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Monday Afternoon Business Brief

July 7, 2014, 11:35 AM

Monday Afternoon Business Brief
NEW YORK -

Stocks are lower in morning trading as investors look ahead to corporate earnings this week. The Dow closed above 17,000 for the first time Thursday, following a surprisingly strong June jobs report. While lower, the Dow remains above 17,000. The S&P 500 and the Nasdaq composite are down too.

  • "We're pretty stoked." That's what an investor in Top Shelf Cannabis told The Associated Press in the wee hours of the morning, after receiving an email from Washington state granting his business a license to start selling marijuana tomorrow. The state Liquor Control Board has issued licenses to two dozen stores so far.
     
  • Archer Daniels Midland is paying about $3 billion to buy a privately held Swiss company. Wild Flavors supplies natural ingredients to the food and beverage industry. ADM says the deal expands its ability to serve the evolving needs of its customers. ADM's main business is processing corn, soybeans and other crops for everything from animal feed to ethanol.
     
  • Shares of BioDelivery Sciences International are surging after the drug developer said its treatment for severe pain fared better than a placebo in another late-stage study. The company says the trial triggered another $10 million milestone payment from Endo International, which has a licensing agreement with BioDelivery. BioDelivery's stock is up more than 14 percent in morning trading.
     
  • Investors will get a sense of how corporate profits are faring as earnings season kicks off tomorrow. Aluminum mining giant Alcoa reports its quarterly financial results after the market closes tomorrow.

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