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DETROIT (AP) — General Motors’ second-quarter net income fell 40% from a year ago as shortages of computer chips and parts hobbled factory output and caused the company’s U.S. sales to fall more than 15%. The Detroit automaker said it made $1.67 billion from April through June, in part because it couldn’t deliver 95,000 vehicles during the quarter because they were built without one part or another.

Coca-Cola posted higher-than-expected sales in the second quarter due to price increases and continuing improvement in demand at restaurants and other venues. The Atlanta-based company said revenue grew 12% in the April-June period to $11.3 billion. That was well ahead of the $10.56 billion Wall Street forecast, according to analysts polled by FactSet.

McDonald’s sales fell short of expectations in the second quarter, a sign that menu price increases could be taking a toll on U.S. demand. The Chicago burger giant said its revenue fell 3% to $5.72 billion in the April-June period. That was short of Wall Street’s forecasts, according to analysts polled by FactSet.

NEW YORK (AP) — Walmart is lowering its profit outlook for its fiscal second quarter and for the full year. The nation’s largest retail cites surging inflation on basics like food that is making shoppers cut back on discretionary items, particularly clothing, that carry higher profit margins.

WASHINGTON (AP) — The Justice Department is expected to file a lawsuit against some of the largest poultry producers in the United States. It’s part of an effort to end what the government says are longstanding deceptive and abusive practices for workers. Three people familiar with the matter tell The Associated Press the suit is being filed Monday in Maryland. The suit names Cargill, Sanderson Farms, and Wayne Farms, along with a data consulting company.

The NFL is making its move into offering its own media streaming platform. The league announced that “NFL+” launched on Monday. Owners were briefed about it during the league meetings in May while Brian Rolapp, the NFL’s chief media and business officer, confirmed in a column for “Sports Illustrated” last week that it would be starting this season.

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline plunged 32 cents over the past two weeks to $4.54 per gallon. Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that the continued decline comes as crude oil costs also fall. The price at the pump is down 55 cents over the past six weeks, but it’s $1.32 higher than one year ago.

WASHINGTON (AP) — Treasury Secretary Janet Yellen says the U.S. economy is slowing but pointed to healthy hiring as proof that it is not yet in recession. Yellen spoke Sunday on NBC’s “Meet the Press” just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates.

LONDON (AP) — Twitter is reporting a quarterly loss as revenue slipped even as user numbers climbed. The social media company’s latest quarterly earnings figures Friday offered a glimpse into how the social media business has performed during a months-long negotiation with billionaire Tesla CEO Elon Musk over whether he will take over the company.

WASHINGTON (AP) — The number of Americans applying for unemployment benefits last week rose to its highest level in more than eight months, a sign the labor market may be showing some weakness. Applications for jobless aid for the week ending July 16 rose by 7,000 to 251,000, up from the previous week’s 244,000, the Labor Department reported Thursday.

NEW YORK (AP) — High diesel prices are driving up the cost of everything, from groceries to Amazon orders and furniture. That's because nearly everything that’s delivered, whether by truck, rail, or ship, uses diesel fuel. Truckers are turning down hauling jobs in the states with the most expensive diesel.

Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. The National Association of Realtors said Wednesday that existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million.

SACRAMENTO, California (AP) — Individual health insurance rates are going up across the country. The coronavirus pandemic caused lots of people to put off routine health care. But now many people are returning to doctor's offices. Health insurers in individual marketplaces across 13 states and Washington D.C. will raise rates an average of 10% next year.

WARREN, Mich. (AP) — In their first rollouts of electric vehicles, America’s automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in on the heart of the market: The compact SUV.

An epic legal fight between Elon Musk and Twitter began in earnest in a Delaware court on Tuesday as lawyers for both sides fought over when to start the trial. Twitter is trying to force the billionaire to make good on his April promise to buy the social media giant for $44 billion — and the company wants it to happen quickly because it says the ongoing dispute is harming its business.

Delta is ordering 100 737 Max 10 airplanes, the largest of the line produced by Boeing, potentially giving the manufacturer additional momentum after a troubled rollout of its most advanced aircraft. Delta has an option to purchase 30 more of the aircraft as the airline looks to keep up with surging travel demand.

Retail sales rose 1% in June

NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles. U.S. retail sales rose 1% in June, from a decline of 0.1 % in May.

Wells Fargo, the nation’s largest mortgage lender, saw its second-quarter revenue and profit decline as rising interest rates pushed people out of the housing market. The San Francisco bank earned $3.1 billion in the period, or 74 cents per share, coming up short of the 80 cents per share analysts expected. Revenue was $17 billion, also below Wall Street projections.

TOKYO (AP) — Toyota’s flagship model in Japan, the Crown, is going on sale around the world for the first time, including in the U.S. Toyota Chief Executive Akio Toyoda said the company was aiming for 200,000 vehicles in annual global sales in 40 nations. The Crown’s history parallels the rise of Toyota, but it is not well-known abroad.

NEW YORK (AP) — Stocks closed lower on Wall Street Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase. The S&P 500 fell 0.3% and the Dow Jones Industrial Average lost 0.5%. The Nasdaq ended little changed. JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts.

WASHINGTON (AP) — Inflation at the wholesale level climbed 11.3% in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy. The U.S. producer price index — which measures inflation before it hits consumers — rose at the fastest pace since hitting a record 11.6% in March.

BEIJING (AP) — Global stocks and Wall Street futures have fallen after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth. London and Frankfurt opened lower.

Stocks capped another shaky day on Wall Street with more losses Wednesday, after a highly anticipated report on inflation turned out to be even worse than expected. Prices at the consumer level were 9.1% higher last month than a year earlier, accelerating from May’s 8.6% inflation level.

Twitter sued Tesla CEO Elon Musk on Tuesday to force him to complete the $44 billion acquisition of the social media company. Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company. In a fiery filing, Twitter accuses Musk of violating the merger agreement “because the deal he signed no longer serves his personal interests.”

Amazon is heading into its annual Prime Day sales event on Tuesday much differently than how it entered the pandemic. The company has long used the two-day event to lure people to its Prime membership. This year, it could help Amazon boost profitability amid a slowdown in overall online sales. That's quite a reversal from the early days of the pandemic when the e-commerce giant’s profits soared as homebound shoppers turned to online shopping to avoid contracting the coronavirus.

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