Sep 15, 2014 5:53 PM
Stocks play it safe...Alibaba ups its price range...United offering early outs
The Associated Press
NEW YORK (AP) Investors appear to be playing it safe as they await a potentially pivotal Federal Reserve meeting that starts tomorrow. Large company stocks ended today's trading little changed, while smaller, riskier stocks slumped. Today's news on the economy was mixed, with manufacturing output falling in August for the first time in seven months. The Dow rose 43.63 points to 17,031. The S&P 500 fell less than 2 points to 1,984. The Nasdaq composite dropped 48.70 points, or 1.1 percent, to 4,518.90.
NEW YORK (AP) Alibaba is raising the price range of its upcoming initial public offering. The Chinese e-commerce company says in a regulatory filing that it plans to raise more than $25 billion in its upcoming IPO, selling 368 million shares at $66 to $68 apiece. That would make it the biggest stock market debut ever.
CHICAGO (AP) United Airlines is offering flight attendants up to $100,000 in severance if they leave the company. United and the Association of Flight Attendants announced a deal under which some of United's 23,000 flight attendants will be offered the lump-sum payments in order of seniority. United says the early-outs will help it match staffing to its flight schedule.
BOSTON (AP) Massachusetts' highest court has thrown out a lawsuit aimed at blocking Tesla Motors from selling its electric cars directly to consumers. The Massachusetts State Automobile Dealers Association had sought to prevent the direct sales, citing a state law designed to block car dealers from abuses by car manufacturers. But Massachusetts' Supreme Judicial Court unanimously ruled that the association and two dealers have legal standing to bring the case. Tesla has been granted a license to operate a sales office at the Natick Mall.
CAMDEN, N.J. (AP) A bankruptcy court judge has approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City. A Florida developer has offered $90 million cash for the closed building and says parts of it could reopen a couple of weeks after the sale. Glenn Straub says a casino likely will operate in the building at some point, but his bid does not include a requirement that his company be licensed to run a casino.