Dow slides as tech leads fall amid Kraft Heinz merger
Stocks dropped for the third straight day as the Dow fell 293 points to 17,718.54 and the S&P 500 slipped to 2061.05, led by tech losses after a disappointing durable goods report. Kraft Heinz surged 35.6% on news of a merger that would create a top five global food company, adding brands such as Heinz, Kraft, Oscar Mayer, Ore-Ida, and Philadelphia. Overseas markets were mixed with oil higher, and US trading was light.
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Apollo Education shares plunge after Q2 loss forecast
Apollo Education Group, owner of the University of Phoenix, tumbled 28.5 percent to 20.01 dollars after reporting a second quarter loss amid enrollment declines and cutting its 2015 revenue outlook to 2.63 to 2.68 billion dollars from 2.74 to 2.8 billion. New enrollments dropped 138 percent to 28,300 and total enrollment fell 14.6 percent to 213,800.
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Wells Fargo to close Milwaukee home lending site
Wells Fargo plans to close its Milwaukee home lending servicing site in late July due to rising mortgage delinquencies affecting the troubled loan segment. The move will result in job losses for about 1,000 workers as the bank scales its operations. Greg Norman starts Great White Shark Opportunity Fund with 75 million in capital to support debt lending, led by the World Golf Hall of Fame member.
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Average CD yields As of Wednesday
The News-Press reports on average certificate of deposit yields as of Wednesday, outlining prevailing rates and trends that influence savers and investors. Institutional banks and local branches are noted for offering competitive terms amid market shifts.
Rates Edge Higher as Fed Expectations Waver
Interest rates show a slight uptick this week with a 0.87 percent level, compared to 0.88 percent last week and 0.80 percent a year ago. Bankrate data cited by USA TODAY notes ongoing market shifts. Jae Yang and Julie Snider report.
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Julie Snider
USA Today
Kraft Heinz merger reshapes global food giants
Heinz and Kraft Foods Group announce a about 36 billion merger creating the fifth largest global food and beverage company. The new firm will be headquartered in Pittsburgh and Chicago area, with brands including Heinz Kraft Oscar Mayer Ore-Ida and Philadelphia. Both boards approved the deal as Berkshire Hathaway and 3G Capital back the combination to drive growth and cost cuts.
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Facebook opens Messenger to third party apps at F8
Facebook unveils Messenger Platform with over 40 new apps enabling GIFs photos videos and audio in chats. Ditty creates personalized lyrics from user text and tracks. Businesses on Messenger lets customers receive updates and ask questions in one thread. WeChat Line and Kakao Talk cited as rivals as Facebook pushes mobile strategy.
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