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Tuesday Afternoon Business Brief

May 6, 2014, 1:49 PM

Tuesday Afternoon Business Brief
  • Stocks are falling in today's afternoon trading following mixed earnings from U.S. companies. Home builder stocks fell broadly after more signs of weakness in the housing market.
  • General Motors is recalling nearly another 60,000 midsize cars. This time they're Saturn Auras. The automatic transmission shift levers can show the wrong gear. The problem is caused by a failure of the transmission shift cable. The company has known about the problem for more than two years.
  • Add hackers to the long list of things that give CEOs insomnia. The resignation of Target's chief executive shows that today's CEOs must add computer security to their list of responsibilities. Minneapolis-based Target Corp.'s computer systems were infiltrated by hackers who took 40 million debit and credit card numbers, along with the personal information of as many as 70 million people.
  • Executives from Morgan Stanley and Goldman Sachs are among those who have canceled plans to attend Russia's economic forum later this month. Treasury Secretary Jacob Lew and senior presidential adviser Valerie Jarrett are among administration officials pressing top U.S. executives to reconsider or withdraw from the forum in the face of the growing crisis in Ukraine.
  • China's slowing economy is far from good news for the U.S. Analysts say an interconnected global economy means bad news for one economic superpower means bad news for another. One economist estimates that each percentage point drop in China's economic growth shaves 0.2 percentage point off annual U.S. growth.

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