Stocks

U.S. stocks were moving lower early Tuesday, dragged down by big communications companies after Google's parent company, Alphabet, reported a slowdown in revenue growth.

Weak iPhone demand is still causing Apple's overall sales to shrink, despite the company's effort to emphasize services designed to bring in a steady flow of money from its 1.4 billion devices still in use.

U.S. stocks managed to post meager gains Tuesday, enough to nudge the S&P 500 to an all-time high for the third straight day.

___ Apple's fiscal 2Q revenue, profit sag amid iPhone slump SAN FRANCISCO (AP) — Weak iPhone demand is still causing Apple's overall sales to shrink, despite the company's effort to emphasize services designed to bring in a steady flow of money from its 1.4 billion devices still in use.

The latest on developments in financial markets (all times local): 9:35 a.m.

The disappointing result came amid intense competition in the advertising space from the likes of Facebook and Amazon.

Warren Buffet's Berkshire Hathaway is financing a bid by Occidental Petroleum for Anadarko, potentially upending Chevron's $33 billion offer for the energy company.

General Electric Co. (GE) on Tuesday reported first-quarter net income of $3.59 billion, after reporting a loss in the same period a year earlier.

A disappointing quarterly report from General Motors also weighed on the market.

Keytruda has driven much of Merck's recent growth as it maintains its lead as an initial treatment for advanced lung cancer.

Total revenue fell about 4 percent to $5 billion.

Asian stock markets were mixed Tuesday after Wall Street hit a new high and Chinese factory activity grew in April but below the previous month's pace.

Shares of the Boston-based company, which swung to a profit from the year-earlier quarter, surged some 7 percent in premarket action.

PetSmart's online pet store Chewy is selling its stock in an initial public offering that may revive memories of the days when its breed of internet retailing seemed like a lost cause.

U.S. stocks followed a record-setting week by edging slightly higher in early trading on Wall Street Monday.

Anadarko is resurrecting buyout talks with Occidental, setting up a bidding war with Chevron which has offered $33 billion for the energy company.

___ Alphabet Q1 revenue falls short of estimates SAN FRANCISCO (AP) — Google parent Alphabet beat analyst earnings expectations but fell short on revenue, sending its stock down more than 7% in after-hours trading.

U.S. stock indexes edged further into record territory Monday following more signs that the economy is growing in the not too hot, not too cold way that investors love.

The tech giant said first-quarter revenue grew 17 percent to $36.34 billion, falling short of the $37.33 billion expected by analysts polled by Refinitiv.

WeWork, which rebranded as the We Company early this year, said it filed confidentially with the Securities and Exchange Commission in December.