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May 01, 2013 05:25 PM

Wednesday Evening Business Brief

It's a bad day for Wall Street. Stocks fell following a slowdown in hiring and manufacturing last month. Big-name companies also reported disappointing results. The stock market drop was the biggest in two weeks. The Dow Jones industrial average fell 138 points to close at 14,701 today. The Standard & Poor's 500 dropped 14 to 1,582 and the Nasdaq lost 29 points.

  • The price of oil is down more than 2 percent. The drop follows disappointing economic news from the world's two biggest oil-consuming nations and a large increase in U.S. crude supplies.  Benchmark oil for June delivery fell $2.43, or 2.6 percent, to finish at $91.03 a barrel in New York. Data from China and the U.S. pointed to weaker demand for oil.
  • Visa says its net income slipped nearly 2 percent in the first three months of this year from a year earlier, when the company benefited from an adjustment to its income tax provision. But the company reported growth in service and data processing revenue, as well as international transactions. Visa says its fiscal second-quarter net income totaled $1.27 billion, or $1.92 per share. Revenue grew nearly 15 percent to $2.96 billion from $2.58 billion a year earlier.
  • A research firm says Microsoft is seeing slow sales of a version of Windows designed for thin and light tablets, even as the tablet market as a whole is growing. Researchers at IDC say manufacturers shipped 200,000 tablets running Windows RT, the special version of Windows for iPad-style tablets, in the January to March period. That's down from about 900,000 shipped in the fourth quarter. Microsoft's larger Surface Pro tablets, which run standard Windows 8, did better.
  • A Detroit federal judge has sentenced a former General Motors engineer and her husband who were convicted of stealing hybrid technology from the automaker. Shanshan Du was sentenced to a year and a day in prison today. Her husband, Yu Qin (chin), was ordered to spend three years behind bars. Du copied thousands of GM documents before leaving the company in 2005. The U.S. government says the couple were trying to strike a deal with a competitor in China.
  • Business
  • Economy/Stocks

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