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NEW YORK (AP) — U.S. stocks are slipping this morning as global stocks also took losses. Energy companies are falling the farthest although the price of oil is little changed. At 10:21 a.m. Eastern Time, the Dow was down 137 points at 17,867. The S&P 500 was down 13 points, to 2,079. And the Nasdaq was down 24 points at 4,883.
WASHINGTON (AP) — Americans stepped back from buying new homes in March, the third straight monthly decline as sales plunged sharply in the Western states. The Commerce Department says new-home sales slipped 1.5 percent last month to a seasonally adjusted annual rate of 511,000, down from 519,000 in February and 521,000 in January. Sales plummeted 23.6 percent in the West, which has been prone to volatile swings. Sales were flat in the Northeast and rose in the Midwest and South.
DETROIT (AP) — The U.S. government says it has closed an investigation into Honda's failure to report deaths and injuries. The National Highway Traffic Safety Administration says Honda has paid a $70 million fine and has taken steps needed to make sure similar failures don't happen again. The company admitted in a consent order that it didn't report 1,729 complaints that its vehicles caused deaths and injuries, and that it didn't report warranty claims. Many of the deaths and injuries were related to air bag inflators made by Japanese auto supplier Takata Corp.
NEW YORK (AP) — Xerox is reporting a steep slide in first-quarter profit on a continued decline in revenue and higher expenses. The business service provider's profit fell 85 percent to $34 million, or 3 cents per share. Xerox is getting ready to split into two businesses, separating its printer and copier unit from its business services unit. Xerox stock has dropped 15 percent in the last 12 months.
UNDATED (AP) — Embattled drugmaker Valeant Pharmaceuticals has chosen Perrigo Co. CEO Joseph C. Papa to become its new CEO. He replaces J. Michael Pearson, who'll be deposed later this week by a Senate committee investigating the causes of soaring prescription medicine prices. Valeant's stock jumped in early morning trading. The stock has plunged from all-time high prices it hit last year, as the Canadian drugmaker deals with rising debt levels and federal probes into its accounting and business practices.
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