Wednesday's Business Update
General Motors has discontinued the oldest brand in automotive history. The Alero is the only Oldsmobile still in production and Thursday will be the last day it rolls off the assembly line. The Oldsmobile name comes from it's founder Ransom "E" Olds, who started the Olds Motor Vehicle company in Lansing Michigan in 1897. But no one will get a chance to buy the last car, it will be at Lansing's transportation museum.
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Meanwhile, more bad news for the maker of the diet drug Fen-Phen. A Texas jury ruled that the pharmaceutical company, Wyeth should pay $1 billion to the family of a woman who died from lung disease that the plantiff's lawyers said was caused by the diet drug. The company made Fen-Phen in the 90's. While Wyeth has battled tens of thousands of claims from people saying they suffered heart--valve damage after taking Fen-phen, this is the first verdict against the company involving a case that claimed the drug caused lung damage.
The Dow Jones
Down 135.56 points
Nasdaq
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S&P 500
Down 15.74 points