The daily business briefing: March 9, 2016

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1. Lockheed Martin to cut 1,000 aerospace workers
2. Better Business Bureau says Trump University had a D- rating in 2010
3. Dick's Sporting Goods reports weak winter sales
4. Administration to further ease Cuba restrictions ahead of Obama visit
5. Chipotle outlet near Boston temporarily closed after 4 workers diagnosed with norovirus

published 9 March 2016

1. Lockheed Martin to cut 1,000 aerospace workers

Lockheed Martin is planning to cut 1,000 jobs in its aerospace division. The Texas-based division, which makes the F-35, F-22, and other fighter jets, says the move is necessary to remain competitive. The Maryland-based parent company has about 126,000 employees around the world. News of the voluntary program to reduce the number of mid-level employees was followed by a more-than-2-percent rise in Lockheed Martin's stock.

The Better Business Bureau on Tuesday refuted claims Donald Trump has made surrounding its ratings of his now-defunct Trump University. Questioned in the latest GOP debate about students suing for their money back, Trump said the BBB gave Trump University an A rating, but the agency said his venture received a D- in 2010. It was only after the school closed in 2013 and complaints from students stopped rolling in that its rating rose to an A+ in January 2015.

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Dick's Sporting Goods on Tuesday reported disappointing quarterly earnings in the latest sign of trouble for the industry. Chief Executive Officer Edward Stack blamed the slump on warm weather that curbed demand for winter sports gear. The retailer also forecast weak sales this year. The company plans to invest in improving the shopping experience at its stores, which could help it benefit from rival Sports Authority's recent bankruptcy. The company's stock dropped by as much as 5.6 percent on Tuesday.

The Obama administration plans on March 17 to announce further easing of travel and trade restrictions on Cuba, Reuters reported Tuesday, citing Congressional sources. The new rules will come ahead of President Obama's historic visit to the Communist-ruled Caribbean island later this month. The move will be the latest in several steps Obama has taken in an ongoing effort to restore ties with the former Cold War foe despite Congress' resistance to easing a half-century-old economic embargo.

Chipotle Mexican Grill shares dropped by more than 2 percent in pre-market trading on Wednesday, after four employees at one of the chain's Boston-area restaurants fell ill with norovirus. The workers were diagnosed on Tuesday, and the restaurant where they work was closed for a full cleaning. No customers have been sickened by the food-borne illness so far. Chipotle recently took steps to improve food safety after a series of food-borne illness outbreaks that have dragged down the company's stock by 20 percent in the last year.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.