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Monday Afternoon Business Brief

March 24, 2014, 1:27 PM

Monday Afternoon Business Brief

The U.S. stock market is moving lower as tensions with Russia escalate. Europe markets also fell as Russian troops seized Ukrainian ships and military installations in the Crimean peninsula. Health care stocks had some of the biggest losses. Bond prices rose.

  • Some good news for the more than 80 ships waiting to use one of the nation's busiest seaports. The Coast Guard says its goal it to reopen part of the Houston Ship Channel today. It's been closed since Saturday, after a barge carrying 900,000 gallons of oil collided with a ship and spilled as much as a fifth of its cargo.
  • Cisco says it plans to spend more than $1 billion over the next two years to expand its data centers for a new cloud computing network called Cisco Cloud Services. The move makes the San Jose, Calif.-based networking company the latest to serve the growing number of companies that prefer to rent computing space rather than build their own. IBM Corp. said in January that it will invest $1.2 billion in its cloud computing operations.
  • The company behind the wildly popular mobile game "Candy Crush Saga" is scheduled to make its debut on the New York Stock Exchange this week. King Digital could be valued as high as $7.6 billion if its initial public offering prices at the upper end of its expected range. The Dublin-Ireland-based company generated revenue of $1.88 billion last year, more than 10 times its 2012 revenue.
  • The man who helped make ABC's "Good Morning America" the top rated morning show has been named president of Disney/ABC Television Group. ABC News President Ben Sherwood replaces Ann Sweeney on Feb. 1. That's when Sweeney steps down to direct TV shows. Sherwood also becomes co-chairman of Disney Media Networks, which oversees all the company's TV offerings.

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