Wednesday, 20 June 2018 12:23

FedEx profits up, Starbucks closing 150 US stores

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STATEWIDE - An iconic American company's struggles and wireless companies' vow to stop selling customers' data are making headlines in Wednesday's business news.

All four of the big wireless carriers - Verizon, AT&T, Sprint and T-Mobile - said they will stop selling phone location data to third-party data brokers. All four were obtaining the information without the consent of users. The move comes after questions were raised by Oregon Senator Ron Wyden.


After more than a century, General Electric, which was formed by J.P. Morgan and Thomas Edison in 1892, was dropped on Tuesday from the 30 companies that make up the Dow Jones Industrial Index. It is being replaced by Walgreens. Shares of GE are down nearly 80 percent from their high in August of 2000.


In contrast, FedEx profits in the fourth quarter were up about 10 percent to over $1.1 billion. CEO Fred Smith is warning against a looming trade war with China as Washington and Beijing spar over tariffs.


Finally, Starbucks is set to close about 150 company-operated stores in U.S. markets during the next fiscal year. Current quarter performance was well below expectations, the worst in nine years. Shares slid as much as 6.3 percent in late trading Tuesday before inching back up.