Stocks flat…Trade deficit falls…Sprint to replace longtime CEO

NEW YORK (AP) — Stocks are little changed in early trading on Wall Street. Global markets have been falling following reports of a buildup of Russian troops on the Ukraine border. Walgreen plunged 14 percent after the drug store company said it would no longer pursue an overseas reorganization that would have reduced the amount of U.S. taxes it pays. Time Warner fell 12 percent after Rupert Murdoch’s News Corp. abandoned its bid for the company.

WASHINGTON (AP) — The U.S. trade deficit has fallen to its lowest level since January. The Commerce Department says the trade gap fell 7 percent in June as imports dropped sharply, led by lower shipments of cellphones, petroleum and cars. Exports rose 0.1 percent to a record high of $195.9 billion. Imports fell 1.2 percent, the most in a year, to $237.4 billion. The trade deficit in petroleum was the lowest in four years.

WASHINGTON (AP) — The government says it will sell $67 billion in Treasury securities next week as part of its regular quarterly refunding auctions. The money raised would be part of the $192 billion that Treasury expects to borrow to keep the government operating. The Treasury Department also announced that it will buy back a small amount of securities from market dealers in the fourth quarter to test the computer systems for such transactions.

NEW YORK (AP) — Sprint is replacing its longtime CEO after dropping its bid for rival wireless carrier T-Mobile US. Sprint says the CEO of cellphone distributor Brightstar (Marcelo Claure) will replace Dan Hesse on Monday. Brightstar is part of Softbank Corp. of Japan, which bought 70 percent of Sprint last year. In a statement today, the CEO of Softbank and chairman of Sprint says the company’s focus had shifted away from acquisitions.

LOS ANGELES (AP) — Internet radio leader Pandora has come to its first-ever direct licensing deal with artists. It’s a wide-ranging agreement with independent label group Merlin. Both parties say the deal will mean higher payments to artists and more play for them on Pandora stations.

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