Stocks fall as investors await news about debt
NEW YORK — The stock market was whipsawed Tuesday as the on-again, off-again talk of a debt deal in Washington made investors wonder just how pessimistic they should be.
Stocks were flat or down all day, but the size of the losses waxed and waned depending on which politician was giving a press conference.
The market closed with its first loss in a week. The losses were broad.
The Dow Jones industrial average fell 133.25 to 15,168.01. The S&P 500 index fell 12.08 to 1,698.06. The Nasdaq composite fell 21.26 to 3,794.01.
Wal-Mart supercenters to supply small stores
NEW YORK — Wal-Mart Stores Inc. said Tuesday that it plans to accelerate growth of its small stores by linking them to its supercenters, which will serve as mini-warehouses for their smaller cousins.
The moves come as the world’s largest retailer faces increasing pressure from online retailers like Amazon.com as well as dollar stores, which have been rapidly building stores and winning customers through low prices and convenience.
Wal-Mart says it is starting to roll out the new distribution scheme in certain markets like Gentry, Ark., where it operates a Wal-Mart Express store, which is one-tenth the size of a typical supercenter.
The retailer operates more than 4,000 stores in the U.S.
New iPads are likely at Apple event next week
CUPERTINO, Calif. — Apple is holding an event in San Francisco next week to announce new products — likely updated iPads.
The company announced its most recent iPads around this time last year. The announcement included a smaller version, called the Mini, for the first time.
New iPads would get Apple’s latest operating system for mobile devices, iOS 7. The invitation sent Tuesday includes a graphic that mimics the color scheme in iOS 7.
Next Tuesday’s event will take place at the Yerba Buena Center for the Arts Theater in San Francisco, a venue Apple has often used in the past.
It follows last month’s release of new iPhones with iOS 7 — the 5S model with a fingerprint sensor and a cheaper, 5C model with a variety of color options.
Yahoo’s stock up as 3Q earnings, revenue drop
SAN FRANCISCO — Yahoo’s latest quarterly results show the Internet company is regaining its appeal among investors a lot faster than with the online advertisers who generate most of its revenue.
The numbers released Tuesday are the latest to underscore CEO Marissa Mayer’s challenges even as Yahoo’s stock continues to soar under her leadership.
Yahoo Inc. earned $297 million, in the three months ending in June. That’s a 91 percent drop from nearly $3.2 billion at the same time last year. It wasn’t an apples-to-apples comparison because last year’s profit was lifted by a $2.8 billion windfall from Yahoo’s sale of part of its stake in Alibaba Group.
Revenue fell 5 percent from last year to $1.1 billion.
Intel profit unchanged, hampered by PC slump
NEW YORK — Intel said Tuesday that its third-quarter net income was unchanged, stymied by a continued slump in global demand for person computers that require its products.
The chipmaker earned $2.95 billion, compared with $2.97 billion in the same quarter of 2012. Revenue also was unchanged at about $13.5 billion.
The drop in PC-related sales came amid another decline in PC shipments. Intel supplies chips for about four out of every five PCs.
CSX profit grows 2% on higher volume, rates
OMAHA, Neb. — CSX says it delivered a 2 percent profit increase in the third quarter as the railroad operator’s overall revenue rose despite disappointing coal revenue.
The results beat expectations, and the railroad slightly increased its outlook for the year.
The Jacksonville, Fla.-based railroad said Tuesday that it earned $463 million. CSX’s revenue grew 4 percent to nearly $3 billion as it hauled 5 percent more freight and increased some rates.