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Wednesday Afternoon Business Brief

March 28, 2012, 1:10 PM

Wednesday Afternoon Business Brief

Stocks are staging a move lower at midday, with the Dow down about 100 points or 0.7 percent. Selling began overseas before Wall Street's open.

  • Several Supreme Court justices today appeared receptive to the notion that portions of President Barack Obama's health care law can survive even if the court declares the centerpiece unconstitutional. On the third and final day of planned arguments, justices appeared to be skeptical of the position taken by an attorney for 26 states seeking to have the law tossed out in its entirety.
  • Bank of America CEO Brian Moynihan was paid $7.5 million last year - six times what he got in 2010. That's according to an Associated Press analysis of a new regulatory filing. The bank says Moynihan's pay package for 2011 included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of use of company aircraft and tax and financial advice.
  • Tim Tebow hasn't played a single down for the New York Jets yet, but he's already involved indirectly with a court battle. Nike claims in a lawsuit filed in federal court that Reebok is using his name on Jets-related apparel without permission since it was announced last week that Tebow was traded from the Denver Broncos to New York. The Tebow trade took place just before Nike replaces Reebok on Sunday as the supplier of NFL team uniforms.
  • Organic demand appears to be in place for shares of pasta maker Annie's Inc. as its shares trade on the open market for the first time. Annie's shares rose more than 70 percent as the IPO came to market.

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