Investors got some inflation data on the wholesales level. The Labor Department said producer price index, which measures the prices companies receive for their goods and services, fell 0.2% in May. Economists were expecting a 0.1% rise. May’s decline follows a 0.6% rise in April.
Online travel giant Priceline (PCLN) said it will buy restaurant booking service OpenTable (OPEN) for $2.6 billion in cash, or $103 a share. Priceline is broadening its reach as it seeks new ways to grow. OpenTable makes reservations for 15 million users every month in more than 31,000 restaurants.
Ford (F) said it overstated gas mileage in several 2013 and 2014 models. The automaker said it will compensate more than 200,000 owners between $125 and $1050 depending on the model. Ford's hybrids, plug-in-hybrids, and some Fiestas are the models affected. Ford said it found the error in March and reported it to the Environmental Protection Agency, who oversees fuel-economy ratings. Ford said it doesn’t expect to pay a fine for the error.
Tesla's (TSLA) co-founder and CEO Elon Musk said in a blog post the company will open up all its patents - several hundred of them - to let others use its intellectual property. Musk said the company wouldn't take legal action against anyone who, "in good faith, wants to use our technology."
Let us know what you think. Is it good business for companies to reveal their patents? Vote in our poll, or leave a comment below or on Twitter.
- Professional Services