Capital One and Abbott fall while IBM and Comcast jump
NEW YORK (AP) — Stocks that moved substantially or traded heavily Wednesday:
IBM Corp., up $10.37 to $132.89
The technology and consulting company gave strong forecasts for 2019 after reporting its fourth-quarter results.
Procter & Gamble Co., up $4.40 to $94.84
The consumer products giant gave a more optimistic annual forecast and disclosed strong quarterly sales.
United Technologies: 4Q Earnings Snapshot
FARMINGTON, Conn. (AP) _ United Technologies Corp. (UTX) on Wednesday reported fourth-quarter net income of $686 million.
On a per-share basis, the Farmington, Connecticut-based company said it had net income of 83 cents. Earnings, adjusted for non-recurring costs, were $1.95 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.
Spirit Airlines jumps while United Technologies tumbles
NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday:
United Technologies Corp., down $5.30 to $122.68
The conglomerate said it will split into three smaller companies and won't buy back stock during the breakup.
General Motors Co., down 96 cents to $36.69
President Donald Trump said the White House is "looking at cutting all GM subsidies" after the automaker announced plant closures.
United Technologies: 3Q Earnings Snapshot
FARMINGTON, Conn. (AP) _ United Technologies Corp. (UTX) on Tuesday reported third-quarter net income of $1.24 billion.
The Farmington, Connecticut-based company said it had profit of $1.54 per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.93 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.
Close to 200 aerospace workers go on strike
CHESHIRE, Conn. (AP) — Close to 200 aerospace workers in Connecticut went on strike against United Technologies Corp.
Workers at UTC Aerospace Systems in Cheshire walked off the job Monday after failing to reach a contract agreement.
The workers said the strike is over pay and increased health insurance costs.
UTC Aerospace Systems makes equipment, including brakes, landing gear and data management systems. The company employs 41,000 workers and listed a profit of $2.4 billion last year.
Ex-employee sues Pratt & Whitney over jet engines
EAST HARTFORD, Conn. (AP) — A former engineer for jet engine maker Pratt & Whitney has filed a federal false claims lawsuit alleging the company knowingly sold "flawed" engines to the U.S. Air Force, which resulted in the likelihood of premature wear or even "catastrophic failure."
United Technologies: 2Q Earnings Snapshot
FARMINGTON, Conn. (AP) _ United Technologies Corp. (UTX) on Tuesday reported second-quarter net income of $2.05 billion.
The Farmington, Connecticut-based company said it had profit of $2.56 per share. Earnings, adjusted for non-recurring gains, came to $1.97 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share.
DEARBORN, Mich. (AP) — More than 400 young people from the United States and Mexico are expected to showcase their solutions to everyday problems at the K-12 National Invention Convention and Entrepreneurship Expo in suburban Detroit.
The event will be held Thursday through Saturday at the Henry Ford Museum of American Innovation in Dearborn.
United Technologies plans to hire 35,000 people
FARMINGTON, Conn. (AP) — United Technologies plans to hire 35,000 people and invest more than $15 billion in the U.S. over the next five years.
The company said Wednesday that the investment will go toward research and development and capital expenditures.
United Technologies Corp. has more than 200,000 employees in over 75 countries. It currently has 67,000 workers in the U.S.
Hartford high school to host robotics competition
HARTFORD, Conn. (AP) — A Hartford high school is hosting budding scientists from 42 schools this weekend for a robotics competition.
Teams have been designing, building and programming robots to compete on a virtual field in a competitive video game Saturday and Sunday at Hartford Public School.
United Tech considers splitting into 3 separate businesses
HARTFORD, Conn. (AP) — United Technologies Corp. is considering whether to break apart into three separate businesses.
The Hartford Courant reports that Chief Executive Officer Greg Hayes recently told investors he's questioning whether United Tech is a more valuable property together or better off in three separate businesses, given its growing aerospace portfolio.
United Technologies and Chesapeake Energy rise; Roku plunges
NEW YORK (AP) — Stocks that moved substantially or traded heavily on Thursday:
Roku Inc., down $9.05 to $42.05
Investors were disappointed with the streaming video device company's forecasts.
Chesapeake Energy Corp., up 57 cents to $3.20
The natural gas company turned a profit and had a stronger fourth quarter than analysts expected.
Avis Budget Group Inc., up $5.24 to $44.20
The rental car company forecast stronger-than-expected sales in 2018.
Michigan museum to host global gathering of youth inventors
DEARBORN, Mich. (AP) — The Henry Ford Museum of American Innovation in suburban Detroit has been selected to host a gathering of youth inventors from around the world.
The STEMIE Coalition's annual National Invention Convention and Entrepreneurship Expo takes place June 1 at the museum in Dearborn. Hundreds of inventors are expected.
Schlumberger, Nathan’s Famous rise; BofA, Nvidia fall
NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday:
United Technologies Corp., down $6.71 to $111.21
The company will acquire flight deck maker Rockwell Collins for about $23 billion.
Bank of America Corp., down 78 cents to $23.31
Banks lost more than the rest of the market as bond yields fell sharply, which forces interest rates on loans lower, hurting banks' profits.
Tronc Inc., up 10 cents to $14.76
The newspaper publisher said it is buying the New York Daily News.
NEW YORK (AP) — United Technologies Corp. on Tuesday reported a boost in second-quarter profit on sales gains from key business units while also raising its outlook.
The maker of elevators, jet engines and other products reported a 4.4 percent increase in profit to $1.44 billion, or $1.80 per share. Earnings, adjusted for restructuring costs, came to $1.85 per share.
Meanwhile, revenue for the Farmington, Connecticut company rose 2.7 percent to $15.28 billion.
HARTFORD, Conn. (AP) — A scientist who pleaded guilty to taking sensitive documents from a Connecticut military contractor to his native China was sentenced on Thursday to 2 1/2 years in prison he has already served.
Former United Technologies Corp. engineer Yu Long was sentenced in federal court in Hartford.
WASHINGTON (AP) — More than 1,000 U.S. companies, including some of the nation's largest manufacturers, are urging Congress to preserve the 25-year-old Energy Star program to promote efficiency in home and business products.
President Donald Trump's proposed budget would eliminate funding for Energy Star, which encourages efficiency in major appliances, office equipment, lighting and home electronics.
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