Apple close to buying Intel’s modem business: report

Apple Inc. AAPL, +2.29% could be within a week of agreeing to a deal to buy Intel Corp.’s INTC, +2.15% modem-chip business, according to a Monday afternoon report. The Wall Street Journal reported that Apple and Intel are in advanced talks on a deal that values the business at $1 billion or more that could lead to a deal in the next week, based on anonymous sources. Intel stock gained about 2% in after-hours trading after the report hit, while Apple shares gained about 0.2%. The deal has been rumored since Apple gave up on its worldwide legal fight with modem maker Qualcomm Inc.QCOM, +1.27% on the same day that Intel — the only other Apple source for iPhone modem chips — announced that it would wind down its modem business. The Journal reported that Intel and Apple were in talks for more than a year, but Intel began shopping the unit after Apple struck a multiyear deal with Qualcomm as part of the companies’ legal settlement. After discussions with other companies, Intel re-ignited talks with Apple, according to the report. Intel reports quarterly earnings Thursday, while Apple is scheduled to report a few days later, on Tuesday, July 30.

AutoNation reports results, names new CEO

AutoNation Inc. AN, -0.24% shares were unchanged in the extended session Monday after the auto retailer reported earnings and named a new chief executive. AutoNation shares were flat after hours, following a 0.2% decline to close the regular session at $41.95. The company reported second-quarter net income of $100.8 million, or $1.12 a share, compared with $97.6 million, or $1.07 a share, in the year-ago period. Revenue declined to $5.34 billion from $5.39 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.07 a share on revenue of $5.29 billion. AutoNation also named its Chief Financial Officer Cheryl Miller as CEO and president effective immediately, replacing Carl Liebert, and Christopher Cade as interim CFO while an executive search is conducted.

N.S. RCMP arrest woman on drug trafficking charges

Nova Scotia’s RCMP arrested a woman on drug trafficking charges on Thursday.

Police say they searched a home in Port Hawkesbury and seized quantities of the drugs hydromorphone and dextroamphetamine.

As a result of the search, a 53-year-old woman was arrested and charged. The RCMP says that cash and drug paraphernalia was also seized at the house.

Police say that the woman was released and she is expected to appear in Port Hawkesbury provincial court at a later date.

The Mounties say that their investigation is still ongoing.

Steel Dynamics Q2 Earnings Drop

Steel Dynamics (STLD) announced a profit for second quarter that declined from the same period last year.

The company’s earnings totaled $194.30 million, or $0.87 per share. This compares with $362.45 million, or $1.53 per share, in last year’s second quarter.

Analysts had expected the company to earn $0.89 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 10.4% to $2.77 billion from $3.09 billion last year.

Steel Dynamics earnings at a glance:

-Earnings (Q2): $194.30 Mln. vs. $362.45 Mln. last year.
-EPS (Q2): $0.87 vs. $1.53 last year.
-Analysts Estimate: $0.89
-Revenue (Q2): $2.77 Bln vs. $3.09 Bln last year.

ST Now, News As It Happens – July 23, 2019

Welcome to ST Now, News As It Happens. Recap of what happened earlier. Reach us at [email protected] or on Facebook and Twitter @STcom.

AutoNation Inc. Announces Rise In Q2 Profit

AutoNation Inc. (AN) reported a profit for its second quarter that rose from the same period last year.

The company’s earnings totaled $100.8 million, or $1.12 per share. This compares with $97.6 million, or $1.07 per share, in last year’s second quarter.

The company’s revenue for the quarter fell 0.9% to $5.34 billion from $5.39 billion last year.

AutoNation Inc. earnings at a glance:

-Earnings (Q2): $100.8 Mln. vs. $97.6 Mln. last year.
-EPS (Q2): $1.12 vs. $1.07 last year.
-Revenue (Q2): $5.34 Bln vs. $5.39 Bln last year.

San Antonio Spurs legend Tim Duncan hired by franchise as assistant coach

The greatest player in Spurs history is headed back to San Antonio.

Tim Duncan, who retired in 2016 after 19 seasons with the franchise, has been added to head coach Gregg Popovich's bench as an assistant coach, the Spurs announced Monday. It was not made clear how significant Duncan's role will be.

“It is only fitting, that after I served loyally for 19 years as Tim Duncan’s assistant, that he returns the favor,” the oft-humorous Popovich said in a statement.

Duncan, a future first-ballot Hall of Famer and one of the best big men in NBA history, retired as the Spurs' franchise leader in just about every major category, including games, minutes, points, rebounds and blocks.

TIM DUNCAN TIMELINE: A look back at his legendary career

Duncan was selected to 15 All-Star teams, won two league MVP awards, helped lead the Spurs to five championships and made it to the postseason every year. 

He has frequented the team's practices since his retirement, and despite being one of the more soft-spoken stars in hoops history, the hiring makes sense.

The Spurs are coming off of a 48-34 season, which ended in the first round of the playoffs for the second consecutive year. 

Trump’s Fed board choice calls for rate reduction

President Trump’s nominee for the Federal Reserve Board, Judy Shelton, is calling on the Fed to lower interest rates by 50 basis points as soon as next week.

“Even a 50-basis-point reduction would still keep the Fed funds rate well above zero,” Shelton told the Washington Post in an email Monday. “I would have voted for a 50-basis-point cut at the June meeting.”

Shelton made the comments ahead of the Federal Open Market Committee’s meeting scheduled for July 30 through 31. Wall Street had been expecting a quarter-point reduction in rates ahead of Shelton’s comments.

The Fed, which would not cut rates without signs of a slowing economy, has said slowing global growth and trade policy uncertainty have weighed on the US economy.

“I do think global conditions and the clear monetary paths being signaled by other central banks are a factor in considering how much our own Federal Reserve might choose to lower on July 31,” Shelton said.

Trump has also been pushing for the Fed to lower borrowing costs for months, first tweeting barbs at Fed Chairman Jerome Powell for raising interest rates too aggressively in 2018, and then for not yet moving to lower them in 2019.

“The Fed raised & tightened far too much & too fast,” Trump said in a series of tweets Monday.

“It is far more costly for the Federal Reserve to cut deeper if the economy actually does, in the future, turn down! …they missed it (Big!). Don’t miss it again!” he said.