Glitch triggers major swings in some stocks
NEW YORK — A technical glitch at a major processor of stock trades caused wild swings in a number of stocks Wednesday.
Some stocks moved dramatically shortly after the opening of trading. Wizzard Software, which closed Tuesday at $3.50, shot above $14 in the first minutes of trading, according to data compiled by FactSet.
The glitch occurred at Knight Capital, one of the largest processors of stock trades. The company said that a “technology issue” had occurred in its market-making unit related to the routing of shares of about 150 stocks to the New York Stock Exchange.
U.S. buyers embracing cars from Japan again
DETROIT — Just when Detroit seemed to be luring them away, Americans are embracing Japanese cars again.
Toyota and Honda lost ground last year after the Japanese earthquake limited their supplies. But July’s U.S. sales show they nearly have regained what they lost, at the expense of GM and Ford.
GM sales fell 6 percent and Ford sales were down 4 percent compared with last July. Honda’s sales were up 45 percent and Toyota jumped 26 percent. Overall car and truck sales rose 9 percent to 1.15 million, according to Autodata Corp.
Burger King profit gets lift from overseas sales
NEW YORK — Burger King is on a mission to bring more food options to customers and expand overseas, and the plan appears to be working so far, with the chain’s net income surging 60 percent in the second quarter.
As the fast-food market becomes increasingly crowded at home, Burger King, like other companies, has concentrated on growing abroad. In the past year, 80 percent of store openings have been in Europe, the Middle East and Africa.
During the second quarter it worked out joint ventures with Russia and China. The Russian joint venture will see several hundred restaurants open there over the next few years, while the China deal will bring 1,000 restaurants to the country over the next five to seven years.
Avon says second-quarter net income fell 70 percent
NEW YORK — Avon Products said Wednesday its second-quarter net income fell 70 percent, hurt by the stronger dollar and lower demand globally for its makeup and skin-care products.
The results announced Wednesday showed yet another lackluster performance for the direct-selling company, which has struggled for three years to turn around results. The slump led to the ouster of CEO Andrea Jung in April.
S.C. carpet plant to close, leaving 193 without jobs
CALHOUN FALLS — A Mohawk Industries textile plant in Calhoun Falls is closing, with its 193 workers losing their jobs.
The Index-Journal of Greenwood reported Wednesday that the Rocky Creek Facility will close Sept. 25.
Human resources manager Terry Blackstone said retraining and career assistance will be available for the workers. Blackstone said operations at Rocky Creek are being transferred to a plant in Bennettsville.
Georgetown tech firm Mercom is expanding
A Georgetown County technology business is expanding to keep up with demand for its services. Mercom Corp. said it will invest $1 million in its operations on Pawleys Island and create about 30 jobs.
Mercom specializes in the design, integration and installation of information technology systems and program and project management for business and government customers.
Staff and wire reports