Page 25 - ARUBA TODAY

BUSINESS Tuesday 29 augusT 2017
A25

Stocks are mixed as storm affects insurers, energy companies

By MARLEY JAY Most of the stocks on the
AP Markets Writer New York Stock Exchange
NEW YORK (AP) — U.S. fell.
stocks finished little The tropical storm, which
changed on Monday as in- made landfall in Texas Fri-
vestors focused on the ef- day, is expected to con-
fects of Tropical Storm Har- tinue for days, and the
vey. Insurance companies National Weather Service
and oil drillers stumbled says some parts of Hous-
while refineries rose along ton and its suburbs could
with gasoline prices. get as much as 50 inches
With August coming to a of rain. The weather shut
close, Monday was one down much of Texas’ oil
of the quietest days of the and gas industry, and S&P
year on Wall Street. Bio- Global analysts said about
tech drug companies rose 2.2 million barrels per day
after hepatitis C and HIV of refining capacity was
drug maker Gilead Scienc- down or being shut down
es agreed to buy cancer by Sunday. Helmerich &
drug maker Kite Pharma for Payne, an oil and gas well
$11.9 billion. Travel booking drilling contractor, gave
website Expedia tumbled up $1.29, or 2.9 percent,
as investors expected the to $43.49. Benchmark U.S.
company’s CEO, Dara crude fell $1.30, or 2.7 per-
Khosrowshahi, to leave the This photo shows the New York Stock Exchange. U.S. stocks finished little changed on Monday as cent, to $46.57 a barrel in
investors focused on the effects of Tropical Storm Harvey.
company to become CEO (AP Photo/Mark Lennihan) New York. Brent crude, the
of ride-sharing company international standard, lost
Uber. Lacking other major the area stand to lose busi- insurance premiums, as the index picked up 1.19 points, 52 cents, or 1 percent, to
corporate or economic ness. While gas price spikes storm is likely to cause tens or less than 0.1 percent, to $51.89 a barrel in London.
news, investors mostly fo- will be temporary, other of billions of dollars in flood 2,444.24. The Dow Jones Wholesale gasoline futures
cused on Harvey, which effects of the storm will last damage. Ablin added that industrial average dipped rose 5 cents, or 2.7 percent,
continues to hit parts of the for years. the storm might affect inter- 5.27 points to 21,808.40. The to $1.71 a gallon, and refin-
Gulf Coast with historically “There will be ripple effects est rates as well, as the Fed- Nasdaq composite rose ing companies climbed, as
heavy rains. Large parts that everyone is going to eral Reserve might hesitate 17.37 points, or 0.3 percent, they stand to benefit from
of the energy and petro- feel,” said Jack Ablin, chief to raise interest rates if they to 6,283.02. The Russell 2000 higher gas prices. Mara-
chemical industries are investment officer for BMO think the storm will slow the index of smaller-company thon Petroleum advanced
based there and compa- Capital Markets. He said economy significantly. stocks gained 4.78 points, 80 cents, or 1.5 percent, to
nies with a lot of stores in that could include higher The Standard & Poor’s 500 or 0.3 percent, to 1,382.23. $52.52.q

AP Sources: Expedia CEO Dara Khosrowshahi to lead Uber

gust of 2015. The online the company’s website boards of Fanatics Inc. and
booking site is one of the says. He also serves on the The New York Times Co.q
largest travel agencies in
the world.
He will replace ousted CEO
Travis Kalanick and faces
the difficult task of chang-
ing Uber’s culture that has
included sexual harass-
ment and allegations of
deceit and corporate es-
pionage. Uber also is losing
In this July 13, 2012 photo, Dara Khosrowshahi the CEO of Expe- millions every quarter as it
dia, Inc., attends a conference in Sun Valley, Idaho. Two people
briefed on the matter said Sunday, Aug. 27, 2017, that Khosrow- continues to expand and
shahi has been named CEO of ride-hailing giant Uber Technolo- invest in self-driving cars.
gies Inc. The company currently is
(AP Photo/Paul Sakuma) being run by a 14-person
By TOM KRISHER day, capping three days group of managers and is
AP Auto Writer of meetings and the with- without multiple top exec-
DETROIT (AP) — Expedia drawal of once-top candi- utive positions that will be
CEO Dara Khosrowshahi date Jeffery Immelt, former filled by Khosrowshahi.
has been named Uber’s CEO and still chairman of Khosrowshahi has served
top executive, taking the General Electric, two peo- as a member of Expedia’s
difficult job of mending the ple briefed on the decision board since it was spun off
dysfunctional ride-hailing said. They didn’t want to from IAC/InterActiveCorp.
giant and turning it from be identified because the two years ago. An engi-
money-losing behemoth to decision had not been of- neer who trained at Brown
a profitable company. ficially announced as of University, Khosrowshahi
Uber’s fractured eight- Sunday night. helped to expand IAC’s
member board voted to Khosrowshahi has been travel brands which were
hire Khosrowshahi late Sun- CEO of Expedia since Au- combined into Expedia,