Lochte losing sponsorships

Speedo was the first, announcing it dropped its sponsorship of embattled U.S. swimmer Ryan Lochte.

By the end of the day, three other companies also said they would cut ties with him.

Ralph Lauren, which outfitted Team USA for the opening and closing ceremonies, said that it would not renew its current deal with Lochte.

The parent company of Gentle Hair Removal also dropped Lochte after he and other swimmers said they were robbed at gunpoint in Brazil but later admitted their story wasn’t true.

Americans aren’t done with outlet malls just yet. Shoppers at the malls gained again in July, according to Cowen and Company.

Shoppers seem to like the discount stores even as department stores struggle.

Stocks were under pressure as the mood turned cautious ahead of the Fed meeting this week.

Oil was also down. The Dow closed about 20 points lower.

Costco’s credit card nightmare just got worse. Costco Citi card users are receiving cancellation notices, leading to confusion.

In some cases, members reported that they received emails addressed to other people that contained the last four digits of other users’ account numbers, raising concerns that their accounts had been hacked.

Costco emailed all customers who were affected, instructing them to disregard prior emails.

Researchers with the U.S. Department of Agriculture are working on a few alternatives to plastic wrap, including an edible film that’s also biodegradable.

USDA researchers have been using a milk protein called casein to make a film that’s up to 500 times better than plastic at keeping oxygen away from food.

And, Bloomberg reports, it can be eaten. Another application for the material is using it to line pizza boxes to cut down on grease stains.

For more business headlines from Jane King at the Nasdaq, watch Daybreak Monday through Friday.

Categories: Daybreak, Morning Business Report

Leave a Reply

Your email address will not be published. Required fields are marked *