NEW YORK (AP) — Stocks are mixed in early trading on Wall Street. Traders are looking over some disappointing corporate results, and IBM is leading the Dow Jones industrial average lower. The broader indexes are slightly higher, while the price of oil is down slightly, with benchmark U.S. crude trading below $82 a barrel.
ARMONK, N.Y. (AP) — IBM shares were down about 7 percent this morning after its third quarter financial report fell short of Wall Street expectations. The company announced it’s paying $1.5 billion to Globalfoundries to shed its costly chip division. IBM will make payments to the chipmaker over three years, but it is taking a $4.7 billion charge in the third quarter. Under the agreement, Globalfoundries will become IBM’s exclusive server processor semiconductor technology provider for the next 10 years.
NEW YORK (AP) — Platform Specialty Products is spending about $3.5 billion to buy rival chemical maker Arysta LifeScience. Platform makes specialty chemicals used in computers, cars and oil rigs. Arysta makes fungicides and herbicides for crops. Platform has been growing its agricultural chemical business, buying bought agrochemical company Agriphar earlier this month.
DETROIT (AP) — Toyota is recalling 247,000 vehicles in high-humidity areas over an air bag problem that has plagued most of the auto industry. Inflators can rupture in air bags manufactured by parts supplier Takata, causing metal fragments to fly out when bags are inflated in crashes. The problem has caused serious injuries. So far, automakers have recalled about 12 million vehicles worldwide because of the problem.
WASHINGTON (AP) — The Supreme Court has rejected an appeal from 11 Louisiana parishes that wanted to revive their lawsuits over wildlife damage from the BP oil spill in the Gulf of Mexico in 2010. The justices did not comment in leaving in place lower court rulings that dismissed the lawsuits. BP says it has paid more than $27 billion to restore the coast and settle damage claims. It also faces a federal lawsuit under the Clean Water Act.
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