Stocks edge higher
NEW YORK (AP) — Stocks are edging higher in afternoon trading on Wall Street as investors continue to monitor the economic recovery and rising inflation. A variety of companies that rely on consumer spending made solid gains. Dick’s Sporting Goods surged after reporting a surge in first-quarter sales and solid earnings as team sports returned. Urban Outfitters and Abercrombie & Fitch also made gains on similarly strong financial results. The gains were kept in check by lagging healthcare company stocks. Markets have been bumpy over the last few days as investors move past a stellar corporate earnings season and await additional clues on economic growth.
NEW YORK (AP) — Online shopping giant Amazon is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde” and “Shark Tank,” with the hopes of filling its video streaming service with more stuff to watch. Amazon is paying $8.45 billion for MGM, making it the company’s second-largest acquisition after buying grocer Whole Foods for nearly $14 billion in 2017. The deal is the latest in the media industry that’s aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced last week that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO.
THE HAGUE, Netherlands (AP) — A Dutch court has ordered Royal Dutch Shell to cut its carbon emissions by net 45% by 2030 compared to 2019 levels in a landmark case brought by climate activist groups. Today’s ruling by The Hague District Court could set a precedent for similar cases against polluting multinationals around the world. The court ruled that the Anglo-Dutch energy giant has a duty of care to reduce emissions and that its current reduction plans are not concrete enough. Shell says it expects to appeal the decision. The case is the latest in a string of legal challenges filed around the world by climate activists, but it is believed to be the first targeting a multinational company.
DETROIT (AP) — Ford says it expects 40% of its global sales to be battery-electric vehicles by 2030 as it adds billions to the amount it’s spending to develop them. The automaker says it will add about $8 billion to its EV development spending from this year to 2025. That would bring the total to nearly $20 billion as Ford begins to develop and build batteries in a joint venture with SK Innovation of Korea. The company also announced it would create a separate business called Ford Pro to focus on commercial fleet buyers. It also expects to have about 1 million vehicles capable of getting over-the-internet software updates this year. Ford says it will have more vehicles with the feature than Tesla by July of 2022.
UNDATED (AP) — If you post a photo to social media and you don’t know how many people liked it, did you really post it? Instagram and Facebook users can now find out. Beginning today, those on both services will be able to hide the numbers that show how many people liked their posts and photos. After a test the company announced last month, users will be able to flip a switch that hides public like counts. The feature will be available to Instagram users today and to Facebook users in the coming weeks.
