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BUSINESS Saturday 7 OctOber 2017
A25

UPS aims to solve Stocks fade from highs; S&P breaks winning streak
mystery involving
its business plans By STAN CHOE
By JEFF MARTIN AP Business Writer
ATLANTA (AP) — UPS sus- NEW YORK (AP) — U.S.
pects that one of its em- stocks faded a bit from
ployees obtained secret their record highs on Fri-
business plans for its air- day after telecom and en-
craft fleet and then posted ergy stocks sank. The loss
them online, the shipping for the Standard & Poor’s
giant said in court records. 500 index was small, but it
In a federal lawsuit filed this was the first in nearly two
week, UPS said its strategic weeks.
plans are highly confiden- Much of the day’s ac-
tial, and that a PowerPoint tion was centered on the
presentation containing government’s jobs report,
the trade secrets was cre- which is usually the most
ated and intended only for anticipated economic
senior executives.“At some data of each month, but it
point, an unknown UPS pi- was a muddled one.
lot wrongfully obtained a Economists cautioned not
copy of the PowerPoint,” to read too much into the
UPS states in its lawsuit. hiring numbers, which were
Then, in late September, far weaker than expected, Trader Gregory Rowe, right, works on the floor of the New York Stock Exchange. U.S. stocks faded
“the unknown UPS pilot because they were dis- a bit from their record highs on Friday after telecom and energy stocks sank.
posted statements on an torted by hurricanes that (AP Photo/Richard Drew)
online discussion forum damaged businesses from
about UPS’ confidential Texas to Florida. Investors and drops in employment but it makes them a little ing for income and under-
strategic plans regard- focused instead on a stron- at restaurants and bars more worried about infla- cuts demand for stocks
ing its aircraft.”Now, the ger-than-expected rise were a big driver of last tion.” that pay relatively big divi-
company is taking steps in workers’ wages, which month’s decline. If rising wage growth feeds dends.
to identify whoever was helped to push Treasury Many investors saw Sep- into higher prices across Telecom stocks in the S&P
responsible for posting the yields higher. tember’s job losses as an the economy, it makes the 500 fell 2 percent, the larg-
strategic plans on an in- The S&P 500 fell 2.74 points, aberration. Other econom- Fed that much more likely est drop among the 11
ternet message board fre- or 0.1 percent, to 2,549.33. ic data have been more to keep raising rates from sectors that make up the
quented by pilots.A judge The loss meant the end of encouraging, including their record lows. As a re- index.Energy stocks were
this week gave the compa- the longest winning streak strong reports on the na- sult, investors made moves also among the market’s
ny permission to subpoena for the index in four years. tion’s manufacturing and Friday in anticipation of a weakest after the price of
records from Yahoo Hold- Roughly nine stocks fell for services sectors earlier this rate increase in December. benchmark U.S. crude sank
ings Inc. for emails from a every five that rose on the week. The yield on the 10-year $1.50, or 3 percent, to set-
specific Yahoo.com email New York Stock Exchange. Friday’s jobs report also Treasury jumped as high as tle at $49.29 per barrel. It’s
address. It’s requesting all The Dow Jones industrial contained signs of strength. 2.39 percent shortly after the fourth drop for oil in the
emails sent to and from the average slipped 1.72, or Average hourly wages the release of the jobs re- last five days. Brent crude,
address since Aug. 31.UPS less than 0.1 percent, to jumped 2.9 percent in Sep- port, up from 2.35 percent the international standard,
also plans to subpoena 22,773.67. The Nasdaq tember from a year earlier, late Thursday. The gains lost $1.38, or 2.4 percent,
records from the Louisville, composite added 4.82, or more than economists ex- faded later in the day, to $55.62 per barrel.Cost-
Kentucky-based Indepen- 0.1 percent, to 6,590.18. All pected. Some of that may which traders said may co Wholesale fell the most
dent Pilots Association in three indexes had closed be due to how many low- have been due to worries in the S&P 500 despite re-
order to get names, IP ad- at records on Thursday. er-wage jobs were lost fol- about tensions with North porting stronger earnings
dresses and other informa- The government’s jobs lowing the hurricanes, but Korea. A Russian lawmaker for the latest quarter than
tion about people who report showed that em- the government also re- said that North Korea is pre- expected. Analysts point-
made comments about ployers cut more jobs last vised up its figure for wage paring to test-fire a long- ed to a slight drop in its
the plans on the union’s in- month than they added, growth in August. range missile soon. membership renewal rates,
ternet forum. It’s also seek- the first time that’s hap- “The previous month’s revi- By Friday evening, the 10- among other factors. Cost-
ing information to identify pened in seven years. It’s sion, that probably has the year yield sat at 2.36 per- co lost $9.98, or 6 percent,
anyone who clicked on a a sharp turnaround from most information” of all the cent. The two-year Trea- to $157.09.In overseas mar-
link to view the information. earlier this year, when the data points in the govern- sury yield climbed to 1.52 kets, the FTSE 100 in London
A spokesman for the pilots strengthening job market ment’s jobs report, said Jon percent from 1.49 percent, rose 0.2 percent, France’s
association said it will resist was encouraging investors Adams, senior investment and the 30-year yield rose CAC 40 fell 0.4 percent and
UPS’ effort to get informa- to push stocks higher and strategist at BMO Global to 2.91 percent from 2.89 Germany’s DAX dipped 0.1
tion about its members. higher. Asset Management. “From percent. percent. Japan’s Nikkei 225
“We have no reason to Hurricanes Harvey and the Fed’s perspective, this When bonds pay higher rose 0.3 percent, and the
believe that any UPS union Irma meant the closure of doesn’t change anything yields, it makes them more Hang Seng in Hong Kong
pilot was involved in the thousands of businesses, in terms of overall policy, attractive to investors look- added 0.3 percent. q
theft,” Brian Gaudet, a
spokesman for the Inde- Netflix shares stream to new all-time highs
pendent Pilots Association,
said in an email Friday. NEW YORK (AP) — Shares ing and DVD-by-mail ser- tion powerhouse landed the race to produce more
The lawsuit blames “an un- of Netflix are streaming to vice and raised prices. more Emmy nominations blockbuster shows like
known UPS pilot” for taking new highs a day after the About 600,000 custom- this year than any TV net- “Stranger Things.”
the information, but UPS company announced its ers fled and its stock price work other than HBO. Netflix is up against HBO
spokesman Steve Gaut first true price hike in years. plummeted by 80 percent. Some of that price hike, and Amazon, which has
said Friday it doesn’t know That’s a far different result But Netflix, based in Los Ga- $1 per month for the com- its own ambitions for great
for certain who is respon- compared with 2011 when tos, California, is a different pany’s most popular plan, television.Shares of Netflix
sible. q Netflix separated its stream- animal today. The produc- will likely be plowed into hit $198.92 Friday. q