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Wednesday Evening Business Brief

April 23, 2014, 7:11 PM by Chris Dexter

Wednesday Evening Business Brief

NEW YORK (AP) - The stock market is closing slightly lower as several U.S. companies report disappointing earnings. The decline broke a six-day winning streak. The S&P 500 index fell four points, or 0.2 percent, to close at 1,875.The Dow Jones industrial average lost nearly 13 points, or 0.1 percent, to 16,501. The Nasdaq composite fell 34 points, or 0.8 percent, to 4,126.

  • The price of oil is down today. A government report showed U.S. oil supplies rose more than expected last week. Benchmark crude for May delivery fell 31 cents to close at $101.44 a barrel today in New York. In the U.S., the average price for a gallon of gasoline remains at $3.67. That's up 14 cents from a month ago and 15 cents higher than at this time last year.
     
  • Apple plans to buy back an additional $30 billion of its stock and raise its quarterly dividend by 8 percent amid a slowdown in revenue growth. The commitment announced today as part of Apple's fiscal second-quarter earnings report expands on the company's previous pledge to spend $60 billion on stock buybacks by the end of next year. The company is now earmarking $90 billion for buybacks during that time frame. Apple also is raising its quarterly dividend to $3.29 per share.
     
  • AOL Inc. says it will license full-length movies from Miramax for free viewing with advertisements by its U.S. visitors. They will play on its AOL On Network, the website operator's destination for online video. AOL says it's one of the top three video destinations in the U.S. with 1.31 billion views and 3.8 billion online ads in March. Miramax has a library of more than 700 films.
     
  • Greek yogurt maker Chobani has secured a $750 million investment from investment firm TPG Capital to help fund its growth. The privately-held food company based in New Berlin, N.Y says that as part of the deal, TPG will have representation on the company's board. Additionally, Chobani founder and CEO Hamdi Ulukaya will serve as its chairman.

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