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Chattanooga Whiskey Cancels New Year's Eve 'Barrel Drop'
Chattanooga Whiskey has cancelled its highly-promoted New Year's Eve event called Barrel Drop 2014.
The now-cancelled event was originally designed to imitate the famous New York City Ball Drop. The free event was to feature several bands. The company however was also selling tickets to a special VIP area for $175 per couple.
In an e-mailed release announcing the cancellation the company offered little explanation except to say, "We got to a place where our team started to realize our focus was not solely on our core mission: to bring whiskey back to Chattanooga. Furthermore, to bring whiskey to the people."
The company recently announced that Andrew Kean, former COO for the City of Chattanooga and former President of See Rock City, had joined the company as its new President.
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Last Update on July 22, 2014 07:31 GMT
NEW YORK (AP) -- Wal-Mart Stores Inc. is intensifying the price game for the crucial back-to-school shopping season.
The world's largest retailer has cut prices on 10 percent on more back-to-school items compared with last year, signaling that the second-most important shopping season behind the winter holidays will be fiercely competitive. The Bentonville, Arkansas-based retailer also said that it's increasing the number of back-to-school products sold on its website by 30 percent to 75,000 this year from last year.
In an interview with The Associated Press on Monday, Steve Bratspies, executive vice president, general merchandise at Wal-Mart, said he's seeing back-to-school promotions start early this year. He expects that its low-income shoppers will stagger their buying throughout the season, a trend it has seen in the last few years. A little over 300 back-to-school items will have what Wal-Mart refers to as "rollbacks" or discounts.
SAN FRANCISCO (AP) -- Second-quarter earnings for Netflix more than doubled as new episodes from a hit series helped the Internet video service surpass 50 million worldwide subscribers for the first time.
The gains announced Monday include an additional 570,000 U.S. subscribers, slightly more than Netflix's management predicted. The quarter is typically the company's slowest of the year, as people spend more time outdoors instead of watching video.
Investors applauded the second-quarter results, pushing Netflix's stock up $4.05 to $456 in extended trading. The shares have surged by 23 percent this year, while the Standard & Poor's 500 index has increased 7 percent. The second quarter featured one of Netflix's marquee attractions, "Orange Is The New Black," which returned for its second season in early June. As with Netflix's other original series, all 13 episodes of "Orange Is The New Black," were released simultaneously so subscribers could watch the story unfold at their leisure.
RICHMOND, Va. (AP) -- A federal judge says the Food and Drug Administration can't use an advisory panel's 2011 report on menthol cigarettes because its members had conflicts of interest.
While the FDA has since conducted an independent review on the public health impact of menthol cigarettes, Monday's ruling could hinder the agency's ability to defend any future regulations.
U.S. District Court Judge Richard Leon in Washington ordered the agency Monday to reconstitute the tobacco panel and barred it from using its older report on menthol cigarettes.
Cigarette makers Lorillard Inc. and Reynolds American Inc. sued the agency in 2011, alleging conflicts of interest and bias by several members of the panel tasked with advising the FDA on tobacco-related issues.
Only one of the members challenged in the suit remains on the committee.
JOHNSON & JOHNSON-BUYBACK
J&J buying back $5 billion worth of its shares
NEW BRUNSWICK, N.J. (AP) -- Johnson & Johnson, the world's biggest maker of health care products, plans to buy back up to $5 billion of the company's common stock.
The maker of prescription drugs, medical devices and Tylenol said Monday that its board of directors had approved the stock buyback program. The company says in a statement that the program has no time limit and could be discontinued at any time.
Johnson & Johnson's shares have risen strongly over the past two years, from about $68 to a July 7 all-time closing high of $106.47. They ended Monday down 53 cents to $101.27 and were up 75 cents at $102.02 in after-market trading following the announcement of the buyback program.
Johnson & Johnson, based in New Brunswick, New Jersey, said it has about 2.8 billion stock shares outstanding.
HARRISBURG, Pa. (AP) -- Pennsylvania received its third bond downgrade in two years Monday. It happened after Gov. Tom Corbett signed a budget that papers over a massive deficit with stopgaps and failed to win passage of legislation to rein in a rising public pension debt.
New York-based credit ratings agency Moody's Investors Service dropped Pennsylvania's $11.1 billion of general obligation bonds a rung on its rating ladder, from Aa2 to Aa3, leaving it ranked among the six worst states in Moody's ratings for the 47 states with general obligation debt.
It was the second downgrade by Moody's in two years. Fitch Ratings downgraded Pennsylvania last year, and Standard & Poor's has warned it could downgrade Pennsylvania if it didn't see significant strides to address deficits and pension liabilities.
NEW YORK (AP) -- Yahoo is buying Flurry Inc., a startup that helps other programmers build better mobile applications and craft marketing campaigns for smartphones and tablets.
The deal announced Monday is the latest in a wave of mostly small acquisitions that Yahoo Inc. has made during the two-year reign of CEO Marissa Mayer as the company's tries to attract more traffic on mobile devices.
The shopping spree hasn't yet provided Yahoo with the means to boost its revenue growth at a time more advertising is moving to online services. The Sunnyvale, California, company last week disclosed another lackluster performance in the April-June period.
Yahoo didn't disclose how much it is paying for Flurry, an indication that the price isn't big enough to affect Yahoo's finances.
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