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BUSINESS Saturday 19 May 2018
A25

US stocks edge lower in afternoon trading; oil slides

By ALEX VEIGA Materials gave up 8.4
AP Business Writer percent to $49.44 after
U.S. stock indexes edged the maker of chipmaking
mostly lower in afternoon equipment forecast reve-
trading Friday, adding to nue for the current quarter
the market's modest losses that was below Wall Street's
from a day earlier. Banks, estimates.
energy and consumer ON THE RISE: Shares in in-
goods companies fell, off- dustrials stocks rose. Deere
setting gains by industrial & Co. led all stocks in the
and health care stocks. S&P 500, climbing 6 per-
Bond prices rose, sending cent to $155.68 after the
yields lower. Crude oil pric- agricultural and construc-
es declined. tion equipment maker fore-
KEEPING SCORE: The S&P cast 35 percent growth in
500 index slipped 5 points, equipment sales for its third
or 0.2 percent, to 2,714 as quarter.
of 1 p.m. ET. The Dow Jones PAYING UP: PayPal Hold-
industrial average gained ings added 2.3 percent to
20 points, or 0.1 percent, to $81.04 on news that the
24,734. The Nasdaq com- company is buying Stock-
posite fell 12 points, or 0.2 holm-based payment pro-
percent, to 7,369. The Rus- Trader Michael Capolino wipes his brow as he works on the floor of the New York Stock Exchange, cessing startup iZettle for
sell 2000 index of smaller- Friday, May 18, 2018. $2.2 billion with the aim of
company stocks picked expanding into Europe and
up 2 points, or 0.2 percent, trade tensions between the analyst for Wells Fargo In- fectively immediately. The Latin America.
to 1,627. Rising and falling U.S. and China. The coun- vestment Institute. "They still stock was the biggest de- ENERGY: Benchmark U.S.
stocks were evenly split tries, which have threat- don't know what to expect, cliner in the S&P 500 and crude oil fell 28 cents to
on the New York Stock Ex- ened tariffs on each other, what kind of compromises was having its worst single- $71.21 a barrel in New
change. were holding discussions may be made between day drop since 1999. York. Brent crude, used to
CHOPPY WEEK: After a aimed at averting a trade the U.S. and China in terms NOT A GOOD LOOK: Nord- price international oil, lost
strong start to the month, war between the world's of trade." strom tumbled 9.9 percent 30 cents to $79 a barrel in
markets have been chop- two biggest economies. SOUP'S OFF: Campbell to $45.85 after the upscale London.
py this week as investors THE QUOTE: "Markets are Soup plunged 12 percent department store chain The slide in oil prices was
turned the page on the first- taking a little bit of a breath- to $34.53 after the pack- said sales at established a drag on energy stocks.
quarter earnings reporting er and waiting for some- aged foods company low- stores, a key metric for re- Range Resources slid lost
season and weighed the thing to happen before ered its profit forecast and tailers, showed meager 2.7 percent to $15.25.
implications of rising inter- reacting," said Veronica said that its CEO, Denise gains in the first quarter. BOND YIELDS: Bond prices
est rates and the ongoing Willis, investment strategy Morrison, was retiring ef- FALLING SHORT: Applied rose. q

Campbell Soup CEO out, steel tariffs to bite soon

Associated Press chief financial officer at and aluminum tariffs were
NEW YORK (AP) — The top Campbell, said a lot of the "no big deal."
executive at Campbell company's rising costs will The claim was immediately
Soup will retire and the be "driven by the impact of contested by a number of
company is undergoing a anticipated tariffs." U.S. industries.
strategic review as it tries to "We expect double-digit The Can Manufacturers
revive sales that have been increases on steel and Institute, which represents
under pressure due to shift- aluminum," said DiSilves- 22,000 workers at manufac-
ing American tastes and ris- tro, adding that the com- turers nationwide, believes
ing costs. pany anticipates inflation the tariffs will harm their in-
Denise Morrison, who has to drive prices for wheat dustry and consumers alike.
been has been CEO since and vegetables and other The institute says there are
2011, is being replaced goods as well. 119 billion cans made in the
immediately by Keith Shares plunged more than U.S., meaning a 1 cent tariff
McLoughlin, who will lead 10 percent in early trad- would lead to a $1.1 billion
the company on an interim ing Friday. Shares of other tax on consumers and busi-
basis. consumer-focused com- nesses. FILE- In this May 23, 2017, file photo, Campbell's soups on dis-
The company, founded al- pany that rely on metals fell McLoughlin, who is taking play at a local supermarket in Orlando, Fla. The Campbell Soup
most 150 years ago, is also as well, including PepsiCo over as CEO, is the former Company reports earnings Friday, May 19, 2018
facing new headwinds due Inc., Coca-Cola Co. and chief executive at appli-
to recent changes in U.S. Molson Coors Brewing. ance maker Electrolux. He in a market crowded with third-quarter loss of $393
trade policy. Commerce Secretary Wil- has been a board mem- competitors at the same million on Friday and low-
In March, the Trump ad- bur Ross famously held up a ber at Campbell Soup Co. time that many families are ered its earnings projections
ministration slapped tariffs can of Campbell's soup in since 2016. seeking foods they con- for the year, due in part to
on imported steel and alu- a CNBC interview this year The New Jersey food com- sider healthier and less pro- the acquisition of the snack
minum. to make the case that the pany is wrestling with de- cessed. company Snyder's-Lance
Anthony DiSilvestro, the Trump administration's steel clining soup and juice sales The company posted a Inc.q