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Drawing a link between reduced fuel consumption and climate change, President Barack Obama said Tuesday that his administration will issue tougher fuel-efficiency standards for delivery trucks by March 2016. Obama said helping these vehicles use less fuel would have the triple benefit of making the U.S. less dependent on imported oil, keeping more money in consumer pockets, and reducing the greenhouse gas emissions blamed for global warming. Obama also said companies that want to join an existing public-private partnership focused on energy-efficient vehicles will get specialized resources and technical expertise from the Department of Energy. Last month at the Detroit Auto Show, Ford Motor Company revealed its lighter and more fuel-efficient version of its bestselling Ford F-150 pickup truck.
Stocks were mixed mid-morning trading Tuesday as investors return from a long holiday weekend. Coca-Cola slumped after turning in disappointing quarterly results and health care stocks rose following news a big merger in the pharmaceutical sector. Coca-Cola dropped $1.50, or 4 percent, to $37.43 after reporting a decline in fourth-quarter profit and sales from a year ago. The company, which also makes Sprite, Dasani and Vitaminwater, says sales volume declined 1 percent in North America.
Coca-Cola reported an 8.3 percent fall in quarterly earnings, hurt by the separation of its bottling operations in Brazil and the Philippines. The company's net income fell to $1.71 billion, or 38 cents per share, in the fourth quarter ended December 31, from $1.86 billion, or 41 cents per share, a year earlier. Revenue fell 3.6 percent to $11.04 billion. Excluding foreign exchange fluctuations and the separation of the bottling operations, revenue rose 4 percent.
Sony's PlayStation 4 is still proving popular among gamers. The company announced on Tuesday that total PlayStation 4 sales to consumers reached 5.3 million units on February 8. Sony's console has proven popular around the world, but it's also tops in the US. Last week, in fact, research firm NPD revealed that the PlayStation 4 was the best-selling console in January, beating out the Xbox One. It's already available in North America, Latin America, Europe, and Asia.