NEW YORK (AP) _ Stocks lost some early momentum Tuesday and finished with their first loss in six days. The Dow slipped 14 points after rising as much as 186 points just after trading began. Shares of defense contractors led the declines. Raytheon and United Technologies, which have agreed to merge, fell sharply and other defense companies dropped as well.
NEW YORK (AP) _ A group of state attorneys general led by New York and California are seeking to block T-Mobile’s $26.5 billion bid for Sprint. They say the merger would hurt competition and drive up prices for cellphone service. They filed a federal lawsuit Tuesday in an unusual step ahead of a decision by federal antitrust authorities. T-Mobile and Sprint have argued that they need to bulk up to upgrade to a fast, powerful “5G” mobile network that competes with Verizon and AT&T.
WASHINGTON (AP) _ A key House committee has launched its bipartisan investigation into the market dominance of Silicon Valley’s biggest names, with a look at the impact of the tech giants’ platforms on the news industry. The lawmaker leading the inquiry proposed legislation to establish an antitrust exemption that would allow news companies to band together to negotiate revenue rates with big tech platforms. He called it “a life support measure, not the remedy for long-term health” of the news business.
CHANDLER, Ariz. (AP) _ An opioid manufacturing company whose founder was convicted of racketeering conspiracy for bribing doctors to prescribe its highly addictive fentanyl spray has filed for bankruptcy protection. Chandler, Arizona-based Insys Therapeutics filed a voluntary bankruptcy petition on Tuesday and said it planned to sell all its assets and address its legal liabilities.
ALBUQUERQUE, N.M. (AP) — Facebook is making its first direct investment in renewable energy with a solar project in West Texas. A research analyst for a renewable energy consulting firm says the move makes sense because renewable energy is becoming more affordable and Facebook’s data centers have huge operating costs. Shell Energy North America and Facebook will share the power generated by the solar farm just north of Odessa, Texas.