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After the Bell: U.S. Cases Cross 1 Million, Stocks Sideways

John Divine

The stock market traded sideways on Tuesday, with the Dow Jones Industrial Average falling just 32 points, or 0.1%, as the official count for U.S. virus cases topped the 1 million mark.

Google shows (at least some) resilience. Google parent company Alphabet (ticker: GOOG, GOOGL) reported earnings late Tuesday, and they clocked in below analyst expectations. Earnings per share in the first quarter was $9.87, meaningfully below the $10.71 per share consensus expectation.

While the company noted a swift downtick in ad revenue that began in March, overall quarterly revenue still advanced 13% year-over-year and its YouTube and Google Cloud divisions continue drive growth.

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Ford losing billions. Ford Motor Co. ( F) reported a $2 billion first-quarter loss, drew down $15 billion from outstanding lines of credit and saw revenue decline by 15%. The company warned of a further falloff in sales going forward as consumers rein in large purchases, and projected a $5 billion loss in the second quarter. Shares were down about 5% in after-hours trading Tuesday.

Food shortages on the way? Outbreaks along the food supply chain in the U.S. has some worrying about coming meat shortages at supermarkets. Tyson Foods ( TSN) chairman John Tyson said the supply chain was "breaking."

In an attempt to reduce shortages, President Donald Trump is expected to sign an executive order to force meat production plants to keep operating despite the rise in employee COVID-19 infections and deaths at plants.



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