2nd Texas health worker with Ebola was on flight

NEW YORK — A top federal health official say a Texas health worker should not have been flying aboard a commercial airline after being exposed to Ebola.

The worker was diagnosed with the virus Wednesday, and officials are now contacting other passengers on the plane.

Dr. Tom Frieden, director of the Centers for Disease Control and Prevention, says the risk to other passengers was low because the worker showed now symptoms while onboard.

The worker is the second to be infected after treating a Liberian man who died of Ebola last week at a Dallas hospital.

Frieden says the health care worker traveled to Ohio before she knew a nurse had been diagnosed with Ebola.

He says the worker should not have traveled by air because she had been exposed to Ebola.

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Supreme Court weighs generic drug dispute

WASHINGTON — The Supreme Court seems divided as it considers a high-stakes patent dispute between rival pharmaceutical companies over the world's best-selling multiple sclerosis treatment.

Justices heard arguments Wednesday in a case that threatens to cut into the profits of Israel-based Teva Pharmaceutical Industries Ltd., which sells $4 billion-a-year worth of the drug known as Copaxone.

Teva claims the U.S. Court of Appeals for the Federal Circuit wrongly overturned five of its patents for the drug. At issue is whether the appeals court was allowed to second-guess factual findings made by a federal district court that had earlier ruled in Teva's favor.

The justices seemed split over whether patent cases should be reviewed under a different standard than other cases, where appeals courts must defer to factual findings made by lower courts.

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Airline stocks tumble on fresh Ebola fears

Airline stocks are tumbling after news that the second health worker to be diagnosed with Ebola flew on a commercial flight the night before reporting a fever.

Shares of the major U.S. airlines were down between 4 percent and 6 percent in midday trading Wednesday.

Frontier Airlines announced that public-health officials were notifying passengers on Monday night's Flight 1143 from Cleveland to Dallas-Fort Worth. The airline's crew reports that the woman showed no symptoms during the flight.

Frontier says because of the short time between the flight and her fever, health officials were contacting all 132 passengers from the flight. Public-health professionals will interview the passengers and monitor those deemed to be at risk for contracting the virus, Frontier says.

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Stocks swoon, extending losses; Bond prices soar

Stocks are falling sharply as traders dump risky assets and park their money in investments seen as relatively safe, such as U.S. government bonds.

The Dow Jones industrial average was down 272 points, or 1.7 percent, to 16,042 as of 11:51 a.m. Eastern time Wednesday. It plunged as much as 369 points shortly after trading began.

The Standard & Poor's 500 fell 32 points, or 1.7 percent, to 1,845. The Nasdaq fell 60 points, or 1.4 percent, to 4,167.

All three indexes are now negative for the year. The S&P is down 8 percent from its record high reached Sept. 18.

Bond prices soared as investors shifted money into safe-haven investments.

The yield on the 10-year Treasury note plunged to 2.03 percent from 2.20 percent Tuesday, a huge move.

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Wal-Mart scales back US store growth

NEW YORK — Wal-Mart Stores Inc. plans to dramatically scale back expansion of its U.S. supercenters next year, while investing more in e-commerce.

The company also is conducting a major review of its U.S. Wal-Mart business and will update investors on its plans early next year, executives told investors at the retailer's annual analyst meeting on Wednesday.

The review comes as it aims to revive business at Wal-Mart discount stores, which have not recorded growth in sales at locations open at least a year for six straight quarters. The business, which accounts for 60 percent of the company's total sales, have been plagued with broader issues, including a slowly recovering economy that hasn't benefited its low-income shoppers. But the company has also been tripped up by its own mistakes like being out of stock on items shoppers want.

"There's no excuse for us not to be doing better," Doug McMillon, the company's new CEO and president who took over the reins from Mike Duke in February, told analysts. While he said that there are obstacles like health care costs and economic issues, the company needs to be doing a better job at keeping items in stock and speeding up checkout lines. It also needs to get better with its prices. At the same time, Wal-Mart will increase its investment in e-commerce.

"I really believe our future is bright," he said. "There are so many ideas percolating around."

Wal-Mart is scaling back supercenter openings to 60 to 70 next fiscal year, down from an expected 120 this year.

As for its smaller stores, the company also plans to add 180 to 200 Neighborhood Markets next year, from 170 stores scheduled for this year. It's reducing growth of its smaller Wal-Mart Express stores. It plans to open 20 stores next year, down from the expected 70 this year. Wal-Mart Express stores are about 12,000 square feet, while the Neighborhood Markets average about 40,000 square feet.

It's also rebranding Wal-Mart Express stores to Neighborhood Markets while reducing its offerings in seldom-purchased items such as shower curtains and stocking more items that shoppers want every day such as diapers.

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HBO unleashes streaming from cable contracts

NEW YORK — No cable? No problem.

Viewers longing to watch "Game of Thrones", "True Detective" and "Veep" will no longer have to pay big bucks for cable and satellite contracts. Next year HBO is cutting the cord and selling its popular streaming video service HBO Go as a stand-alone product, as more Americans choose to watch the Web, not the TV.

