Nokia, the former industry leader, continues to take a hammering in the smartphone market. It narrowed its first-quarter net loss to $356 million from a loss of $1.2 billion a year earlier, mainly because of cost-cutting.
PepsiCo shares surged to their highest price, $81.25, in at least 32 years after the world’s largest snack-food maker reported first-quarter profit that topped analysts’ estimates, helped by global snack sales. Beating estimates, first-quarter profit fell 4.6 percent, to $1.08 billion from $1.13 billion a year earlier.
Verizon said profit rose 16 percent, to $1.95 billion, for the latest quarter as wireless revenue kept rising at a rate that is the envy of the industry.
Yahoo forecast sales that fell short of analysts’ estimates as it continued to lose advertisers to Google and Facebook. First-quarter sales of display ads decreased 11 percent, to $455 million, from the same period a year earlier. Search revenue, excluding sales passed to partner sites, dropped 10 percent, to $425 million.
The U.S. economy posted a moderate pace of growth between late February and early April, supported by improved conditions in the construction sector and rising home prices in many parts of the country, the Federal Reserve said. The account by the Fed’s 12 regional banks was slightly more upbeat than the previous “beige book” survey.
Euro-zone companies face a “debt overhang” that could prolong the region’s downturn and risk a return to a more acute crisis, the International Monetary Fund warned.
U.S. homebuilders broke the 1 million mark in March for the first time since June 2008. The gain signals continued strength for the housing recovery at the start of the spring buying season.
Erskine Bowles and Alan K. Simpson,the deficit-cutting duo who have been trying for three years to broker a budget deal, released a plan that calls for $2.5 trillion in new taxes and savings over the next decade.
Britain bade farewell to Margaret Thatcher, silencing Big Ben’s bells and mounting a display of pageantry as the hearse carrying her flag-covered casket wound along a historic two-mile route.
— From The Post and news services