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BUSINESS Tuesday 26 June 2018
A25

Stocks sink on reports US may limit tech exports, investment

By MARLEY JAY Union put tariffs on motor- it will combine with Ray-
Associated Press cycles from the U.S. as well com in a deal the compa-
NEW YORK (AP) — U.S. as other goods like bour- nies valued at $3.6 billion.
stocks are falling Monday bon, peanut butter and or- Campbell Soup rose 9.3
following losses in Europe ange juice. percent to $42.18 after the
and Asia, and technology Those taxes are retaliation New York Post said Kraft
companies are skidding for duties the Trump admin- Heinz is interested in buying
after reports the Trump ad- istration imposed on Euro- the company. Kraft rose 0.2
ministration plans to limit pean steel and aluminum. percent to $63.32.
high-tech exports to China Harley said in a regulatory ADRIFT: Cruise lines
as well as investment by filing Monday that EU tariffs dropped after Carnival cut
Chinese firms in technology on its motorcycles export- its annual profit forecast.
companies. Treasury Sec- ed from the U.S. jumped The company cited the ris-
retary Steven Mnuchin said between 6 percent and 31 ing cost of fuel. Carnival fell
the investment restrictions percent, which translates 7.2 percent to $58.96 while
might apply to other coun- into an extra $2,200 per av- Royal Caribbean gave up
tries as well. In this April 5, 2018, file photo, a sign for a Wall Street subway erage motorcycle export- 5 percent to $105.96 and
station is shown in New York. The U.S. stock market opens at 9:30
Harley-Davidson is falling a.m. EDT on Monday, June 25. ed from the U.S. to the EU. Norwegian Cruises lost 6.7
after it said it will shift the Associated Press Its stock fell 6.4 percent to percent to $48.48.
production of some mo- Trump administration will tual tariffs on tens of billions’ $41.39. BONDS: Bond prices rose.
torcycles to Europe in re- limit technology exports to worth of goods July 6, and ON THE SKIDS: Retailers and The yield on the 10-year
sponse to taxes the EU put China as well as investment the reports suggest the two other companies focused Treasury note fell to 2.87
on U.S. exports. by China. sides aren’t getting closer on consumers fell as inves- percent from 2.89 percent.
The benchmark S&P 500 in- China is attempting to be- to a deal. tors sold some of the stocks ENERGY: Benchmark U.S.
dex is on pace for its worst come a global leader in OVERSEAS: Germany’s DAX that have done the best crude dipped 0.8 percent
loss since early April. biotechnology, electric ve- fell 2.5 percent and Lon- this year. to $68.05 per barrel in New
KEEPING SCORE: The S&P hicles and other industries, don’s FTSE 100 gave up Amazon lost 3.6 percent York. It climbed 4.6 percent
500 index shed 44 points, and the report said the ad- 2.2 percent. France’s CAC to $1,654.33 and Netflix Friday, its biggest one-day
or 1.6 percent, to 2,710 as ministration wants to slow 40 shed 1.9 percent. Hong dropped 6.5 percent to gain since late 2016.
of 1:30 p.m. Eastern time. Beijing’s progress in those Kong’s Hang Seng lost 1.3 $384.38. Brent crude, used to price
The Dow Jones Industrial areas. President Donald percent. The trade tensions contin- international oils, dropped
Average lost 375 points, or Trump has threatened to Tokyo’s Nikkei 225 shed ued to hit industrial compa- 1.5 percent to $74.20 per
1.5 percent, to 24,229. The put tariffs on hundreds of 0.8 percent and in South nies, which are facing high- barrel in London.
Nasdaq composite fell 188 billions of dollars in Chinese Korea the Kospi was little er costs and the possibility OPEC countries agreed to
points, or 2.5 percent, to imports over complaints changed. of tariffs that hurt their sales. produce more oil Friday,
7,504. The Russell 2000 in- Beijing steals or pressures HARLEY SHIFTS: Harley-Da- Boeing skidded 2.7 per- but investors aren’t sure the
dex of smaller-company foreign companies to hand vidson will move the pro- cent to $329.68 and Cat- cartel will produce as much
stocks slid 27 points, or 1.6 over technology. He’s also duction of motorcycles erpillar shed 2.4 percent to crude oil as it says it will.
percent, to 1,658. pressuring China to buy headed for Europe from $136.52. CURRENCY: The dollar fell to
US-CHINA TENSIONS: The more U.S.-made goods. the U.S. to overseas facili- DEALS: Broadcaster Gray 109.46 yen from 109.91 yen.
Wall Street Journal and The U.S. and China are ties. Television jumped 9.2 per- The euro rose to $1.1697
Bloomberg News said the scheduled to impose mu- On Friday the European cent to $13.98 after it said from $1.1663.q

Carnival shares sink on outlook, cost concerns

Associated Press But, the company expects to $4.40 per share.
NEW YORK (AP) — Carnival profit in the third-quarter to Carnival shares have fallen
Corp. shares tumbled Mon- range from $2.25 to $2.29 slightly more than 4 per-
day after the cruise opera- per share, falling well short cent since the beginning
tor gave a weaker-than- of Wall Street expectations of the year, while the Stan-
expected outlook, citing of $2.48 per share. dard & Poor’s 500 index
growing fuel costs. For the full year, it trimmed has increased 3 percent.
The stock fell $6.11, or 9.6 guidance to a range of The stock has fallen slightly
percent, to $57.42 in morn- $4.15 to $4.25 per share more than 4 percent in the
ing trading. from a prior range of $4.20 last 12 months.q
The lackluster guidance
and concern over growing
costs helped drag down its
peers.
Shares of Norwegian Cruise
Line Holdings Ltd. fell $3.17, In this June 20, 2016, file photo, a jet skier passes in front of the
or 6.1 percent, to $48.17. Carnival Sensation cruise ship as it leaves PortMiami, in Miami
Royal Caribbean Cruises Beach, Fla.
Ltd. shares fell $5.12, or 4.6 Associated Press
percent, to $106.43. share. to $4.36 billion.
Miami-based Carnival’s Earnings, adjusted for non- The quarterly results topped
second-quarter profit recurring gains, came to 68 Wall Street expectations for
jumped 48 percent to $561 cents per share. profit of 60 cents per share
million, or 78 cents per Revenue rose 10.4 percent and $4.33 billion in revenue.