HBO CEO Richard Plepler said Wednesday that the move is aimed at targeting the 80 million homes in the U.S. that do not have HBO but may want access to its content — and especially the nation's 10 million broadband-only homes.

"That is a large and growing opportunity that should no longer be left untapped," Plepler said at parent Time Warner Inc.'s investor meeting in New York. "It is time to remove all barriers to those who want HBO."

Will this lead to a wave of pay-TV cancellations? HBO's move is a game changer in the industry, says Forrester analyst James McQuivey.

"HBO and ESPN are the two main reasons why people have cable and satellite TV," he said. "The whole industry has eyed them for years nervous that one day they would decide to do exactly what they said they'll do in 2015. We don't know until we see pricing and packaging how rapidly this will force a change in the way pay TV operators work, but it will definitely force a change."

Cable and satellite providers have long been against the unbundling of TV channel packages because they wouldn't be able to charge as much for an a la carte menu of stations. Pepler said HBO plans to work with current partners as well as "explore models with new partners," but did not give specifics.

Streaming services like Netflix, Hulu and Amazon Instant Video have rapidly grown in popularity. About 40 percent of online adults stream video on their television, according to Forrester, through services like Roku, Apple TV and others. And that doesn't count the number of viewers who stream TV on their computer, phone or tablet.

HBO has been offering its streaming HBO Go service to HBO subscribers as well as some Internet subscribers who pay extra for the streaming service only. It has also offered a stand-alone service in Scandinavia for several years.

No details about pricing were given, but Forrester's McQuivey expects the stand-alone HBO service could cost about $15 a month. That's more than the lowest payment option for Netflix, which starts at $8.99, but high enough to discourage many cable TV subscribers from cancelling their service.

Time Warner shares rose $1.94, or nearly 3 percent, to $72.56 in midday trading.

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CNN cuts end Mitchell's show on HLN

NEW YORK — Jane Velez-Mitchell and her staff have been laid off due to budget cuts at CNN, ending her nightly program on the HLN network.

Her program, which aired for six years at 7 p.m. Eastern on the CNN sister network, ended Monday. Mitchell was told of the layoff on Tuesday, said an executive at CNN who requested anonymity because the person was not authorized to discuss personnel matters. Twelve people, including Mitchell, were let go with this cut.

The show will be replaced temporarily by reruns of "Forensic Files."

CNN Worldwide is in the midst of an 8 percent staff cut, a total of 300 jobs. An estimated 130 people have taken buyouts, with layoffs accounting for the remainder, the executive said Wednesday.

HLN's future has been a subject of speculation recently, after CNN negotiated but failed to reach a deal with Vice Media over that company taking over some of HLN's programming.

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Stocks swoon, extending losses; Bond prices soar

U.S. stocks tumbled in midday trading Wednesday as investor fears of a global economic slowdown intensified, setting the Dow Jones industrial average on course for its fourth consecutive loss.

The Dow plunged as much as 369 points in the first 10 minutes of trading, following steep declines in Europe, as the market sized up the latest batch of corporate earnings and some discouraging data on retail sales and manufacturing.

Traders dumped risky assets and parked their money in investments seen as relatively safe, such as U.S. government bonds. That pushed the yield on the 10-year Treasury note briefly below 2 percent, the lowest level in more than a year.

"It's a function of the U.S. being the best house in a bad neighborhood," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "There's still uncertainty about economic growth, primarily on a global basis."

The Dow recovered some of the ground it had lost in the first half-hour of trading then fell steadily again through midday. By 12:30 p.m. Eastern time it was down 295 points, or 1.8 percent, to 16,019.

The Standard & Poor's 500 index fell 34 points, or 1.9 percent, to 1,843. The Nasdaq composite dropped 65 points, or 1.5 percent, to 4,162.

All three indexes are now down for the year.

Bond prices soared as investors shifted money into safe-haven investments.

Early on, the yield on the 10-year Treasury note plunged to 1.91 percent from 2.20 percent the day before, or 29 basis points, a huge move. It recovered to 2.01 percent in midday trading. Bond yields fall when their prices rise.

"It typically takes weeks for 10-year Treasurys to move 29 basis points," noted Tom Di Galoma, head of fixed income rates in New York at ED&F Man Capital. "Today it moved 25 basis points in 5 minutes."

Wednesday's slide brings the stock market closer to a correction. That's a drop of 10 percent or more, something that hasn't happened since October 2011.

The S&P 500 would need to fall to 1,810 to hit correction territory. For the Dow, that's 15,551. The Nasdaq's correction threshold is 4,138.

Even if a correction occurs, it's not necessarily a bad thing. Market watchers consider them necessary for the long-term health of the market.

"Valuation has improved here with this pullback," Sandven said.

Stocks have been declining for nearly a month as investors have grown increasingly nervous about whether global growth is slowing. While the U.S. economy remains in recovery mode, investors are concerned that corporate earnings growth will slow this year and next due to a slowdown in Europe and, to a lesser degree, China.

