Stocks fall with oil prices…Wholesale prices jump…Walmart to move 570 office workers to outside company
NEW YORK (AP) – Stocks are falling in morning trading on Wall Street as energy, technology and internet companies decline. Online reviews company Yelp plunged after disappointing third-quarter revenue. Walt Disney rose after its profit surpassed analyst estimates thanks to strong studio entertainment revenue. Stocks have fallen over the last two days but are still on track for strong weekly gains.
NEW YORK (AP) – Energy stocks are being dragged lower by the continuing plunge in crude oil prices. Benchmark crude fell below $60 a barrel today in New York, the lowest price since March. It’s on track to fall for the 10th day in a row and has lost more than 20 percent since early October. Brent crude, used to price international oils, has fared almost as badly.
WASHINGTON (AP) – Wholesale prices rose by the most in six years last month, led higher by more expensive gas, food, and chemicals. The Labor Department says the producer price index – which measures price increases before they reach the consumer – leapt 0.6 percent in October, after a smaller 0.2 percent rise in September. Producer prices increased 2.9 percent from a year earlier. Excluding the volatile food and energy categories, core wholesale prices rose 0.5 percent in October and 2.6 percent from a year earlier.
BENTONVILLE, Ark. (AP) – Walmart is transferring 570 finance and accounting employees at its Arkansas headquarters to an outside company that will help manage part of the retailer’s financial operations. New York-based Genpact will hire all the workers who wish to make the move and will keep them in Bentonville, where Genpact is leasing a building on Walmart’s campus. Workers who decline the move will get 60 days with pay to search for other jobs.
NEW YORK (AP) – Environmentalists are applauding a federal court order that blocks a Trump administration permit for the construction of the Keystone XL pipeline, pending an environmental review. The pipeline would begin in Alberta and shuttle as much as 830,000 barrels a day of crude through a half dozen states to terminals on the Gulf Coast. Environmentalists and Native American groups sued to stop the project, citing property rights and potential oil spills.