Walmart creates global compliance officer position

Walmart Stores Inc. is creating a new global compliance officer position following reports that the world’s largest retailer allegedly covered up results of an internal probe proving that its Mexican subsidiary bribed officials there.

The new global leader, who has not been named, will make sure the discounter is in compliance worldwide with the U.S. law that forbids U.S companies from engaging in bribery and other corrupt practices overseas.

The new executive will oversee five regional compliance directors. The company said it also is adding new protocols to ensure investigations into possible violations of the 1977 Foreign Corrupt Practices Act are managed “consistently and independently.”

Walmart said it has a dedicated compliance director in Mexico, who will report directly to the global compliance leader.

“We are taking a deep look at our policies and procedures in every country in which we operate,” Walmart spokesman Dave Tovar said.

 

Stocks rise on reports of strong corporate results

U.S. stocks mainly rose Tuesday as investors embraced corporate results but sold shares of Apple Inc. ahead of the iPad maker’s quarterly report after the close.

“At least we have a day, for the first time in two weeks, where we can focus on the United States and the first-quarter earnings season. And, earnings season seems to be winning today, at least as it pertains to the Dow and the S&P 500,” said Art Hogan of Lazard Capital Markets.

The Dow Jones industrial average rose 74.39 points, or 0.6 percent, to 13,001.56. AT&T Inc. led the index’s gains after the company reported first-quarter earnings above Wall Street’s estimates as wireless subscribers racked up more time online.

“World growth is still alive and well,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago, after 3M Co. topped first-quarter profit expectations, with the Dow component and maker of Post-it Notes benefiting from U.S. industrial demand.

The S&P 500 index added 5.03 points, or 0.4 percent, to 1,371.97. The Nasdaq composite fell 8.85 points, or 0.3 percent, to 2,961.60.

 

Apple sells 35 million iPhones in first quarter

Apple Inc., the world’s most valuable company, trumped skeptics once again by reporting blowout iPhone sales.

Apple says it sold 35 million iPhones in the January-to-March quarter, almost twice as many as it sold a year ago and above analyst expectations.

Apple’s stock was down 2 percent at the close of regular trading, as investors believed phone companies had reined in iPhone sales. In extended trading, the stock rallied $43.83, or 7.8 percent, to $604.11.

Net income in the company’s fiscal second quarter was $11.6 billion, or $12.30 per share. That was nearly double the net income of $6 billion, or $6.40 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.07 per share for the latest quarter, Apple’s fiscal second.

Revenue was $39.2 billion, up 59 percent from a year ago. Analysts were expecting $37 billion.