Stocks move higher...Home sales slip...GM car-sharing stops in some markets
NEW YORK (AP) _ Stocks have been higher in morning trading on Wall Street as technology companies rebound from a sell-off a day earlier. Chipmakers rallied after the U.S. government issued a 90-day grace period on its order to restrict U.S. firms from selling to Chinese telecom gear maker Huawei (WAH’-way). Retailer J.C. Penney reported a first quarter loss following declining sales, and Kohl’s cut its profit forecast, disappointing investors.
ATLANTA (AP) — Home Depot is reporting better than expected profit and revenue for the first quarter, though bad weather early in the year and an extra week in the previous fiscal year dampened the home improvement retailer’s comparable store sales Those sales, which are watched closely by industry analysts, rose 2.5%, short of the 4.2% they were expecting.
WASHINGTON (AP) _ U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses. The National Association of Realtors says that existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21 million in March. Despite the solid job market and lower mortgage rates, sales have tumbled 4.4% from a year ago.
DETROIT (AP) — Maven, General Motors’ car-sharing service, is being shut down in about half of the 17 North American markets it operates. The company wouldn’t say where Maven will continue to operate, but it confirmed that it’s pulling out of New York and Chicago. GM said in a prepared statement that it’s not scrapping Maven, but rather concentrating on markets where it has the strongest demand and growth potential.
VATICAN CITY (AP) _ The Vatican’s financial watchdog says that after nearly 10 years of reforms, the Holy See has a “fully functioning” system of financial regulation and intelligence that is increasingly integrated into the global financial system. The Financial Information Authority reported that it forwarded 11 suspicious transaction reports to Vatican prosecutors for further investigation, on top of the ongoing trial of a former Vatican bank chief on embezzlement charges.