Stocks head for another set of records
NEW YORK (AP) — U.S. stocks are broadly higher as investors extend a rally that puts the major indexes on track for another record-setting day.
The Dow Jones Industrial Average is on pace to beat its record high close set in July. The S&P 500 is heading for its fourth record high in six days, and the Nasdaq is also set to beat the record it set on Friday.
The rally follows a solid week of gains pushed by reassuring economic reports and corporate earnings.
Energy stocks led the broad gains as oil prices rose 1.5%. Technology stocks were also big winners and chipmakers were particularly strong.
Ryanair dampens expectations on Boeing Max deliveries
LONDON (AP) — Ryanair says it has dampened expectations that it would receive the entirety of its planned delivery of Boeing 737 Max airplanes next year.
As the Ireland-headquartered airline reported profit of $1.28 billion for the half-year to September, in line with the same period of 2018, CEO Michael O’Leary said the airline now expects to receive its first Max planes in March 2020.
Europe’s busiest airline has said it would cut flights and close some bases because of delays to deliveries of the plane, which has been grounded globally after two fatal crashes.
^APPLE-AFFORDABLE HOUSING PLEDGE
Apple commits $2.5B to combat California housing crisis
CUPERTINO, Calif. (AP) — Apple says it’s committing $2.5 billion to combat California’s housing crisis.
The pledge includes a $1 billion fund to build new homes for households with low to moderate incomes; a $1 billion homebuyer mortgage assistance fund; and $300 million to make Apple-owned land in San Jose available for affordable housing.
The commitment eclipses similar pledges from fellow San Francisco Bay Area tech giants Google and Facebook, which have each promised about $1 billion.
Democratic Gov. Gavin Newsom is calling Apple’s pledge an “unparalleled financial commitment to affordable housing” and says he hopes other companies follow its lead to help ease sky-high housing costs by building more homes.
The Bay Area has been swamped with affluent tech workers, leading to bidding wars for the limited supply of homes.
^SALT LAKE TRIBUNE-NONPROFIT
Salt Lake Tribune gets IRS approval to convert to nonprofit
SALT LAKE CITY (AP) — The Salt Lake Tribune says it has received approval from the IRS to convert into a nonprofit as the newspaper switches to a nontraditional model that it hopes will ensure long-term stability after years of financial struggles fueled by declines in advertising and circulation revenues.
The newspaper said Monday in a news release that it will be governed by a board of directors and rely on donations but maintain editorial independence and the ability to cover news and sports and have an editorial cartoonist.
The Tribune editorial board, however, will no longer make candidate endorsements.
The plan is similar to arrangements at the Philadelphia Inquirer and Tampa Bay Times, which are owned by nonprofit foundations. The Tribune’s is different because the newspaper itself becomes a nonprofit.
EU investigates French supermarkets in antitrust case
BRUSSELS (AP) — The European Commission is investigating whether two of France’s largest chains of retail shops have infringed the bloc’s competition rules by colluding on sales activities.
It wants to find out if Casino and Intermarché, owned by Les Mousquetaires, engaged in “anticompetitive conduct” through a buying alliance they set up in 2014. EU Commission officials carried out inspections at the premises of both companies two years ago and again in May.
The investigation will establish whether the groups coordinated in building their network of shops and setting prices.
EU Commissioner Margrethe Vestager said joint-buying “can bring lower prices to consumers for food and personal care brands that they purchase on a daily basis. Such benefits can, however, disappear quickly if retailers use these alliances to collude on their sales activities.”
Roger Penske buys Indianapolis Motor Speedway and IndyCar
INDIANAPOLIS (AP) — Indianapolis Motor Speedway and the IndyCar Series have been sold to Penske Entertainment Corp. in a stunning announcement that relinquishes control of the iconic speedway from the Hulman family after 74 years.
Tony Hulman bought the dilapidated speedway in 1945 and brought racing back to 16th St. and Georgetown Ave. after a four-year hiatus following World War II.
The speedway spun off multiple other subsidiaries, including the IndyCar Series and Indianapolis Motor Speedway Productions, which are also part of the deal to Penske Entertainment. That group is a subsidiary of Penske Corp., which is owned by billionaire Roger Penske.
Penske is the winningest team owner in Indianapolis 500 history with 18 victories.
Gambling firms see $7 billion to $8 billion sports betting market by 2025
NEW YORK (AP) — Investors and sports betting companies are predicting the industry will be a $7 billion to $8 billion business in the U.S. within five years.
Panelists at the NYC Sports Betting Investor Summit said Monday that the industry is growing quickly a year and a half after New Jersey won a U.S. Supreme Court ruling clearing the way for all 50 states to offer legal sports betting.
So far, at least 13 do.
Investment firm Morgan Stanley predicts the US market will generate almost $7 billion in revenue by 2025, up from $833 million this year.
Executives from MGM Resorts, Hard Rock and Mohegan Sun all issued predictions in the $6 billion to $8 billion range.
Panelists predicted as many as 10 new operators may soon join the market.
NBA adds DraftKings as official sports betting operator
BOSTON (AP) — The NBA has agreed to a multiyear deal making DraftKings an official sports betting operator.
The Boston-based company joins a half-dozen others, including MGM and longtime daily fantasy sports rival FanDuel, with deals that allow them the rights to official betting data and NBA logos.
Professional sports leagues have long banned any connection to gambling. But in the past few years they have embraced it and sought to profit from both daily fantasy sports and outright gambling on games. Last year, the U.S. Supreme Court tossed out a law that in effect prohibited sports gambling in most states.
The league says it will work with DraftKings to protect the integrity of NBA games.
^BUFFALO WILD WINGS-RACISM CLAIM
Buffalo Wild Wings: Workers fired over skin color reseat bid
NAPERVILLE, Ill. (AP) — Buffalo Wild Wings says multiple employees have been fired at one of its suburban Chicago restaurants after a group of mostly African American customers said they were asked to move to another table because of their skin color.
The Naperville Sun reports Buffalo Wild Wings spokeswoman Claire Kudlata said Sunday the company conducted a thorough internal investigation and “terminated the employees involved.”
Kudlata said via email that the company “has zero tolerance for discrimination of any kind.”
Justin Vahl of Montgomery says he was celebrating a birthday last month with children and adults at the Naperville restaurant when a host asked about his ethnicity.
Vahl says a manager later asked his group to move because a regular customer didn’t want to sit near black people. They left for another restaurant after several managers tried to move them.