Stocks open lower…Nike shares slip after Kaepernick announcement…Union wants new Brexit vote
NEW YORK (AP) – Stocks are opening lower as technology companies take losses. Facebook lost 2.8 percent this morning and Microsoft lost 1.7 percent. JD.com fell 6.3 percent after the CEO of the Chinese e-commerce company was arrested in Minneapolis on suspicion of criminal sexual conduct. JD.com said Richard Liu was released without charges.
NEW YORK (AP) – Nike’s stock is falling in early trading following an announcement that former San Francisco 49ers quarterback Colin Kaepernick has a new deal with the athletic clothing and footwear maker. Kaepernick already had a deal with Nike that was set to expire, but it was renegotiated into a multiyear deal to make him one of the faces of Nike’s 30th anniversary “Just Do It” campaign, according to a person familiar with the contract. Shares of Nike Inc. dropped 2 percent.
WASHINGTON (AP) – Spending on U.S. construction projects ticked up 0.1 percent in July, led by an increase in homebuilding and the publicly funded building of schools and highways. The Commerce Department says the slight July increase brought total construction spending to a seasonally-adjusted annual rate of $1.32 trillion, 5.8 percent higher than a year ago.
LONDON (AP) – One of Britain’s biggest trade unions is joining calls for a new public vote on leaving the European Union, saying voters were misled during the 2016 referendum campaign. The GMB union, which has more than 600,000 members, said “the promises that were made during the referendum campaign are simply not the reality we are facing.”
BOSTON (AP) – Cranberry farmers have asked the federal government for permission to destroy a quarter of their crop in response to a glut that has kept prices low and growers operating in the red. The Boston Globe reports that after struggling with an oversupply of the berries for nearly two decades, growers around the country are asking the U.S. Department of Agriculture for authorization to sell 75 percent of the supply and discard the rest. If the government approves their request, farmers would hold back roughly 100 million pounds of cranberries.