June 16, 2010 in Business

Business update: Stocks mostly fall

The Spokesman-Review
 

Stocks mostly fell today after home construction and applications for building permits slumped in May following the end of a homebuyer tax credit. The housing report and a disappointing profit forecast from FedEx Corp. raised questions about the economic recovery. The Dow Jones industrial average fell about 15 points in afternoon trading. Broader indexes were mixed.

Apple, AT&T get record number of iPhone orders: Apple Inc. said today that it and its phone company partners took orders for more than 600,000 iPhone 4s in one day, the highest number it’s ever seen. The companies stopped taking orders for shipment by the June 24 launch day in the U.S. The crush of orders sets the scene for long lines and potential chaos at stores when the next version of the iPhone is released. Judging by previous years, shortages could last through the summer.

Fannie Mae, Freddie Mac to delist shares from NYSE: Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange after their stocks had trouble meeting listing requirements. Shares of both companies tumbled. Fannie Mae shares dropped 42 cents, or 46 percent to 50 cents, while Freddie Mac slid 58 cents, or 48 percent, to 64 cents in afternoon trading.

Boeing union says it could strike next week: Boeing workers in St. Louis say they could walk out in as little as one week under a strike notice they plan to deliver to the company on today. The workers voted down Boeing’s last offer on Sunday. The notice says they could strike as soon as June 23. The International Association of Machinists and Aerospace Workers represents about 2,500 Boeing workers in St. Louis.

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