Stocks mixed…Congressman charged with insider trading…Settlement reached in big methane leak
NEW YORK (AP) – Stocks are mixed in midday trading on Wall Street, drifting between small gains and losses. Banks and technology companies are edging higher, while energy companies are falling along with a drop in the price of crude oil. Snapchat parent company Snap slid after reporting that it lost daily users in the latest quarter and Papa John’s sank after issuing a weak outlook.
NEW YORK (AP) – A federal prosecutor in New York says a congressman gave an illegal tip that allowed his son and others to avoid hundreds of thousands of dollars in bio-tech stock losses. U.S. Attorney Geoffrey Berman says New York Republican Chris Collins was supposed to keep “devastating news” about a failed drug trial secret. Instead, the prosecutor said the congressman called his son within minutes to warn him his investment was in trouble, setting off a chain of illicit tips. Collins faces conspiracy, wire fraud and other counts. He denies any wrongdoing.
LOS ANGELES (AP) – A nearly $120 million settlement has been reached in litigation stemming from a leak at a Southern California storage field where a massive methane release forced thousands from their homes three years ago. Southern California Gas Co. says the settlement delivers on its commitment to the state following the October 2015 well leak at Aliso Canyon in Los Angeles. The leak lasted nearly four months and prompted many health complaints. It was the largest single release of methane in U.S. history.
NEW YORK (AP) – New York City is poised to become the first major U.S. city to impose a cap on Uber and other app-based ride-hailing services. The City Council is voting today on a package of bills that includes a one-year moratorium on new licenses for for-hire vehicles while the city studies the rapidly changing industry. The Council will also consider setting minimum driver pay levels and minimum fares for the industry. Backers of the proposals say both the traditional yellow cab industry and drivers for app-based services are suffering as Uber cars flood the city’s streets.
FLAT ROCK, Mich. (AP) – Ford Motor Co. has marked the production of the 10 millionth Mustang with celebrations at the automaker’s headquarters and at the Flat Rock Assembly Plant where the sports car is made. A parade of Mustangs from 1964 to the present day rolled into the HQ’s parking lot in Dearborn, Michigan, and traveled to the Flat Rock complex with a police escort. There, the cars were organized into a configuration that spelled out, “10,000,000.” Mustang is the best-selling sports car of the last 50 years in the U.S. and the world’s top-selling sports car for three years in a row.