Mon, May 16, 2022 7:22 AM
NEW YORK (AP) — Stocks are opening modestly lower, continuing a losing streak that has brought the market down for six weeks in a row. The S&P 500 was down 0.6% in the early going, while more declines in technology companies pulled the Nasdaq down 1.1%. The Dow Jones Industrial Average fell 0.3%. Overseas markets were mixed, as were crude oil prices.
UNDATED (AP) — JetBlue is going hostile in its bid for Spirit Airlines and asking Spirit shareholders to reject a proposed $2.9 billion acquisition by Frontier Airlines. Spirit shareholders are scheduled to vote June 10 on the Frontier bid, which is favored by the Spirit board. JetBlue’s stock rose 2% before the market open, while shares of Spirit jumped more than 12%. Frontier’s shares climbed more than 3%.
BRUSSELS (AP) — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s executive arm says gross domestic product will expand 2.7% this year and 2.3% in 2023. It’s the European Commission’s first economic predictions since Russia invaded Ukraine in February.
UNDATED (AP) — Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand. The news marks the first major nationalization of a foreign business since the war with Ukraine began. The new owners will have to grapple with a shortage of imported electronics for cars.
UNDATED (AP) — Starbucks says it will now offer employees enrolled in its health care plan reimbursement for eligible travel expenses when accessing abortion or gender-affirming procedures, when those services are not available within 100 miles of a worker’s home. The Seattle coffee chain says the benefit will also be available to dependents of employees enrolled in its health care coverage. More companies are detailing their benefits on abortion care after draft of a Supreme Court opinion leaked that would abolish a nationwide right to abortion.