Update on the latest in business:
Stocks move lower on Wall Street
NEW YORK (AP) — Industrial and technology companies are leading stocks lower. Boeing sank today after the company said it would cut back production of its troubled 737 Max plane, which was involved in two deadly crashes in recent months.
Technology companies were also falling. Chipmaker Micron Technologies fell.
Bond yields rose.
The S&P 500 index is coming off a seven-day winning streak.
Pinterest wants to raise $1.5B in IPO
NEW YORK (AP) — Pinterest wants to raise about $1.5 billion in its initial public offering of shares. The digital scrapbooking site said in a regulatory filing today that it will put about 86.3 million shares up for sale at a price between $15 and $17 each. offering 75 million Class A shares.
Pinterest claims more than 250 million active monthly users and more than 2 billion monthly searches.
The platform allows people to search for and “pin” images that interest them, whether it’s fashion, sports, pets or travel.
The San Francisco company had revenue of $756 million last year, a 60 percent bump from 2017.
Pinterest’s stock will list on the New York Stock Exchange under the “PINS” ticker symbol.
CHECK E CHEESE-IPO
Chuck E. Cheese returning to public trading after 5 years
IRVING, Texas (AP) — Got some spare tokens? Chuck E. Cheese is returning to the public markets.
CEC Entertainment Inc., which owns 750 Chuck E. Cheese and Peter Piper Pizza stores expects to begin trading on the New York Stock Exchange in the second quarter.
It’s the first time since 2015 that a restaurant chain will go public in the U.S.
CEC anticipates an initial valuation of $1.4 billion. The Irving, Texas-based company reported revenue of $896 million in its 2018 fiscal year.
CEC — founded in 1977 and famous for its pizza parties and arcade games — was taken private in 2014 by the private equity firm Apollo Global Management. Apollo will be the company’s largest shareholder.
Delta tops long-running ranking of US airlines
UNDATED (AP) — Delta tops an annual study that ranks US airlines by on-time arrivals, complaint rates and other statistical measurements. Researchers who crunch the numbers say that U.S. airlines are getting better as a whole and are getting fewer complaints.
The study looked at 2018 rates of on-time arrivals, mishandled baggage, bumping passengers and consumer complaints.
Delta is up from second place last year, followed by JetBlue, Southwest and last year’s winner, Alaska Airlines.
Discount carrier Frontier ranks last, just behind American Airlines.
INDONESIA-LION AIR CRASH
More Indonesians join cases against Boeing after CEO apology
JAKARTA (AP) — More families of victims of the Lion Air crash in Indonesia are suing Boeing after its chief executive apologized last week and said a software update for the MAX 8 jet would prevent further disasters.
Family members and lawyers said the comment by Boeing’s CEO related to an automated flight system in a video statement last week was an admission that helps their cases.
The anti-stall system is suspected as a cause of the Lion Air crash in December and an Ethiopian Airlines crash in March, which together killed 346 people.
Families of 11 Lion Air victims said at a news conference they are joining dozens of other families in filing lawsuits against Boeing.
CASINO OWNER KILLED
Developer, former casino owner Deifik dies in crash at 64
ATLANTIC CITY, N.J. (AP) — The former owner of Atlantic City’s Ocean Resort Casino has been killed in an automobile accident. Bruce Deifik (DIE’-fick) was 64.
His lawyer says Deifik died a single-car crash Sunday while driving home from a Colorado Rockies baseball game in his hometown of Denver.
Lawyer Paul O’Gara said Monday that the medical examiner is still investigating what might have caused the crash, including the possibility Deifik suffered a medical crisis behind the wheel.
Deifik was in the process of turning over his majority ownership of the casino to New York hedge fund Luxor Capital at the time of his death. That transaction has not yet closed but is likely to be completed soon.
The casino is the former Revel property that Deifik bought and reopened last June.
New Zealand official calls Facebook ‘morally bankrupt’
CANBERRA, Australia (AP) — New Zealand’s official privacy watchdog has described Facebook as “morally bankrupt” and suggested his country follow neighboring Australia’s lead by making laws that could jail executives over streamed violence such as the Christchurch mosque shootings.
New Zealand’s Privacy Commissioner’s comments on Twitter follow previous criticisms of Facebook’s response to a gunman using the platform to livestream some of the slaughter of 50 worshippers.
Facebook said in a statement it was “deeply committed” to strengthening policies, improving technology and “working with experts to keep Facebook safe.”
The Commissioner told Radio NZ that governments need to come together and “force the platforms to find a solution” to the livestreaming of atrocities.
Australia last week passed laws that include prison terms for executives for failing to quickly remove “abhorrent violent material.”
Key Brexit proponent Johnson rejects customs union with EU
LONDON (AP) — Former Foreign Secretary Boris Johnson says Britain must not agree to a permanent customs union with the European Union, amid speculation that the government is about to propose such an arrangement to win opposition support for its Brexit deal.
Prime Minister Theresa May is preparing for further talks with the opposition Labour Party as she tries to hammer out a compromise that would avert a damaging no-deal exit from the EU on Friday.
Writing Monday in the Daily Telegraph, Johnson says the customs union proposed by Labour leader Jeremy Corbyn would “enslave” the U.K.
Johnson also says in a tweet: “We should not agree to be non-voting members of the EU, under the surrender proposed by Jeremy Corbyn - it cannot, must not and will not happen.”