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BUSINESSTuesday 1 March 2016
Late selling leaves stocks down for third straight month Amazon tapping
Target heavyweight
MARLEY JAY or 0.7 percent, to 16,516.50. vice company Endo lost ket gets rough, and Steven
AP Markets Writer The Standard & Poor’s 500 $11.13, or 21 percent, to Dunn, the head of ETF Se- for supply chain
NEW YORK (AP) — Late-day index fell 15.82 points, or 0.8 $41.81 after the company curities’ U.S. division, said in-
selling sent U.S. stocks to a percent, to 1,932.23. The said it will wind down its As- vestors are now more wor- A. D’INNOCENZIO
loss Monday and erased Nasdaq composite index tora women’s health busi- ried about the global mar- AP Retail Writer
nearly all of the market’s fell 32.52 points, or 0.7 per- ness and set aside $834 kets than they have been NEW YORK (AP) — Target
gains for the month. Weak cent, to 4,557.95. million to cover costs from in several years. has tapped an Amazon
earnings for drug compa- Monday’s loss pushed the possible product liability “When there is turmoil heavyweight to lead the
nies pushed health care S&P 500 and the Nasdaq lawsuits over vaginal mesh in the world, people do overhaul of its supply chain
come back to gold as sort that has been stretched
Trader Richard Newman works on the floor of the New York Stock Exchange. Late-day selling sent of that safe port,” he said. by the demands of online
U.S. stocks to a loss Monday and erased nearly all of the market’s gains for the month. Benchmark U.S. crude oil shopping.
rose 97 cents, or 3 per- The discounter has named
(AP Photo/Richard Drew) cent, to $33.75 a barrel in Arthur Valdez as executive
New York Mercantile Ex- vice president, chief supply
stocks lower, and energy to their third monthly loss in implants, which have been change. Brent crude, the chain and logistics officer
shares fell as natural gas a row. The Dow eked out linked to thousands of inju- global benchmark, gained whose duties will include
plunged. a gain of 0.3 percent for ries. 87 cents, or 2.5 percent, to overseeing planning, distri-
Investors lost enthusiasm its first positive month since Valeant Pharmaceuticals $35.97 a barrel in London. bution and transportation.
for stocks after two straight November. slid after the company Natural gas prices skidded Valdez will report to Execu-
weekly gains. Health care John Manley, chief equity withdrew its financial fore- 4 percent to $1.71 per 1,000 tive Vice President and
stocks fell furthest as drug- strategist for Wells Fargo casts. The stock gave up cubic feet, its lowest level Chief Operating Officer
makers Endo International, Fund Management, said $14.85, or 18.4 percent, to since March of 1999. In a John Mulligan.
Mylan and Mallinckrodt all investors are nervous. “A $65.80. Mallinckrodt de- research note, Commod- Valdez spent the last 16
slumped. Oil prices rose, lot of investors have fantas- clined $4.21, or 6.1 percent, ity Weather Group said it years at Seattle-based on-
but natural gas hit a 17- tic profits from three or four to $65.03. expects a “super warm line leader Amazon.com
year low. Banks lost ground, years (of gains) and they With stocks on shaky pattern” to start in about a Inc., where most recently
partly because investors also have terrible memories ground, precious metals week. That will lead to less he was vice president of
are worried about their po- from seven or eight years prices improved. The price demand for heat as the operations focusing on the
tential losses on loans to en- ago,” he said. “Why not of gold has climbed near- winter comes to a close. company’s international
ergy companies. sell first and ask questions ly 11 percent this month. In other energy trading, supply chain expansion.
The Dow Jones industrial later?” Gold is seen as a safe in- wholesale gasoline rose 3 He has also held positions
average fell 123.47 points, The drug and medical de- vestment when the mar- cents to $1.05 a gallon and with Wal-Mart and Kmart.
heating oil rose 2 cents to Valdez starts on March 28
$1.08 a gallon. and will relocate to Tar-
Global stocks were mixed. get’s Minneapolis base.
Policymakers at a weekend The appointment, an-
meeting of the Group of 20 nounced Monday, under-
rich and developing coun- scores how serious Target
tries promised to use “all Corp. is becoming to bet-
tools” at their disposal to ter blend its online servic-
bolster weak global growth, es with the physical store
but they didn’t announce shopping experience. It’s
any specific moves. Some a big challenge for Target
relief emerged with the and other companies as
news that China’s mone- online shopping is surg-
tary authorities had cut the ing. Shoppers are buying
amount of deposits that in many different ways,
banks have to keep in re- including ordering on-
serve at the central bank. line and picking up at the
That should free up cash for store. That has left retailers
banks to lend. The govern- scrambling to figure out
ment also guided the yuan how to more efficiently fill
lower.q orders. Many are struggling
to do basic tasks like mak-
Consol selling coal assets, suspending dividend ing sure products like dia-
pers are stocked.
NEW YORK (AP) — Consol western West Virginia and spending as energy prices, gas rights, and Consol will Last September, Target
Energy Inc. is selling several southwestern Virginia and including coal, natural gas retain the right to extract promoted Mulligan, who
mines and coal reserves to its greenfield Russell County and oil, continue declining. and sell gas at the mines had been chief financial
Coronado IV LLC. for $420 coal reserves in Virginia. Proceeds from the sale will and other properties. officer, to his current spot,
million. It says it will also sus- The deal also includes be used to pay debt. Consol will suspend its reg- a new role in the compa-
pend its dividend as it con- greenfield Pangburn-Shan- ular dividend, beginning ny, and it was making over-
tinues to deal with declin- er-Fallowfield coal reserves “This is another significant with the first declared divi- hauling the supply chain a
ing energy prices. in southwestern Pennsylva- event in the execution of dend following the closing top priority.
Its shares rose almost 9 per- nia. Consol Energy’s strategy, of the deal. “While we’ve made signifi-
cent in afternoon trading Overall, the deal includes as well as a meaningful step Its shares rose 69 cents, or cant progress in improving
Monday. approximately 400 million in continuing to strengthen 8.8 percent, to $8.53 in af- our operations, Target’s
The company is selling its tons of proved coal re- our balance sheet, said ternoon trading Monday. growth hinges on our abil-
Buchanan mine in south- serves. President and CEO said Its shares are down more ity to enhance the funda-
western Virginia, its idled Consol and its peers have Nicholas J. DeIuliis. than 73 percent over the mental aspects of our busi-
Amonate mine in south- had to cut costs and The deal doesn’t include past year.q ness, starting with the sup-
ply chain,” said Mulligan in
a statement.q
