US stocks get lift from earnings … More companies consider flexible pay … PepsiCo CEO stepping down
NEW YORK (AP) – U.S. stocks are slightly higher this morning as companies including Tyson Foods and Berkshire Hathaway are rising after their second-quarter reports. Overseas markets are getting off to a sluggish start to the week. At 10:44 a.m. Eastern Time, the S&P 500 index rose 2 points, to 2,843. The benchmark index has risen for five weeks in a row, its longest winning streak in 2018. The Dow Jones Industrial Average lost 43 points, to 25,420. And the Nasdaq composite added 12 points, to 7,825. The Russell 2000 index of smaller-company stocks rose 4 points, or 0.3 percent, to 1,678.
UNDATE (AP) – A growing number of companies are rolling out products and services that allow employees to receive a portion of their pay when they need it. This can help workers, especially those making hourly wages or working irregular schedules, to avoid unpleasant and potentially costly options such as borrowing from loved ones, running up credit card debt, selling possessions or taking out a high-interest loan when bills come due or emergencies arise before their next paycheck.
PURCHASE, N.Y. (AP) – Longtime PepsiCo CEO Indra Nooyi will step down as the top executive at the world’s second-largest food and beverage company. Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company. She oversaw PepsiCo during a turbulent time in the industry that has forced food giants including Coca-Cola Co., Campbell Soup Co. and Oreo maker Mondelez International Inc. to adapt to changing tastes. All of those companies changed CEOs in the last year.
UNDATED (AP) – Rite Aid is chopping its annual profit forecast three days before its shareholders vote on whether to approve the sale of the company. Shares plunged 12 percent today at the opening bell. Rite Aid said that generic drug pricing isn’t what it expected in April when it first made its forecast for fiscal 2019. It reaffirmed that forecast as recently as June. The company now expects a range of break-even to an adjusted loss of four cents per share. It had predicted earnings of two cents, to six cents per share.
LONDON (AP) – Facebook says it has taken down four pages belonging to conspiracy theorist Alex Jones for violating its hate speech and bullying policies. The social media giant says it also blocked Jones’ account for 30 days because he repeatedly posted content that broke its rules. The company says it “unpublished” the four pages after receiving reports that they contained content “glorifying violence” and used “dehumanizing language” to describe Muslims, immigrants and transgender people.