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Stocks move higher
NEW YORK (AP) _ Stocks are mostly higher after wobbling for much of the morning, led by gains in health care and energy stocks.
Biogen soared 25% Tuesday after the drug company said it would seek federal approval for a medicine to treat early Alzheimer's disease.
Technology and communications companies were falling. Facebook gave up 2.6%.
Financial companies were also lagging the rest of the market. Travelers sank 7% after the insurance company reported earnings that fell far short of analysts' forecast.
Hasbro finds nothing fun in trade war
PAWTUCKET, R.I. (AP) — Shares of Hasbro are plunging after the company said the trade war is hammering its supply chain.
The toymaker on Tuesday reported third-quarter net income of $212.9 million, or $1.67 per share. Even removing one-time costs which brings per share earnings to $1.84, the company fell well short of Wall Street expectations for $2.22, according to Zacks Investment Research.
Its revenue of $1.58 billion is also below the $1.73 billion industry analysts had expected.
Hasbro CEO Brian Goldner says shifting dates for tariffs not even in place yet are affecting its supply chain and orders from customers.
Shares are down more than 15%.
Under Armour founder relinquishes CEO post
BALTIMORE (AP) — Under Armour founder Kevin Plank will step down as CEO in the new year to become the company's executive chairman and brand chief.
Patrik Frisk, who became president and chief operating officer two years ago, will be the athletic gear company's second CEO since it was founded in 1996.
The 56-year-old Frisk will report to Plank and will take a seat on the board.
Under Armour Inc. has threatened Nike, landing major deals with Major League Baseball and star athletes like the NBA's Stephen Curry.
But it also faces threats of its own, like the growing popularity of athleisure wear, clothing that can be worn at work and the yoga studio.
Shares of the Baltimore company are down 23% since its last earnings report in July.
High prices drove US home sales down 2.2% in September
WASHINGTON (AP) — U.S. home sales fell 2.2% in September, as rising home prices and lower inventories have stifled homebuyers.
The National Association of Realtors says that homes sold last month declined at a seasonally adjusted annualized rate of 5.38 million units, ending two months of sales gains. Existing-home sales are up 3.9% from a year ago, but September's stumble shows the limits of the boost that declining mortgage rates had been providing.
As average mortgage rates have fallen nearly a whole percentage point in the past year to 3.61% in September, higher prices and a lack of listings have put a ceiling on the growth seen this past summer.
The median sales price climbed 5.9% from a year ago to $272,100, outpacing wage gains as the strongest price appreciation since January 2018.
^CIGARETTE TRAFFICKING LAWSUIT
NYC and California sue US postal service over cigarettes
NEW YORK (AP) — New York City and the state of California are suing the U.S. Postal Service to stop tens of thousands of cigarette packages from being mailed from foreign countries to U.S. residents.
The lawsuit filed Tuesday in Brooklyn federal court blames the postal service for "cigarette tax evasion."
It says "smugglers" take advantage of widely varying tax rates on cigarettes to rely on a postal delivery system that looks the other way.
It says mailed cigarettes cheat governments of millions of dollars in tax revenue, stall anti-smoking efforts and keep health care costs high.
The lawsuit seeks a court order to force the postal service to intercept and destroy cigarettes sent by mail.
A message seeking comment was sent to postal service representatives.
US endorses tobacco pouches as less risky than cigarettes
WASHINGTON (AP) — For the first time, U.S. health regulators have endorsed a type of smokeless tobacco as a less harmful alternative to smoking.
Under Tuesday's decision, Swedish Match will be able to advertise that its tobacco pouches carry a lower risk of cancer, bronchitis and other diseases than cigarettes.
It's the first time the Food and Drug Administration has endorsed a tobacco product as a way to reduce the deadly impact of smoking.
Swedish Match has sold its tobacco pouches in the U.S. for more than a decade.
More choices and stable premiums for 'Obamacare' next year
WASHINGTON (AP) — The Trump administration says consumers will have more health insurance choices next year on HealthCare.gov and premiums will dip slightly for many customers.
