Alphabet now comes before Apple atop the list of the world’s most valuable companies. Shares of Google’s parent company pulled ahead of Apple in trading Tuesday. Alphabet took the top spot during Monday’s extended session after strong fourth-quarter earnings. Apple’s iPhone, meanwhile, is suffering its first downturn since it debuted eight years ago. After rising 1.7 percent Tuesday, Alphabet shares left the company’s market capitalization at about $526 billion. Apple lost 2 percent, dropping its market cap to $524 billion.
Fire hazard prompts Microsoft recall of power cords
Microsoft is recalling about 2.44 million AC power cords for its Surface Pro, Surface Pro 2 and Surface Pro 3 computers sold before March 15, 2015, because of a potential fire hazard. The U.S. Consumer Product Safety Commission says users have reported 56 incidents of the cords overheating and emitting flames and five incidents of the cords giving users an electric shock. Microsoft is offering free replacements for the cords. Consumers can get more information at www.surface.com/powercord.
Toyota Motor Credit to pay $21.9 million in lending-bias case
Toyota Motor Credit Corp. will pay $21.9 million to black and Asian borrowers as part of a settlement over alleged discriminatory lending. The U.S. Department of Justice and the Consumer Financial Protection Bureau announced the settlement Tuesday. A government investigation found that dealers were marking up interest rates on loans to minority buyers between 2011 and 2016. Under the settlement, Toyota will cap the amount that dealers can mark up a loan. Toyota Motor Credit denies wrongdoing.
Mall operator says Amazon plans more brick-and-mortar stores
Amazon.com has plans to take its Seattle brick-and-mortar bookstore experiment to hundreds of locations across the country, the CEO of a huge mall operator said Tuesday. In an earnings call with analysts, General Growth Properties CEO Sandeep Mathrani said that Amazon’s goal “is to open, as I understand, 300 to 400 bookstores.” Amazon’s first brick-and-mortar bookstore opened in Seattle in November. The company didn’t immediately return a request for comment.