Papa John’s attempts to ward off founder with poison pill

Papa John’s is attempting to ward off its disgraced founder by adopting a poison-pill plan.

The company is struggling to distance itself from John Schnatter, who resigned as chairman this month after his use of a racial slur during a media training session was revealed. He stepped down late last year as CEO after becoming enmeshed in the national anthem issue involving NFL players, saying it was hurting pizza sales.

Schnatter, who later said his resignation was a mistake, is still the pizza chain’s biggest shareholder. He founded the company in 1984.

Papa John’s, based in Louisville, Kentucky, said late Sunday it will put its shareholder rights plan in place for a year. The plan would be activated if anyone acquires 15 percent or more of the company’s outstanding shares without board approval. That would effectively prevent Schnatter, who holds 30 percent of all outstanding stock, from gaining a controlling stake in the company.

The company said the plan won’t keep its board from considering any offer that is fair and in the best interest of shareholders.

Papa John’s International Inc. has started scrubbing Schnatter’s image from its marketing materials and has said it’s evaluating all of its ties with him. Schnatter still serves as a board member.

It’s holding off Schnatter as it struggles to reinvigorate the brand. Shares of Papa John’s International Inc. are down more than 30 percent over the past year.

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Chinese premier orders investigation of vaccine makers

Chinese leaders are scrambling to shore up public confidence and oversight of the pharmaceutical industry after a rabies vaccine maker was found faking records, the latest in a slew of public health and safety scandals that have led outraged Chinese parents to direct their ire at the government.

Premier Li Keqiang declared in a statement Sunday that the case of Changchun Changsheng Life Sciences Ltd., which is accused of fabricating production and inspection records, “violated a moral bottom line.” He pledged an immediate investigation into the company and to “resolutely crack down” on violations that endanger public safety.

The premier’s remarks were aimed at assuaging Chinese parents who routinely complain about worrying over fake food, milk and medicine in a society that seems to lack a “moral bottom line” — and also competent, uncorrupt regulators.

“Defective vaccines are like child abuse and trafficking — it touches on the most sensitive, vulnerable part of the public’s hearts,” wrote Xi Po, a columnist for The Paper, a popular online news outlet backed by the Shanghai government. “But unlike in cases of child abuse, the vaccine scandals involve layers and layers of broken regulators and interest groups.”

There were no reports of injuries due to the rabies vaccine, but the disclosure has ricocheted around social media, touching a raw nerve for Chinese parents. Two years ago, a similar scandal erupted after police busted a criminal ring that had sold millions of faulty baby vaccines — but did not disclose the case for months.

Regulators announced last week that Changchun Changsheng, China’s second-largest rabies vaccine manufacturer, was ordered to stop production and recall its rabies vaccine. Days later, provincial authorities in northeast China announced that batches of DPT, or diphtheria-pertussis-tetanus, vaccine were found to be defective. But more than 250,000 doses of the DPT vaccine had been sold, China’s state broadcaster reported.

Public anger ratcheted up swiftly only over the weekend following a report by an anonymous author disclosing that regulators found production problems at Changchun Changsheng as early as November but did not publicize the findings or announce a recall until July. The post went viral and was censored by Sunday even as Chinese leaders launched a public relations response.

In his statement, Li, the premier, acknowledged the government’s lapse and pledged to punish offenders and regulators found in “dereliction of duty.” State media chimed in, with the China Daily urging the government to handle the matter in a “transparent manner” while the Communist Party-owned Global Times called on authorities to “follow up on people’s security demands, and supervise and regulate more effectively.”

Government censors have employed a relatively light touch, allowing online news outlets like The Paper and Caixin to pursue the story aggressively while giving netizens space to vent their frustration and rage. By Monday afternoon, the hashtag “Changchun Changsheng makes fake vaccines” had garnered more than 100 million views on Weibo.

The company’s phone lines were busy for several hours on Monday and executives could not be reached for comment.

Yang Yuze, another writer at The Paper, bluntly questioned whether national policies to prop up pharmaceutical companies were “opening the door” to corruption.

“The main problem is insufficient regulation, missing regulation, powerless regulation,” Yang wrote. “It’s easy to see how (lax regulation of the vaccine industry) are fig leafs and excuses for the transaction of money and power.”

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AP Business Writer Joe McDonald contributed.

