Stocks fall as tech weighs down Nasdaq
NEW YORK — Stocks ended lower Nov. 21 to open a holiday-shortened week.
The S&P 500 fell 0.4 percent Monday, while drops in tech companies helped pull the Nasdaq down 1.1 percent.
The Dow Jones Industrial Average held up better, ending down just 0.13 percent and benefiting from a big gain in Disney, which soared after the entertainment giant announced it had replaced CEO Bob Chapek with predecessor Bob Iger.
Tesla's stock price fell again.
Banks, health care stocks and makers of household goods did better than the rest of the market. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.82 percent.
U.S. financial markets are closed Thursday for Thankgiving.
Bankrupt exchange FTX owes over $3B
NEW YORK — The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend.
The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried's companies may owe his customers. The top claim was more than $226 million.
The names, addresses and other information about the claims was redacted by the court.
Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried's trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," said John Ray III, the new CEO of FTX, in a court filing.
FTX lawyers will appear in court Tuesday for the first hearings.
Amazon told to stop labor retaliations
NEW YORK — A federal judge has ordered Amazon to stop retaliating against employees engaged in workplace activism.
The ruling was made Nov. 18 in a court case brought by the National Labor Relations Board. The agency sued the company in March seeking the reinstatement of a fired employee involved in organizing an Amazon warehouse on New York City's Staten Island.
In a mixed ruling, U.S. District Judge Diane Gujarati ruled there was “reasonable cause” to believe Amazon committed an unfair labor practice by firing the employee. But she denied the agency’s request to reinstate the worker. She says the NLRB had not presented evidence to demonstrate the employee's firing is still having considerable effect on organizing efforts.
Justices agree to hear dog toy dispute
WASHINGTON — The company that makes Jack Daniel’s is howling mad over a squeaking dog toy that parodies the whiskey’s signature bottle. Now, the liquor company is barking at the door of the U.S. Supreme Court.
Jack Daniel’s has asked the justices to hear its case against the manufacturer of the plastic Bad Spaniels toy. The high court said Nov. 21 it will.
A number of major companies from the makers of Campbell Soup to outdoor brand Patagonia and jeans maker Levi Strauss urged the justices to take what they say is an important case for trademark law.
The toy’s maker says Jack Daniel’s can’t take a joke.
Ohio's Intel project fuels housing fears
COLUMBUS, Ohio — Intel’s announcement of a $20 billion manufacturing operation bringing thousands of jobs to central Ohio has been greeted as an economic boon. But it's also raised concerns about the impact on a region already suffering a housing shortage.
Melissa Humbert-Washington is vice president of programs and services at Homes for Families, an agency that helps low-wage workers find housing. She says the project has housing advocates wondering where everyone will live.
The project is expected to attract 10,000 or more workers in the next few years. The Building Industry Association of Central Ohio says the region needs about 19,000 new multi-family and single-family housing units a year, but is only averaging about 8,200 annually.