Update on the latest in business:
Aug. 06, 2018
NEW YORK (AP) — Stocks are higher in midday trading on Wall Street after several companies reported solid quarterly results.
Tyson Foods rose 3.8 percent and Berkshire Hathaway climbed 3.6 percent. Energy companies were also higher as the price of crude oil rose. Newfield Exploration climbed 2.3 percent.
Newell Brands plunged 13.6 percent after the company said the liquidation of Toys R Us hurt its baby products business.
At 12:57 p.m. Eastern Time, the Dow was up 58 points, to 25,520. The S&P 500 index rose 11 points, to 2,851.
And the Nasdaq composite rose 36 points, to 7,848.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.93 percent.
PepsiCo's Indra Nooyi latest high-profile female CEO to exit
PURCHASE, N.Y. (AP) — Longtime PepsiCo CEO Indra Nooyi (NOO'-yee) will step down as the top executive and the world's second-largest food and beverage company. Nooyi, who was born in India, is a rarity on Wall Street as a woman and a minority leading a Fortune 100 company.
She oversaw the company during a turbulent time in the industry. The company says that Ramon Laguarta, who has been with the company for more than two decades, will take over as CEO in October.
Nooyi will remain as chairwoman until early next year.
MOVIEPASS-NO PRICE HIKE
No price hike, but new caps on MoviePass discount tix plan
NEW YORK (AP) — MoviePass, a discount service for movie tickets at theaters, is walking back a planned 50 percent price increase following a subscriber backlash. But it will soon impose a cap of three movies per month, instead of one every day.
The company says the new plan will include "many major studio first-run films." It's not immediately clear whether MoviePass is completely rescinding a recent policy of barring viewings of most major releases during the first two weeks.
MoviePass has shown that many moviegoers will make time to hit theaters when movies are affordable, despite more convenient options such as Netflix and video on demand. At some theaters, it has been common to see long lines with people holding red MoviePass cards, which subscribers can use to charge a movie to the service.
MoviePass has grown to 3 million subscribers, from about 20,000, since it slashed monthly rates nearly a year ago to $10, from as high as $50.
RITE AID-OUTLOOK SLASHED
Rite Aid cuts fiscal 2019 forecast with buyout vote looming
UNDATED (AP) — Rite Aid is chopping its annual earnings forecast three days before its shareholders vote on whether to approve the sale of the company.
Shares of the nation's third-largest drugstore chain tumbled 10 percent today after the company said generic drug pricing isn't shaping up how it expected in April when it first made its fiscal 2019 forecast. It reaffirmed that forecast as recently as late June.
Rite Aid said it changed its outlook after realizing that reductions in the cost of generic drugs are coming in about $80 million lower than the company expected when it established its fiscal 2019 forecast.
Generic drugs are cheaper copycats of older, branded pharmaceuticals, and they make up most of a drugstore's prescription volume.
Idaho agribusiness lands gene editing licensing rights
BOISE, Idaho (AP) — A multinational agricultural company based in Idaho has acquired gene editing licensing rights that could one day be used to help farmers produce more crops and make grocery store offerings such as strawberries, potatoes and avocados stay fresher longer.
J.R. Simplot Company announced the agreement today with DowDuPont Inc. and the Broad Institute of the Massachusetts Institute of Technology and Harvard University, developers of the nascent gene editing technology. Simplot is the first agricultural company to receive such a license.
Egypt's foreign debt up more than 10 percent from last year
CAIRO (AP) — Egypt's central bank says its foreign debt climbed more than 10 percent in less than a year, reaching $88.2 billion in March.
That's 11.6 percent higher than in June of last year, but the central bank says the debt to GPD ratio is still within "safe limits according to international standards," at 36.8 percent.
Egypt has been struggling to revive its economy after the years of unrest that followed the 2011 Arab Spring uprising.
The government secured a $12 billion loan in 2016 from the International Monetary Fund for an economic reform program that included slashing fuel and electricity subsidies, imposing a value-added tax and floating the currency.
Egypt's foreign reserves exceeded $44 billion as of May, the highest level since December 2010.
Danes investigate bank's money laundering out of Estonia
COPENHAGEN, Denmark (AP) — Denmark's top prosecution authority says it has opened a criminal investigation into the country's largest bank for "possible violation in connection with money laundering."
The prosecutor for Serious Economic and International Crime says the probe would establish whether Danske Bank can be prosecuted before courts of law.
In May, Danish regulators said there had been "serious shortcomings" in the anti-money laundering operations of Danske Bank' activities in Estonia, following reports this year of money flows from family members of Russian President Vladimir Putin.
Danske Bank was reprimanded and given eight orders that it must fulfill by June 30.
London department store launches Christmas shop — in August
LONDON (AP) — It's beginning to look at lot like Christmas at one London department store.
Europe may be basking in a summer heatwave, but Selfridge's store, first opened in 1909, is thinking of chillier times, launching its Christmas Shop a full 145 days before Dec. 25th.
The department store says over 500 products are on display — from Big Ben-shaped tree decorations to London-themed snow globes — even though temperatures outside are over 30 degrees Celsius (86 Fahrenheit).
The company says the early start to the holiday season is driven by demand from shoppers, particularly those visiting from abroad.
Selfridges will expand the Christmas Shop on Sept. 4, putting almost 3,800 goods on offer. This winter's theme is 'Selfridges Rocks Christmas,' featuring Elvis Presley themed nutcrackers and David Bowie shaped tree baubles.