Exxon has once again surpassed Apple as the world's most valuable company after the iPhone and iPad maker saw its stock price falter. Apple Inc.'s stock has been on the decline since its earnings report earlier this week. It dropped 2 percent Friday to $441.30 for a market capitalization of $414.5 billion. Exxon Mobil Corp. gained 13 cents to $91.48 and has a market capitalization of $417 billion.
South Korea's Hyundai Motor Co. reported its lowest quarterly profit in nearly two years Thursday due to lackluster car sales at home and a surge in the local currency that made it less competitive with Japanese automakers. South Korea's largest automaker earned 1.89 trillion won ($1.77 billion) in the October-December quarter, down 5.5 percent over a year earlier.
Honeywell returned to a profit in its fourth quarter, helped by lower pension-related costs. Its adjusted results met analysts' estimates, and revenue topped Wall Street's expectations. Shares edged up in premarket trading Friday. The technology and manufacturing conglomerate from Morris Township, N.J., earned $251 million, or 32 cents per share, for the three months ended Dec. 31.
China's manufacturing crept higher in January to the fastest pace in two years, a survey showed Thursday, in another sign the world's second-biggest economy is coming out of a downturn. A preliminary version of HSBC's monthly purchasing managers' index rose for the fifth month in a row to 51.9 in January from 51.5 in December. Readings above 50 on the 100-point scale indicate an expansion.
Bombardier says it's not worried that rival Brazilian aircraft manufacturer Embraer beat it to a contract with Republic Airways Holdings Inc. for the sale of 47 regional jets with an estimated value of US$2 billion. "It's not a blow," spokesman Marc Duchesne said Thursday, noting that Bombardier (TSX:BBSD.B) had previously received a firm order from Republic for 40 CSeries aircraft, with an option for 40 more.
Molex Inc., an electronic components and cables maker, said Wednesday that its fiscal second-quarter profit rose 10 percent on higher shipments. But orders fell later in the quarter, and the company posted an outlook for its third quarter that was slightly below analyst expectations.
It's easy to forget just how amazing the Apple iPhone was when it made its market debut - it's the top product at the world's top company. But the iPhone formula needs a shake-up, before Apple loses the platform war to Google in price-sensitive emerging markets.
For many investors, Apple's best days are behind it. Competitors are catching up, they believe, and the latest iPhone is stumbling. The company's doubters have backed their conviction with billions of dollars. Last week, the stock fell below $500 for the first time in 11 months.
Google eked out slightly higher earnings in the fourth quarter, despite a financial drag caused by the Internet search leader's expansion into device manufacturing and a decline in digital ad prices as more people gaze into the smaller screens of smartphones.
Earnings at industrial conglomerate Siemens AG declined 12 percent in the October-December quarter after the company took charges at its transport business and a solar power operation it is selling. Siemens reported Wednesday net earnings of €1.21 billion ($1.6 billion) in its fiscal first quarter, down from €1.38 billion a year earlier.
Chemical and bioscience company DuPont Co. says weakness in its performance chemicals and electronics and communications businesses, coupled with costs associated with growth initiatives, led to a sharp drop in fourth-quarter income. The company on Tuesday reported net income of $111 million, or 12 cents per share, for the last three months of 2012.
Packaging Corp. of America's net income climbed 54 percent in its fourth quarter, buoyed by higher prices and sales as well as lower costs for recycled fiber and energy. But the producer of containerboard and corrugated packaging product issued an outlook for the current quarter that fell short of analyst estimates.
Higher sales helped Johnson & Johnson post a much bigger fourth-quarter profit than a year ago, when several charges depressed results. But J&J's long-running manufacturing quality problems continued to hurt sales of consumer health products, which were down 3.6 percent in the U.S. and 0.4 percent worldwide at a total of $3.65 billion.
Johnson Controls saw its European operations hammered by the broad recession there and posted a 17 percent decline in net income for the first-quarter Friday. A weak outlook for the current quarter sent shares tumbling in premarket trading.
General Electric Co. has been re-energized. Performance at all of the conglomerate's industrial segments is improving thanks to cost cutting, a shift in strategy and growth in emerging markets. GE, based in Connecticut, reported an operating profit per share of 44 cents, a penny higher than analysts polled by FactSet expected.
The Thai subsidiary of Toyota Motor Corp. announced Monday that Thai automotive industry sales in 2012 totaled a record 1.43 million vehicles, up 80 percent from the previous year. The company said it expects industry sales to drop 16 percent to 1.2 million vehicles in 2013.
The U.S. Treasury Department says it has come up with a plan on how it will sell the remaining 300.1 million shares of stock it owns in General Motors. The process will bring to an end almost four years of partial government ownership of the car maker.
China's economy is finally rebounding from its deepest slump since the 2008 global crisis but the shaky recovery could be vulnerable to a new downturn in global trade. Growth rose to 7.9 percent in the three months ending in December, up from the previous quarter's 7.4 percent data showed Friday.
November U.S. manufacturing technology orders totaled $421.83 million according to AMT - The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTO program, was down 11.0 percent from October and down 8.5 percent when compared with the total of $460.86 million reported for November 2011. With a year-to-date total of $5,212.17 million, 2012 was up 4.8 percent compared with 2011.
Airbus said it was confident it would not run into the same problems afflicting Boeing Co.'s Dreamliner, related to a type of battery both companies use, but lost the crown as the world's largest plane maker to its archrival despite record deliveries.
Maybe it was the brand new, bright red Chevrolet Corvette gleaming in one corner, or the elegant BMW coupe in the other. But car companies were positively giddy this week as the North American International Auto Show opened in Detroit. They have reason to be. U.S. new car and truck sales reached a five-year high of 14.5M in 2012, and many analysts think they'll climb to 15.5M this year.
U.S. factory production rose in December for the second straight month, buoyed by more output of autos, electronics and business equipment. The Federal Reserve said Wednesday that factory output increased 0.8 percent last month compared with November. That followed a 1.3 percent rise in November, which partly reflected a rebound from Superstorm Sandy.
General Motors expects only a modest increase in pretax profits this year as it rolls out multiple new cars and trucks worldwide. The company also thinks global auto sales will grow modestly this year, driven by the U.S. and China, while European car sales fall.
American Airlines says it has renegotiated jet orders with Boeing Co. to save money and in some cases get a slightly smaller, less expensive version of Boeing's new 787 jet. The 787, which Boeing calls the Dreamliner, was delayed during production and has been beset by problems recently, including a fire aboard a Japan Airlines 787 last week in Boston.
Japan's Toyota Motor Corp. and Honda Motor Co. are among major players in an increasingly confident global car industry unveiling new models for the recovering U.S. market at the annual North American International Auto Show that opened Monday.