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Stocks slip...US: Gulf oil leak could continue for 100 years...Post to merge cereal businesses

By The Associated Press | Posted - May 15, 2015 at 12:21 p.m.



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NEW YORK (AP) — Stocks are edging lower in afternoon trading on Wall Street, as investors look over mixed data on U.S. manufacturing and the latest corporate earnings news. Financial stocks have been among the biggest decliners.

WASHINGTON (AP) — Government estimates obtained by The Associated Press say a decade-old oil leak could continue spilling crude into the Gulf of Mexico for a century or more if left unchecked. Taylor Energy Company owned a drilling platform that was toppled during Hurricane Ivan in 2004. Justice Department officials say Taylor has tried to broker a deal with the government to resolve its financial obligations for the leak, but federal authorities have rebuffed those overtures and have ordered additional work.

ST. LOUIS (AP) — Post Holdings says it will merge two of its cereal businesses, headquarter them in Minnesota and close a New Jersey office. A Post spokesman says the move will affect about 200 employees, most of them at the Parsippany, New Jersey, office the company plans to shutter within a year. The company expects the consolidation will save about $50 million. The move comes as the company grapples with a widening bird flu outbreak that has forced it to discontinue some products and tweak prices.

NEW YORK (AP) — Carl Icahn is investing $100 million in the on-demand ride-sharing service Lyft. A managing director of Icahn Enterprises, Jonathan Christodoro, will join the San Francisco company's board of directors. Icahn is well known for tangling with the boards of companies like Apple, Yahoo, Hertz, Gannett and eBay, rather than investing in startups.

NEW YORK (AP) — "The Mindy Project" is making the leap from broadcast to streaming video courtesy of Hulu, which has ordered 26 new episodes. Hulu's announcement signals a resurrection for the comedy, which had just been canceled by Fox, where it aired for three seasons. Hulu says subscribers will be able to stream past and future episodes of the series exclusively on Hulu. The single-camera comedy was created by and stars Mindy Kaling.

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The Associated Press

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