Page 25 - ARUBA TODAY

BUSINESS Friday 4 august 2017
A25

US stocks slip, with bigger losses for smaller companies

By MARLEY JAY after the Wall Street Jour-
AP Markets Writer nal reported that Special
NEW YORK (AP) — Losses Counsel Robert Mueller has
for energy and technology impaneled a grand jury in
companies left most U.S. his investigation of Russia’s
stocks lower on Thursday. interference in the 2016
Smaller companies fared presidential election.
worse as the dollar re- Companies have reported
mained at 15-month lows. strong second-quarter re-
Energy companies weak- sults lately as corporate
ened as the price of oil earnings continue to grow,
turned lower, and technol- But with stocks at record
ogy companies declined highs, the market hasn’t re-
as Apple gave up a piece acted very much: the S&P
of its big gain from the day 500 flat over the last two
before. Investors bought weeks. Companies that
government bonds after didn’t live up to investors’
some shaky economic expectations took losses.
news in the U.S. and the Security software maker Sy-
U.K. That sent bond yields mantec announced disap-
down, which hurt financial pointing first-quarter sales,
companies. Industrial com- and its forecasts for the rest
panies like 3M did well, and of the year weren’t as good
so did large drugmakers Trader Frank O’Connell, left, works on the floor of the New York Stock Exchange. Losses for energy as analysts had hoped. The
like Pfizer. and technology companies left most U.S. stocks lower on Thursday. Smaller companies fared company also agreed to
Small companies, which worse as the dollar remained at 15-month lows. (AP Photo/Richard Drew) sell its website security busi-
surged in November and ness to DigiCert for $950
December, have slumped UBS, said that as the dollar ness that we’re seeing,” he 9.86 points, or less than 0.1 million in cash and a 30
this week. Firearms mak- continues to lose strength, said. The ICE U.S. Dollar In- percent, to 22,026.10. The percent stake in DigiCert.
er Sturm Ruger tumbled investors are selling smaller dex is down 9 percent this Nasdaq composite lost Symantec slid 64 cents, or
Thursday after it said sales and more domestically- year and hasn’t been this 22.30 points, or 0.4 percent, 2.1 percent, to $30.27.
fell in the second quarter, focused companies and low in about 15 months. to 6,340.34. The Russell 2000 3D printer maker 3D Sys-
and sporting goods com- buying more international The Standard & Poor’s 500 index of smaller compa- tems plunged $3.62, or 21.3
panies like Big 5 and Vista businesses, as the weaker index shed 5.41 points, or nies sank 7.67 points, or 0.5 percent, to $13.39 after it
Outdoor also sank. Smaller dollar will help their profits 0.2 percent, to 2,472.16. percent, to 1,405.23 after a fell short of Wall Street esti-
banks fared worse than and sales outside the U.S. The Dow Jones industrial sharp loss a day ago. mates in the second quar-
larger ones. Julian Eman- “Most people didn’t expect average notched its eighth Near the close of trading, ter and cut its projections
uel, an equity strategist for the degree of dollar weak- gain in a row and added stocks turned a bit lower for the full year.q

FedEx, in online pivot, backs away from holiday surcharges

lion packages to businesses shipments in some weeks In addition, UPS will charge
and homes, but that can near Black Friday and a peak surcharge on some
jump to 25 million on peak Christmas. international air-shipping
days in December. United Parcel Service Inc. routes.
Residential shipments rep- said that it would add 27 UPS, based in Atlanta, did
resent a much smaller share cents for residential deliver- not immediately comment
of the company’s revenue, ies from Nov. 19 to Dec. 2 on the maneuver by FedEx.
but they are growing faster and Dec. 17-23. It will add In an interview last week,
because of the rise of on- a fee of between 81 and UPS CEO David Abney said
line shopping. Residential 97 cents to overnight, sec- his company used the sur-
deliveries are relatively inef- ond- or third-day deliver- charges to encourage big
ficient because homes are ies for residential deliver- shippers to adjust some
so spread out and a driver ies Dec. 17-23. There are promotions and shipments
FedEx Express trucks sit idle at Richmond International Airport in
Sandston, Va. FedEx Corp. says there will only be a surcharge might take one package other charges for oversized to help UPS smooth out its
during the holiday season on packages that need additional to a house instead of sev- packages. holiday-season volumes.q
handling, are oversized or unauthorized. The move comes as the eral to a business — that
package delivery company and rival UPS jockey for customers raises costs for FedEx.
that are increasingly doing their holiday shopping online and The shipper, based in Mem-
have packages shipped. phis, Tennessee, said that
(AP Photo/Steve Helber)
from Nov. 20 through Dec.
MEMPHIS, Tenn. (AP) — Fe- FedEx Corp. said Thursday 24 it will add surcharges of
dEx will skip special charges that it won’t charge extra $3 for packages needing
for most packages shipped for peak-season residential special handling, $25 for
during the holiday season deliveries unless the pack- oversized items, and $300
this year as it seeks to un- age requires extra han- for unauthorized shipments.
dercut rival UPS in a fight dling, such as for very large FedEx’s announcement
for a larger share of the mil- items. comes two months after
lions of items now bought On an average day, FedEx UPS announced new sur-
online. delivers more than 12 mil- charges that will impact