New year brings stock gain for GE


New year brings stock gain for GE

New year, new General Electric Co.? The beleaguered blue-chip stock left behind a dreadful 2017, posting its biggest advance in six months. The surge on the first trading session of 2018 topped all but one day last year. It was a welcome change for the industrial giant, which plunged 45 percent last year, by far the worst drop in the Dow Jones Industrial Average. Chief executive John Flannery has pledged to overhaul GE and cut costs as the manufacturer deals with deep declines in the power generation and oil markets. “It was the dog of the Dow in 2017,” said Nicholas Heymann, an analyst at William Blair & Co. The stock may have been affected by year-end selling in recent weeks and could start to stabilize and generate interest from value investors, he said. “I don’t really imagine there’s a whole lot more negative news forthcoming.” The shares rose 3 percent to close at $17.98 in New York on Tuesday, logging the second-best gain in the Dow industrials. — BLOOMBERG NEWS


Guy Fieri’s Times Square restaurant closes

A restaurant run by television star and celebrity chef Guy Fieri in the heart of New York City’s Times Square has shut its doors for good. The restaurant, Guy’s American Kitchen & Bar, served its last public meal Saturday. Restaurant officials held a private dinner event on New Year’s Eve for its last night of operation. The restaurant opened in 2012, where it was greeted with a no-star review from The New York Times’ restaurant critic. — ASSOCIATED PRESS


Prices at the pump stable as
new year begins


There is no change in the average price of gasoline in Massachusetts as the new year begins. AAA Northeast said Tuesday its weekly survey found the price of self-serve regular remaining at an average $2.43 per gallon, the same as a week ago but 16 cents higher than a year ago at this time. Massachusetts is currently 6 cents below the national average of $2.49 per gallon. AAA said a high volume of holiday travel in the Northeast helped to keep gas prices stable. — ASSOCIATED PRESS


McDonald’s testing fresh beef in another burger

McDonald’s says it is using fresh beef in another burger, the latest test by the chain to swap out frozen beef as it seeks to improve the image of its food. The company says the new burger, called Archburger, is being tested in seven McDonald’s restaurants in Tulsa, Okla. McDonald’s held similar tests for fresh beef Quarter Pounders for about a year before announcing in March that it would roll it out to most of its 14,000 restaurants by the middle of this year. — ASSOCIATED PRESS


Lyft and Aptiv
to unveil automated
ride-hailing service this month
in Las Vegas

Ride-hailing startup Lyft and self-driving software company Aptiv will show off a fully automated ride-hailing service at the Consumer Electronics Show in Las Vegas later this month. The ‘‘point-to-point’’ ride-hailing system will incorporate Lyft’s app with Aptiv’s automated driving platform, offering rides to attendees of the annual show, the companies said in a statement. Meanwhile, Aptiv — formed in December when supplier Delphi Automotive Plc split into two companies — is seeking to capitalize on the changing dynamics of the car sector, where parts makers with expertise in self-driving technology and electrification have become hot commodities. The former Delphi bought self-driving startup NuTonomy Inc. for $450 million in October, speeding up its plans to supply carmakers with autonomous vehicle systems. — BLOOMBERG NEWS


Former Treasury secretary said new law will leave the country broke

Former US Treasury Secretary Jacob J. Lew said the Trump administration’s decision to add a significant amount of debt through last year’s tax legislation is leaving the country broke. “It’s a ticking time bomb in terms of the debt,” Lew said in a Bloomberg Radio interview with Tom Keene and Jonathan Ferro. “You cannot run a fiscal policy by spending trillions of dollars you don’t have at a time that the economy is doing well.” Having chosen to make tax policy without including Democrats in any of the conversation, now the administration probably can’t rally Republicans in Congress to do the basic business of government, such as making sure the country doesn’t default on debt and children don’t get thrown off health insurance, he said. “The next shoe to drop is going to be an attack on the most vulnerable in our society,” Lew said. “How are we going to pay for the deficit caused by the tax cut? We are going to see proposals to cut health insurance for poor people, to take basic food support away from poor people, to attack Medicare and Social Security. One could not have made up a more cynical strategy.” — BLOOMBERG NEWS


Average American to eat 222.2 pounds of red meat and poultry in 2018

For all the buzz about pea protein and lab-grown burgers, Americans are set to eat more meat in 2018 than ever before. To be precise, the average consumer will eat 222.2 pounds of red meat and poultry this year, according to the US Department of Agriculture, surpassing a record set in 2004. Meanwhile, domestic production will surpass 100 billion pounds for the first time, as livestock owners expand their herds on the back of cheap feed grain. Though the USDA’s per-capita measure isn’t a true gauge of consumption, it serves as a common proxy. — BLOOMBERG NEWS


Hyundai and Kia sold 1 million fewer vehicles
in 2017


Third time’s the charm, but not for Korea’s largest carmaking group. Hyundai Motor Co. and affiliate Kia Motors Corp. said Tuesday they sold 7.25 million autos last year, a million short of the companies’ joint target and missing forecasts for the third consecutive year. Deliveries fell to the lowest level since 2012. The group is forecasting a 4.1 percent increase to 7.55 million vehicles for 2018. While Hyundai-Kia probably maintained its position as the world’s fifth-biggest auto group, it is struggling in the United States, where booming demand for sport utility vehicles exposed the Korean partnership’s dearth of offerings. — BLOOMBERG NEWS


‘Go west’ still holds true

Tracking statistics from the moving company United Van Lines indicate that Americans are still heading west, while parts of the Northeast and Midwest are losing people. The suburban St. Louis-based moving company on Tuesday released its 41st annual National Movers Study, which tracks customers’ state-to-state migration patterns. Three of the top four destination states are in the West: Oregon, Idaho, and Nevada. The outlier is Vermont, a Northeast state that had the highest percentage of inbound migration in 2017. About 68 percent of state-to-state moves in Vermont were inbound last year. At the other end of the spectrum is Illinois, which had the highest percent of outbound moves, followed by New Jersey, New York, Connecticut, and Kansas. — BLOOMBERG NEWS


Analyst predicts Amazon will buy Target in 2018’s shakeup of the retail landscape may not be over, according to one well-known technology analyst. The Internet giant will acquire Target Corp., Loup Venture co-founder Gene Munster wrote in a report highlighting eight predictions for the technology industry in 2018. Amazon made waves in retailing last year with its $13.7 billion purchase of Whole Foods Market. — BLOOMBERG NEWS