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Stocks wavering...Alibaba surges in debut...Unemployment breakdown...Selling Pabst Blue Ribbon

By The Associated Press | Posted - Sep. 19, 2014 at 12:21 p.m.



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NEW YORK (AP) — Stocks are wavering on Wall Street this afternoon. After setting new closing highs yesterday, the Dow was clinging to positive territory in afternoon trading, while the S&P 500 has drifted lower. The Nasdaq composite was down.

NEW YORK (AP) — Alibaba's stock is surging in its first day trading as a public company. The stock opened at $92.70 on the New York Stock Exchange this morning, up 36 percent from the initial $68 per share price that investment bankers and the company set last night. At that opening price, the Chinese e-commerce company would be worth $228.5 billion, more than companies such as Amazon, Ebay and even Facebook.

WASHINGTON (AP) — The Labor Department has released its state-by-state breakdown of August's employment numbers. They show employers in two-thirds of the states added jobs, but the unemployment rate rose in 24 states. Unemployment rates can rise even when hiring increases if more people start looking for work and don't immediately find jobs. Georgia reported the nation's highest unemployment rate, at 8.1 percent, followed by Mississippi at 7.9 percent.

IRVING, Texas (AP) — Exxon Mobil says it will stop drilling an exploratory well in the Russian Arctic in compliance with U.S. sanctions imposed on Moscow over Russia's involvement in Ukraine. Exxon had already planned to stop drilling in October in order to remove equipment and personnel before winter set in. The project is part of a collaboration between Exxon and the Kremlin-controlled Rosneft, Russia's largest oil company. The two aim to explore for oil and gas in technically challenging areas of Russia.

NEW YORK (AP) — The maker of Pabst Blue Ribbon beer is being sold to a Russian company. Oasis Beverages is buying Pabst with the investment firm TSG for an undisclosed sum. In addition to its namesake beer, Pabst Brewing makes Colt 45, Old Milwaukee and Schlitz. Pabst Blue Ribbon has grown in popularity among people in their 20s and 30s in part for its blue-collar appeal and cheap price.

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The Associated Press

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