Crude oil for August delivery dropped 4.5% percent with a decline of $6.49 yesterday (Tuesday) to trade at $138.69 at the close of trading on the New York Mercantile Exchange, Bloomberg News reported. Contracts had traded as low as $135.92 earlier in the day as high gas prices curb demand due to changing consumer-driving habits.
Volkswagen AG (OTC: VLKAY) chose Chattanooga, TN over rival sites in two other states for a new U.S. assembly plant expected to create about 2,000 jobs, TheAssociated Press reported. Sites in Alabama and Michigan were also considered for the plant, which is part of Volkswagen's strategy to increase its presence in America. Volkswagen, Europe's biggest automaker, closed its last U.S. production facility in 1988.
Johnson & Johnson (JNJ) yesterday (Tuesday) reported an 8% jump in second-quarter profit, thanks to strong consumer sales and the weak dollar spurring sales overseas. For the first time ever, international sales topped U.S. sales for the company. Favorable currency exchange rates due to the weak dollar accounted for almost two-thirds of the increased sales, according to the Associated Press.
Shares of biotech firm ViroPharma Inc. (VPHM) tumbled yesterday (Tuesday) after announcing a bid to takeover Lev Pharmaceuticals Inc. (OTC: LEVP), Forbes reported. The potential $617.5 million deal will eat away most of ViroPharma’s cash reserves, causing its shares to drop $1.95, a 15% decline, to close at $10.62.