Ralph Lauren is stepping aside as CEO of his namesake company in November. He's going to be replaced by Stefan Larsson, the outgoing president of Gap's Old Navy brand. Lauren plans to remain design chief. Following the announcement, (GPS) was downgraded to "underperform" from "neutral" at Mizuho Securities. (Reuters)
Twitter (TWTR) is said to be working on a new product to allow users to post tweets longer than the current 140-character limit, which has been a trademark of the social network since its inception. (Re/code)
Apple Music has priced its China launch today at a steep discount to what it charges in the U.S., but the music streaming service may be a tough sell. The service, at $1.57 a month, is significantly below the U.S. cost of of $9.99. (CNBC)
Chesapeake Energy (CHK) will reduce its workforce by about 15 percent, or 740 jobs, as depressed energy prices at the nation's No. 2 natural gas producer. (Reuters)
Ferrari's expected IPO could launch as soon as Friday, according to CNBC sources, with pricing in two weeks. The sports car brand is looking to raise $1 billion.
Starting tomorrow, Amtrak passengers with more than two personal items and two carry-on bags, adding up to 150 pounds, will be charged $20 for each bag over the quantity and size limit. (Washington Post)
Move over, Jeb Bush, Carly Fiorina, and Fox News — Donald Trump has somebody else to argue with: Forbes magazine and its new estimate of his net worth at just $4.5 billion, less than half Trump's claim of more than $10 billion. (CNBC)
The House and Senate today are expected to pass a stopgap funding bill, without Planned Parenthood defunding, to avert a government shutdown. Meanwhile, GOP leaders and President Barack Obama are trying to reach a long-term spending deal. (USA Today)
Russia's upper house of parliament has approved a request by President Vladimir Putin to authorize the the use of military force abroad, paving the way to build up a presence in Syria. (CNBC)
Pope Francis met secretly in Washington, D.C., last week with Kim Davis, the county clerk in Kentucky who defied a court order to issue marriage licenses to same-sex couples, according to her lawyer. (NY Times)
Tropical Storm Joaquin is lurking in the Atlantic Ocean, on the verge of becoming a hurricane today, but meteorologists were still divided on how hard the East Coast would get hit. (NBC News)
With interest rates swinging relatively widely day-to-day, due to volatility in the U.S. stock market and overseas financial markets, total mortgage application volume fell 6.7 percent last week.
Ahead of Friday's government employment report for September, the ADP private sector job numbers are out at 8:15 a.m. ET this morning, with economists expecting a 200,000 advance for September, compared to a 190,000 gain in August.
The Chicago purchasing managers index for September, released at 9:45 a.m. ET, is expected to show a reading of 52.9, compared to the 54.4 level in August.
Oil prices were under some pressure this morning, after an unexpectedly high build in U.S. crude inventories as measured by the American Petroleum Institute. Weekly stockpile numbers from the government are out at 10:30 a.m. ET.
There's no shortage of Fed-related speakers today, including central bank chief, Janet Yellen, who gives the opening remarks at a banking conference in St. Louis at 3 p.m. ET. St. Louis Fed President James Bullard and Fed Gov. Lael Brainard appears at the same event, while New York Fed President William Dudley appears at SIFMA conference in New York this morning.
Costco (COST) late Tuesday reported quarterly profit of $1.73 per share for its latest quarter, 7 cents above estimates, but revenue was below forecasts on lower fuel prices and a stronger U.S. dollar.
AT&T (T) will change the way its DirecTV unit uses to count commercial subscribers, which will trim the official subscriber count by 918,600. The company said revenue and cash flow won't be affected by the change.
Amazon is testing a service called Amazon Flex, a Uber-like service for package deliveries. Drivers will be paid up to $25 per hour to deliver Amazon orders using their own cars.
JPMorgan Chase (JPM) will have to face a class action suit in the U.S. related to the London Whale case, which saw the bank take a $6.2 billion loss. That follows a court ruling in New York late Tuesday.
Ford (F) received a five-day strike notice at a key plant for its popular F-150 pickup truck. The strike authorization comes amid disagreements over a local labor contract.
Advance Auto Parts (AAP) is a target of activist hedge fund Starboard Value, according to the Wall Street Journal, which said Starboard will announce today a 3.7 percent stake in the auto parts seller.
Despite support at the top, gender equality is a long way off at most U.S. companies, a new study shows, because a majority of women say they would rather not grab the brass ring. (WSJ)
More than 15 million people enrolled in the top 10 Medicare Part D prescription drug plans will face average next year, according to a new analysis. (CNBC)