Breaking News

Business

Carvana, Constellation Brands rise

Stocks that traded heavily or had substantial price changes on Wednesday: Carvana, Constellation Brands rise; Omnicom, ASML Holding fall Stocks that traded heavily or had substantial price changes on Wednesday: Carvana Co., up $16 to $55.80. The used car retailer announced a comprehensive debt restructuring deal. ASML Holding N.V., down $41.25 to $715.78. The semiconductor equipment supplier warned of caution from chipmakers and a delayed recovery. Omnicom Group Inc., down $10.14 to $87.78. The advertising company reported weak second-quarter revenue and warned of economic ...

Turkey hikes interest rates in sign of economic normalcy

ISTANBUL (AP) — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living crisis. The 2.5 percentage point hike — putting the rate at 17.5% — came a month after the bank unleashed a 8.5% increase, a reversal after more than a year of rate-cutting prompted by Erdogan. He believes lowering interest rates fights inflation, contradicting traditional economic theory ...

Johnson & Johnson, Abbott rise; Discover Financial, Equifax fall

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Thursday: Johnson & Johnson, up $9.64 to $168.38. The maker of baby powder and a wide range of healthcare and consumer products raised its profit forecast for the year. International Business Machines Corp., up $2.90 to $138.38. The technology and consulting company reported strong second-quarter earnings. Discover Financial Services, down $19.40 to $102.45. The financial services company reported weak second-quarter results. Heritage-Crystal Clean Inc., up $4.66 to $46.60. J.F. Lehman & Co. ...

Broadcom’s $69B purchase of VMware wins approval from competition watchdog

The Associated Press LONDON — Computer chip and software maker Broadcom’s $69 billion plan to buy cloud technology company VMware cleared another hurdle Wednesday after Britain’s competition regulator gave the deal provisional clearance. The Competition and Markets Authority said its investigation found the deal “would not substantially reduce competition” in the supply of hardware components for computer servers in the U.K. The deal also would be unlikely to harm innovation, the regulator said. Thousands of British businesses and public bodies, including major banks, big ...

For the first time, a woman is set to lead Atlantic City’s main casino workers union

By WAYNE PARRY The Associated Press ATLANTIC CITY, N.J. — Most of the Atlantic City casino workers who clean hotel rooms, serve drinks and tidy up public areas are women. For the first time in 107 years, the union that represents them is now being led by a woman. Donna DeCaprio is one of the most influential people in Atlantic City as president of Local 54 of the Unite Here union, which has about 10,000 members and has repeatedly brought the casino industry to its knees during labor disputes. But there will be labor peace in Atlantic City for at least three more years ...

Wall Street ticks higher and adds to its big rally following profit reports

By STAN CHOE The Associated Press NEW YORK — Stocks are ticking higher Wednesday, adding to the strong run that has pulled Wall Street to its highest levels in more than 15 months. The S&P 500 was 0.2% higher in afternoon trading, coming off its highest closing level since early April 2022. The Dow Jones Industrial Average was up 150 points, or 0.4%, at 35,102, as of 2:38 p.m. Eastern time, and the Nasdaq composite was 0.1% lower. Elevance Health was helping to lead the market after it climbed 5.2% The insurance provider reported stronger profit and revenue for the spring than ...