Stocks climb…Wholesale prices rise just a little…CBS meeting ends with no mention of Moonves
NEW YORK (AP) – Stocks are climbing in early trading on Wall Street. Markets around the world jumped on hopes that trade tensions between the world’s largest economies may ease after U.S. and Chinese officials spoke on the phone. It’s the latest big swing for stocks, which have been mostly falling since late September on worries about the global trade war, rising interest rates and a slowing economy.
WASHINGTON (AP) – Wholesale prices barely rose last month as a sharp decline in the cost of gas offset pricier freight trucking services and mobile phone plans. The Labor Department says the producer price index – which tracks cost changes before they reach the consumer – increased 0.1 percent in November from the month before. That’s down sharply from a 0.6 percent gain in October. Wholesale prices rose 2.5 percent from a year ago, the smallest annual increase this year. Excluding the volatile food and energy categories, wholesale prices rose 0.3 percent in October and 2.7 percent from a year earlier.
NEW YORK (AP) – The twice-postponed CBS shareholders meeting has wrapped up in less than 30 minutes. The meeting in New York ended quickly after 11 board members were elected. There was no mention of the scandal enveloping former CEO Les Moonves, who was ousted in September after multiple allegations of sexual misconduct. The new board has until the end of January to decide whether Moonves will receive his $120 million severance package.
LOS ANGELES (AP) – CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for $750 million. The media giant says the sale will increase its “financial flexibility.” CBS purchased the property in 1950 when it expanded operations from New York to the West Coast. Shows on Television City sound stages include “The Late Late Show with James Corden” and “The Price is Right.” They will continue to be based there for at least five more years.
SHORT HILLS, N.J. (AP) – A growing number of brands born on the internet from Casper to Indochino are now opening physical stores and moving into the suburban malls once considered doomed as more Americans shopped online. Digital natives are now finding it’s become more expensive to acquire customers through banner ads and email giveaways. At the same time, opening a store has become more affordable as higher mall vacancies have caused landlords to offer flexible leases and other perks.