Mixed earnings reports hold back U.S. stocks
NEW YORK - The S&P 500 index logged a small gain Tuesday on a mixed day for the stock market.
Health-care giant Johnson & Johnson slipped after it warned pressure to keep prices low would likely mean slightly lower profits than forecast. Delta Air Lines gained after reporting a better-than-expected profit.
Company earnings were the main focus for investors Tuesday as there were no major economic releases. So far, the stock market has failed to get a big lift from earnings reports.
The S&P 500 rose 5.10 to 1,843.80. The Dow Jones industrial average fell 44.12 to 16,414.44. The Nasdaq composite edged up 28.18 to 4,225.76.
Boeing books order for 40 jetliners for GE arm
SEATTLE - A General Electric plane leasing unit has ordered 40 aircraft from airplane maker Boeing Co., a deal valued at $3.9 billion.
Boeing booked the order from GE Capital Aviation Services, the commercial aircraft leasing and financing arm of General Electric, in 2013. It had been listed as an unidentified buyer on Boeing's website. The order consists of 40 737s.
Feds seek Target link in two credit card arrests
McALLEN, Texas - Two Mexican citizens who were arrested at the border used account information stolen during the Target security breach to buy tens of thousands of dollars' worth of merchandise, a South Texas police chief said.
But a spokesman for the Secret Service said Tuesday an investigation is ongoing into the possibility of a link between the Target breach and the arrests.
One day earlier, McAllen Police Chief Victor Rodriguez said Mary Carmen Garcia, 27, and Daniel Guardiola Dominguez, 28, had used cards containing the account information of South Texas residents stolen from Target.
Verizon reports $5.07B profit for 4th quarter
NEW YORK - Verizon posted fourth-quarter net income of $5.07 billion, boosted by continued growth in the number of phones and tablets connected to its network.
The largest U.S. cellphone carrier reported increases in both the number of connected devices and its wireless subscriber population. For the full year 2013, it earned $11.5 billion, compared with $875 million in 2012.
J&J profit rises 19% on jump in medicine sales
NEW YORK - Surging sales of Johnson & Johnson's prescription medicines and the rebound of its recall-plagued consumer health business lifted fourth-quarter profit 19 percent to $3.52 billion. The health care giant also enjoyed a $707 million tax benefit from writing off money-losing subsidiary Scios.
CEO Alex Gorsky noted J&J got three new medicines approved last year. It expects to apply for approval of 10 more by 2017.
Prescription drug sales rose 12 percent to $7.3 billion. About 75 percent of J&J's consumer medicines, including pain relievers Tylenol and Motrin, are now back in stores. They'd been off store shelves for a few years amid dozens of product recalls since 2009.
Chrysler now officially a subsidiary of Fiat SpA
MILAN - Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. carmaker a wholly owned Fiat subsidiary.
Fiat SpA said Tuesday it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9 billion payment. Fiat also made the first installment on an additional $700 million payment. Fiat has been running Chrysler since 2009, but lacked full control.
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