Jun.19 -- China doesn't import enough from the U.S. to match Donald Trump's tariffs dollar for dollar, but President Xi Jinping can still squeeze American companies in other ways in retaliation. Bloomberg's Enda Curran reports on "Bloomberg Daybreak: Asia."
LOS ANGELES/NEW YORK (Reuters) - FedEx Corp (FDX.N) reported fourth-quarter profit that beat Wall Street estimates on Tuesday, as revenues and operating margins increased in each of the company's operating units. Shares of the Memphis-based package delivery company extended losses in after-hours trading, following their worst regular session sell-off in two months on worries over the U.S.-China trade war. FedEx is often considered a bellwether for the U.S. economy, along with its main rival United Parcel Service Inc (UPS.N).
The world's largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald's Corp and Dunkin' Donuts . Starbucks' Executive Chairman and co-founder Howard Schultz said earlier this month that he is stepping away from the company on June 26, ending an era.
Starbucks says it will accelerate its store closings in the U.S. next year as it tries to boost sluggish sales. The Seattle-based company announced Tuesday that it will close 150 underperforming stores in heavily penetrated markets, up from the usual rate of 50 closings a year. The company also said it expects 1 percent growth in global sales for the third quarter, a period that encompassed an uproar over the arrest of two black men at a Philadelphia Starbucks.
White House Director of Trade Policy Peter Navarro discusses President Trump's tariffs against China and why the Chinese shouldn't have retaliated with their own tariffs.
General Electric Co has lost its spot in the Dow Jones Industrial Average after over a century in the blue chip stock index, a new blow to a company that once towered over the American business landscape but is now struggling to retain its standing as an industrial powerhouse. S&P Dow Jones Indices said on Tuesday that GE, an original member of the Dow when it was formed by Charles Dow in 1896 and a continuous member since 1907, will be replaced in the 30-component stock average by drug store chain Walgreens Boots Alliance Inc prior to the start of trading on June 26. GE's stock slipped 1.5 percent in after-hours trading following the announcement while Walgreens jumped 3 percent.
S&P Dow Jones Indices said on Tuesday that the U.S. conglomerate would be pulled from the index before the stock market opens on June 26 and replaced by Walgreens Boots Alliance Inc . Walgreens Boots Alliance jumped 2.2 percent after the announcement. Changes to the Dow are made on an as-needed basis and selection is not governed by quantitative rules, according to published methodology for the index.
