BUSINESS NEWS FEBRUARY 2ND 2016
U.S. AUTO SALES MARGINALLY DECLINE IN JANUARY
U.S. stocks ended sharply lower as investors unloaded energy & financial stocks even as crude futures witnessed a fresh sell-off. U.S. auto sales declined slightly in January because of the East Coast snowstorm. However analysts believe demand remains strong and buyers are likely to head back into dealerships this month. Auto sales fell less than 1% to 1.1 mn, according to Autodata. The mid-January storm, which buried New York and Washington D.C. under more than 2 feet of snow, cost auto firms around 15,000 vehicle sales.
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APPLE TO UNVEIL NEW iPHONE IN MARCH 15TH EVENT
Apple is likely to unveil the new 4-inch iPhone 5se, the iPad Air 3, and new Apple Watch band options at an event on Tuesday, March 15th, according to sources. The report which appears in tech publication 9To5Mac states that the event could even turn out to an online announcement eventually. The iPhone 5s is likely to be replaced with an iPhone 5se that includes an A9 chip, improved cameras, support for taking Live Photos & Apple Pay. The new Apple Watch band lines will include multiple new colors for the rubberized sport bands along with an entirely new band line made of a new material.
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YAHOO TO CUT 15% OF WORKFORCE
Yahoo has implemented an 'aggressive strategic plan.' As part of the effort, it will be laying off approximately 15% of its workforce consisting of 9,000 employees and fewer than 1,000 contractors. The company reported fourth quarter revenues of $1.27 bn, up from $1.25 bn in the same period last year. Yahoo Games & Yahoo Smart TV are likely to be scrapped since the growth targets are not being met.
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UPS EARNINGS BEAT ESTIMATES
United Parcel Service (UPS) has reported better-than-expected earnings in the most recent quarter as growth in international package delivery drove profitability. The company also offered upbeat earnings guidance for the current year. For the quarter ended December 31st, UPS posted earnings of $1.33 bn up from $453 mn, a year earlier. Revenue rose by 1% to $16.05 bn. Total company shipments grew by 1.8% to 1.3 bn packages.
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