Stocks sliding…Pound drops amid Brexit drama…Retail sales up…Walmart profits, JC Penney loses
NEW YORK (AP) – Stocks are sliding in morning trading on Wall Street, extending the market’s losing streak into a sixth day. Health care companies and banks have fallen the most so far. Johnson & Johnson and Citigroup each fell about 1 percent. Technology shares rose, with Cisco Systems climbing 4.5 percent.
LONDON (AP) – The British pound has fallen sharply after two ministers quit from Prime Minister Theresa May’s Cabinet in opposition to her plan for Britain’s departure from the European Union. A leader of the pro-Brexit faction in Britain’s Conservative Party has filed a letter of no-confidence in the prime minister. Under party rules, a no-confidence vote takes place if 15 percent of Conservative lawmakers write to the committee that oversees the leadership asking for one.
WASHINGTON (AP) – Retail sales rose at a healthy pace in October, though the gains were likely boosted by one-time factors such as hurricane recovery spending and higher gas prices. The Commerce Department says sales were up a seasonally adjusted 0.8 percent last month, following two months of slight declines.
UNDATED (AP) – A couple of retailers are reporting very different financial results. Walmart is raising profit expectations for the year after seeing a surge in online sales along with strong performances at established stores. The company posted third-quarter earnings of $1.71 billion, or 58 cents per share. J.C. Penney, on the other hand, has withdrawn its profit guidance and lowered its sales expectations for the year. The company reported a loss of $151 million in its third quarter.
WASHINGTON (AP) – City leaders in the nation’s capital are trying to rein in Airbnb and other short-term rental companies. The D.C. City Council has voted to restrict short-term rentals to primary residences, and limit rentals in which the owner is absent to 90 days per year. The bill also prohibits property owners from renting out second homes for short periods of time. Airbnb says the council is “depriving D.C. residents of $64 million in supplemental income annually.” Airbnb is suing the city of Boston over a similar measure.