Stocks higher…Volkswagen loses court bid…Airbus deal
NEW YORK (AP) – Stocks edged mostly higher on Wall Street this morning as the market comes off its first weekly loss in six weeks. The S&P 500 was up 0.1% and the Dow Jones Industrial Average rose 0.2%. The Nasdaq fell 0.1%. Banks and communications companies rose, while crude oil prices fell and weighed down energy stocks.
WASHINGTON (AP) – The Supreme Court has turned away appeals from Volkswagen that sought to stop state and local lawsuits related to the 2015 scandal in which the automaker was found to have rigged its vehicles to cheat U.S. diesel emissions tests. The court’s action allows suits by Ohio, Salt Lake County, Utah, and the environmental protection agency in Hillsborough County, Florida, to continue. A lower court said Volkswagen could face “staggering liability” over the state and local claims.
DUBAI, United Arab Emirates (AP) – Airbus has clinched a major deal valued into the billions of dollars to sell 111 new aircraft to the Air Lease Corporation, its second blockbuster order at the Dubai Air Show. It made the announcement today, saying it has received an order from the Air Lease Corporation for 111 new aircraft. The Dubai Air Show pits Airbus and Boeing, two major manufacturers, against each other in the crucial Mideast market filled with long-haul carriers connecting East and West.
UNDATED (AP) – The e-commerce mattress maker Casper is being acquired and taken private for about $308 million. Shares of Casper Sleep Inc. spiked 94% to $6.76 at the opening bell. Durational Capital Management will pay $6.90 per share for Casper’s stock. The company went public in February 2020 and it’s had a rough debut. After being valued as a private company at more than $1 billion, it began selling shares early last year for $14.50, which put its value as a public company at around $575 million. That was close to its peak. At the close of trading Friday, a share of Casper could be had for $3.55.
WASHINGTON (AP) – Donald Trump’s opulent hotel near the White House that drew lobbyists and diplomats seeking favor with the ex-president is being sold to a Miami investment group. That’s according to published reports citing anonymous sources. The reports say CGI Merchant Group has agreed to pay the Trump Organization $375 million for the rights to the 263-room hotel and rebrand it as a Waldorf Astoria. The deal is more than $100 million less that the Trump family reportedly tried to get for Pennsylvania Avenue business two years ago before the coronavirus pandemic.