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![Lawrence McMillan: The stock market is now in ‘correction mode’]()
Lawrence McMillan: The stock market is now in ‘correction mode’
- The stock market’s next Trump challenge starts right after Labor Day
- U.S. stock valuations haven’t been this extreme since 1929 and 2000
- Mark Hulbert: The Dow Theory is telling us to chill about the health of the bull market
- Blood in the streets? Not yet, but when it happens, here’s what you shouldn’t do
- Here’s why domestic unrest isn’t a worry for Wall Street
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Need to Know
![Want to win the Powerball? These numbers come up more than others]()
Apple focusing on self-driving technology, not building cars: report
Apple Inc. is scaling back its plans to build self-driving cars, focusing instead on the software and technology for autonomous vehicles, according to a New York Times report late Tuesday. In June, Apple Chief Executive Tim Cook told Bloomberg News the company was "focusing on autonomous systems" but didn't go into details. The Times said Apple's pivot after years of work on the so-called Project Titan came after complications caused by the sheer size of the self-driving-car project and lack of a clear vision for the end product. After longtime Apple hardware executive Bob Mansfield took over the Titan project last year, he shifted its focus from building a car to the technology behind it, the Times said. Apple plans to tests its technology with a self-driving shuttle van between its Silicon Valley campuses, the Times reported.
Boston Celtics acquire Kyrie Irving from Cleveland for Isaiah Thomas: reports
The Cleveland Cavaliers and Boston Celtics are exchanging stars, with Kyrie Irving going to Boston in exchange for Isaiah Thomas, Jae Crowder and a 2018 first-round draft pick, according to reports from ESPN and the Associated Press late Tuesday. The blockbuster NBA trade came weeks after Irving requested to be dealt, despite his team making the NBA Finals three years in a row, because he was reportedly tired of playing second fiddle to LeBron James. He'll join prized free-agent acquisition Gordon Hayward in Boston, which will likely join the Cavaliers as the two dominant teams in the Eastern Conference. Last season, Irving averaged a career-high 25.2 points per game; Thomas averaged 28.9 points per game, third-best in the league. The trade is another step in the trend toward superstar-heavy lineups that teams are creating to compete with the two-time champion Golden State Warriors. Los Angeles Clippers executive Jerry West said this week that "everyone's playing for second place right now."
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Personal finance
![Six reasons why most Americans aren’t getting big pay raises]()
Six reasons why most Americans aren’t getting big pay raises
The U.S. economy is in the best shape in more than a decade, but it’s not showing up in the paychecks of most American workers. Here’s why.
![One thing not to do when trying to improve your credit score...]()
One thing not to do when trying to improve your credit score...
Signing up for this type of credit card while trying to improve your credit score could actually harm it.
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Inside MarketWatch
La-Z-Boy shares tank after earnings miss
Shares of La-Z-Boy Inc. fell more than 15% late Tuesday after the furniture maker reported fiscal first-quarter 2018 earnings and sales below Wall Street expectations and Chief Executive Kurt L. Darrow said the company was "disappointed" with the results. La-Z-Boy said it earned $11.7 million, or 24 cents a share, in the quarter, compared with $13.8 million, or 28 cents a share, in last year's first quarter. Sales rose 5% to $357.1 million, from $340.8 million in last year's first quarter. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $358 million. Much of the consolidated sales increase in the quarter "related to acquired sales which did not add volume to our upholstery manufacturing operations," the company's most profitable segment, Darrow said in a statement. "Lower volume throughout our plants made it difficult to absorb fixed costs and this, combined with the normal seasonal slowdown and continued investments across the business, impacted our upholstery operating margin for the period," and expenses increased in the quarter, he said. Shares had ended the regular trading session up 0.3%.
Salesforce beats on earnings and increases guidance, but stock falls
Salesforce.com Inc. produced better earnings than expected in its fiscal second quarter and increased its expectations for profit and revenue for the full year Tuesday, but shares still declined in late trading. The cloud-software company said that it had net income of $17.7 million, or 2 cents a share, on total revenue of $2.56 billion in the second quarter of its 2018 fiscal year, a sales increase of more than 25% from the year-ago quarter. After adjusting for stock-based compensation and other effects, the company claimed earnings of 33 cents a share, up from 24 cents a share a year ago. Analysts on average expected Salesforce to report adjusted earnings of 32 cents a share on sales of $2.52 billion, according to FactSet. The company raised its forecast for the full year, adding a penny to its profit projection to make it $1.29 to $1.31 a share and $100 million to its revenue guidance, which is now $10.35 billion to $10.4 billion. Salesforce stock dipped about 3% in late trading.