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Asian stocks fall as trade tensions take center stage

Asian markets were mostly lower on Monday as concerns over trade tensions moved to the forefront at the meeting this weekend of the Group of 20 industrial nations.

KEEPING SCORE: Japan‘s Nikkei 225 tumbled 1.3 percent to 22,403.45 and South Korea‘s Kospi dropped 0.7 percent to 2,272.57. Hong Kong’s Hang Seng slipped 0.1 percent to 28,200.33. The Shanghai Composite Index added 0.3 percent to 2,836.17, recouping Friday’s losses. Australia‘s S&P-ASX 200 fell 0.8 percent to 6,233.50.

WALL STREET: U.S. indexes closed slightly lower on Friday as a jump in bond yields helped banks but hurt big-dividend stocks. The S&P 500 index lost 0.1 percent to 2,801.83. The Dow Jones Industrial Average gave up less than 0.1 percent to 25,058.12. The Nasdaq composite dipped 0.1 percent to 7,820.20 while the Russell 2000 index of smaller-company stocks dropped 0.3 percent to 1,696.81.

G-20 CONCERNS: G-20 finance ministers and central bankers called Sunday for more dialogue on trade disputes that threaten global economic growth. Their communique said that although the global economy remains strong, growth is becoming “less synchronized” and risks over the short and medium term have increased. These include financial vulnerabilities, heightened trade and geopolitical tensions and global imbalances. “We … recognize the need to step up dialogue and actions to mitigate risks and enhance confidence,” the communique said.

TRUMP OFFENSIVE: On Friday, President Donald Trump took to Twitter to accuse the European Union and China of harming the U.S by manipulating their currencies and reducing interest rates. Speaking to CNBC, Trump renewed his threat to ultimately slap tariffs on a total of $500 billion of imports from China — roughly equal to all the goods Beijing ships annually to the United States. He shrugged off the prospect that a trade war with China could cause the stock market to tumble. “If it does, it does,” Trump said. Analysts say they’re becoming more convinced that Trump’s multi-front trade fights aren’t merely a short-term negotiating ploy. Rather, he may be prepared to wait for as long as he feels it’s necessary to force other countries to adopt trade rules more favorable to the United States.

ANALYST’S TAKE: “The hope is that this bluster is a negotiation tactic that will be watered down during negotiations but increasingly it looks difficult to duck trade blowback,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank.

CURRENCIES: The U.S. dollar fell sharply after Trump claimed countries were manipulating their currencies. It extended its losses on Monday, easing to 110.95 yen from 111.42 yen. The euro rose to $1.1738 from $1.1724.

OIL: Benchmark U.S. crude dropped 15 cents to $68.11 per barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract settled at $68.26 a barrel. Brent crude, used to price international oils, shed 20 cents to $72.87.

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Papa John’s founder John Schnatter says resignation ‘was a mistake’

The founder of Papa John’s said he made “a mistake” when he agreed to step down as chairman of the company’s board last week amid “mischaracterized” reports about his use of a racial slur earlier this year.

In a letter addressed to members of the company’s board, pizza chain founder John Schnatter said board members pressured him to resign without “any investigation” and based its decision on “rumor and innuendo.”

“The board asked me to step down as chairman without apparently doing any investigation. I agreed, though today I believe it was a mistake to do so,” Schnatter said, according to a copy of the letter obtained by ABC News on Tuesday. “I have checked with corporate governance experts who tell me that this was not a proper action by the board.”

PHOTO: In this file photo, John H. Schnatter, Founder, Chairman & CEO of Papa Johns International, Inc. rings the NASDAQ Opening Bell at NASDAQ MarketSite, Jan. 31, 2014, in New York City.Rob Kim/Getty Images, FILE
In this file photo, John H. Schnatter, Founder, Chairman & CEO of Papa John’s International, Inc. rings the NASDAQ Opening Bell at NASDAQ MarketSite, Jan. 31, 2014, in New York City.

Patty Glaser, an attorney representing Schlatter to the board, wrote in a separate letter on July 15 that the “board had no authority to remove Mr. Schnatter as a director” and called for “an independent investigation and fully inform itself as to what actually occurred.”

Glaser warns that “the failure to conduct a complete and independent investigation” would render “individual Board members liable for all resulting harm to the Company and to Mr. Schnatter.”

Schnatter faced fierce backlash last week after Forbes reported that he used the N-word during a May conference call while discussing the national anthem protests in the NFL.

