Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Stocks are moving modestly lower in early trading on Wall Street, a day after the market's biggest surge since March. Several companies are sinking after reporting disappointing results. Car rental company Hertz plunged 42 percent after its earnings came up far short of what analysts were looking for. Drugstore chain CVS had lower revenue than analysts expected. At 10:07 a.m. Eastern Time, the Dow slipped 45 points, to 18,214. The S&P 500 fell 6 points, to 2,125. And the Nasdaq declined 15 points, to 5,151.
PALO ALTO, Calif. (AP) — Tesla Motors has agreed to buy a German engineering company to help automate its electric car manufacturing. Tesla says Grohmann Engineering is a leader in highly automated manufacturing methods. Tesla expects to start building the $35,000 Model 3 electric car next year, and it wants to build 500,000 cars per year in two years.
LONDON (AP) — Scotland's government says it will ask Britain's Supreme Court to block Prime Minister Theresa May from triggering European Union exit talks without consulting the Scottish Parliament first. May has said she plans to start divorce talks by invoking Article 50 of the EU treaty before March 31. But last week the High Court ruled that lawmakers in Britain's Parliament must first have a say. The government is asking the Supreme Court to overturn the ruling. Scotland voted to stay in the EU.
DALLAS (AP) —Southwest Airlines pilots have ratified a new four-year contract that includes higher pay, including an immediate 15 percent pay raise, as well as bonuses. About 84 percent of Southwest Airlines Pilots' Association members who cast ballots voted in favor of the agreement. Contract negotiations began in 2012 and mediated talks started in 2014. Last month, Southwest flight attendants narrowly ratified a new contract.
GENEVA (AP) —The maker of Toblerone Swiss chocolate says in order to keep prices down, it's widened the spaces in some of its iconic, triangle-array bars. Mondelez International, based in Deerfield, Illinois, says there'll be less chocolate for the same price globally in some sizes. The company says, for example, in Britain, the 170-gram bar will be 150 grams. Mondelez says a U.K. discounter refusing to increase the price of the 170 gram bar prompted the shrinking. Some size bars won't change.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
