Stocks steady…BMW predicts lower than expected profits…Dunkin, not donuts
NEW YORK (AP) – Stocks are little changed as energy companies continue to rise with oil prices, but airlines fall as investors anticipate higher fuel costs. Interest rates are rising as investors expect the Federal Reserve to raise its benchmark rate Wednesday, and high-dividend companies are declining. A busy week for deals continued as Arby’s parent company agreed to buy Sonic and Michael Kors confirmed it will buy Versace.
FRANKFURT, Germany (AP) – German luxury automaker BMW says its profits and sales will fall short of its forecasts this year. The company says fear of international trade conflicts has weighed on pricing, and it also cites the impact of new emissions tests on European markets. The profit warning is the second from a major German automaker this year.
LONDON (AP) – Britain’s main opposition Labour Party says it will reject Conservative Prime Minister Theresa May’s proposed divorce deal with the European Union when it comes to a vote in Parliament — and that it might even support a new Brexit referendum. The party’s chief Brexit spokesman accuses May’s government of offering the country a choice between “really bad and even worse.” If Britain and the EU agree on a deal, it must be approved by the British and European parliaments before Britain leaves.
UNDATED (AP) – Dunkin’ is dropping the donuts – from its name, anyway. Doughnuts are still on the menu, but the company is renaming itself “Dunkin”‘ to reflect its increasing emphasis on coffee and other drinks. The change will officially take place in January, when the new name will start appearing on napkins, boxes and signs at its U.S. stores.
NORTH SMITHFIELD, R.I. (AP) – A Rhode Island town council that approved a nonbinding resolution to boycott Nike products has reversed course. No public comment was allowed at Monday’s North Smithfield Town Council meeting when members voted 5-0 to withdraw the resolution that passed 3-2 last week. The council president is upset with Nike’s use of former San Francisco 49ers quarterback Colin Kaepernick in an ad campaign. He says his opinion hasn’t changed, but that he shouldn’t have asked the council to take a position.