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Wall Street drifts into negative territory ... Coach to buy Kate Spade ... Eric Trump denies alleged statements on Russian funding

May 8, 2017

NEW YORK (AP) — Wall Street is drifting into negative territory, following market losses by the French CAC 40, Germany’s DAX and London’s FTSE 100 index. Asian markets fared better, with Japan’s Nikkei, South Korea’s Kospi and the Hang Seng in Hong Kong closing up. At 10:30 a.m. Eastern Time, the Dow was down 26 points, at 20,980. The S&P 500 was down 3 points at 2,397. And the Nasdaq was down 9 points at 6,092.

NEW YORK (AP) — Coach is buying Kate Spade for $2.4 billion, tying together two premier brands in the luxury goods sector that have fought to snare younger shoppers. Coach CEO Victor Luis says that Kate Spade has a “strong awareness among consumers, especially millennials.” The boards of both New York companies have approved the deal, which is targeted to close in the third quarter.

NEW YORK (AP) — Comcast and Charter Communications say they’ll work together to form something of a truce as they advance into the wireless arena. Under the agreement, neither company will enter agreements with others as they try to create “common operating platforms.” The companies have agreed to cooperate on technical standards development and harmonization; device forward and reverse logistics and emerging wireless technology platforms.

WASHINGTON (AP) — Eric Trump, the son of President Donald Trump says, says a story that his family’s real estate business got money from Russia to fund golf courses is “completely fabricated.” Sportswriter James Dodson says that Eric Trump told him in 2014, “We have all the funding we need out of Russia,” Russians are “really invested in our programs” and “we just go there all the time.”

NEW YORK (AP) — An Airbnb host who was renting out her Trump Tower apartment is among the first to pay a fine to New York City under a law banning advertising listings for short-term rentals. The host and owner of the Trump Tower apartment, Yelena Yelagina, paid a $1,000 fine to the city. A city official tells the New York Daily News (http://nydn.us/2qRNUvI) the new law will further discourage people from turning their apartments into hotels.

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