Nestle to sell U.S. confections unit to Ferrero

The markets retreated to trade lower during the midday with the Dow slipping 15 points to 25,787. Nasdaq lost 32 points to 7228.


As part of the company's shift to healthier products, Nestle will sell its U.S. confectionary business to Nutella maker Ferrero for approximately $2.8 billion. Sales of Nestle's popular sweets such as Baby Ruth, Butterfinger, Crunch, Laffy Taffy and Raisinets to the American market reached nearly $900 million in 2016. Nestle will maintain ownership of its Toll House baking brand and KitKat chocolate bar.


Citigroup will close the wage gap between different demographic groups by increasing the compensation of women and minorities in the United States, United Kingdom and Germany. An internal survey conducted in the three countries revealed disparities in pay between white male employees and women and minority employees. The median pay differential among the banking industry is approximately 24%.


IBM will enter a joint venture with A.P. Moller-Maersk Group to improve efficiencies for the global shipping industry. A new platform based on blockchain technology will digitize the industry creating faster trade and slashing costs. Shipping companies, freight forwarders, ocean carriers as well as customs and port authorities will be able to manage and track shipping containers around the world.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 lost 9 points to 2,776. Bitcoin crashed $2,089 to $11,720.


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