Stocks dip as earnings disappoint
U.S. stocks declined Tuesday, with equities sliding the most in two weeks, as quarterly results from Apple, IBM and United Technologies disappointed investors. Microsoft fell following its largest-ever quarterly net loss. IBM dropped 5.9 percent during regular trading after sales fell for a 13th quarter. United Technologies lost 7 percent after cutting its 2015 profit forecast. The Standard & Poor's 500 index retreated 0.4 percent to 2,119.21, after earlier coming within 3 points of an all-time high set in May. The Dow Jones industrial average lost 181.12 points, or 1 percent, to 17,919.29, with IBM and United Technologies accounting for 66 percent of the drop. The Nasdaq composite index declined 0.2 percent from a record.
Nike wants CEO Parker to stay
Nike gave CEO Mark Parker a stock award valued at nearly 10 times his typical annual share grant, on the condition that he work for the company for the next five years. Nike granted Parker, 59, restricted stock with a target value of $30 million, which he'll receive if he's employed through the award's vesting period, according to Nike's July 20 proxy filing. He was previously given stock awards with reported values of $3.5 million each of the past three fiscal years. Parker has been Nike's CEO since 2006.
Citibank will refund $700M to card users
Citibank has agreed to refund an estimated $700 million to about 8.8 million credit card customers for deceptive marketing, billing and other illegal practices, federal regulators said Tuesday. In addition to the refunds, Citibank was fined a total of $70 million by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which regulates national banks. The consumer bureau has been cracking down on deceptive marketing and billing practices by credit card issuers of so-called add-on products, such as identity theft monitoring and protection programs that cover payments if a person loses a job or is seriously injured.
Gawker, Jezebel shut down amid dispute
Gawker and Jezebel, the online gossip and news sites, temporarily stopped publishing Monday amid an internal debate over a controversial post and management's decision to take it down. Posting stopped shortly after Tommy Craggs, the executive editor of Gawker Media, and Max Read, Gawker.com's editor-in-chief, said that they would resign after the partnership running the company voted to remove a post about a married male executive seeking to pay for sex with a male escort. The editors wrote that they were resigning because they could not guarantee the site's editorial integrity.