Wall Street up slightly ... Broadcom offers $103 billion for Qualcomm ... Uber tackles sex assault problem by pledging $5m to training
NEW YORK (AP) — Stocks are slightly higher in early trading as technology and energy companies move higher, but phone companies slip. Sprint and T-Mobile USA called off talks about a potential deal over the weekend and their stocks fell today. Sprint sank 13.3 percent and T-Mobile lost 5.1 percent. Elsewhere Verizon Communications sank 4.1 percent. At 10:22 a.m. Eastern Time, the S&P 500 was up 2 points to 2,589. The Dow was up 12 points, to 23,552. And the Nasdaq was up 17 points, to 6,781.
NEW YORK (AP) — Broadcom has made an unsolicited, $103 billion offer for rival chipmaker Qualcomm, the tech industry’s largest attempted takeover that is destined to come under intense regulatory scrutiny. The company says it would not have pushed forward with the proposed buyout if it was not confident that its global customers “would embrace.”
DETROIT (AP) — Uber is pledging $5 million during the next five years to fund sexual assault prevention groups as well as train its own employees. The move is aimed at helping the ride-hailing service combat its own problems and society as a whole. Uber’s image has been tarnished by findings of sexual harassment of employees and multiple reports of drivers assaulting passengers.
NEW YORK (AP) — William C. Dudley will retire as president and CEO of the Federal Reserve Bank of New York next year. The retirement will open the way for new leadership of the system’s largest reserve bank. Dudley’s term ends in 2019 and he plans the retirement for the middle of 2018 to make sure a successor is in place. Dudley played a major role in the Fed’s response to the 2008 financial crisis and has supported Yellen’s cautious efforts to raise interest rates.
NEW YORK (AP) — Target is offering shoppers a breather after holiday shopping on Thanksgiving. The Minneapolis-based discounter says it will open at 5 p.m. on the day of the turkey feast and then close at midnight local time. Its stores will then reopen at 6 a.m. local time on Friday until 10 p.m., 11 p.m. or midnight. That’s different from last year when it kept the stores open straight through the night.