July 20 - Summary of business headlines: U.S. existing home sales drop in June; Apple shares rise after blockbuster quarter; American Airlines makes big aircraft purchase. Conway Gittens reports.
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The U.S. housing market giveth and the housing market taketh away. Sales of previously owned homes fell to a seven-month low in June as home buyers backed out of deals. The monthly reading from the National Association of Realtors points to further weakness in the housing market, a contrast to a report released a day earlier showing new housing construction projects jumped to a six-month high.
Shares of Apple are up sharply. The maker of iPads, iPhones, and iPods announced a far better-than-expected 82 percent surge in quarterly revenues. International sales, specifically in Asia, played a large role. Meanwhile the iPad continues to hold-off competition from a growing number of want-to-be rivals.
American Airlines is making a historic purchase. The airline is buying 460 narrowbody planes from Boeing and Airbus, with Airbus getting a slightly bigger piece of the pie. The order, which American Airlines, says is the largest in aviation history, is valued at nearly $40 billion.
Conway Gittens, Reuters
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