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FINANCIAL MARKETS
Stocks edge lower on Wall Street
NEW YORK (AP) — Stocks are moving lower on Wall Street, led by declines in technology and communications companies.
Several retailers were making big moves after reporting their latest quarterly results. Urban Outfitters plunged 13.8% after reporting earnings and sales that missed estimates. Target jumped 11.9% after its results easily beat forecasts.
Energy stocks rose as the price of crude oil jumped 3%.
European and Asian markets moved lower after a resolution by the Senate added a potential new hurdle to the latest push for a trade deal with China. The Senate approved a measure to support human rights in Hong Kong following months of anti-government protests. China condemned the move and threatened “strong countermeasures.”
Negotiations between the U.S. and China are already on seemingly shaky ground. On Tuesday, President Donald Trump said he was prepared to raise tariffs on Chinese exports if the nations can’t reach an agreement on trade.
TRUMP
Escaping impeachment, Trump to showcase Apple plant in Texas
WASHINGTON (AP) — President Donald Trump is getting out of Washington during the House impeachment probe. He’s headed to Texas to tour an Austin plant that produces Apple’s Mac Pro computer.
It’s Trump’s second visit to Texas in recent weeks as he highlights job growth in a state crucial for Republicans in 2020, both in terms of money and votes.
Trump’s visit follows Apple’s announcement in September that it would continue manufacturing the Mac Pro in Austin. The move came once the Trump administration agreed to waive tariffs on certain computer parts made in China.
Apple CEO Tim Cook pitched Trump on the problem that higher tariffs posed for Apple. Trump has said, “it’s tough for Apple to pay tariffs if they're competing with a very good company that's not.”
GENERAL MOTORS LAWSUIT
GM sues FCA over union bribes
DETROIT (AP) — General Motors is suing Fiat Chrysler, alleging that its crosstown rival got an unfair business advantage by bribing officials of the United Auto Workers union.
The lawsuit, filed Wednesday in U.S. District Court in Detroit, alleges that FCA was involved in racketeering by paying millions in bribes to get concessions and gain advantages in three labor agreements with the union.
Details of the racketeering have been exposed in a federal probe of corruption at the union that has resulted in multiple arrests.
The lawsuit alleges that Fiat Chrysler corrupted the bargaining process with the UAW in the 2009, 2011 and 2015 union contracts to gain advantages over General Motors.
DISNEY PLUS-SECURITY
Disney Plus blames past hacks for user accounts sold online
UNDATED (AP) — Disney says Disney Plus account passwords being sold in underground hacking forums are coming from previous breaches at other companies, predating last week’s launch of its streaming service.
The company reiterated Wednesday that it found no evidence of a security breach and that account problems are limited to “a very small percentage of users.”
Despite warnings by security experts, users often reuse passwords at multiple services, meaning a breach at one opens the door for a hacker to gain access to the others.
The news site ZDNet found stolen account usernames and passwords selling for $3 on underground hacking forums. Disney’s streaming service costs $7 a month or $70 a year.
UBER-RECORDING
Uber to let users record audio of rides in Brazil, Mexico
NEW YORK (AP) — Uber will let passengers and drivers record audio of their rides in an attempt to improve its safety record.
The ride-hailing company plans to pilot the feature in cities in Brazil and Mexico in December. It eventually hopes to launch it in other markets including the United States, although it has no timeline for possible expansion.
The feature will allow customers to opt into recording all or select trips.
Uber has struggled with safety issues and faced accusations that some of its drivers have assaulted and raped passengers. Some of its drivers also have been attacked by passengers.
Uber says the recordings will be encrypted to protect privacy. Users can later share the recording with Uber if they want to report a problem.
EUROPE-DEBT
In first since 2002, EU not forcing any states to cut debt
BRUSSELS (AP) — For the first time since 2002, the European Commission is not taking legal action against any of its members over high budget deficits or debt, and is instead encouraging some to spend more to help the economy.
The EU’s executive arm said Wednesday that eight countries were at risk of significantly falling short of the bloc’s aim for a deficit below 3% of GDP and debt approaching 60%. They include Spain, France, and Italy.
But it isn’t taking legal action to push any countries to tighten finances. It most recently did that against Italy, whose last government had increased spending sharply despite its huge debts.
The commission encouraged countries with strong finances, particularly Germany and the Netherlands, to spend more. With growth slowing, experts say governments need to investment more.
CALIFORNIA WILDFIRES-POWER OUTAGES
Power cut in California areas to prevent fires
SAN FRANCISCO (AP) — Pacific Gas & Electric has begun shutting off power to people in the San Francisco Bay Area and portions of California’s northern coast amid warm and windy weather that can help fan wildfires. The utility is trying to prevent its power lines from sparking fires.
PG&E spokeswoman Katie Allen says some people in the wine country counties of Napa and Sonoma lost electricity at about 7 a.m. Power has also been cut in parts of Mendocino and Yolo counties.
No details were immediately provided as to how many people lost electricity, but the shut-offs are expected to affect 375,000 people and last into Thursday.
Officials in some counties say schools, libraries and other public buildings will be closed Wednesday because of the outages.
It’s the latest in a series of mass, planned outages prompted by extreme fire risk weather conditions over the past two months.
EARNS-TARGET
Target enters the holiday season strong
MINNEAPOLIS (AP) — Target is reporting another quarter of strong sales and profits and raising its outlook as it pushes faster delivery and new store brands.
The discounter said Thursday that third-quarter comparable sales, which also include online sales, rose 4.5%. That reflects a 2.8% growth in stores open at least a year. Third quarter online sales rose 31%.
Profit was $714 million, or $1.39 per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to $1.36 per share, easily beating Wall Street per-share expectations for $1.19.
Revenue was $18.67 billion, also topping projections.
Shares of Target Corp. are up almost 10%.
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