Tuesday Evening Business Brief
July 29, 2014, 6:29 PM
- The stock market ended the day with a modest loss as investors waited for a series of big economic reports later in the week. The Dow Jones industrial average fell 70 points, or 0.4 percent, to finish at 16,912. The Standard & Poor's 500 index slipped eight points and the Nasdaq inched lower by two points. Nine of the 10 industry groups in the S&P 500 fell. Only telecommunications stocks rose.
- Crayon manufacturer Crayola is building a family attraction in Florida, similar to the one it operates in its home state of Pennsylvania, and more could be on the way around the country if the new place does well. The company says Crayola Experience Orlando will open next summer at The Florida Mall. Crayola Experience Orlando will feature 25 hands-on activities in 70,000 square feet of space. One attraction will let children create their own unique crayon with a personalized wrapper.
- United States Steel Corp. (X) has reported a smaller loss in its second quarter, and topped analysts' expectations. The Pittsburgh-based company reported a loss of $18 million, or 12 cents per share, compared with a loss of $78 million, or 54 cents per share, in the same quarter a year ago. Earnings, adjusted for non-recurring costs, were 17 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 33 cents per share.
- McDonald's says it has been notified by a labor regulator that it can be named a "joint employer" for workers in its franchisee-owned restaurants. The decision is being closely watched because it could potentially expose McDonald's to liability for the working conditions and practices in its franchisees' stores.
- Biologic drugmaker Amgen said today it will lay off 12 percent to 15 percent of its worldwide workforce and close four sites, even as it reported very strong second-quarter results that trounced Wall Street expectations. The maker of Prolia for osteoporosis and anemia treatment Aranesp said it's restructuring to free up money needed for investments in the business, particularly marketing costs for launching new drugs.
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