Nissan is cutting prices on seven of its 18 models in the U.S., hoping its cars and trucks will show up in more Internet searches by shoppers. The price cuts range from 2.7 percent, or $580, on the top-selling Altima midsize car to 10.7 percent, or $4,400, on the Armada big SUV. Executives are under pressure to sell more cars, with Nissan's CEO targeting a 10 percent U.S. market share within three years. Nissan is also cutting prices on the Sentra compact car, Juke small crossover SUV, Murano midsize crossover, Rogue small crossover and the Maxima full-size car.
Kodak plots its way out of bankruptcy
In a reorganization plan filed this week, Eastman Kodak says it expects to emerge from bankruptcy protection between July and September. Many of the storied businesses associated with the Kodak name will be gone. It will no longer make cameras, home computer printers, or digital picture frames. It will mostly be out of the consumer film business, providing only supplies and services to the new owners of that business. The new Kodak will focus on commercial imaging and printing.
Merck cuts profit forecast
Drugmaker Merck & Co. on Wednesday reported lower first-quarter results and cut its 2013 profit forecast by 15 cents a share. Merck tried to reassure investors by announcing a huge share buyback, up to $15 billion worth of its stock. Competition from generic versions of its drugs and unfavorable exchange rates — problems hurting most drugmakers these days — hurt Merck. The world's third-largest drugmaker by revenue said its first-quarter profit fell 8.3 percent as total revenue tumbled by 9 percent.
Job survey hints of slowdown
A private survey shows U.S. companies added 119,000 jobs in April, the fewest in seven months. The report Wednesday from payroll processor ADP suggests that government spending cuts and higher taxes could be starting to weigh on the job market. And new requirements under President Barack Obama's health care law may be prompting some small and midsize companies to hold back on hiring. ADP also said that hiring in March was slower than first thought: the survey shows 131,000 added, down from an initial estimate of 158,000.