NEW YORK (AP) — The stock market is moving higher in morning trading following three days of declines. After reaching all-time highs to start the week, stocks have retreated amid some lackluster economic reports and escalating violence in Iraq that’s pushed oil prices higher.
DETROIT (AP) — General Motors is recalling more cars for problems with ignition switches. The latest involves more than half a million Chevrolet Camaros from the 2010 to 2014 model years. GM says a driver’s knee can bump the key and knock the switch out of the “run” position, causing an engine stall. That knocks out power steering and brakes and could cause drivers to lose control. GM says it knows of three crashes and four minor injuries from the problem.
NEW YORK (AP) — P.F. Chang’s is confirming that data from credit and debit cards used at its restaurants was stolen. The company says it learned about the security breach on Tuesday from the U.S. Secret Service. The company says it doesn’t know yet when the breach started, which restaurants were affected or how many cards were exposed. P.F. Chang’s is now using manual credit card imprinting devices at all its restaurants while the investigation continues.
NEW YORK (AP) — Priceline says it is buying online restaurant reservation company OpenTable. The $2.6 billion deal should help Priceline branch out into a new business segment. The online travel company’s CEO says “travelers are diners” and the combined company will be able to “cross promote brands.” Priceline will pay $103 per share, which is a 46 percent premium on OpenTable’s Thursday closing price of $70.43.
WASHINGTON (AP) — The latest report on producer prices indicates inflation remains tame. The Labor Department says the producer price index dropped 0.2 percent last month. The decline follows two months of strong gains that had suggested inflation might be perking up after being dormant for two years. In the past 12 months, producer prices have risen 2 percent, matching the Federal Reserve’s inflation target.
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