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Stocks gain...Delta not fazed by fuel bill...Mortgage rates higher

July 12, 2018

NEW YORK (AP) — Stocks are higher as technology companies like Apple resume their upward march. Software company CA is soaring after chipmaker Broadcom agreed to buy it for $18.9 billion. Health care and industrial companies are also climbing as the market recovers much of the previous day’s losses. Defense contractors rose after President Donald Trump continued to criticize other NATO members at the group’s summit in Brussels

DALLAS (AP) — Delta Air Lines executives are expressing confidence that they can raise prices high enough to cover a fuel bill that is likely to be $2 billion more this year than last year. Airline officials said that strong travel demand and higher average fares fully covered a run-up in fuel prices late last year, and the same trends are helping offset a second spike in fuel prices that occurred in late spring.

DETROIT (AP) — Tesla says its customers won’t get the full $7,500 federal electric vehicle tax credit after December 31. The company says on its website that the credit on its vehicles will start to phase out next year. Under federal law, buyers get the full credit until a manufacturer reaches 200,000 in sales since the start of 2010. Tesla buyers will get the $7,500 this year, then the credit is cut in half and phased out by the end of 2019.

WASHINGTON (AP) — Long-term U.S. mortgage rates edged higher this week, marking their first increase since early June. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked up to 4.53 percent from 4.52 percent a week earlier.

NEW YORK (AP) — Papa John’s founder John Schnatter is no longer chairman after using a racial slur, but his image is still part of the pizza chain’s logo and he remains the company’s largest shareholder. The chain announced late yesterday that Schnatter was leaving the company’s board, hours after he apologized for using a racial slur during a conference call in May. Schnatter has long been the face of the brand, appearing on pizza boxes and in TV ads for the chain.

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