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Friday Afternoon Business Brief

June 27, 2014, 1:14 PM

Friday Afternoon Business Brief

NEW YORK (AP) - The stock market appears on track for a weekly loss, with the Dow and the S&P 500 pulling back from the record levels they set last week. Both are edging lower in morning trading, while the Nasdaq has been flat.

  • DuPont is dragging down the blue chips this morning. Last night, DuPoint cut its profit forecast, citing weaker sales of corn seeds in the second quarter and a larger than expected write down of its seed inventory. The company says herbicide sales and lower prices for refrigerants are also hurting business. DuPont shares were off 4 percent in morning trading, the biggest drop among the Dow 30.
     
  • Ukraine's new president has signed a trade and economic pact with the European Union. President Petro Poroshenko calls it "maybe the most important day" for Ukraine since its independence from the Soviet Union in 1991. It's the same agreement that Poroshenko's predecessor backed out of last November, setting off the bloody protests that toppled the government. Russia is warning that there will be "serious consequences" to Kiev for signing.
     
  • Russia's state-controlled gas company says it could limit supplies to European customers that intend to re-sell the natural gas on to Ukraine. Gazprom's CEO says the company is closely monitoring the situation and may curb shipments to European nations that would pump the Russian gas to Ukraine in the so-called reverse supplies. Gazprom cut gas shipments to Ukraine this month amid a debt and pricing dispute. Supplies to Europe via Ukraine and other pipelines haven't been affected, however.
     
  • Another Atlantic City casino is going under. Caesars Entertainment tells The Associated Press its Showboat Casino Hotel will shut down on Aug. 31, and with it the company's House Of Blues concert venue. The Mardi Gras-themed Showboat is the second Atlantic City casino to close this year, leaving the nation's third-largest gambling market with 10 operating gaming halls.

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