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By JOSH FUNK The Associated Press OMAHA, Neb. — Union Pacific on Wednesday hired the CEO recommended earlier this year by a hedge fund pressuring the railroad to improve, as the company cut its outlook after reporting disappointing results driven by weakening consumer demand and higher labor costs. The Omaha, Nebraska-based railroad said its former chief operating officer Jim Vena will take over as CEO next month. The Soroban Capital Partners hedge fund that holds a $1.6 billion stake in Union Pacific had been urging the railroad to hire Vena because of his expertise in ...

Wall Street remains mixed after Fed raises interest rates

By STAN CHOE The Associated Press NEW YORK (AP) — Wall Street is holding relatively steady Wednesday after the Federal Reserve followed through on expectations and raised interest rates to their highest level in more than two decades. The S&P 500 was 0.2% lower in afternoon trading after flipping between small gains and losses. The Dow Jones Industrial Average was up 16 points, or less than 0.1%, at 35,454, as of 3:17 p.m. Eastern time, and the Nasdaq composite was 0.4% lower. Treasury yields were easing in the bond market after Fed Chair Jerome Powell also said no decision has ...

British billionaire Lewis faces US insider trading charges

By JENNIFER PELTZ The Associated Press NEW YORK — Joe Lewis, the British billionaire whose family trust owns the Tottenham Hotspur soccer team, on Wednesday pleaded not guilty in New York to insider trading charges alleging that he fed corporate secrets to romantic partners, personal assistants, friends and his pilots, earning them millions of dollars illegally. He was then released on $300 million bail. Lewis and two of his pilots — Patrick O’Connor and Bryan ‘Marty’ Waugh — surrendered early in the morning to the FBI, a prosecutor said. The pilots also pleaded not ...

Boeing announces $149M loss in Q2

The Associated Press Boeing is reporting a $149 million loss for the second quarter despite higher revenue, as the plane maker struggles with higher costs in both its airline and defense business. CEO David Calhoun said Wednesday that Boeing has “more work ahead” but is making progress in stabilizing its factories and supply chain. Boeing says it’s starting to boost production of its two most popular airline planes, the 737 Max and the 787 Dreamliner, to take advantage of demand for newer, more fuel-efficient planes. However, the company is continuing to see problems with its ...

The Associated Press NEW YORK — Trader Joe’s is recalling two cookie products because they may contain rocks, the grocery chain announced Friday. The recall impacts Trader Joe’s Almond Windmill Cookies and Trader Joe’s Dark Chocolate Chunk and Almond Cookies with “sell by” dates ranging from October 17, 2023 to October 21, 2023. According to Trader Joe’s, the recalled cookies have been removed from store shelves and destroyed — but the company is urging consumers to check their cabinets and get a refund. “If you purchased or received any donations of Almond ...

Wall Street holds steady ahead of profit reports from Big Tech

By STAN CHOE The Associated Press NEW YORK — Stocks are drifting Tuesday as Wall Street waits to hear from some of its most influential companies, and whether their huge rally this year was justified. The S&P 500 was 0.1% higher in morning trading, near its highest level in more than 15 months. The Dow Jones Industrial Average was up 21 points, or 0.1%, at 34,432, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 0.4% higher. General Electric was helping to lead the market as earnings reporting season picks up momentum. GE rallied 6.2% after it reported stronger profit ...