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Companies’ 2nd quarter profit reports earn a big yawn from Wall Street

NEW YORK (AP) — Big U.S. companies are telling investors they earned fatter profits during the spring than feared. All they’re getting from Wall Street is a fat yawn. Profits are the lifeblood of the stock market, and prices tend to track their movements over the long term. So it’s routine for stocks to get a comfortable boost when companies report results for a quarter that are better than analysts expected. Over the last five years, stocks in the S&P 500 have risen an average of 1% in the four days around a better-than-forecast profit report, from two days before to two days ...

Asian shares slip as markets brace for US inflation report

TOKYO (AP) — Asian benchmarks mostly fell Thursday after shares declined on Wall Street and investors braced for a highly anticipated report on U.S. inflation. The U.S. government later in the day will give the latest monthly update on inflation the nation’s consumers are experiencing, and economists expect to see an acceleration to 3.3% in July from 3% in June. Tina Teng, markets analyst at CMC Markets, called the looming U.S. update “a pivotal event for global markets.” Inflation in China also remains a huge concern. “A slowdown in consumer spending and high-interest ...

Wynn Resorts rise; Tapestry, Plug Power fall

NEW YORK (AP) — Stocks that are trading heavily or have substantial price changes on Thursday: Illumina Inc. (ILMN),up $1.05 to $185.54. The genetic testing tools company reported strong second-quarter earnings. AppLovin Corp. (APP), up $7.59 to $37. The mobile technology company gave investors a strong revenue forecast. Alarm.com Holdings Inc. (ALRM), up $8.67 to $57.89. The security service company raised its profit forecast for the year. Wynn Resorts Ltd. (WYNN), up $3.87 to $105.42. The casino operator beat analysts’ second-quarter earnings and revenue ...

Wis. corn mill agrees to pay $940,000 to settle violations

The Associated Press MADISON, Wis. (AP) — A milling company has agreed to pay $940,000 to settle a lawsuit alleging multiple violations at a plant that was the scene of a fatal explosion in 2017, state Justice Department officials announced Wednesday. The agency sued Didion Milling Inc. in November 2020 alleging state inspectors discovered 30 violations that the company’s Cambria corn mill in 2019, including emissions, record-keeping and reporting violations. Didion spokesperson Scott Rippe didn’t immediately respond to an email seeking comment on the settlement. The Justice ...

Street slips as markets brace for coming report on inflation

By Stan Choe The Associated Press NEW YORK — Stocks slipped Wednesday, as Wall Street braced for a highly anticipated report on inflation that’s on the way. The S&P 500 fell 31.67, or 0.7%, to 4,467.71 for its sixth drop in the last seven days. The Dow Jones Industrial Average lost 191.13, or 0.5%, to 35,123.36, and the Nasdaq composite sank 162.31, or 1.2%, to 13,722.02 as Big Tech stocks led the declines. Stocks have cooled in August since soaring 19.5% through the first seven months of the year. Several reasons are behind the mini-pullback, including criticism that Wall ...

Asia shares mostly decline after Wall Street slide on bank worries

TOKYO (AP) — Asian shares mostly fell Wednesday after worries about the U.S. banking system set off a decline on Wall Street and amid concerns closer to home about Chinese economic growth. Japan’s benchmark Nikkei 225 lost 0.2% to 32,323.31 in morning trading. Australia’s S&P/ASX 200 was virtually unchanged, edging up less than 0.1% to 7,316.60. South Korea’s Kospi added nearly 1.0% to 2,598.96. Hong Kong’s Hang Seng dropped 0.4% to 19,105.19, while the Shanghai Composite shed 0.4% to 3,247.64. Clifford Bennett, chief economist at ACY Securities, called the export data out ...