Stocks slip as shopping season has a weak start
NEW YORK — Stocks closed lower Tuesday on Wall Street as investors worry about weak consumer spending as the holiday shopping season gets underway.
Companies that depend heavily on consumer spending had some of the biggest losses. GameStop, the video game retailer, sank 2 percent, to $45.95. Also, automakers fell despite reporting higher November sales.
The Dow Jones industrial average lost 94 to close at 15,914. The S&P 500 fell 5 to 1,795. The Nasdaq dropped 8 to 4,037.
Hilton may raise $2.4B, 1 of year’s biggest IPOs
NEW YORK — Hilton Worldwide Holdings could raise as much as $2.37 billion, making it one of the year’s biggest IPOs.
The hotel operator said this week the offering of 112.8 million shares is expected to price between $18 and $21 each.
Hilton has 4,080 hotels, resorts and timeshare properties. Its brands include Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, and Hampton Inn.
Employers win appeal in fight over arbitration
WASHINGTON — A federal appeals court has ruled that employers can require their workers to sign arbitration agreements waiving all rights to class action lawsuits over workplace grievances.
The ruling from the Fifth U.S. Circuit Court of Appeals overturns a National Labor Relations Board decision. The board had found that such agreements conflicted with federal law giving workers the right to pursue collective action to complain about workplace conditions.
The court’s ruling is a victory for businesses that want to limit legal exposure from the rising cost of class action lawsuits over unpaid overtime and other wage violations. But it’s a blow to workers who find it easier to band together when challenging policies at a large company.
Some Chick-fil-A foods won’t have dyes, syrup
NEW YORK — Chick-fil-A says it’s removing high-fructose corn syrup from its white buns and artificial dyes from its sauces and dressings to improve the ingredients in its foods.
The chicken chain says the reformulated buns are being tested in about 200 Georgia locations, while the sauces and dressings will be tested starting early next year.
It said it also removed a yellow dye from its chicken soup and that the new recipe should be in all restaurants by the end of the month. The chain is also testing a new peanut oil.
Penney: A critical sales metric for Nov. jumps
PLANO, Texas — J. C. Penney says a key sales measure jumped 10.1 percent in November.
Revenue from stores open for at least a year is a closely watched indicator of financial performance because it strips away the impact of recently opened or closed stores. The figure is critical as it includes Thanksgiving weekend.
Penney said Tuesday it hopes to maintain its momentum through the holidays. It also said online sales were strong and were running well ahead of last year.
Delta sees revenue for month rising 7% to 9%
ATLANTA — Delta Air Lines said a key measure of revenue would rise as much as 9 percent this month, offsetting a November decline, as it benefits from strong Thanksgiving travel.
Charleston International’s biggest carrier said demand for Thanksgiving travel “was especially strong.” However, the late Thanksgiving means many passengers returning after the holiday weekend took flights in December. The result was a 3 percent decline in November revenue from a year ago.
The combination of those passengers returning home this month, plus “solid bookings” for the remainder of the year, should boost December passenger revenue 7 percent to 9 percent, Delta said Tuesday.