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July 10, 2012 05:09 PM

Tuesday Evening Business Brief

Stocks have dropped for a fourth straight session. The Dow was down 83 points, or 0.7 percent, to 12,653. The S&P slipped 11 points to 1,341, while the Nasdaq declined 29 points to 2,902.

  • Authorities say the head of an Iowa-based brokerage firm that has been unable to account for $220 million in customer money was found in his car at company headquarters, with a tube connecting the vehicle's tailpipe to the interior. The Commodity Futures Trading Commission has filed civil fraud charges against the firm, Peregrine Financial Group, accusing it and its chief of misusing customer funds and failing to keep them separate from company money. It's not clear what Russell Wasendorf Sr.'s condition is as a local hospital declined to say whether he had been treated there.
  • J.C. Penney Co. says it is laying off another 350 workers at its headquarters in Plano, Texas. The newly announced cuts follow the company's move in April to eliminate 600 workers at its headquarters, north of Dallas.
  • Martha Stewart will remain as chairman at the company she founded, Martha Stewart Living Omnimedia, and will also be its chief creative officer through June 2017. It also announced president and chief operating officer Lisa Gersh is the new CEO, which had been expected. The company has posted an annual loss for four straight years.
  • Oil prices tumbled on further signs of an economic slowdown in China and after the government of Norway intervened to end a strike that threatened North Sea oil production. Benchmark U.S. crude fell $2.08, or 2 percent, to settle at $83.91 per barrel. Brent crude lost $2.35 to close at $97.97 per barrel in London.
  • Business
  • Economy/Stocks

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