Stocks mostly higher…OxyContin maker, governments in settlement talks…Toyota recalls air bags
NEW YORK (AP) – Stocks are mostly higher in morning trading on Wall Street as gains in health care and other sectors outweigh losses in technology companies. Investors continue to shift money into U.S. government bonds, driving long-term bond yields further below short-term ones. The so-called inversion of the U.S. yield curve is a rare phenomenon that has correctly predicted previous recessions.
COLUMBUS, Ohio (AP) – States and local governments are in talks to settle lawsuits with the maker of the prescription painkiller OxyContin that is facing billions of dollars in potential liability for its role in the nation’s opioid crisis. Suits filed by more than 2,000 state, local and tribal governments have cast Purdue Pharma as a chief villain in the overdose crisis in the U.S. A report by NBC News said the privately held company has offered to settle for $10 billion to $12 billion. The Stamford, Connecticut-based company said it’s prepared to defend itself but sees little good in years of litigation.
DETROIT (AP) – Toyota is recalling 191,000 cars in North America and Japan because the air bags may not inflate properly in a crash. The recall covers certain 2003 through 2008 Corolla compact sedans and 2005 through 2008 Matrix hatchbacks. Toyota says the front passenger air bags in the cars were installed in prior recalls to replace dangerous Takata air bags. But in high temperatures, the replacement bags may not unfold as designed, increasing the risk of injury in a crash.
NEW YORK (AP) – Lord & Taylor, one of the nation’s oldest department stores, is being sold for $100 million to a rental clothing company. Le Tote Inc. is buying the company from Hudson’s Bay Co., which gets a minority stake in Le Tote and will control two seats on its board. Lord & Taylor, founded as a dry goods store in 1826, has struggled recently as more people shop online. It has closed several stores, including its flagship on New York’s Fifth Avenue, which was shut for good earlier this year after more than a century in the 11-story building.
UNDATED (AP) – It could be lights out for tiny toiletries. Marriott International, the world’s largest hotel chain, says it will eliminate small plastic bottles of shampoo, conditioner and bath gel from its hotel rooms worldwide by December 2020. They’ll be replaced with larger bottles or wall-mounted dispensers, depending on the hotel. The move follows a similar announcement last month by IHG, which owns Holiday Inn, Kimpton and other brands.