Stocks decline…Folding phone issues…Pinterest IPO
BEIJING (AP) – Global stocks fell Thursday after Wall Street declined despite encouraging Chinese economic data. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil slipped but remained above $63.50 per barrel. The dollar declined against the yen and gained against the euro.
SAN FRANCISCO (AP) – Some of Samsung’s new, almost $2,000 folding phones appear to be breaking after just a couple of days. Journalists who received the phones to review before the public launch said the Galaxy Fold screen started flickering and turning black before completely fizzling out. Two journalists said they removed a thin, protective layer from the screens that they thought was supposed to come off, but was meant to stay. But reporters from The Verge and CNBC said they left that layer on and their screens still broke.
SAN FRANCISCO (AP) – Pinterest is pricing its shares at $19 for its initial public offering Thursday, putting it on track to raise more than $1.4 billion. The digital scrapbooking and image search site said last week it expected to sell 75 million shares at a price between $15 and $17 each. The company will begin trading on the New York Stock Exchange under the symbol PINS.
NEW YORK (AP) – Earth, meet Polo. Polo Ralph Lauren on Thursday launched a version of its iconic polo shirt made entirely of recycled plastic bottles and dyed through a process that uses zero water. David Lauren, the youngest son of the company’s founder and its chief innovation officer, told The Associated Press ahead of the announcement that the new shirt is part of a broader strategy of fresh environmental goals throughout the manufacturing process.
LAS VEGAS (AP) – Financial documents suggested Wednesday that Las Vegas Sands Corp. paid $96 million to settle a 15-year breach-of-contract dispute with a Hong Kong businessman who helped the U.S. company open its first casino in the Chinese gambling enclave of Macau. The amount was listed as a “nonrecurring legal settlement” in a $582 million quarterly earnings report by the publicly traded company headed by casino mogul Sheldon Adelson. Adelson did not take part in a conference call with analysts, and company executives did not say anything about the single line-item among 15 pages of financial figures.