Tuesday Evening Business Brief
April 22, 2014, 5:35 PM
- The stock market is on it longest winning streak since September, notching its sixth gain in a row today. The S&P 500 rose seven points, or 0.4 percent, to close at 1,879. The Dow rose 65 points, or 0.4 percent, to 16,514. And, the Nasdaq composite rose nearly 40 points, or 1 percent, to 4,161. Solid earnings reports from U.S. companies have been fueling the gains.
- A number of companies are reporting their first quarter financial results after the market close. AT&T says its earnings were unchanged from the first three months of last year, but revenue grew as the wireless business added more than 1 million subscribers. Biotech drugmaker Amgen's profit fell 25 percent despite higher sales as production and research costs rose sharply. And Discover Financial Services says its net income fell 6 percent as it set aside more money to cover potential loan losses.
- The National Mediation Board says pilots at JetBlue Airways have voted overwhelmingly to unionize, reversing two earlier votes. JetBlue has more than 2,500 pilots. They'll join the Air Line Pilots Association.
- General Motors is asking a U.S. bankruptcy court to shield it from lawsuits over actions that took place before the company's 2009 bankruptcy. Yesterday, GM filed a motion in New York asking the court to bar claims that GM cars lost value because of an ignition switch problem that led to the recall of 2.6 million vehicles worldwide. It says the recall involves vehicles "manufactured and sold by Old GM" and asks the judge to protect the "new GM" from the claims.
- A new study finds that data breaches on retailer payment systems like the one that hit Target last year are less common than smaller, simpler attacks. A worldwide report from Verizon finds many more data breaches last year were the result of people clicking on malicious Web links or choosing easy-to-guess passwords. Breaches of payment systems amounted to 14 percent of the nearly 1,400 confirmed data breaches. Still, Target's breach involved personal information of up to 70 million people.
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