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NEW YORK (AP) — Stocks have been moderately lower this afternoon as the market drifts between small gains and losses. A drop in oil prices pulled energy companies lower. Investors are looking ahead to the Fed's meeting in Jackson Hole, Wyoming, for clues on timing for possible interest rate hikes.
NEW YORK (AP) —Ryan Lochte has lost two majors sponsors. Speedo USA and Ralph Lauren announced they are dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery. Speedo says it will donate $50,000 of Lochte's fee to Save The Children to benefit needy youngsters in Brazil. Ralph Lauren says its sponsorship of Lochte was specifically in support of the Rio Olympics and the contract will not be renewed.
MARION, Ind. (AP) — General Motors says it will spend about $90 million to update equipment at an Indiana factory that supplies many of the company's assembly plants. GM officials announced the project for its Marion Metal Center today. Officials say the new equipment will start being installed this year. The factory has some 1,400 workers. The Marion plant supplies stampings and sheet metal assembly for cars, vans, trucks and SUVs to GM assembly plants throughout North America.
SAN FRANCISCO (AP) — The California Supreme Court has upheld a state ban on using powerful underwater vacuums to extract gold from rivers. The court said in a unanimous ruling that a 19th century federal law that allows people to mine U.S.-owned land for gold and other minerals doesn't overrule the ban. Miners say preventing use of the devices amounts to an illegal ban on gold mining because mining by hand is labor intensive and makes the enterprise unprofitable.
NEW YORK (AP) — Valeant Pharmaceuticals has replaced Robert Rosiello as chief financial officer as the embattled company tries to normalize operations amid a host of ongoing investigations and class action lawsuits. Valeant has been under fire for its strategy of buying smaller drug companies, then hiking the prices of the drugs that those companies make. It's named Paul Herendeen, former Zoetis chief financial officer, to fill the post immediately.
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