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May 20, 2013 01:47 PM

Monday Afternoon Business Brief

Stocks have turned lower in afternoon trading on Wall Street, as investors look for reasons to extend the market's rally. On Friday the market closed out its fourth straight week of gains with the Dow Jones and the S&P 500 at record levels. Today the Russell 2000, an index of small-company stocks, rose above 1,000 for the first time.

  • United Airlines is once again flying its 787s. A United Airlines 787 Dreamliner flew from Houston to Chicago today. The planes were grounded for four months over concerns about their lithium ion batteries. Boeing never figured out exactly what caused batteries to smolder on two 787s owned by other airlines, but it's redesigned the battery and its charger. United is the only U.S. airline currently flying the 787. It has six of them.
  • Yahoo has announced its boldest move since longtime Google executive Marissa Mayer took over as CEO last summer. It's buying online blogging forum Tumblr for $1.1 billion, in a bid to reel in more traffic and advertisers on smartphones and tablet computers. David Karp, the 26-year-old high school dropout who started Tumblr six years ago, will remain in control of the service.
  • One of the world's largest generic drugmakers is buying an Irish company that has a portfolio of established, branded drugs. Actavis Inc. is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market. The combined company will be incorporated in Ireland. Analysts say that country's lower tax rate is a key to making the deal work.
  • L.L. Bean's grandson Leon Gorman is retiring as chairman after more than a half-century as chairman or CEO of the outdoors retailer. But the privately held company is keeping the position in the family. The Maine-based retailer told its 5,000 full- and part-time workers today that L.L.'s great-grandson Shawn Gorman will take over as chairman, underscoring a commitment to family ownership.
  • Business
  • Economy/Stocks

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