Stocks lose ground…One company settles opioid case…Waymo to test in Florida
NEW YORK (AP) – Stocks have been lower in afternoon trading, weighed down by a mixed batch of company earnings and another decline in bond yields. Financial sector stocks accounted for much of the selling as investors reacted to the decline in yields. Household goods makers and communication services stocks were among the decliners. Energy stocks fell along with the price of crude oil.
UNDATED (AP) – One pharmaceutical company has reached a settlement to avoid being a defendant in the first federal trial on the drug industry’s accountability for a nationwide opioid crisis. Endo Pharmaceuticals, based in Ireland, announced today that it has agreed to pay the Ohio counties of Cuyahoga and Summit a total of $10 million to settle their suits, which are still scheduled to go to trial against other drugmakers and distributors Oct. 21.
BRUSSELS (AP) – The European Union and Britain have launched a high-wire week of diplomacy by entrenching themselves deeper in their irreconcilable positions. This, as the two sides head toward a damaging no-deal split in a little over two months. Highlighting new British Prime Minister Boris Johnson’s determination to leave the bloc even if no Brexit divorce deal is in place, his government said it will stop attending all EU meetings where its vital interests were not at stake.
MOUNTAIN VIEW, Calif. (AP) – Google autonomous vehicle spinoff Waymo says it will start testing on public roads in Florida to better experience heavy rain. The Mountain View, California, company says tests will begin this month in the Miami area and include highway driving to Orlando, Tampa and Fort Myers. The Florida test vehicles will be driven by humans. They’ll collect data with laser and radar sensors. Heavy rain can affect image quality.
DALLAS (AP) – Airlines expect record crowds over the week-long Labor Day period, continuing a rise in travel that has boosted the airlines’ profits all year. The trade group Airlines for America forecast today that 17.5 million passengers will fly on U.S. carriers between Aug. 28 and Sept. 3. That would be 2.5 million passengers a day and a 4% increase over the same week last year.