NEW YORK — U.S. stock prices closed mixed Wednesday, held in check by a warning from package delivery company FedEx that its profits would be hurt because of a slowdown in the global economy.
FedEx cited weakness in its express package delivery business. That’s a sign that FedEx’s customers around the world are choosing slower, cheaper delivery options to save money. FedEx’s stock fell $1.74 to $85.80.
The Dow Jones industrial average closed up 11.54 at 13,047.48 Wednesday. The S&P 500 fell 1.50 to 1,403.44; the Nasdaq index lost 5.79 to 3,069.27.
Earlier, the Labor Department reported that U.S. companies got more productivity from their workers this spring than originally estimated. Labor costs rose at an annual rate of 1.5 percent; a 1.7 percent rise had been initially estimated.
Blackbaud has named veteran technology consultant Joseph Moye to lead its Enterprise Customer Business Unit.
Moye, most recently president and CEO of Capgemini Government Solutions, will replace Gene Austin, who had been CEO of Austin, Texas-based Convio before Blackbaud acquired that company this year.
Austin’s departure was announced last week at a company meeting, at which it also was announced that 51 employees’ positions had been eliminated. Moye will take over starting Oct. 1 and will be based in Austin.
Environmental and preservation groups challenging South Carolina’s planned $35 million cruise terminal say the case is of national importance and should be heard in the nation’s capital, not Charleston.
In court documents filed in U.S. District Court in the District of Columbia, the groups oppose a request by the U.S. Army Corps of Engineers to move the suit to Charleston.
The suit filed in July seeks to invalidate a corps permit for the project in which the South Carolina State Ports Authority plans to renovate an old warehouse on the Cooper River for the terminal. The port agency wants to put new pilings beneath the structure to support elevators.
Attorneys for the plaintiffs wrote that corps’ attorneys are in Washington and “this case pivots on the application of federal law to nationally significant historic assets by federal agencies located in Washington.”
They also wrote that the D.C. federal court resolves cases more quickly than the courts in South Carolina.
FRANKFURT, Germany — European Central Bank President Mario Draghi gets another chance today to spell out how the bank intends to rescue the 17 countries that use the euro from financial disaster.
Expectations have been high since July when the ECB head vowed to do “whatever it takes” to hold the eurozone together. On Aug. 2 Draghi announced the broad outlines of a plan to buy short-term government bonds to help out eurozone countries struggling to manage debt.
Until then, countries such as Spain and Italy had seen their borrowing costs rise to unmanageable levels. Investors were worried that the two countries could soon get to a point where they couldn’t afford to handle their finances and be pushed into asking for a bailout.
NEW YORK — More than half of U.S. cellphone users say they have decided not to use an app on their phone because of concerns over privacy.
A study released Wednesday from the Pew Internet & American Life Project found that 54 percent of mobile app users decided not to install one once they found out how much personal information they would have to share to do so.
Mobile apps include maps, games and other programs that help turn smartphones into portable computers.
Staff and wire reports