More wild swings on Wall Street...Amazon reportedly plans delivery service...Carolina Herrera stepping down
NEW YORK (AP) — It’s another day of wild swings on Wall Street. The Dow Jones industrial average briefly sank 500 points in afternoon trading after surging nearly 350 points earlier in the day. By early afternoon, the market was on pace for its worst weekly tumble since October 2008, at the height of the financial crisis.
UNDATED (AP) — Amazon has already shown that it can rattle the retail, grocery and health-insurance industries, and now it is doing the same in the delivery business. Shares of delivery giants UPS and FedEx are falling on a report that the online retailer is planning a new service to pick up packages from businesses and deliver them to consumers. But Amazon stock is slipping as well, as analysts express caution about the difficulty of building a competitive delivery network.
NEW YORK (AP) — MoviePass is trying to bring to movie theaters what Netflix did for DVDs and online streaming: Let subscribers watch as many movies as they want for $10 a month. But with ticket prices in big cities at $15 and up, MoviePass loses money with just one movie. It needs deals with theater chains and movie studios, such as a share of popcorn revenue for bringing in moviegoers. And so far, the industry isn’t rushing to embrace the idea.
NEW YORK (AP) — The company once run by Jared Kushner is moving a court case to a new venue so it won’t have to reveal the identities of investors backing some of its real estate projects. The Kushner Cos. is moving a case involving Maryland apartment complexes it owns with foreign partners from federal court to state court. A federal district court judge ruled last month that the Kushners had to identify its partners by Feb. 9, rejecting arguments that such disclosures would violate privacy rights.
NEW YORK (AP) — Designer Carolina Herrera is stepping down as creative director of her fashion label, and handing the reins to young American designer Wes Gordon. Herrera founded her label in 1981. The Venezuelan-born designer will present her final New York Fashion Week collection next week, and then will transition to a new role as global brand ambassador. She is 79.