Market Minute: U.S. Steel Girds for Changes; Eli Lilly Goes to Court
U.S. Steel girds for big changes, and Eli Lilly faces a big court date. Those stocks and more are what's in business news Monday.
The Dow Jones industrial average (^DJI) suffered its worst weekly loss this year, tumbling more than 2 percent last week. The Standard & Poor's 500 index (^GPSC) also slid percent, and the Nasdaq composite index (^IXIC) fell 1.6 percent.
U.S. Steel (X) is shaking up its top management. The CEO is stepping down, replaced by the company's president. The chief operating officer is also being replaced. Last week U.S. Steel posted a quarterly loss, as the industry deals with declining prices.
An important patent dispute goes to court Monday. Eli Lilly & Co. (LLY) is defending a patent on its multibillion dollar lung cancer medicine. The Wall Street Journal reports this case could be pivotal to Lilly's future. It's seeking protection for the drug until at least 2022, but a loss would mean generic competition five years before that.
JPMorgan Chase (JPM) is reportedly the subject of a bribery probe by U.S. regulators. The New York Times reports that the banking giant hired the children of influential Chinese officials in order to win business contracts there. The Times notes that JPMorgan hasn't been accused of any wrongdoing, but a Securities and Exchange Commission filing does indicate that some of those employees may not have been qualified for their positions.
News Corp. (NWS) faces more trouble more than two years after officials in London began investigating the company's newspaper employees for illegally snooping on the voicemail messages of certain newsmakers. Now, reports say the company itself could face criminal charges related to the phone hacking scandal, as well as bribery charges.
And, what will the new iPhone offer? Well for one thing, a new color option. According to TechCrunch, Apple's (AAPL) iPhone 5S will be offered with a gold-tinted aluminum cover.
-Produced by Drew Trachtenberg.
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