Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — U.S. stocks are slipping further in afternoon trading as investors scrutinize company earnings. Bed Bath & Beyond is down after posting weak sales and Software company Red Hat is falling after also reporting weak results. As of 1:35 p.m. Eastern, the Dow was down 40, the S&P had fallen 6 and the Nasdaq had slipped 29.
WASHINGTON (AP) — The U.S. government has put Chinese e-commerce company Alibaba back on a blacklist of marketplaces that sell pirated goods. The Office of the U.S. Trade Representative says Alibaba's Taobao sells large amounts of counterfeit products and is slow to respond when companies complain about knockoffs. Chinese regulators have also said Alibaba doesn't do enough to prevent fake items from being sold on its sites. Alibaba shares fell more than 2 percent on the news.
UNDATED (AP) — The world's largest generic drug maker, Teva, has agreed to pay $519 million to settle an investigation into possible bribes paid to foreign governments. The inquiry into the Israeli company involved Teva's businesses in Russia, Ukraine and Mexico. Its Russian division, which was put under new leadership at the start of the investigation, will plead guilty to criminal charges. Investors are applauding the company's move to put its troubles behind it; Teva shares are up more than 2 percent.
PHILADELPHIA (AP) — Lawyers for three families say Ikea is agreeing to pay $50 million because toddlers died when the company's dressers tipped over on them. The Swedish company has recalled millions of chests and dressers because of concerns the furniture can tip when the drawers are opened. The families' lawyers say Ikea will also make donations to children's hospitals. Ikea says the settlement is pending court approval.
NEW YORK (AP) — Oprah Winfrey's loss is Weight Watchers' gain. The former talk show host-- who has a nearly 10 percent stake in the weight loss company-- sent shares soaring this morning by saying in an ad that she's lost more than 40 pounds on the plan. Winfrey bought 6 million shares of weight watchers for about $43 million in October of 2015. This morning, that stake was worth about $77 million.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
