News from Europe fuels market drop
NEW YORK -- Investors uneasy about the news coming out of Europe on Tuesday went back to selling stocks, sending them sharply lower. The falling euro and news that Germany plans to limit some kinds of short selling fed the drop.
The euro gave stocks a boost early in the day when 10 European Union countries sent bailout money to debt-laden Greece. By afternoon the upbeat mood faded, sapping the stock market's strength. The euro has been driving trading for weeks as investors interpreted its slide as a sign of more economic problems. It hit a four-year low of $1.2162 Tuesday.
April port volume up; land sale approved
April container shipments at the State Ports Authority rose nearly 29 percent compared to the same month last year, according to figures released Tuesday. The volume increase marked the fourth consecutive month of growth on the waterfront. Exports rose by more than 38 percent and imports by more than 25 percent last month.
Also, the SPA on Tuesday approved a contract to sell its property in Port Royal for $16.75 million but did not name the buyer. The state Budget and Control Board now must approve the deal.
Design flawed for local 787 fuselages
CHICAGO -- Boeing said it will fix a design flaw in the tail section of its new 787, and it still expects to start delivering the plane by the end of this year.
Spokeswoman Yvonne Leach said Tuesday that testing showed that the outer skin of the plane and the bracket-like piece of metal that holds it near the tail could separate slightly. She said Boeing will change the way the device is made, and that should fix the problem.
The problem includes the tail cone and the piece of the fuselage near the horizontal stabilizer. The cone is made by Korea Aerospace Industries. The fuselage section is made by Boeing in North Charleston. Leach said the parts were made to specifications but the specifications need to be changed. Boeing will fix all but the first three planes it produced, which are being used for testing only.
Demand for PCs drives profit at HP
SAN FRANCISCO -- Hewlett-Packard's net income jumped 28 percent in the latest quarter as stronger demand for computers is helping to heal a battered technology industry. The company earned $2.2 billion in the three months ended April 30, its fiscal second quarter. Revenue rose 13 percent to $30.8 billion year over year.
Home Depot sees net income surge
ATLANTA -- Home Depot's fiscal first-quarter net income surged 41 percent to $725 million, as consumers snatched up seasonal items and the number of customer transactions improved. The home-improvement retailer also raised its 2010 earnings and sales outlooks. Revenue rose 4.3 percent to $16.86 billion.
Software company hiring in Midlands
COLUMBIA -- A health care software company has already started hiring for a new facility in Richland County that ultimately will employ about 70 people. The state Commerce Department said Tuesday that Quality Software Services will invest about $480,000.