Business News

Phil Knight Says Goodbye

A decision on whether to hike borrowing costs for the first time in nine years comes as the Fed ends its two-day meeting, with release of a press release at 11am. This will be followed 30 minutes later by a news conference by Fed Chair Janet Yellen. (CNBC)

Drugstore chain operator Rite Aid cut its full-year forecast for drugstore sales and total earnings, citing rising generic drug prices as insurers have been slow in raising reimbursement rates for those drugs. Profits fell to $21.5 million in the quarter.  Sales rose 17.5% to $7.66 billion. (Reuters)

If you want to take a trip to the valley you can attend the Nike annual shareholders meeting today in Beaverton, Oregon. The meeting begins at 10 am. This will be the last meeting Phil Knight will run as he is stepping down as chairman next year. Travis Knight, Phil Knight's son, was named to the company's board as part of Phil Knight's succession plan. Thursday will be his first annual meeting. (AP)

Netherlands-based telecom Altice has agreed to buy U.S. cable TV provider Cablevision in a deal valued at $17.7 billion. Altice failed earlier this year to buy Time Warner Cable. (CNBC)

A group of pharmacy workers at Target's Brooklyn, New York store, have won a vote to form a microunion, making it the first unionized store at the retailer since its inception in 1902. (Reuters)

Oil is down 40 cents at $46.78 a barrel. Oil surged 6% yesterday on increasing optimism that the lowest level of the recent cycle was hit in August. (CNBC)

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