“Colonel Sanders called blacks n——,” Schnatter said, referring to Kentucky Fried Chicken founder Harland Sanders, according to the Forbes report.

PHOTO: Papa Johns founder John Schnatter resigned from his position as chairman of the pizza chains board late Wednesday. Rob Kim/Getty Images, FILE
Papa John’s founder John Schnatter resigned from his position as chairman of the pizza chain’s board late Wednesday.

Schnatter apologized for the remarks last Wednesday and agreed to step down as Papa John’s chairman just a few hours later.

He also resigned from his position on the University of Louisville’s board of trustees last week, according to the school. He had served on the board for two years.

The Kentucky-based pizza chain had been testing advertisements to see if Schnatter should be reintroduced “with significant success,” according to his letter to the board, but the company seems to be reconsidering that relationship now.

“Racism and any insensitive language, no matter what the context simply cannot -– and will not -– be tolerated at any level of our company,” CEO Steve Ritchie said in a statement over the weekend. “It has also been decided he will no longer be in any of the advertising or marketing materials associated with the brand.”

Schnatter, currently the company’s largest shareholder, didn’t disclose details on the current status of the relationship in the letter.

FILE - In this Wednesday, Oct. 18, 2017, file photo, Papa Johns founder and CEO John Schnatter attends a meeting in Louisville, Ky. Schnatter says the pizza chain doesn’t know how to handle a “crisis based on misinformation” and that he made a “mistThe Associated Press
FILE – In this Wednesday, Oct. 18, 2017, file photo, Papa John’s founder and CEO John Schnatter attends a meeting in Louisville, Ky. Schnatter says the pizza chain doesn’t know how to handle a “crisis based on misinformation” and that he made a “mist

He accused the company of lacking the ability to “handle a crisis based on misinformation.”

“The corporate governance experts with whom I consulted said this is not the proper action of either a director or the board,” the letter said. “I am confident that an examination of the facts will bear out what I have written in this letter and show that once again our company has demonstrated that it does not know how to handle a crisis based on misinformation.”

Schnatter, 56, stepped down from his role as CEO late last year after saying NFL players should stand for the national anthem and that their protests had hurt the company’s sales. Those comments had precipitated his initial removal from advertisements.

He is still a member of the company’s board.

ABC News’ Darren Reynolds and Henderson Hewes contributed to this report.

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Stocks drop after Trump says he’s ready to step up trade war

World stock markets fell sharply Friday after U.S. President Donald Trump said he was prepared to put new tariffs on all Chinese imports, escalating the rhetoric in a trade war that could hit global economic growth.

KEEPING SCORE: From being up slightly earlier in the day, European indexes were trading lower. Germany‘s DAX fell 0.5 percent to 12,622 while France‘s CAC 40 dropped 0.7 percent at 5,377. Britain’s FTSE 100 fell 0.3 percent to 7,661. U.S. indexes were poised to open lower, with S&P 500 futures down 0.2 percent and Dow futures 0.4 percent lower.

TRUMP TALK: Trump told the TV channel CNBC he was ready to exchange tariffs with China until all of China’s exports to the U.S. — worth over $500 billion a year — are hit. “I’m ready to go to 500,” he said. Asked if he would do it even at a cost of a stock market drop, he said: “If it does it does.”

The comments come as the U.S. government is also considering taxing auto imports. Critics lined up this week to urge the administration to reject the tariffs, arguing they would raise car prices, squeeze automakers by increasing the cost of imported components and invite retaliation from trading partners — and allies — like the European Union and Canada.

ASIA’S DAY: Earlier, before Trump’s comments were aired, most Asian markets finished higher. Japan’s Nikkei 225 bucked the regional trend, losing 0.3 percent to 22,697.88. South Korea’s Kospi added 0.3 percent to 2,289.19. Hong Kong’s Hang Seng gained 0.8 percent to 28,224.48. The Shanghai Composite Index rebounded 2.1 percent to 2,829.27. Australia’s S&P-ASX 200 increased 0.4 percent to 6,285.90.

YUAN DECLINES: The People’s Bank of China set the Chinese currency’s central parity rate to 0.9 percent weaker against the dollar on Friday. If the yuan continues to depreciate, goods exported to China will become more expensive to consumers there. Chinese exports would also be relatively cheaper, possibly balancing out suggested increases in tariffs by the Trump Administration.

