Business Highlights: Netflix subscribers, delivery apps

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Netflix shares drop 26% after it loses 200K subscribers

SAN FRANCISCO (AP) — Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 26% in extended trading amid concerns that the pioneering streaming service may have already seen its best days. The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday. It’s the first time that Netflix’s subscribers have...

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Netflix shares drop 26% after it loses 200K subscribers

SAN FRANCISCO (AP) — Netflix suffered its first subscriber loss in more than a decade, causing its shares to plunge 26% in extended trading amid concerns that the pioneering streaming service may have already seen its best days. The company’s customer base fell by 200,000 subscribers during the January-March period, according to a quarterly report released Tuesday. It’s the first time that Netflix’s subscribers have fallen since the streaming service became available throughout most of the world outside of China six years ago. Worse, Netflix is now projecting a loss of another 2 million subscribers during the April-June period.

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Latest apps promise fast service but can they deliver?

NEW YORK (AP) — Venture capitalists have poured billions into the latest pandemic delivery craze: companies that promise to get you a bottle of Tylenol, an iced coffee, hummus, a cucumber and a roll of paper towels. In 30 minutes or less — or even 15 minutes or less. Experts say they’re unprofitable. Bigger companies are muscling in. And officials in European cities and in New York, which has become the U.S. launching pad, have already started complaining about how they operate, saying it’s bad for employees and residents. Services are already shutting down, cutting workers or scaling back their fast-delivery promises.

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Flyers, subway riders shed masks: ‘Feel free to burn them’

NEW YORK (AP) — Travelers cheered and stripped off their masks as pilots announced over the loudspeaker that a federal judge in Florida had struck down a national mask mandate on airplanes and mass transit. The judge’s decision Monday freed airlines, airports and mass transit systems to make their own decisions about mask requirements, resulting in a mix of responses. Major airlines and airports in places like Dallas, Atlanta and Los Angeles quickly switched to a mask optional policy. New York City was one of the few holdouts to continue requiring masks in its airports and on its public transit system.

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Florida Gov DeSantis pushes to end Disney self-government

TALLAHASSEE, Fla. (AP) — Florida Gov. Ron DeSantis is asking the Legislature to repeal a law allowing Walt Disney World to operate a private government over its properties in the state. DeSantis is an ascendant GOP governor and potential 2024 presidential candidate. He has battled with Disney over the company’s opposition to a new law barring instruction on sexual orientation and gender identity in kindergarten through third grade. On Tuesday, DeSantis raised the stakes. As lawmakers returned to the Capitol for a special legislative session on congressional redistricting, the governor announced he issued a proclamation that allows the Republican-controlled statehouse to take up bills eliminating Disney’s self-governing district.

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Tech stocks rally after an early loss, leading market higher

NEW YORK (AP) — Stocks closed higher on Wall Street Tuesday as technology stocks rallied following a weak start. The S&P 500 rose 1.6% and the Dow Jones Industrial Average rose 1.5%. The tech-heavy Nasdaq shook off an early loss and added 2.2%. Health care giant Johnson & Johnson rose 3.1% after reporting better-than-expected results and raising its dividend. Energy companies fell along with prices for crude oil and natural gas. Banks rose as Treasury yields continued to climb, which allows banks to charge higher interest rates on loans. The yield on the 10-year Treasury note rose to 2.94%.

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Citing Russia’s war, IMF cuts global growth forecast to 3.6%

WASHINGTON (AP) — The International Monetary Fund has downgraded the outlook for the world economy this year and next. The IMF is blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus pandemic. The 190-country lender on Tuesday cut its forecast for global growth to 3.6% this year. That’s a steep falloff from 6.1% last year and from the 4.4% growth the IMF had expected for 2022 back in January. The Russia-Ukraine war and the darkening outlook have hit just as the global economy appeared to be shaking off the impact of the highly infectious coronavirus omicron variant.

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New York Times promotes Joseph Kahn to executive editor

NEW YORK (AP) — The New York Times named Joseph Kahn as its new executive editor, replacing Dean Baquet with his second-in-command. Kahn will be tasked to lead the storied news organization as it undergoes a period of rapid transformation in the digital age. He has been managing editor at the Times since 2016 and will take over on June 14. He previously served as the newspaper’s Beijing bureau chief and led its international desk, which won six Pulitzer Prizes under his stewardship. Baquet, who at 65 has reached traditional retirement age for The Times’ top newsroom leader, will remain at the newspaper in a capacity that will be announced later.

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Energy shift creates opening for ‘world’s largest batteries’

LUDINGTON, Mich. (AP) — A question is hovering over the transition from fossil fuels to cleaner energy such as wind and solar: What happens when the wind doesn’t blow or the sun doesn’t shine? The hydropower industry says the answer is developing more pumped storage plants. They function like giant batteries, pumping water from a lower reservoir to an upper one. When power is needed, the water is released downhill through turbines. The U.S. has 43 pumped storage plants but only one has been built since the 1990s. Cost, regulatory and logistical problems have hampered new construction. The industry is lobbying for tax breaks and streamlined permitting. But some say pumped storage causes environmental problems and better technologies may emerge.

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The S&P 500 jumped 70.52 points, or 1.6%, to 4,462.21. The Dow Jones Industrial Average rose 499.51 points, or 1.5%, to 34,911.20. The Nasdaq gained 287.30 points, or 2.2%, to 13,619.66. The Russell 2000 index of smaller companies added 40.63 points, or 2%, to 2,030.77.

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