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Business Highlights: King of Books Merger, Jobs

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Stephen King Testifies for Government in Book Merger Trial

WASHINGTON (AP) — Best-selling author Stephen King testified in a federal antitrust trial in Washington. Tracing his own history, beginning as an obscure author in the 1970s, King presented a portrait of the publishing industry that has become increasingly focused over the years. He testified as a witness for the U.S. Department of Justice. The government is trying to convince a federal judge that the proposed merger of Penguin Random House, the world’s largest publisher, and rival Simon & Schuster is anti-competitive. In his testimony on Tuesday, King described himself as a “freelance writer.” “Consolidation will hurt competition,” the publisher said.


House panel has submitted subpoenas to firearms makers for data on rifle sales

WASHINGTON (AP) — Firearms maker Smith & Wesson faces renewed scrutiny from Congress. The House Oversight Committee on Tuesday filed a subpoena against the company seeking documents related to the manufacture and sale of AR-15-style guns. The move comes after Smith & Wesson’s CEO refused to attend a hearing on the firearms frequently used in the mass shootings. Smith said he initially agreed to testify along with the heads of two other companies, but then abruptly canceled. Rep. Carolyn B. Maloney, a Democrat from New York, said the company did not provide all the information needed for the commission’s investigation into gun makers’ interests in AR-15 weapons.


Stocks fall on Wall Street after another twisty day

NEW YORK (AP) — US stocks fell Tuesday as Wall Street’s slight August setback continued for another day. Stocks swayed throughout the day as investors weren’t sure if his strong market move in July was the beginning of an upturn or a temporary plunge. The S&P 500 dropped his 0.7%, and so did the Nasdaq and Dow Jones Industrial Average. Analysts cited comments from the Federal Reserve suggesting continued interest rate hikes to keep inflation in check. Caterpillar takes a hit after reporting lower than expected sales. Uber’s stock rose after its own strong quarterly report. Government bond yields rose.


Number of uninsured Americans drops to record low

WASHINGTON (AP) — The number of people living in the United States without health insurance has hit a record low of 8% this year, the U.S. Department of Health and Human Services said Tuesday. The findings come days after Democrats rolled out a 725-page climate, health care and tax treaty. The pact extends generous federal subsidies to those who purchase private health insurance, which is believed to reduce the number of uninsured Americans. Democrats are proposing to spend $64 billion to extend those price cuts for another three years.


US job openings drop to 10.7 million in June

WASHINGTON (AP) — American employers cut job openings in June as the economy battled blistering inflation and rising interest rates. Job openings on Tuesday fell from 11.3 million in May to 10.7 million in June, according to the Labor Department. In its monthly survey of job openings and turnover, the Labor Department said the number of Americans out of work fell slightly in June while layoffs fell. Resilience. Employers said he added an average of 457,000 jobs per month in 2022. The unemployment rate is near the lowest level in 50 years.


Elon Musk’s tech allies were offended by Twitter’s subpoenas

SAN FRANCISCO (AP) — Elon Musk’s wealthy tech ally doesn’t seem too happy to receive a subpoena from Twitter as part of the company’s legal battle with Tesla CEO. It is suing Musk in Delaware in an effort to complete its $44 billion acquisition of a social media company. Twitter’s legal team is seeking information about a number of technology investors and entrepreneurs associated with his Musk in a broad subpoena, according to a report by The Washington Post. Twitter declined to comment. One of those who received the subpoena, Mudd, posted a picture of a hand with the middle finger up on the cover of his magazine.


Starbucks reports record earnings as store count and prices rise

Starbucks posted record earnings from April to June, benefiting from hundreds of new stores and higher prices. The Seattle-based coffee giant said revenue rose 9% to $8.2 billion, breaking a record quarter. This exceeded Wall Street predictions. Global same-store sales, or at least those of stores he’s been open for more than a year, grew by 3%, which was slightly below Wall Street’s expectations. Starbucks said traffic slowed down, mostly due to ongoing shutdowns in China. Starbucks said its net profit fell 21% as labor costs, employee training and supply costs for his chain increased.


Airbnb Posts $379 Million Profit in Second Quarter on Record Bookings

Airbnb reported a profit of $379 million in the second quarter and says bookings were at a record high. The company said on Tuesday it would spend up to $2 billion to buy back its stock, which normally boosts its stock price. The results reversed from last year and he lost in the second quarter of 2019. Airbnb is benefiting from increased business travel and an outflow of workers from its offices. This gives workers the freedom to work from almost anywhere with internet access. Bookings in the second quarter were about a quarter higher than last year and the second quarter of 2019, according to Airbnb.


Uber’s stock surges on positive trend despite heavy second-quarter losses

SAN FRANCISCO (AP) — Uber’s initiative fused its pioneering ride-hailing service with food and freight delivery, even as the company suffered huge losses stemming from a sharp drop in external investment. It showed signs of progress during the last quarter. Rather than dwell on Uber’s second-quarter loss of $2.6 billion announced Tuesday, investors believe the San Francisco-based company has reached an important milestone. Celebrate what you did. The good news was below the key metric known as free cash flow. Uber generated $382 million in cash from his April to June period. The breakthrough sent his struggling Uber stock up nearly 17%.


The S&P 500 fell 27.44 points (0.7%) to 4,091.19. The Dow Jones Industrial Average fell 402.23 points, or 1.2%, to 32,396.17. The Nasdaq fell 20.22 points (0.2%) to 12,348.76. The Russell 2000 index for small businesses fell 0.86 points (less than 0.1%) to 1,882.45.