Update on the latest in business:

FINANCIAL MARKETS

Stocks fall, extending market’s losses

NEW YORK (AP) — Stocks fell broadly in afternoon trading as worries about rising inflation and interest rate hikes weigh on investors and extend the market’s losses.

The S&P 500 fell 1.2% and more than 80% of stocks within the index lost ground. The Dow Jones Industrial Average fell 0.9% and the Nasdaq fell 0.4%. Energy companies had the biggest losses as crude oil prices fell more...

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FINANCIAL MARKETS

Stocks fall, extending market’s losses

NEW YORK (AP) — Stocks fell broadly in afternoon trading as worries about rising inflation and interest rate hikes weigh on investors and extend the market’s losses.

The S&P 500 fell 1.2% and more than 80% of stocks within the index lost ground. The Dow Jones Industrial Average fell 0.9% and the Nasdaq fell 0.4%. Energy companies had the biggest losses as crude oil prices fell more than 6%. Banks, industrials and big technology companies were also lower.

Prices for ultra-safe U.S. government bonds rose as traders shied away from risk. Stocks slumped in China as that country reinforced its stringent pandemic policies.

MUSK-TWITTER

Reports: Twitter in talks with Musk over bid to buy platform

UNDATED (AP) — Twitter’s board is negotiating with Tesla CEO Elon Musk over his bid to buy the social media platform and a deal could be announced as early as today.

Twitter and Musk negotiated into the early hours over his bid to buy the social media platform, The New York Times reported, less than two weeks after the billionaire first revealed a massive stake.

Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.

SUPREME COURT-AG GAG LAW-KANSAS

Court won’t revive ban on secret filming at slaughterhouses

WASHINGTON (AP) — The Supreme Court has rejected an appeal by Kansas to revive a law that banned secret filming at slaughterhouses and other livestock facilities but that was struck down by lower courts.

The justices did not comment in leaving in place a ruling by a federal appeals court panel that the so-called ag-gag law violated the First Amendment by stifling speech critical of animal agriculture. The Kansas law made it a crime for anyone to take a picture or video at an animal facility without the owner’s consent or to enter the facility under false pretenses.

Federal appeals courts considering similar laws in Iowa and Idaho had split over the issue.

GM-CORVETTE

GM to offer electrified Corvette as early as next year

UNDATED (AP) — General Motors says it will offer an electrified Chevrolet Corvette as early as next year.

President Mark Reuss says in a statement on LinkedIn that the automaker will also offer a fully electric Corvette sometime in the future. An electrified vehicle generally means a gas-electric hybrid or a plug-in rechargeable hybrid. More details on the vehicles are expected to be provided at a later date.

Interest in electric vehicles is increasing among consumers as demand for an electric Corvette has been building among the sports car’s fan base.

RAILROAD-CONTRACT TALKS

Rail unions refusing advance payments in favor of a new deal

OMAHA, Neb. (AP) — All the major railroads now plan to offer their employees up to $600 a month in advance of raises they expect to pay once the current two-year-old national contract talks are eventually settled.

But a coalition of unions that represents more than 105,000 railroad workers says they’ll refuse the payments partly because workers would be on the hook to repay some of the money if the eventual raises aren’t big enough to cover the payments. The unions want the National Carriers’ Conference Committee that represents more than 30 railroads to negotiate a contract instead.

The railroads didn’t immediately respond to the unions.

COCA-COLA-RESULTS

Coca-Cola sales surge offsetting rising costs, Russia exit

UNDATED (AP) — Sales at Coca-Cola surged 16% during the first quarter as crowds returned to movie theaters, music venues and sport stadiums.

Coca-Cola was among the companies to suspend operations in Russia after it invaded neighboring Ukraine. But today, it stuck by earlier revenue growth projections of 7% to 8% and per-share growth of 5% to 6% for the year. The Atlanta company posted net income of $2.78 billion, or 64 cents per share, topping Wall Street’s expectations for per-share earnings by 6 cents.

The world’s largest beverage maker posted revenue of $10.49 billion in the period, also exceeding industry analyst forecasts of $9.91 billion.

BUFFET-LUNCH AUCTION

Buffett to auction off one last private lunch for charity

OMAHA, Neb. (AP) — The world’s most expensive lunch will go on sale again this spring when investor Warren Buffett auctions off a private meal to raise money for a California homeless charity one last time.

Buffett, Berkshire Hathaway’s CEO, held the online lunch auction once a year for 20 years before the pandemic began to raise money for the Glide Foundation, which helps the homeless in San Francisco. The auction has been on hiatus for the past two years.

Buffett has raised nearly $34.5 million for the charity over the years. Many of the past winners have been investors who revere Buffett for his remarkable track record of finding undervalues companies and stocks to buy.

The bidding starts June 12.

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