Stocks rise...Home sales fall...Priceline changes its name
NEW YORK (AP) — Stock indexes are rising in early trading on Wall Street, recouping some of yesterday’s losses. Technology stocks are accounting for much of the gain. Banks and retailers are also higher. Energy stocks are lagging as crude oil prices headed lower. Investors had their eye on the latest company earnings.
WASHINGTON (AP) — Sales of existing homes fell in January from a year earlier by the most in over three years. The National Association of Realtors says sales dropped 3.2 percent last month, the second straight decline, to a seasonally adjusted annual rate of 5.38 million. That was the slowest sales pace since September. Sales dropped 4.8 percent in January compared with 12 months earlier — the steepest such decline since 2014. The total supply of homes for sale dipped to 1.52 million, the fewest for any January since records began in 1999.
SAN JOSE, Calif. (AP) — Broadcom is adjusting its buyout offer for Qualcomm, a day after that chipmaker raised its bid for NXP Semiconductors to approximately $43.22 billion. Broadcom says its revised offer includes $57 in cash and $22 in Broadcom shares. Its prior bid included $60 in cash and the rest in stock. Broadcom said that if Qualcomm doesn’t complete the NXP takeover, it will go back to offering $60 in cash and the rest in Broadcom stock. The proposed deal’s value still tops more than $121 billion in cash and stock.
NEW YORK (AP) — Priceline is changing its name to Booking Holdings Inc., citing its expansion into numerous international brands over the last 20 years. The change at the former Priceline Group Inc. is effective immediately. The company will begin trading under the ticker symbol “BKNG” on Feb. 27. The travel website company operates in more than 220 countries. It said Booking.com, its largest brand, has more than 1.5 million properties and averages a million bookings per day.
DETROIT (AP) — The latest variation of an Uber ride will require a short walk. In eight U.S. cities, the ride-hailing company is rolling out a service called “Express Pool,” which links riders in the same area who want to travel to similar destinations. Once linked, riders would need to walk a couple of blocks to be picked up at a common location. They also would be dropped off at a site that would be a short walk from their final destinations. Express Pool could cost up to 75 percent less than a regular Uber ride.