Major indexes lower ... GE’s CEO Immelt stepping down ... China provisionally approves 4 more Ivanka Trump trademarks
NEW YORK (AP) — U.S. stocks are split today, with energy companies and oil prices climbing and technology stocks sinking. Even though major indexes are lower, more stocks are rising than falling. Small-company stocks did better than the rest of the market. At 10:27 a.m. Eastern Time, the Dow was down 39 points at 21,234. The S&P 500 was down 7 points, at 2,425. And the Nasdaq dropped 64 points, at 6,145.
NEW YORK (AP) — General Electric CEO Jeff Immelt (IH’-mehlt) is stepping down, and John Flannery, president and CEO of the conglomerate’s health care unit, will take over the post in August. Immelt, who’s 61, will stay on as chairman until his retirement from the position at the end of the year, with Flannery stepping into the role after that. Immelt has been at the helm of the conglomerate for 16 years, overseeing a transformation that included selling many of the company’s units.
FRANKFURT, Germany (AP) — The CEO of General Motors’ Opel subsidiary is stepping down ahead of the unit’s sale to France’s PSA Group. Adam Opel GmbH says in a statement that Karl-Thomas Neumann is leaving his post as head of GM’s European carmaker immediately. He’ll remain a member of top Opel management until the sale to PSA Group goes through. He’s been replaced by chief financial officer Michael Lohscheller.
SHANGHAI (AP) — Public records show China has granted provisional approval for four additional Ivanka Trump trademarks since April 20, and her brand has continued to request more intellectual property protection in China, with at least 14 applications filed around the time she took on an official White House role. Critics say Ivanka Trump’s ongoing ownership interest in her fashion and lifestyle brand and the trademarks, which are granted by the Chinese government, present potential conflicts of interest.
WASHINGTON (AP) — The Supreme Court will not hear an appeal from former Qwest Communications International CEO Joseph Nacchio seeking an $18 million tax refund on money he gained from illegal stock sales. The justices have left in place a lower court ruling that says the money was not tax deductible. Nacchio was convicted in 2007 of selling $52 million in stock Qwest based on inside information. He claimed that $44 million he was ordered to forfeit was deductible as a business expense loss and that he should get a refund.