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Chipmakers lead stock lower...Tesla falls below $200...Whiskey exports good news

May 20, 2019

NEW YORK (AP) _ Technology companies are leading a broad slide in stocks on Wall Street in afternoon trading, extending the market’s losses into another week. Broadcom, Qualcomm and others are down following the U.S. decision to ban sales to China’s Huawei (WAH’-way). The technology sector is also being weighed down by investor concerns over further escalations in the U.S.-China trade war. Banks and other financial stocks are the best performers.

UNDATED (AP) _ Tesla’s stock is falling, with concerns about its Model 3 demand in the US at the forefront. The shares fell below $200 earlier in the day, their lowest point since late 2016. Analysts cite mixed signals on Model 3 demand, which could make it harder for Tesla to achieve a profit in its third and fourth quarters and the future.

LOUISVILLE, KY (AP) _ American whiskey producers feeling the pain from the Trump administration’s trade disputes have had a shot of relief with an agreement that will end retaliatory tariffs that Canada and Mexico slapped on whiskey and other U.S. products. American distillers have suffered shrinking exports since the last half of 2018 due to tariffs in key markets. The whiskey industry hailed the arrangement to ease trade tensions among the North American allies and said it hopes it’s the first of several rounds of good news on the trade front.

GREENSBORO, N.C. (AP) _ Honda’s jet division is expanding its headquarters in North Carolina. Greensboro-based Honda Aircraft Co. announced Monday it is expanding its global headquarters with an extra 82,000 square feet for expanded wing assembly and more parts storage for the private jets rolling off the production line.

UNDATED (AP) _ Almost the entire 2020 Democratic presidential field has joined the push for a higher minimum wage along with a labor campaign called Fight for 15. Democratic presidential hopefuls will join striking McDonald’s workers this week to try to push the company to allow its workers to organize. A bill to create a higher national minimum wage has stalled in the Democratic-controlled House of Representatives. Still, the Fight for 15 movement has been successful at getting that level of minimum wage implemented in many Democratic states and cities.

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