Stocks move higher…CBS Corp. sues majority shareholder to gain independence …Rockport plans sale to equity group in bankruptcy move
NEW YORK (AP) – Stocks have been modestly higher in afternoon trading as investors hope for reduced trade tensions between the U.S. and China. President Donald Trump tweeted over the weekend that the U.S. could ease sanctions on Chinese telecommunications company ZTE. That sent shares in U.S. companies that could benefit from such a move higher. Technology and health care companies accounted for a big slice of the market’s gains. Energy stocks also rose as crude oil prices climbed. Banks moved higher along with bond yields.
NEW YORK (AP) – CBS is suing its controlling shareholder as part of its long-running attempt to avoid a combination with Viacom. Both companies are controlled by National Amusements. That’s the holding company run by Shari Redstone, the daughter of media mogul Sumner Redstone. Though National Amusements abandoned a proposal for CBS and Viacom to combine in 2016, CBS fears it may come up again.
WASHINGTON (AP) – A gambling market researcher says the market for legal sports betting could be more than $57 billion nationwide. The Supreme Court today struck down a federal law that bars gambling on football, basketball, baseball and other sports in most states, giving states the go-ahead to legalize betting on sports.
WASHINGTON (AP) – The Supreme Court says people who borrow rental cars from friends or family are generally entitled to the same protections against police searches as the authorized driver. The justices said today that as a general rule someone who is given permission to drive a rental car by the person who rented it has a reasonable expectation of privacy in the car, even if the rental agreement doesn’t list them as an authorized driver. The Trump administration had argued that unauthorized drivers had no reasonable expectation of privacy in a borrowed car.
NEW YORK (AP) – The Rockport Group will sell its assets to private equity group Charlesbank under a bankruptcy plan as the shoemaker struggles to compete in a tougher retail market. The Newton, Massachusetts-based company filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for Delaware. Charlesbank will serve as the “stalking horse bidder” in a court-supervised sale process. The move allows the company to accept other buyout offers.