Page 25 - ARUBA TODAY

BUSINESS Thursday 3 augusT 2017
A25

Apple takes Dow over 22,000 points; other stocks fall

Continued from front that companies are re-
Movie theater companies porting rising profits based
tumbled after AMC En- on greater revenue and
tertainment said U.S. box strong demand instead of
office grosses are sinking. stock buybacks and other
Health care companies financial moves.
turned lower as prescrip- Apple climbed $7.09, or
tion drug distributor Car- 4.7 percent, to $157.14.
dinal Health gave a weak That was the first time it
forecast, mostly because set a record high in almost
of falling generic drug pric- three months. Its stock had
es. Retailers and shopping slipped recently in part be-
mall operators also sank. cause some investors were
The Dow average rose worried that production
52.32 points, or 0.2 percent, problems would delay the
to 22,016.24. Apple was re- launch of the next iPhone,
sponsible for 48 of those which would have hurt the
points. company’s fourth-quarter
The Standard & Poor’s 500 sales. But Apple’s revenue
index, a much broader estimate was better than
market measure used by expected and greater
most professional inves- than last year, when the
tors, added 1.22 points, or iPhone 7 was released.
less than 0.1 percent, to Movie theater operators Specialist Mario Picone wears a “Dow 22,000” hat as he works at his post on the floor of the New
2,477.57. and studios declined af- York Stock Exchange, Wednesday, Aug. 2, 2017. A big gain from Apple Wednesday morning sent
The Nasdaq composite ter AMC said U.S. box of- the Dow Jones industrial average above 22,000 for the first time. Most other industries were trading
inched down 0.29 points fice receipts dropped 4.4 lower, with health care and household goods companies slipping.
to 6,352.65. The Russell 2000 percent in the second (AP Photo/Richard Drew)
index of smaller-company quarter, and it expects the
stocks shed 15.43 points, or third quarter to be difficult levels while trying to boost CBS gave up $1.27, or 1.9 short of analysts’ forecasts.
1.1 percent, to 1,412.90. as well. AMC it also taking revenue with new pricing percent, to $64.81 and Via- Big 5 said sales of firearms,
“The market’s not forgiv- a charge of $200 million plans and discounts. com dipped $1.44, or 4.1 camping and water sports
ing for any company that because its investment in AMC dropped $5.60, or 26.9 percent, to $34.09.Retail- equipment fell, and its esti-
misses” Wall Street projec- another chain, National percent, to $15.20 and Cin- ers also stumbled, which mates for the current quar-
tions, said Edward Jones CineMedia, lost value. The emark Holdings lost $1.94, hurt smaller, U.S.-focused ter fell short of Wall Street’s
investment strategist Kate company is also planning or 5.9 percent, to $37.82. companies. Big 5 Sporting estimates. Its stock shed 85
Warne. Overall, she said to slash costs by cutting Walt Disney fell $1.04, or Goods reported a weak cents, or 7.8 percent, to
investors seem pleased operating hours and staff 1.8 percent, to $108.67. profit and sales that fell $10.10.q

Wells Fargo faces lawsuits, angry lawmakers over car lending

counts scandal, said last New York Department of to Wells Fargo.
week that roughly 570,000 Financial Services, a bank- It wants to see copies of
customers were signed up ing regulator with an out- loan contracts with bor-
for and billed for car insur- sized role in overseeing the rowers, agreements with its
ance that they didn’t need industry because of the dealer network, and any
or necessarily know about. number of banks based in outside vendors who may
Many couldn’t afford the New York, sent a subpoena have played a role.q
extra costs and fell behind
in their payments. In about
20,000 cases, cars were re-
possessed.
The bank has agreed to
pay $80 million in refunds
and account adjustments
This photo shows a Wells Fargo bank in northeast Jackson, Miss. to customers, with checks
At least three lawsuits have now been filed against Wells Far- starting to go out this
go from customers who say they were hurt by the bank’s latest month.
scandal, involving how it operated its auto lending business. But on Wednesday, the
(AP Photo/Rogelio V. Solis)

NEW YORK (AP) — The heat CONDO FOR SALE
on Wells Fargo over its auto
lending business has inten-
sified, with customers fil- 3 BEDROOM CONDO in Tierra del Sol.
ing at least three lawsuits,
politicians calling for hear- Facing the Golf Course ground oor,
ings and a bank regulator move in condition with furniture and new
issuing a subpoena for re- airco system
cords.
Wells Fargo, still trying to Contact Owner at stemel@optonline.net,
recover from a fake ac- in USA for more information: 203-526-9329.