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Thursday Evening Business Brief

May 8, 2014, 6:46 PM

Thursday Evening Business Brief

NEW YORK (AP) - Stocks are ending mostly lower after some companies disappointed investors with their quarterly results. Indexes gave up early gains and ended the day lower. The S&P 500 index fell 2 1/2 points, or 0.1 percent, to 1,875. The Dow Jones industrial average edged up 32 points, or 0.2 percent, to 16,550. The Nasdaq composite lost 16 points, or 0.4 percent, to 4,051.

  • The price of oil is down today but it stayed above $100 a barrel after data showed subdued imports by China. Benchmark U.S. crude for June delivery fell 51 cents to close at $100.26 a barrel in New York. Meanwhile, the average retail price of gasoline in the U.S. fell less than a penny to $3.67 per gallon. It was the 10th straight day of slight declines.
     
  • CBS says its first-quarter net income rose 6 percent despite an advertising downturn that the TV network blames on the loss of some sports programming, including this year's Super Bowl. CBS earned $468 million, or 78 cents per share, during the first three months of the year, compared with $443 million, or 69 cents per share, last year. Revenue fell 5 percent to $3.86 billion.
     
  • The chief executive of one of the nation's largest providers of the Internet's backbone is blaming cable giant Comcast for a slowdown in Netflix streaming traffic over the last two years. Cogent Communications Group CEO Dave Schaeffer made the comments at a congressional hearing about the merger today. He says that approving Comcast Corp.'s $45 billion takeover of Time Warner Cable would only strengthen the combined entity's ability to control what Internet subscribers can consume online.
     
  • A national food industry group says it will file suit in federal court challenging Vermont's new law that requires labels on genetically modified foods. The Grocery Manufacturers' Association says that government has no compelling interest in warning consumers about foods containing genetically modified ingredients. The group maintains the foods are not unsafe.

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