P&G, in early vote, fends off activist investor Nelson Peltz
Initial voting results show that Procter & Gamble successfully fended off an attempt activist investor Nelson Peltz to capture a seat on its board. Peltz, however, is not conceding, calling the vote too close on Tuesday.
Pfizer considers consumer business sale
Pfizer may be done selling ChapStick, Advil, Robitussin and other brands that people can buy without a prescription. The pharmaceutical giant is weighing options for its consumer health care business. It may spin off or sell the unit, which also produces Advil, Preparation H and the Centrum brand of vitamins. Pfizer may also leave the business as is, with no sale.
Stocks rise after strong forecasts from Wal-Mart, airlines
NEW YORK (AP) — A big jump for Wal-Mart helped the Dow Jones industrial average set a record Tuesday, while gains for other retailers and airlines sent other stock indexes higher as well. Airlines rose following strong forecasts from American and United. Utilities and smaller companies also climbed, while banks edged higher as investors prepared for the financial sector to start reporting its third-quarter results in a few days. Wal-Mart notched its biggest gain in almost a year and a half after the company said it expects its digital sales to rise 40 percent in its next fiscal year. It also plans to buy back $20 billion in stock over two years.
Paltrow, Jolie join flood of allegations against Weinstein
NEW YORK (AP) — An avalanche of allegations poured out Tuesday against Harvey Weinstein in on-the-record reports that detailed claims of sexual abuse and testimonies from Gwyneth Paltrow and Angelina Jolie, further intensifying the already explosive collapse of the disgraced movie mogul. Three women accused Weinstein of raping them in a story published by The New Yorker. In a follow-up to its earlier expose, The New York Times also reported that many other actresses have in recent days have come forward.
Fires destroy at least 2 California wineries, damage others
NAPA, Calif. (AP) — Northern California’s wildfires have destroyed at least two wineries and damaged many others. Wineries that escaped damage grappled with the lack of power, which they need to process the grapes. Experts say about 12 percent of grapes grown in California are in Sonoma, Napa and surrounding counties. One winery employee said she called until she found a wine maker who had a tank available to crush the grapes and was happy to be able to help her and other wineries.
AP FACT CHECK: Trump’s empty boasts on legislation, economy
WASHINGTON (AP) — President Donald Trump is bragging about his economic and legislative achievements. An AP Fact Check finds some of his boasts are empty. He wrongly claimed that Barack Obama never accomplished as much economic growth as he’s posted so far. And Trump’s legislative record is notably thin. He’s signed more than 50 bills into law, as he stated. But there’s little of significance in that pile.
Trump says US should change tax law to punish NFL
WASHINGTON (AP) — President Donald Trump is suggesting the U.S. change its tax laws to punish organizations like the NFL if members are “disrespecting” the national anthem or flag. The NFL gave up its federal tax-exempt status a few years ago and now files tax returns as a taxable entity. So it’s unlikely that Trump’s proposal would change anything. Trump also tweeted Tuesday that ESPN ratings have “tanked” because of Jemele Hill, the anchor suspended for making political statements on social media.
AP-NORC Poll: Most don’t want young immigrants deported
WASHINGTON (AP) — A poll finds that a couple of President Donald Trump’s immigration priorities lack broad public support. Just 1 in 5 Americans polled say they want to deport young immigrants who were brought to the country as children and who are now here illegally. And less than a third support Trump’s plan to build a wall along the Mexican border. The poll was conducted by The Associated Press and the NORC Center for Public Affairs Research.
Walmart sees the future and it is digital
NEW YORK (AP) — Walmart is all about online, anticipating digital sales next year will rise about 40 percent and that it will add 1,000 U.S. online grocery locations. The retail behemoth is predicting net sales growth at or above 3 percent, driven by online sales and growth from existing stores. Walmart kicks off its annual investor meeting Tuesday in Bentonville, Arkansas.
IMF: World economy is picking up speed
WASHINGTON (AP) — The International Monetary Fund says the world economy is picking up momentum. The IMF expects global economic growth to register 3.6 percent this year and 3.7 percent in 2018. Both figures are up 0.1 percentage point from the lending agency’s previous forecast in July.
Ikea on Amazon? Furniture giant to use online retailers
STOCKHOLM (AP) — Swedish furniture retailer Ikea says it will start selling its goods through third-party web sites as a test “but no decisions made regarding what platforms/markets will be in the pilot.” Spokeswoman Kaisa Lyckdal says Ikea is “curious” as to how “to reach and serve more” customers, adding it is their ambition to start a trial during 2018.
The Standard & Poor’s 500 index added 5.91 points, or 0.2 percent, to 2,550.64. The Dow Jones industrial average gained 69.61 points, or 0.3 percent, to 22,830.68. Wal-Mart was responsible for almost half of that gain. The Nasdaq composite picked up 7.52 points, or 0.1 percent, to 6,587.25. The Russell 2000 index of smaller-company stocks rose 4.44 points, or 0.3 percent, to 1,508.01.
Benchmark U.S. crude oil added $1.34, or 2.7 percent, to $50.92 a barrel in New York. Brent crude, used to price international oils, gained 82 cents, or 1.5 percent, to $56.61 a barrel in London. Wholesale gasoline added 3 cents to $1.59 a gallon. Heating oil picked up 3 cents to $1.76 a gallon. Natural gas jumped 6 cents to $2.89 per 1,000 cubic feet.
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