ANALYST’S TAKE: “One theory is that the PBOC is depreciating the yuan because it has not enough ammunition to fight a dollar-for-dollar increase in tariffs. The markets are very risk-off. There is a loss in confidence right now,” said Francis Tan, an economist at UOB Bank.

CURRENCIES: The U.S. dollar was trading at 112.45 yen, roughly unchanged from Thursday. The euro rose to $1.1651 from $1.1644.

OIL: Benchmark U.S. crude added 8 cents to $69.54 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 6 cents to at $72.64.

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How to score the biggest deals this Amazon Prime Day Video

Transcript for How to score the biggest deals this Amazon Prime Day

We areounting down to Amazon P dayet T kick off at 3:00 P.M. Eastern time. Am pig savings with a click of a mouse. But how do you know what’s real a good deal? Our cons corresponnt Becky Worley, youknow,’s case for us. Hey there,becky. Reporter: There are wortle counts. You have to know what to loo for how to look. Prime day is here. Rime D starts 3:00 P.M. July 16th. Reporter: Well almost. At 30 P.M. Eastern Amazon prime will startli out sales on over a million products. It’s an epic day and aalf of Oest deals. Repor newhi morning Amazon planning % O select toys are refresh summer funnd 30% off on Amazon basic items bedding, office products ancookware. The megasal running6 hours until ight tuesd B I available only tozon prime ers who pay $119 a ye. But you can sign upor a 30-day free L. Amazon S S the deepest discountsl come as lightningdeals limited Tim sales THA live and sell quickly. Butt you’re out and about. You don’t W T beied to your cputer a day long. Good news, thezon app lots of tools forifyingou when deals are coming up. If you click into the mu choose today’s deals and see what live now a ts tab off a glimpse at upcoming ferings. Nd one you like and click watch this deal to notifications when itsve. D the first time ever you cand pme deals in actual stores. We’re going to see sc deals for primebe in whole foods locates wchill be interesting to shat the roll T. Reporter: Buyer beware, prime day shoppers might EP shopping more for more than excited. The whole idea is T G them hooked on the idea of prime. Becky, so people are going to be sppg forrything so let’s take a look at a few ic categories to see if they’re gain good deal. First te Becky, tech pructs. Good deal or not? Okay, we’reng to go on that onoo deal. The best discounts of the entire prime day extranza will be on Amazon brandedgadgets, we’re talking Kindl tablet,lexa smareakers, fire seaming Dia stick, price should come wn 30% to 50%. That significant.nother p,rte device, younow those internet connected LI plugs, those are going to Rea solid price cuts too,n. How aboutclothing. Is that a G deal Ll, an despely wan to thinkf them for but on prime day not such a good dealper discous we think come in the fall when we change then as you mentioned blackridayeekend when we see E bet store discou Yeah ilways have a problem buying clothing online because yigner is a little differend all THA B what abgrocers? A good D or not? Ei with azon buying whole foods Thi a good deal. A couple of examples spend 10ucks at whole foodsou G a $10 ct for Amazon prime day andot discounted 10% at whole F andffering $10 credits to T the prime now grerlivery for the first time. Now, we ha details on how to link your accounts before you go to W foods. It’s all in article on website. You beat me to it get ou guide to prime D deals website.ank you, Becky. Here for you. As always are. Let’s go over to ginger. Yes, and let’s do your “Gma”

This transcript has been automatically generated and may not be 100% accurate.

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Insider Q&A: Being creative about hiring in tight job market

Paul McDonald, senior executive director at the staffing firm Robert Half International, has seen job markets of both extremes in his 35 years in recruiting: The ultra-low unemployment of the late 1990s, sky-high unemployment during the Great Recession and now back to a jobless rate of just 4 percent.

McDonald’s firm focuses on placing professional staffers in such fields as accounting, finance, technology and high-end administrative work. Unemployment has remained low in those fields for years, giving McDonald, based in Menlo Park, California, experience in how companies — and jobseekers — should proceed in a tight labor market.

The Associated Press spoke with McDonald about today’s job market.

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The 4 percent unemployment rate is near multi-decade lows. How would you compare this period to others you’ve experienced?

This one seems to be longer-lasting and more robust. The job gains have been very consistent over a number of months and years. It’s a very good time to look for a job. Companies need to be on top of their game in order to attract talent and retain the talent.

