U.S. Steel posts 1Q profit as costs come down
NEW YORK - U.S. Steel says it turned a quarterly profit for the first time in more than a year as its costs decreased and its flat-rolled steel business performed better.
U.S. Steel last reported a profit in the third quarter of 2012, and it has lost money for five consecutive years. The company has been restructuring its business and reducing capacity to lower its spending.
The Pittsburgh company said Tuesday it earned $52 million, or 34 cents per share, in the first quarter, compared with a loss of $73 million, or 51 cents per share, a year earlier. Its revenue fell 3 percent to $4.45 billion from $4.6 billion.
Twitter stock down amid user growth concerns
SAN FRANCISCO - Twitter booked a net loss in the first quarter because of stock compensation costs, but its results surpassed Wall Street's expectations thanks to a sharp increase in advertising revenue.
But shares of the short messaging service dropped sharply after the results came out because of investor concern about its ability to grow its user base and keep its existing users engaged.
Twitter Inc. said Tuesday that it had a loss of $132.4 million, or 23 cents per share, in the January-March quarter. That compares with a loss of $27 million, or 21 cents per share, a year ago when Twitter was still privately held.
Apple versus Samsung case goes to California jury
SAN JOSE, Calif. - It was Apple versus Samsung but Google loomed large Tuesday during closing arguments at the monthlong federal trial involving claims of patent infringement exchanged by the world's two largest smartphone makers.
A lawyer for Apple accused Samsung of "slavishly" copying key features of its iPhone and iPad products and demanded $2.2 billion in damages. An attorney for Samsung denied the allegations and argued that its Google-developed software differs from Apple's operating system.
Netflix pays Verizon for better Internet access
SAN FRANCISCO - Netflix will pay Verizon Communications to help clear up some of the congestion that has been bogging down its Internet video service.
The deal marks the second time in less than three months that Netflix Inc. has anted up for a more direct connection to a major Internet service, even though CEO Reed Hastings objects to having to pay for better access.
Netflix negotiated a similar arrangement with Comcast Corp. in February.
Court rules on standard for fees in patent cases
WASHINGTON - The Supreme Court is making it easier for winners in some patent lawsuits to have legal fees reimbursed by the losing party.
The justices ruled unanimously in two companion cases Tuesday, finding that trial judges have discretion to award fees in patent cases that are particularly frivolous or unreasonable.
The rulings could deter lawsuits from so-called patent trolls - companies that buy patents and force businesses to pay license fees or face costly litigation.
Local bank stocks reported
First Niles Financial held steady in trading Tuesday, closing at $7.50 per share. Cortland Bancorp climbed 20 cents to $11.25 a share.
Staff, wire reports