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Gap CEO Art Peck steps down amid slumping sales, stock price

Nov. 7, 2019 8:42 PM EST

NEW YORK (AP) — Gap announced Thursday that CEO Art Peck is stepping down as the company struggles to turn around a long-standing sales slump. The San Francisco-based retailer also lowered its earnings outlook for the year as sales at the Gap, Banana Republic and Old Navy fell in the most recent quarter....

As Buffett seeks big acquisition, Berkshire trails S&P

Nov. 7, 2019 11:57 AM EST

OMAHA, Neb. (AP) — Three-quarters of the way through 2019, Warren Buffett's conglomerate Berkshire Hathaway is trailing the renowned investor's favorite benchmark, the S&P 500 — as it's done over the past decade. Besides having a large stock portfolio, Berkshire owns an odd mix of companies,...

While losses mount, Uber CEO expects profitability in 2021

Nov. 4, 2019 6:29 PM EST

NEW YORK (AP) — The losses at Uber are mounting, but the ride-hailing heavyweight now predicts it will be profitable in about two years. CEO Dara Khosrowshahi said Monday that the company's goal is to reach profitability — when adjusted for interest, taxes, depreciation and amortization — for...

One big step: Google buys Fitbit for $2.1 billion

Nov. 1, 2019 4:49 PM EDT

Google, the company that helped make it fun to just sit around surfing the web, is jumping into the fitness-tracker business with both feet, buying Fitbit for about $2.1 billion. The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other...

Fiat Chrysler-PSA deal likely to bring fewer brands, models

Oct. 31, 2019 5:53 PM EDT

MILAN (AP) — Automobile shoppers across the globe are likely to see fewer vehicles and brands if the merger of Fiat Chrysler and France's PSA goes through, but the new company will be big enough to compete in a fast-changing business that requires vast sums of money to develop autonomous and electric...

Fiat Chrysler merger with PSA appears headed for approval

Oct. 30, 2019 7:13 PM EDT

DETROIT (AP) — In a merger deal that appears to be heading for approval, Fiat Chrysler stands to gain electric vehicle technology while PSA Peugeot Citroen could benefit from a badly needed dealership network to reach its goal of selling vehicles in the U.S. The Wall Street Journal, citing sources it did...

Apple shakes off iPhone slump to deliver strong fiscal 4Q

Oct. 30, 2019 6:53 PM EDT

SAN FRANCISCO (AP) — Apple is still running a well-oiled moneymaking machine despite cooling demand for its hottest product, the iPhone. Sales and revenue in the July-September quarter exceeded Wall Street estimates as Apple's newest iPhones got off to a better start than expected, even though the devices...

Grubhub's stock plunges as food delivery competition grows

Oct. 29, 2019 6:12 PM EDT

NEW YORK (AP) — Shares in Grubhub plunged 43% Tuesday after it sharply cut its revenue expectations for the year and warned of intense competition. The steep decline in share price wiped away more than $2.3 billion of the company's stock market valuation. It is the worst single-day decline for shares since...

Global markets dip as week of earnings, reports heats up

Oct. 29, 2019 8:02 AM EDT

BANGKOK (AP) — Shares in Europe turned lower on Tuesday after a mixed session in Asia, where Chinese benchmarks declined after Hong Kong's leader warned political protests may push the territory into recession. Wall Street appeared headed for declines at the open, a day after the benchmark S&P 500 hit...

Asian shares mixed after S&P 500 hits all-time high

Oct. 29, 2019 12:13 AM EDT

BANGKOK (AP) — Shares were mixed in Asia and Chinese benchmarks fell Tuesday after the S&P 500 index closed at an all-time high. The rally Monday came at the beginning of a busy week of corporate earnings and economic reports and with investors expecting another interest rate cut by the Federal...