And how are companies doing that? How have they changed their hiring practices in this tight job market?

It’s always about recruiting. It’s not just a “post-and-hope environment.” That’s a strategy for losing in today’s market. What’s winning is that you’re offering employee referral bonuses. You’re tapping all your networks. You’re looking for people who maybe could boomerang back into your company after leaving two years ago, if they left on good terms. Another strategy we’re seeing is part-time employment for someone who may have had a life event. Maybe they decided to start a family, they left you a couple of years ago and now they would work part time. Offering remote opportunities has also been a really popular strategy.

Are companies loosening their skill demands to find the workers they need?

Maybe they’re hiring someone with 75 to 80 percent of the job description. The mandatory skills are there, and then they’re looking at the cultural fit, the soft skills ability, the business acumen. And then they train up for the weaknesses that person might have in their skill sets. That strategy has been really effective.

Given low unemployment, should job-seekers demand higher pay than they received in their previous job?

The further you stray from your experience, the lower the expectation should be on compensation. But today, if you’re in accounting, finance, technology, creative, the legal profession — for attorneys, the unemployment rate is 1.2 percent — if you’re making a move within your core competency area, employers are expecting to pay up for that experience. You should expect a good offer.

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Interviewed by Christopher Rugaber

Answers edited for clarity and length.

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Papa John’s founder accused of sexual harassment Video

Transcript for Papa John’s founder accused of sexual harassment

otherwise, we have T wait till it gets to00 — The newle for the papa john’sfounder. Addition to using a racial slur, the pizza giant’s former CEO has been accused of sl harassment. ABC’s liny S her more. Reporter: Good in robin. John schnatter, the now former O and of papa John’s says his use of a racial in that iam cference ca was intended to show employees what not to say.but this mning he’g a slew of new allegations that extend deep into the papa ‘S cult including allegations of sexually inappropriate behavior. Etter gredient, better pizza, phn’s.eporter: Just days after publicly apologizing on local TV his use of a racial slur – I D’t condone racism in any Y, peod. It’s just wras a mistake. It was horrible. Reporter: This mog, disgraced pizza man John schnatte defend himself onceagain. This time against aio a new artic on forbes.com citing rts from dozens of mostly anonymous rr forr papa John’s employees aiming schnatter would spy on his workers and splayed sexually inappropriate conduct. A former female employee who told Usha ery time she walked down the hall schnatt insisted on hugging her,hae Aske T size of her bra, that he a if she had slept with her pvious boss, clearly ents that are never acceptable from the head of a man onef his employees. Reporter:he articlelso cites that in 1999 schnatter settled a suit with a oyee who CLA he groped and stalked her after a party, something he deniet . Forbes describes papa John’s as a bro culre enabled by schnatter and other executives pronity and inappropriate ents tower women. According to one anonymous final quoted the article, there were meetings where the current CEO S rihiust laughed along. Schnatter’s ateyelbc news the story CIN numerous accuraciesnd misrepreations. It’s easy take false statements when oneidesind E cloak of anonymity. The pizza chain is struggling wiegativeeadlines and sluggish sales since late last year fg backla after hnatter she NFL antm protest was bad tsiness. Admitting to using that racial slur his image has been remod from the promotional material and more than a dozen profsional sport teams P many universities have suspended or led their promotions with the pza brand. We reached out to the current pa CEO, Steve Ritchie for comment and they replied atant that reads in part weehis Mr seriously. If anyths found to bng we are determined to take approprie ey also remind the public that theyhired a special committee tonvestigate company culture. WRE hearing even the agency that T med efforts are to the company Ng ties. Yes theyed that yesterday and said this new information calls into question the cultu athn’s and say it’s not in lineith the values. This story just continues on Andon. Does not stop. Thank you.

This transcript has been automatically generated and may not be 100% accurate.

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The Latest: Mulvaney defends Trump’s Fed comments

The Latest on rising trade tensions following comments by President Donald Trump (all times local):

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11:50 a.m.

White House Budget Director Mick Mulvaney is defending President Donald Trump’s comment lamenting the Federal Reserve’s action to raise U.S. interest rates.

Mulvaney says he’s sure most presidents have had similar thoughts about Fed actions, adding: “There’s nothing non-factual or inaccurate about it.”

