.
Beijing has insisted that carriers change references to Taiwan on their websites to “Taiwan, China” by Wednesday. Taiwan separated from China amid civil war in 1949 but Beijing continues to claim it as its own territory.
Foreign Ministry spokesman Geng Shuang said Tuesday that China hopes the U.S. government will urge businesses to follow China’s requirements. He did not specify how China would punish defiant carriers, saying only that it will “wait and see.”
The White House has previously criticized the Chinese demand as “Orwellian nonsense.”
ELI LILLY-ANIMAL HEALTH IPO
Drugmaker Lilly plans IPO for part of animal health business
INDIANAPOLIS (AP) — Eli Lilly is planning an initial public offering for part of an animal health business that brought in about 13 percent of all company revenue last year.
The drugmaker said Tuesday that the IPO will represent an ownership stake of less than 20 percent. Lilly said it will divest its remaining stake in Elanco Animal Health through a tax-efficient deal, but offered no other details.
Eli Lilly and Co., based in Indianapolis, once saw animal health as a pivotal asset in equalizing the loss of patents on some top products. Last fall, however, it said it was exploring other options for the business.
Elanco brought in $3.08 billion in revenue last year. It makes antibiotics and feed additives for livestock and flea and heartworm treatments for pets.
Fiat Chrysler new CEO takes wheel with earnings presentation
MILAN (AP) — Fiat Chrysler’s second-quarter earnings presentation was meant to celebrate long-time CEO Sergio Marchionne’s achievement of zero debt. That will be overshadowed by the accelerated debut of a new global boss, Mike Manley, after the sudden deterioration of Marchionne’s health.
Credited with the turnaround of money-making Jeep, Manley faced his first test as CEO on Monday as shares in Fiat Chrysler became volatile and the head of the European operations — a potential successor to Marchionne — quit. In a vote of confidence, ratings agency Standard & Poor’s confirmed Fiat Chrysler’s BB+ credit grade.
Manley’s next test comes Wednesday when he presents the Italian-American automaker’s earnings. A forecast by FactSet put Fiat Chrysler second-quarter profits at 1.28 billion euros ($1.5 billion), up 11 percent over the same period last year.
Netflix to open in Spain its first European production hub
MADRID (AP) — Netflix says it’s establishing in Spain its first content production hub on European soil as the online video entertainment platform tries to expand in different languages.
A company statement Tuesday says the new production center in the outskirts of Madrid will initially occupy close to a quarter of the 22,000 square-meter production hub currently under construction by Grupo Secuoya, a leading Spanish media company.
It says the studios are expected to be operational in September and will help Netflix’s “growing slate of Spanish-language original content,” including new and existing titles, co-produced or undertaken by Netflix alone.
Netflix is about to release the third season of Cable Girls, produced entirely in Spain, and has recently signed a deal with the creators of Money Heist, its most watched non-English language show.
4 types of Goldfish Crackers recalled, salmonella fears
NORWALK, Conn. (AP) — Pepperidge Farm is voluntarily recalling four varieties of Goldfish Crackers because of fears they could potentially have salmonella.
The company on Monday took the action after one of its ingredient suppliers notified it that whey powder used in a seasoning may be contaminated. The products were distributed in the United States and no illnesses have been reported.
The Goldfish recall covers Flavor Blasted Xtra Cheddar, Flavor Blasted Sour Cream & Onion, Goldfish Baked with Whole Grain Xtra Cheddar and Goldfish Mix Xtra Cheddar + Pretzel. The company has posted a chart with the product codes on its website.
The products can be returned to place of purchase for a refund.
Consumers can call customer service at 800-679-1791.