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NEW YORK (AP) — Stocks are lower in morning trading on Wall Street, following declines of one percent or more in major European and Asian markets. Among stocks losing ground is The Gap after the retailer said the strong dollar was hurting its revenue. Among the gainers, AOL soared 18 percent following news that the Internet company would be acquired by Verizon.
NEW YORK (AP) — Verizon is buying AOL for about $4.4 billion. The acquisition advances Verizon's push in both mobile and advertising fields, giving it an entry point into the increasingly competitive online video space. Verizon said last month that it was preparing to launch a video service over the summer. AOL owns The Huffington Post, TechCrunch, Engadget, MAKERS and AOL.com.
CHARLESTON, W.Va. (AP) — Patriot Coal has filed for Chapter 11 bankruptcy protection for the second time in three years. The company had emerged from an earlier bankruptcy case in December 2013 in Missouri. Patriot made its latest filing this morning in U.S. Bankruptcy Court for the Eastern District of Virginia. Patriot says it's involved in negotiations for the sale of its operating assets to a partner. It has eight active mining complexes in West Virginia.
DETROIT (AP) — Midsize SUVs are having trouble earning top ratings in insurance industry crash tests. The Insurance Institute for Highway Safety put seven vehicles from the 2015 model year through its front-end crash tests, and only two got the highest rating. The Nissan Murano and Jeep Wrangler four-door got the "good," rating. A third vehicle, the Ford Flex, got the second-best "acceptable" rating. The Dodge Durango, Jeep Cherokee and Hyundai Santa Fe got "marginal" ratings, while the Dodge Journey received a "poor" rating.
MADRID (AP) — Spain has withdrawn its permission for test flights of Airbus A400M planes. Spain's defense minister says "it's not a good idea" for planes in production to fly until an investigation determines the cause of a crash last weekend. Two pilots and two flight test engineers were killed in the crash near the southern city of Seville. Air traffic controllers say the pilots had communicated that a fault was affecting the flight just before the crash.