NEW YORK (AP) — Stocks are edging higher in early Wall Street trading. The S&P 500 is starting the week at another record high. Tyson Foods slipped 4 percent after it emerged as the winner in a bidding war for Hillshire Brands, while Hillshire jumped 5 percent.
WASHINGTON (AP) — The Supreme Court has turned away appeals from cigarette manufacturers of more than $70 million in court judgments to Florida smokers. The justices did not comment in rejecting the companies’ complaints. R.J. Reynolds Tobacco, Philip Morris USA and Lorillard Tobacco wanted the court to review cases in which smokers won large damage awards without having to prove that the companies sold a defective and dangerous product or hid the risks of smoking.
WASHINGTON (AP) — The Supreme Court says a group of homeowners in North Carolina cannot sue a company that contaminated their drinking water because a state deadline has lapsed. In a 7-2 ruling, the justices say state law strictly bars any lawsuit brought more than 10 years after the contamination, even if residents did not realize their water was polluted until years later. The high court reversed a lower court ruling that said federal environmental laws should allow the lawsuit against electronics manufacturer CTS Corp. to proceed.
WHITEHOUSE STATION, N.J. (AP) — Merck will spend nearly $4 billion for Idenix Pharmaceuticals with a per-share bid worth more than triple the per-share price of the hepatitis C drug developer. Merck will spend $24.50 per share in cash for each share, which closed at $7.23 Friday.
OAK BROOK, Ill. (AP) — McDonald’s says its global sales rose slightly in May as sales in China rebounded after last year’s worries about avian flu. Global sales at established restaurants grew 0.9 percent for the world’s largest hamburger chain. Sales were up 2.5 percent in its Asia, Middle East and Africa region. In the U.S., sales at restaurants open at least 14 months fell 1 percent. In Europe, McDonald’s largest market, the sales figure rose 0.4 percent.
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