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A24
BUSINESSWednesday 11 November
Late gains leave Wall Street mostly higher Small US businesses wooing
MARLEY JAY about a potential sale, rose reopen in a few days after. big players at Dubai airshow
AP Markets Writer $9.88, or 3.3 percent, to A total of 43 locations were
NEW YORK (AP) — Stocks $306.70. Drugmakers Perri- closed because of an E. AYA BATRAWY
reversed course and go, Endo and Mallinckrodt coli outbreak, and tests Associated Press
moved mostly higher Tues- all traded higher. for the bacteria at Chipo- DUBAI, United Arab Emirates (AP) — U.S. aerospace
day, breaking a four-day Apple lost $3.80, or 3.2 tle restaurants came back manufacturer Pratt & Whitney doesn’t just have a
losing streak. percent, to $116.77. The negative. Shares of Chipo- booth at this year’s Dubai Airshow. The company
The gainers included re- world’s most valuable tle rose $19.59, or 3.2 per- takes up two chalets outside the main exhibition hall
tailers and media compa- company reported record cent, to $628.88. alongside other aviation and defense giants like Boe-
nies. Strong quarterly results earnings just two weeks Homebuilder D.R. Horton ing, Airbus, Lockheed Martin and Raytheon.
from D.R. Horton boosted ago, boosted by surging rose $2.38, or 8.3 percent, Just inside the hall, however, a father-and-son team
shares of homebuilders. sales in China. Apple gets to $31.35 after its fiscal from Jupiter, Florida are selling Pratt & Whitney engine
Health care stocks includ- more than two-thirds of fourth-quarter results sur- overhaul parts at a fraction of the manufacturer’s
ing drug companies also its revenue from iPhone passed analyst estimates. price through authorized distributors and wooing cli-
made gains, while Apple sales, and some investors That lifted shares of its com- ents with offers of better service.
dragged down the tech- are worried that Apple petitors: PulteGroup rose Global Turbine Parts is one of 150 U.S. businesses tak-
nology sector. Analysts at won’t be able to maintain 63 cents, or 3.6 percent, ing part in the Middle East’s most important airshow,
Credit Suisse said a slow- its growth as worldwide $18.19 and Lennar added which runs this week until Thursday in the United Arab
down in the company’s or- smartphone sales slow $1.60, or 3.4 percent, to Emirates. This year, small and medium-sizedbusiness-
es from the U.S. have expanded their presence at the
Howard Hughes Corp. CEO David Weinreb, right, and Chairman William Ackman, second left, show, vying for a cut of the Gulf’s lucrative aviation
and defense market, while directly competing with
applaud during opening bell ceremonies of the New York Stock Exchange, marking the fifth some of the world’s biggest players.
Sergio Azoy Jr., who runs Global Turbine Parts with his
anniversary of their founding, Tuesday, Nov. 10, 2015. (AP Photo/Richard Drew) father, says it’s their third time at the biennial airshow.
He says the company, which has five employees
ders for components sug- down. $49.40, and is a broker and supplier of turbine engine parts,
gests demand for the new Apple’s loss weighed down Gap lost 40 cents, or 1.4 gained five clients in the Middle East since the 2013
iPhone 6 is weak. tech stocks. Tech stocks percent, to $27.29 after the show. Their client list now includes the Dubai police
The Dow Jones industrial have had a strong year, retailer posted disappoint- department, Bahrain’s police department and a UAE-
average rose 27.73 points, rising more than 6 percent, ing results for October, in- based flight academy, among others.
or 0.2 percent, to 17,758.21. the second-best industry cluding lower overall sales. “Even though it may be a small part compared to the
The Standard & Poor’s 500 gain in the S&P 500. Earlier in the day its stock billion-dollar deals being signed, we’re proud to be a
index added 3.14 points, While tech and health fell as much as 6 percent. part of it,” Azoy said, referring to the Mideast aviation
or 0.2 percent, to 2,081.72. care stocks have per- Industrial equipment and industry.
The tech-heavy Nasdaq formed well this year, some software maker Rockwell He says there’s a chance to compete for sales be-
composite gave up 12.06 companies could have a Automation fell $3.61, or 3.4 cause smaller companies like his offer personalized
points, or 0.2 percent, to rougher road ahead. With percent, to $104.18 after its service.
5,083.24. the Federal Reserve poised earnings came up short of “If you give them good pricing and service... they’re
Stocks spent most of Tues- to raise interest rates, the what analysts were look- going to come to you,” he said.
day in the red, then turned dollar could get stronger. ing for. Bond prices didn’t About $190 billion in deals was announced at the last
positive in the last hour and That would be a source move much. The yield on Dubai airshow, where Florida was the only U.S. state
a half of trading. The S&P of pain for semiconduc- the 10-year Treasury note with an official presence. Its pavilion hosted 11 small
500 had fallen 1.5 over the tor makers and drug com- dipped to 2.33 percent and medium-sized businesses, giving them a boost
previous four trading days. panies, said Jack Ablin of from 2.34 percent a day through the state’s economic development organi-
Most of that loss came on BMO Private Bank. earlier. Benchmark U.S. zation, Enterprise Florida. It helped the companies de-
Monday, when the index “The types of companies crude rose 34 cents, or 0.8 sign their booths and offered them grant money for
took its biggest dive in six that could get hurt are the percent, to close at $44.21 the space.
weeks. ones that rely on exports a barrel in New York. Brent This time, Georgia, Missouri, Virginia, New Hampshire
Botox maker Allergan was for their growth and prof- crude, a benchmark for in- and Washington joined Florida with their own pavil-
one of the biggest gain- its,” he said. ternational oils, picked up ions.
ers in health care. The Irish Chipotle Mexican Grill’s 25 cents, or 0.5 percent, to Kallman Worldwide, which organizes U.S. pavilions at
company, which has held restaurants in Washington close at $47.44 a barrel in exhibitions around the world, helped 95 U.S. exhibitors
talks with competitor Pfizer state and Oregon could London.q take part in this year’s airshow, with pavilion space
doubling in size from the last show.
“State governments are realizing if we can help these
guys out through a small amount, then they’re going
to go overseas and make a lot more money and that
means jobs and that means revenue for the state,”
said Thomas Kallman, the company’s president and
CEO.
Maria Badillo and her husband Frank Benzaria paid
just $1,500 for space in a booth because of grant
money from Virginia. Their Sterling, Virginia-based
company, Defense Technology Equipment, has a few
clients in the Middle East, and they say they learned
about eight more potential clients simply by network-
ing at the show.
Despite an expanded state presence, dozens of small
and medium-sized businesses at the show did not
have external support.q
