Stocks up...Verizon takes over Yahoo...Homeland Security: Expanded laptop ban may not be necessary
NEW YORK (AP) — Stocks have changed course today morning as traders put an end to a two-day drop for technology companies. Banks and retailers like Amazon are also recovering to trade higher while traditionally safe, high-yielding investments like household goods makers and phone companies slip. The Dow was up 85 points, the S&P 9 and the Nasdaq 36 in afternoon trading.
SAN FRANCISCO (AP) — Uber CEO Travis Kalanick will take a leave of absence for an unspecified period and let his leadership team run the troubled ride-hailing company while he’s gone. Kalanick told employees about his decision today in a memo. He says he needs time off to grieve for his mother, who died in a May boating accident. He also says he’s responsible for the company’s current situation and needs to become a better leader. The announcement comes as former U.S. Attorney Eric Holder released a list of recommendations to improve Uber’s toxic culture.
NEW YORK (AP) — Verizon has taken over Yahoo, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands. Today’s closure of the sale ends Yahoo’s 21-year history as a publicly traded company. It also ends the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon. Verizon will not be getting Yahoo’s prized stakes in Alibaba Group and Yahoo Japan. Those will belong to a newly formed company called Altaba.
WASHINGTON (AP) — The head of the Homeland Security is hinting that an expected expansion of an airplane laptop and electronics ban may not be necessary right now. Secretary John Kelly isn’t ruling out an expansion from 10 airports mostly in the Middle East and Africa, but he says he has a “fair amount of confidence” that aviation security can be raised enough to limit or eliminate some inconveniences for travelers.
ST. LOUIS (AP) — At a time when insurers are pulling out of offering health insurance coverage under the Affordable Care Act, one company says it’ll start covering more Americans. Centene Corp. says it will begin offering coverage for insurance exchanges in Missouri, Kansas and Nevada, and will expand in Florida, Georgia, Indiana, Ohio, Texas and Washington. Blue Cross and Blue Shield of Kansas City has decided to leave the Missouri and Kansas marketplace next year.