The Department of Health and Human Services announced Tuesday that an additional 20 insurers will participate in the program next year.
Premiums for a hypothetical 27-year-old picking a standard plan will dip 4% on average in states served by the federal HealthCare.gov website.
About 10 million people are covered through the Affordable Care Act's health insurance markets, which offer taxpayer-subsidized private plans.
But Tuesday's announcement could be the calm before the storm. Even as the Trump administration is taking credit for stable "Obamacare" markets, it's asking a federal appeals court in New Orleans to overturn the entire law as unconstitutional.
Sign-up season starts Nov. 1.
Schumer: Democrats will try to overturn tax deduction cap
WASHINGTON (AP) — Senate Democrats are attempting to repeal an IRS regulation that is designed to keep people from exceeding the $10,000 limit on state and local tax deductions.
Senate Minority Leader Chuck Schumer on Tuesday said Democrats will force a vote to overturn the regulation through the Congressional Review Act. He says the vote will be Wednesday.
The vote takes aim at an IRS rule from June that prohibits states from creating charitable funds that taxpayers can contribute to in exchange for a state tax credit. The workaround gave residents in some states a way to get around the limit on so-called SALT deductions.
The 2017 GOP tax overhaul limited the amount of state and local taxes that taxpayers can write off.
Verizon to offer free Disney+ for 1 year
NEW YORK (AP) — Verizon is offering new and current customers a free year of Disney+ as the battle for streaming customers heats up.
The offer extends to certain new and existing 4G and 5G customers as well as new Verizon Fios and 5G home internet customers. The promotion begins Nov. 12.
Shares in Netflix, which has dominated the streaming entertainment world for years, slumped almost 3%.
Netflix is trying to hold onto its vast customer base as cheaper alternatives from the likes of Apple, Disney and others go live next month.
Apple is charging only $5 per month for its service, while Disney is selling a service featuring its vast library of treasured films and TV shows for $7 per month. Netflix's most popular U.S. plan costs $13 per month.
Report: SoftBank to take control of WeWork
NEW YORK (AP) — The Wall Street Journal is reporting that WeWork is being taken over by the Japanese tech conglomerate that invested billions in the company before its botched effort to go public.
The shared-office space company is facing a severe cash crunch with its valuation, what investors are willing to pay for shares, plunging.
The Wall Street Journal, citing sources it did not identify, reported Tuesday that WeWork co-founder Adam Neumann will walk away with close to $2 billion from Japan's SoftBank Group if he severs ties with the company.
SoftBank is WeWork's largest investor.
Neumann, who resigned as CEO last month, will step down from the board as part of the deal, the paper reported.
WeWork did not immediately respond to a request for comment.
AP-NORC/SAP poll: Some workers changing actions amid #MeToo
WASHINGTON (AP) — Roughly a third of American workers say they've changed how they act at work in the past year, as the #MeToo movement has focused the nation's attention on sexual misconduct.
That's according to a new poll of full- or part-time workers released Tuesday by The Associated Press-NORC Center for Public Affairs Research and the software company SAP.
The poll also found that about a third of working adults say they have talked about sexual misconduct in the workplace with coworkers in the past year.
As a result of recent focus on issues of racial and ethnic diversity, about 4 in 10 working adults think change for the better is likely for African Americans, while about a third say the same for workers of Hispanic origin.
^BEST BUY-NEXT DAY DELIVERY
Best Buy joins Amazon, Walmart in offering next-day delivery
NEW YORK (AP) — Best Buy is firing the latest salvo in the holiday shipping wars with a new option: next day shipping — with no minimum order.
The offer announced Tuesday follows moves by Walmart and online leader Amazon, which started rolling out the service earlier this year.
Best Buy says the next day service covers thousands of items but excludes bigger items like TVs and refrigerators.
Earlier this year, Amazon upgraded its free shipping options for Amazon Prime members who pay $119 a year. It covers more than 10 million items. Walmart rolled out next day delivery this past spring.
The move by Best Buy will only increase pressure on other rivals that are already investing in millions of dollars to shorten the delivery window.
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