1. Disney unveils plan for streaming ESPN sports programming
Walt Disney Co. announced Tuesday that it plans to start offering direct-to-consumer streaming of ESPN sports content, although it probably won't stream all ESPN games and other content. The entertainment giant said it was investing $1 billion in a 33 percent stake in streaming-technology pioneer BAMTech, which was started by Major League Baseball. The move was the latest adjustment to cord-cutters' demand for streaming content. The news came as Disney reported better-than-expected quarterly earnings and profit.
2. Worker productivity falls, but hiring keeps output rising
U.S. worker productivity fell at a 0.5 percent annual rate in the second quarter of this year, the third straight quarter of declines, the Labor Department reported Tuesday. The trend — the longest decline since 1979 — has come as companies balked at investing in new equipment over the last 18 months due to the threat of global economic trouble, and could limit wage growth in the near future. Hiring gains totaling more than 500,000 in June and July have more than offset productivity losses, so overall economic output has increased in recent months.
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3. Delta cancels more flights as it aims to restore normal operations
Delta Air Lines said it would have to cancel about 90 more flights early Wednesday, but that it hoped to fully recover from its recent computer outage by Wednesday afternoon. Delta has canceled more than 1,700 flights since its system crashed at its Atlanta base on Monday. The airline repeated a warning to travelers to be sure to check on their flight status to verify when — or whether — their planes are scheduled to depart.
4. Yelp posts surprise profit, boosting its stock
Yelp shares surged by nearly seven percent in after-hours trading on Tuesday after the company reported an unexpected quarterly profit. The company, which offers an app and website with crowd-sourced consumer reviews, reported earnings of 16 cents per share; analysts had expected a loss of seven cents a share. The company also raised its revenue forecast for the year, as sales and marketing investments pay off by getting more customers to sign up for its services.
5. Tesla confirms its first autopilot accident in China
Tesla said on Wednesday that a driver of one of its cars had crashed while using "autopilot" mode in China. The driver, who sideswiped a car parked halfway off the road while heading to work in Beijing, said sales staff had exaggerated the vehicle's capabilities, selling the feature as "self-driving." Tesla reviewed data to confirm the car was in autopilot mode, its first such case in China. It said it was the driver's responsibility to maintain control of the vehicle, and his hands were not detected on the wheel. The incident occurred three months after a fatal Florida accident that increased attention on the automated driving feature.
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