2 weeks Ago
NEW YORK — A record-setting week for Wall Street ended on a quieter note Sept. 20, as U.S.
stocks drifted around the highs they hit during a worldwide rally the day before. The S&P 500 slipped 0.2 percent Friday from its new record, and the Nasdaq composite fell 0.
4 percent. The Dow Jones Industrial Average added 0.1 percent for another all-time high.
FedEx dragged on the market with a drop of 15.2 percent after its profit and revenue for the latest quarter fell short of expectations. It said U.
S. customers sent fewer packages through priority services, while it had to contend with higher wages for workers and other costs. FedEx also cut its forecast for revenue growth for its fiscal year.
Homebuilder Lennar fell 5.3 percent after delivering a mixed earnings report. Its profit for the latest quarter topped expectations, but the company also earned less based on each $100 of home sales.
It also said it doesn't expect margins to improve soon. Helping to limit the market's losses was Nike, which ran 6.8 percent higher after naming a new CEO.
No economic reports were on the calendar for Friday to show where the economy may be heading. Next week the market will digest preliminary data on U.S.
business activity, the final revision for how quickly the economy grew during in the second quarter and the latest update on spending by U.S. consumers.
HARRISBURG, Pa. — The owner of the shuttered Three Mile Island nuclear power plant said Sept. 20 that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
The announcement by Constellation Energy comes five years after its then-parent company Exelon shut down the plant, saying it was losing money and that Pennsylvania lawmakers had refused to subsidize it. The plan to restart Three Mile Island's Unit 1 comes amid something of a renaissance for nuclear power, as policymakers are increasingly looking to it to bail out a fraying electric power supply, help avoid the worst effects of climate change and meet rising power demand driven by data centers. The plant, on an island in the Susquehanna River just outside Harrisburg, was the site of the nation's worst commercial nuclear power accident, in 1979.
The accident destroyed one reactor, Unit 2, and left the plant with one functioning reactor, Unit 1. Buying the power is designed to help Microsoft meet its commitment to be "carbon negative" by 2030. Constellation said it hopes to bring Unit 1 online in 2028.
Restarting the reactor will require $1.6 billion in upgrades and approval from the U.S.
Nuclear Regulatory Commission, as well as permits from state and local agencies, Constellation said. Today's Top Headlines Story continues below How did 14 of the world’s deadliest snakes end up in a South Carolina neighborhood? Invasive animals plague South Carolina. Here are the worst you've probably seen.
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on video': SC man recovering after being bitten by world's most venomous snake Fatal punch kills man outside popular downtown Greenville bar, police say BEAVERTON, Ore. — Nike Inc. has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
Hill is returning to the company four years after he retired from the sportwear giant, according to the Sept. 19 announcement. He previously held management positions at the Nike across Europe and North America.
Before he left in 2020, he was president of consumer and marketplace operations for the company and its famous Jordan brand. Nike's sales have weakened recently and its stock is down about 24 percent year-to-date. In its most recent quarter, which ended on May 31, the company reported a 2 percent revenue decline.
Donahoe said at the time that the company is approaching its "near-term challenges head-on, while making continued progress in the areas that matter most to Nike's future." In February, the Beaverton, Ore.-based Nike announced it was cutting 2 percent of its global workforce, or about 1,600 jobs, to cut costs and reinvest the savings into what it sees as big growth areas like sport, health and wellness.
FORT WORTH, Texas — American Airlines and labor unions representing mechanics, baggage handlers and other ground workers said Sept. 20 they reached agreement on a two-year contract extension that includes double-digit pay increases. The agreement covers 34,000 employees who are represented by the Transport Workers Union and the International Association of Machinists and Aerospace Workers.
Details were not disclosed. The extension would run through 2026. The agreement would raise American's labor costs but bring it a longer period of stability with its workforce.
Union flight attendants recently ratified a contract that includes cumulative pay raises of up to 36 percent over five years. Last year, pilots approved a pact that boosts pay more than 40 percent over four years. A Transport Workers official said the unions avoided a repeat of a 2019 confrontation, when American sued them, alleging they were conducting an illegal work slowdown to gain negotiating leverage.
NEW YORK — General Motors is recalling more than 449,000 of its SUVs and pickup trucks because the electronic brake control module software may fail to display a warning light in the event of a loss of brake fluid. The National Highway Traffic Safety Administration said Sept. 20 that the action affects certain 2023-24 Cadillac Escalade and Escalade ESVs, 2023 Chevrolet Silverado 1500, 2023-24 Chevrolet Tahoe and Suburban 1500, 2023 GMC Sierra 1500, 2023-24 GMC Yukon and Yukon XL models.
The agency said that without the light, a vehicle may be driven with low brake fluid, which can reduce braking performance and increase the risk of a crash. A free software update will be provided. Owner notification letters are expected to be mailed Oct.
28. Vehicle owners can contact GMC customer service at 1-800-462-8782, Chevrolet customer service at 1-800-222-1020, or Cadillac customer service at 1-800-458-8006..
