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October 09, 2014 01:34 PM

Thursday Afternoon Business Brief

NEW YORK (AP) - Wall Street's roller coaster ride is continuing for a third day, with the Dow Jones industrial average plunging more than 300 points in afternoon trading. The bulk of today's selling is happening in energy stocks, as the price of oil continues a multi-week decline. Coal stocks are also taking a beating after Morgan Stanley analysts downgraded the entire sector. Yesterday, the Dow jumped 274 points, reversing a 272-point decline the day before.

  • Time Warner Cable says its shareholders have approved its acquisition by Comcast, clearing another hurdle for the $45 billion deal. The news comes a day after Comcast shareholders approved the deal, which is still awaiting clearance from regulators. It would make Comcast, which also owns NBC Universal, a dominant force in both creating and delivering entertainment to U.S. homes.
  • Airline delays and cancellations are up slightly from last year's peak travel season. The U.S. Department of Transportation says flights on the nation's largest airlines arrived on time 77.7 percent of the time in August. That's down from 78.8 percent in the same month last year, although it's better than July. The 14 airlines covered in the government report canceled 1.2 percent of their U.S. flights in August, up slightly from a year earlier.
  • E-Bay is kicking off a global branding campaign that aims to draw attention to the wide array of goods it has available ahead of the holiday shopping season. It's the first time the e-commerce site has created a campaign with the same message across four of its biggest markets: the U.S., Australia, Germany and the U.K. And it comes as eBay prepares for a split next year with payments unit PayPal, its fastest-growing segment.
  • Lego says it won't renew a deal allowing Shell to hand out Lego sets at gas stations in some 30 countries, following a viral campaign protesting Arctic drilling. The Danish toy maker says it doesn't want to be embroiled in the protest campaign. In July, Greenpeace launched a video showing an Arctic landscape with a Shell drilling platform made of Lego bricks covered in oil.
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