Update on the latest in business:

FINANCIAL MARKETS

Stocks fall further, a day after big selloff

NEW YORK (AP) — Stocks shed early gains and fell in afternoon trading on Wall Street as the market remains shaky a day after a broad sell-off. The benchmark S&P 500 index fell 0.8%, but was up as much as 1.9% in early trading. It slumped to its lowest level in more than a year on Monday.

Big technology stocks, which have been swinging...

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FINANCIAL MARKETS

Stocks fall further, a day after big selloff

NEW YORK (AP) — Stocks shed early gains and fell in afternoon trading on Wall Street as the market remains shaky a day after a broad sell-off. The benchmark S&P 500 index fell 0.8%, but was up as much as 1.9% in early trading. It slumped to its lowest level in more than a year on Monday.

Big technology stocks, which have been swinging sharply both up and down recently, made slight gains and helped counter losses elsewhere in the market. The yield on the 10-year Treasury fell to 2.95%.

PELETON-RESULTS

Peloton headwinds stiffen as people break pandemic routines

UNDATED (AP) — Peloton’s uphill struggle to generate sales as more people break from health routines forced during the pandemic continued in the third quarter and the company’s revenue outlook sent shares tumbling 17% at the opening bell.

The maker of high-end exercise bikes and treadmills thrived during COVID-19 outbreaks and sales growth for the New York City company doubled in 2020 and surged 120% in its last fiscal year. The availability of vaccines and easing of COVID-19 restrictions, however, have opened up more workout options and Peloton has suffered.

Peloton lost $757.1 million in the most recent quarter, which was worse than Wall Street had expected.

PFIZER-BIOHAVEN ACQUISITION

UNDATED (AP) — Pfizer is starting to put its COVID-19 cash influx to use by spending $11.6 billion to venture deeper into a new treatment area.

The New York vaccine and cancer drug maker says it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceutical it does not already own. Pfizer will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has a nasal spray under development.

Shares of Biohaven had dipped below $100 in recent weeks but soared in trading Tuesday.

VIRUS-PANDEMIC-WHO-PFIZER

WHO calls on Pfizer to make its COVID pill more available

GENEVA (AP) — The head of the World Health Organization has called on Pfizer to make its COVID-19 treatment more widely available in poorer countries. The WHO director-general (Tedros Adhanom Ghebreyesus) said during a news briefing that Pfizer’s pill was still too expensive despite the pharmaceutical company allowing generic producers to make the drug. He noted that most countries in Latin America had no access to Pfizer’s drug, Paxlovid, which has been shown to cut the risk of COVID-19 hospitalization or death by up to 90%.

The WHO chief warned that the unequal distribution of COVID-19 drugs could ultimately mirror the grossly disproportionate distribution of coronavirus vaccines.

OPIOID CRISIS-LAWSUITS

Judge to decide how much pharmacies owe over opioid crisis

CLEVELAND (AP) — A hearing is beginning in federal court in Cleveland that will result in a judge determining how much CVSHealth, Walgreens Co. and Walmart Corp. should pay two northeast Ohio counties to help them ease the continuing opioid crisis.

A jury in November concluded that the three pharmacy chains were responsible for damage wrought by the opioid epidemic in Lake and Trumbull counties. Plaintiff attorneys before trial said the cost to abate the crisis is around $1 billion for each county.

Attorneys for the pharmacy chains in court filings said the amount is far lower and damage caused by others should be excluded from any amounts ordered by Polster.

EUROPE-MUSK-TWITTER

Musk says he’s ‘aligned’ with EU approach to digital rules

LONDON (AP) — Elon Musk, who’s offering to buy Twitter, has given his support to a new European Union law aimed at protecting social media users from harmful content after he met with the bloc’s single market chief.

In a video tweeted late Monday by EU Internal Market Commissioner Thierry Breton, Musk said the two had a “great discussion” and he agrees with the bloc’s online regulations. Breton told The Associated Press today that he outlined to Musk how the law aims to uphold free speech while also making sure whatever is illegal “will be forbidden in the digital space,” which Musk “fully agreed with.”

AMAZON-ORGANIZERS FIRED

Amazon fires 2 union organizers tied to first U.S. labor win

UNDATED (AP) — Amazon has fired two employees with ties to the grassroots union that led the first successful U.S. organizing effort in the retail giant’s history.

The company confirms tjat it fired Michal, or ‘Mat,’ Cusick and Tristan Dutchin of the Amazon Labor Union in New York. It claims the cases are unrelated to each other and unrelated to any cause or group the two support.

Cusick says he was fired for COVID-related leave after receiving conflicting messages from the company about when the leave period ended. Amazon spokesperson Kelly Nantel says Cusick failed to show up for work after the leave ended in April and Dutchin failed to meet productivity goals.

Dutchin did not respond to a request for comment.

TESLA-RECALL

Tesla recalls 130K vehicles; touch screens can go blank

DETROIT (AP) — Tesla is recalling about 130,000 vehicles across its U.S. model lineup because the touch screens can overheat and go blank. The recall covers certain Model S sedan and Model X SUVs from 2021 and 2022, as well as Model 3 cars and Model Y SUVs from 2022.

Documents posted by the National Highway Traffic Safety Administration say that during the fast-charging process, the central processing computers may not cool sufficiently. That can cause the computer to lag or restart, making the center screen run slowly or appear blank. Without the center screen, the cars can lose rearview camera displays and settings that control windshield defrosters, increasing the risk of a crash.

Tesla is fixing the problem with online software updates that began on May 3.

UNITED RENTAL-FORD EV ORDER

United Rental orders more than 500 EVs from Ford

NEW YORK (AP) — United Rental says it has a deal to buy 500 of Ford’s F-150 Lightning electric trucks and 30 of its E-Transit electric vans. United Rental expects 120 of the trucks and all 30 of the vans to be delivered and deployed this year as part of its goal to reduce its fleet’s greenhouse gas emissions.

Like other old-guard automakers, Ford has invested billions of dollars to rapidly develop and produce its electric vehicle lineup. Ford’s heavy investment in EVs — its own and others — has come at a cost. The company lost $3.1 billion in the first quarter.

JAPAN-EARNS-SONY

Sony’s profit surges on healthy film, game, music growth

TOKYO (AP) — Sony’s fiscal fourth quarter surged 67% to about $850 million, compared to the previous year, as the Japanese entertainment and electronics company racked up profits in video game and movie divisions.

Tokyo-based Sony’s January-March quarterly sales edged up 1%, as its music operations also did well, boosted by the popularity of streaming services. For the full fiscal year ended in March, Sony racked up a profit of $6.8 billion, down 14% despite the success of “Spider-Man: No Way Home,” which contributed to revenue. Sales in its TV division also grew from licensing income.

JAPAN-EARNS-NINTENDO

Nintendo’s profit dips slightly as Switch console sales slow

TOKYO (AP) — Nintendo’s profit for the fiscal year ended in March was little changed from the previous year, edging down 0.6% to about $3.7 billion. The Japanese video game maker behind the Super Mario and Pokemon franchises says sales for the fiscal year fell 3.6% as fewer Nintendo Switch machines were sold, and IP income from mobile content also declined.

Nintendo Switch players around the world now total some 102 million people, up from 87 million people the previous fiscal year, according to Nintendo. Game makers have reaped windfall profits from more people staying home during the coronavirus pandemic over the last two years.

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