Business category, Page 163

NEW YORK — Peloton is recalling about 125,000 of its treadmills, less than a month after denying they were dangerous and saying it would not pull them from the market, even though they were linked to the death of a child and injuries of 29 others. The company said Wednesday...

Businesses across the region welcomed Gov. Tom Wolf’s announcement Tuesday lifting covid-19 restrictions by Memorial Day, but they expressed cautious optimism alongside frustration as they now face the challenge of filling job openings. “It should be great, but on the other hand, we’re all in the same boat looking for...

DETROIT — General Motors’ first-quarter net income surged to $2.98 billion as strong U.S. consumer demand and higher prices offset production cuts brought on by a global shortage of computer chips. Despite the semiconductor shortage, GM stuck with full-year pretax earnings guidance of $10 billion to $11 billion issued earlier...

Technology companies dragged indexes lower Tuesday on Wall Street, pulling the market further from its recent all-time highs. The S&P 500 fell 0.7%, erasing its gains from last week. Big technology companies like Apple and Microsoft fell as the sector declined for the sixth straight day. Losses in communications stocks...

WASHINGTON — The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy drove purchases of imported foreign goods. The deficit, the gap between what America buys from abroad and what it sells to other countries, was 5.6% greater than the February gap of...

In a crazy-good year for stocks, Robert Zedler, a 91-year-old retiree in Suffolk, Va., won Dorfman’s Three Stock Derby with a 334% return. Despite his age, Zedler’s picks in my stock-selection contest were newish companies. His biggest gainer was Plug Power Inc. (PLUG), a maker of hydrogen fuel cells. That...

A year after the pandemic clamped down on the world’s economy, Kennametal Inc. said Monday its net income for the three-month period ending March 31 rose dramatically to $22.9 million from $2.2 million a year ago, even though sales grew only slightly to $484.6 million, from $483 million for the...

Health care and energy companies helped push stocks higher Monday, as Wall Street kicked off the first trading day in May with more gains after a four-month winning streak. The S&P 500 rose 0.3%. Industrial and financial stocks also helped lift the market. Falling technology and communication stocks, and companies...

WASHINGTON — Growth in U.S. manufacturing slowed slightly in April partly due to a snarled global supply chain after hitting a 37-year high in March. The Institute for Supply Management, a trade group of purchasing managers, said Monday that its index of manufacturing activity fell last month to a reading...

SAN RAMON, Calif. — On Monday, Apple faces one of its most serious legal threats in recent years: A trial that threatens to upend its iron control over its app store, which brings in billions of dollars each year while feeding more than 1.6 billion iPhones, iPads, and other devices....

Stocks fell broadly in afternoon trading as investors backed away from technology and communications companies. Despite the decline, the market is on pace for its best month so far this year, as investors remain optimistic that the pandemic is slowly and steadily coming to a close. The S&P 500 was...

Pittsburgh-based U.S. Steel will cancel plans for more than $1 billion in upgrades and investment at the Mon Valley Works facilities, CEO David Burritt said in a letter to the community released Friday. The projects, worth more than $1.2 billion collectively, were announced just under two years ago, in May...

WASHINGTON — Wages and benefits grew quickly for U.S. workers in the first three months of the year, a sign that businesses are starting to offer higher pay to fill newly-opened jobs. U.S. workers’ total compensation rose 0.9% in the January-March quarter, the largest gain in more than 13 years,...

LONDON — European Union regulators are accusing Apple of violating the bloc’s antitrust laws, alleging that the company distorts competition for music streaming through rules for its App Store. The EU’s executive Commission said Friday it objected to how Apple applies rules in its App Store to music streaming services...

Stocks overcame a midday stumble on Wall Street to close broadly higher Thursday, driving the S&P 500 to another record high. The benchmark index rose 0.7% after having been down 0.2% earlier. Communications companied helped power a big part of the gain, led by a sharp rise in Facebook following...

As America emerges from the pandemic, it’s heading to McDonald’s. First quarter sales surpassed numbers even two years ago, long before covid-19, led by a big jump in U.S. demand. McDonald’s revenue rose 9% to $5.1 billion for the January-March period. That beat Wall Street’s forecast of $5 billion, according...

Toyota says it will invest $803 million and add 1,400 new jobs at its Indiana auto manufacturing plant so it can produce two new SUVs there, one of which will be the first Lexus made at the plant. The Japanese automaker says both new vehicles — which it calls “electrified”...

LOUISVILLE, Ken. — Profit for the company that runs Pizza Hut, Taco Bell and KFC restaurants more than tripled during the first quarter and same-store sales surged as coronavirus restrictions began to lift this year. Yum Brands earned $326 million, or $1.07 per share, for the period ended March 31,...

WASHINGTON — The Federal Aviation Administration said Tuesday that it is seeking fines of up to $31,750 for three more passengers who allegedly disrupted flights by disobeying or interfering with flight attendants. They mark the latest in a series of civil penalties sought by FAA since the agency announced a...

Stock indexes closed out a wobbly day of trading on Wall Street with a mixed finish Tuesday, leaving the S&P 500 index just below its all-time high. The benchmark index slipped less than 0.1% after wavering between small gains and losses for much of the day. Losses in technology, health...

DETROIT — Saying that it wants to control the key technology for electric vehicles, Ford plans to open a battery development center near Detroit by the end of next year. The company said the 200,000-square-foot facility will have equipment to design, test and even do small-scale manufacturing of battery cells...

NEW YORK — Small businesses in the U.S. fueled demand for delivery, helping UPS post better-than-expected earnings and revenue for the first quarter of the year. That sent the company’s stock to an all-time high Tuesday morning. UPS is one of the few companies that benefited from the pandemic as...