Mulvaney tells Fox News Channel that Trump “is not the first president, nor he is he the first Republican conservative or Democrat who is frustrated that every time things seem to getting a lot better (economically), the Fed tries to pump the brakes.”

Mulvaney said Trump “absolutely respects the independence of the Fed, but that doesn’t prevent him or previous presidents from voicing their opinions.”

Trump’s comments break with a long-standing White House tradition to avoid any real or perceived influence on the nation’s central bank.

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9:45 a.m.

President Donald Trump is predicting that U.S. farmers will emerge victorious from a trade dispute that has hurt soybean prices.

Trump in a tweet blamed poor soybean prices on “bad (terrible) Trade Deals” with U.S. trading partners in the past. He’s also pointing to Canada’s placement of high tariffs on dairy products but says, “Farmers will WIN!”

The tweet comes as Trump is indicating he may escalate his trade fight with China and showing a willingness to place tariffs on up to $500 billion in products imported from China. The administration has slapped tariffs on $34 billion in Chinese goods to date and China has retaliated with duties on soybeans and pork.

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9:13 a.m.

President Donald Trump is criticizing the Federal Reserve as well as some of the largest U.S. trading partners over monetary policy.

In a Friday tweet the president laments rising U.S. interest rates, a day after he cast aside concerns about the Federal Reserve’s independence to say he was unhappy with the central bank’s recent actions.

Trump says: “China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge.”

He adds: “As usual, not a level playing field…”

Trump made a campaign pledge of designating China as a currency manipulator, but his administration has declined to make an official determination to that effect.

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9:05 a.m.

President Donald Trump is indicating that he’s ready to hit every product imported from China with tariffs, sending U.S. markets sliding before the opening bell.

In a taped interview with the business channel CNBC, Trump said “I’m willing to go to 500,” referring roughly to the $505.5 billion in goods imported last year from China.

The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the nation’s predatory practices.

Dow futures that had already been pointing modestly lower slid sharply about a half hour before the opening bell.

The yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.

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Markets Right Now: Stocks end slightly lower on Wall Street

The latest on developments in financial markets (all times local):

4 p.m.

Stocks are ending slightly lower on Wall Street but still managed to eke out a small gain for the week.

Higher bond yields drove down prices for high-dividend stocks like utilities and real estate companies Friday. PG&E fell 1.9 percent and Simon Property Group lost 2 percent.

Companies that rely on consumer spending also had a rough day. Cable TV and entertainment company Comcast lost 1.8 percent and Best Buy gave up 2.4 percent.

The S&P 500 index fell 2 points, or 0.1 percent, to 2,801.

The Dow Jones Industrial Average slipped 6 points to 25,058. The Nasdaq composite fell 5 points, or 0.1 percent, to 7,820.

Small-company stocks did worse than the rest of the market.

Bond prices fell. The yield on the 10-year Treasury rose to 2.90 percent.

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11:45 a.m.

Stock indexes are edging higher on Wall Street as Microsoft leads gains for the technology sector.

Microsoft rose 2.5 percent Friday after reporting a strong quarter for its cloud computing division.

Industrial conglomerate Honeywell was also up 4.1 percent after easily beating analysts’ profit forecasts.

State Street sank 6.8 percent after delivering weak results and announcing an acquisition.

The S&P 500 index rose 3 points, or 0.1 percent, to 2,808.

The Dow Jones Industrial Average rose 45 points, or 0.2 percent, to 25,110. The Nasdaq composite rose 22 points, or 0.3 percent, to 7,847.

Small-company stocks lagged the rest of the market.

Bond prices fell. The yield on the 10-year Treasury rose to 2.89 percent.

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9:35 a.m.

Stocks are opening mostly lower on Wall Street as investors react to some disappointing earnings reports.

Banks and industrial companies led the way lower in early trading on Friday.

State Street slumped 7 percent after missing analysts’ profit forecasts and announcing an acquisition, and General Electric dropped 3 percent after issuing a weak outlook.

Shoe maker Skechers plunged 26 percent after missing Wall Street’s earnings estimates.

Microsoft rose 3 percent after reporting a strong quarter.

The S&P 500 index fell 1 point, less than 0.1 percent, to 2,802.

The Dow Jones Industrial Average lost 50 points, or 0.2 percent, to 25,012. The Nasdaq composite rose 10 points, or 0.1 percent, to 7,833.

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