Energy rallies with oil prices
Energy companies jumped with the price of oil Wednesday, but overall, stocks finished only slightly higher as a quiet week of trading continued. The price of U.S. crude oil jumped 3 percent, and that made investors more optimistic about energy company profits. Oil prices made big gains as reports showed U.S. crude stockpiles dropped by 5.2 million barrels last week. Benchmark U.S. crude surged $1.45, or 3.2 percent, to $47.33 a barrel in New York. The Standard & Poor’s 500 index picked up 2.71 points, or 0.1 percent, to 2,399.63, a fraction of a point above the all-time high it set Monday. The Dow Jones industrial average shed 32.67 points, or 0.2 percent, to 20,943.11 as Disney and Boeing slumped. The Nasdaq composite finished at a record for the fourth day in a row as it rose 8.56 points, or 0.1 percent, to 6,129.14. The Russell 2000 index of small-company stocks was up 7.73 points, or 0.6 percent, to 1,399.59.
Small leak from pipeline in S.D.
The Dakota Access pipeline leaked 84 gallons of oil in South Dakota early last month, which an American Indian tribe says bolsters its argument that the pipeline jeopardizes its water supply and deserves further environmental review. The April 4 spill was relatively small and it didn’t threaten any waterways. The state’s Department of Environment and Natural Resources posted a report in its website’s searchable database, but it didn’t take any other steps to announce it to the public, despite an ongoing lawsuit by four Sioux tribes seeking to shut down the pipeline.
TaylorMade Golf Co. is sold
TaylorMade Golf Co. has been sold to a private equity firm after being shopped for a year by parent company Adidas. The agreement announced Wednesday means KPS Capital Partners will acquire TaylorMade for $425 million, about half of that paid in cash. Carlsbad, Calif.-based TaylorMade was founded in 1979. Adidas bought the company in 1998.
Food and DRINK
Whole Foods changes leadership
Whole Foods Market on Wednesday announced a drastic shake-up of its board of directors, replacing five members in a bid to reassure investors it is taking action to bounce back from a sustained slump. The company has posted seven consecutive quarters of declining sales at its stores open more than a year amid an assault from fast-growing competitors. The retailer also pledged to take on $300 million in new cost-cutting initiatives.