Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Price Of Big Board Seat Falls 20% From 3 Months Ago

A seat on the New York Stock Exchange, the ticket for admission to trade on the world's biggest stock exchange, sold for $1,162,500 Tuesday, 20 percent below the record price of $1.45 million paid three months ago.

Falling seat prices usually are associated with declining markets. The Dow Jones industrial average, made up of 30 NYSE stocks, declined 10 percent after reaching a record high in May. It has since rebounded.

Still, Big Board trading fell from its record levels of earlier this year. That means the potential for profits is lower for owners of the 1,366 seats on the NYSE. The number of seats has been fixed since 1953. The exchange doesn't release the names of buyers and sellers.

Bloomberg

Sprint Offering Internet Passport Access Service

Sprint Corp. on Tuesday became the third major long-distance company to enter the Internet market by starting an access service called Sprint Internet Passport.

Kansas City-based Sprint will offer it initially to just 200,000 of its long-distance customers, who will get free service until a broader rollout in the last three months of the year.

Sprint will offer a two-tiered payment plan: $19.95 a month for unlimited access; or $1.50 an hour with no minimum usage or charge.

Associated Press

Chrysler Invests To Expand Presence In South America

Chrysler Corp. Tuesday announced $380 million in new investments for South America, including assembly plants for pickup trucks and diesel engines in Brazil and the expansion of a Jeep plant now being built in Argentina.

Chrysler is cautiously trying to rebuild its international presence. Roughly one-third of the total investment, or about $126.6 million, will come from Chrysler's suppliers, who will play a major role in the automaker's low-risk global growth strategy, Chrysler Chairman Robert Eaton said.

Reuters

Phillips Sells Its Retail Propane Marketing Unit

AmeriGas Partners LP said Tuesday it acquired Phillips 66 Propane Co. …

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