Investors got more discouraging news early Wednesday, when the Commerce Department reported that retail sales declined 0.3 percent in September from the previous month. Purchases of autos, gasoline, furniture and clothing slowed.

Retail sales have risen 4.3 percent over the past 12 months, slightly below their historical pace.

A snapshot of manufacturing activity didn't bolster optimism.

The Federal Reserve Bank of New York's Empire State Manufacturing index fell 6.2 percent in October as new orders shrank and shipments barely rose. The latest reading marks the slowest pace of growth in six months.

All 10 sectors in the S&P 500 declined, led by financial stocks, which slid 2.9 percent.

Bank of America, Regions Financial, and Citigroup were among the biggest decliners. KeyCorp led the slide among S&P 500 companies, falling $1.13, or 8.8 percent, to $11.76, after reporting earnings and revenue that fell short of what analysts were looking for.

Bucking the trend were several energy companies, including Cabot Oil & Gas, Southwest Energy and EOG Resources. Cabot paced the gainers, rising $1.37, or 4.8 percent, to $29.84.

As more companies report earnings over the next couple of weeks, investors should get a better read of the impact that the economic situation overseas will have on U.S. companies.

In overseas market action, traders worried that Europe might relapse into recession.

France's CAC 40 sank 3.6 percent and Germany's DAX lost 2.9 percent. Britain's FTSE 100 fell 2.3 percent. Greece's stock index plunged 6.3 percent on concerns that the Greek government could collapse next year, putting its bailout program in danger. The index fell 5.7 percent the previous day.

In Asia, Japan's Nikkei 225 stock average closed up 0.9 percent, while Hong Kong's Hang Seng added 0.4 percent. China's Shanghai Composite rose 0.6 percent and Seoul's Kospi fell 0.2 percent after the central bank cut its growth forecasts for this year and next. Markets in Southeast Asia, Australia and New Zealand were higher.

U.S. crude rose 5 cents to $81.89 a barrel.

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EPA approves new weed killer for engineered crops

WASHINGTON — The Environmental Protection Agency has approved a new version of a popular weed killer to be used on genetically modified corn and soybeans.

The EPA said Wednesday that it will allow the use of a 2,4-D weed killer called Enlist Duo, a new version of the popular herbicide used since the 1940s. It is designed to be used on corn and soybeans grown with engineered seeds approved by the Agriculture Department last month. When used together, farmers can spray the fields after the plants emerge, killing the weeds but leaving crops unharmed.

The agriculture industry has anxiously awaited the approvals, as many weeds have become resistant to glyphosate, an herbicide commonly used on genetically modified corn and soybeans now. Enlist includes a combination of both 2,4-D and glyphosate.

Critics say they're concerned the increased use of 2,4-D could endanger public health and more study on the chemical is needed. The USDA has said that if both the seeds and herbicide are approved, the use of 2,4-D could increase by an estimated 200 percent to 600 percent by the year 2020.

The EPA said in a release that the agency's decision reflects a large body of science and that officials used "highly conservative and protective assumptions to evaluate human health and ecological risks." The EPA said the herbicide meets safety standards for the public, agricultural workers and endangered species.

2,4-D is now used on other crops, including wheat, and on pastures and home lawns. It is the world's most popular herbicide and the third most popular in the United States, behind atrazine and glyphosate.

Groups lobbying the agency to prevent the herbicide's expanded use say they are concerned about the toxic effects of the herbicide and the potential for it to drift. Corn and soybeans are the nation's largest crops, and the potential for expanded use is huge.

Dow AgroSciences, which manufactures Enlist, says the new version has been re-engineered to solve potential problems, like drift before and after the herbicide hits the plant.

To further address concerns, the EPA is requiring a 30-foot buffer zone where the herbicide can't be sprayed. The agency is also requiring farmers to stop spraying if wind speed is over 15 miles an hour.

Wednesday's announcement approves the use of the weed killer in six states: Illinois, Indiana, Iowa, Ohio, South Dakota and Wisconsin. The agency is taking comments on whether to register the herbicide in 10 additional states: Arkansas, Kansas, Louisiana, Minnesota, Missouri, Mississippi, Nebraska, Oklahoma, Tennessee and North Dakota.

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Follow Mary Clare Jalonick on Twitter at http://twitter.com/mcjalonick

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Sept. betting, revenue off at Conn. tribal casinos

HARTFORD, Conn. — Connecticut's Indian-run casinos are reporting declines in slot machine betting and revenue in September.

Mohegan Sun said Wednesday total slot machine bets in August totaled $569.6 million, down from $621.5 million in September 2013. The share of wagers known as revenue was $46.5 million in August, down from nearly $50 million in the year-ago month.

Foxwoods Resort Casino said total slot bets were $445.8 million, down from $508.1 million. Slot revenue of $36 million was down from $44.8 million in September 2013.

Betting and revenue have fallen steadily at the casinos due to rising competition in the Northeast and continuing weakness in consumer demand.

Mohegan Sun recently lost its second bid to operate a casino in Massachusetts and Foxwoods is in the running for a resort casino in Fall River.

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