One company's new navigation system could slash gas consumption. That and more top money stories you need to know today.
UPS (UPS) has developed its own navigation system for its drivers. It says the new technology could save the company $50 million a year by reducing each drivers route by just one mile each day. UPS says the technology will save it about 1½ million gallons of gas a year.
And this will help all drivers, not just those from UPS. AAA says the national average price for a gallon of regular is $3.28, the lowest its been this year. And that's not all. AAA says it expects prices to continue to fall.
Apple's quarterly profit fell by 9 percent from a year ago, despite robust iPhone sales. The company sold 33.8 million iPhones over the three-month period, up 26 percent. The less expensive iPhone 5C model disappointed though, as did sales of the iPad. The company also registered $4.4 billion in iTunes downloads. Apple (AAPL) stock is up 18 percent over the past three months, but still down from a year ago.
The Dow Jones industrial average (^DJI) lost a single point Monday, and the Nasdaq composite index (^IXIC). But the Standard & Poor's 500 index (^GPSC) edged up 2 points to set another record.
The controversial nutrition supplement maker Herbalife (HLF) posted a big jump in earnings, easily topping Wall Street expectations for the 19th straight quarter. Herbalife is at the center of a battle between Wall Street titans, some of whom claim its run like a Ponzi scheme, and others who say its a great growth company. Shares of Herbalife have more than doubled this year.
And policy makers at the Federal Reserve kick off a two-day meeting, and the outcome is likely to be more of the same. The Fed is widely expected to continue its $85 billion a month bond buyback program, but could indicate that it will begin to cut back on those purchases early next year. Analysts say the Fed is waiting for more data on the economy before taking action.
-Produced by Drew Trachtenberg.
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