Stocks edge lower…All eyes on Black Friday shoppers…Amazon workers strike in Germany
NEW YORK (AP) – Stocks are slipping in morning trading on Wall Street as the market pulls back after a week of record highs for the major indexes. Trading volume is lighter than usual with the markets open for only a half day. Technology and health care companies account for much of the selling. Industrial stocks are also lower, and energy companies dropped along with the price of crude oil. Big retailers are mixed as investors watch for signs that consumers turned out in force to snap up Black Friday holiday shopping deals.
NEW YORK (AP) – At least one analyst says Black Friday shopping is off to a good start. Rod Sides says his team at Deloitte LLP had people in stores and malls over the past 24 hours. They say discounters like Target and Wal-Mart drew big crowds for door busters yesterday, and today the attention is shifting to mall stores.
BERLIN (AP) – Workers at Amazon distribution centers in Germany have gone on strike for better pay on Black Friday, one of the busiest days of the year for the online retailer. Their union says the walkouts began overnight at six distribution centers across the country, with some due to last until Tuesday.
OMAHA, Neb. (AP) – Union Pacific wants a court to invalidate an 1872 pact requiring it to keep a certain number of jobs in an East Texas town indefinitely. The agreement with the town of Palestine is a vestige of railroad history that was made by one of the railroads Union Pacific bought years ago. The railroad argues the local agreement is invalid because railroads are regulated by the federal government, and this deal requiring jobs be maintained in Palestine improperly limits its options.
NEW YORK (AP) – Utah’s Salt Lake Tribune is taking an intriguing approach toward survival by successfully petitioning the IRS to let it become a nonprofit. That allows people to claim a tax deduction if they donate money to the paper. Publisher Paul Huntsman says he’s already heard from several fellow newspaper executives and lawyers over the past few weeks to see if it could work with their newspaper. It may not always be a fit, since most newspapers are owned by profit-seeking chains.