NEW YORK (AP) — U.S. stocks are lower in late morning trading. At 10:30 a.m. Eastern Time, the S&P 500 was down eight points, to 1,970. The Dow Jones industrial average lost 88 points, to 17,012. And the Nasdaq composite slid 17 points, to 4,415.

IRVINE, Calif. (AP) — Botox-maker Allergan says it’s cutting about 13 percent of its workforce, or roughly 1,500 employees, as part of a push to become more efficient and productive. The Irvine, California, company also says it will eliminate about 250 vacant positions. Allergan is fending off acquisition bids from Canadian drugmaker Valeant Pharmaceuticals International.

DETROIT (AP) — The city of Detroit is expected today to report the results of voting on pension cuts by retirees and former and current workers. The outcome will have an impact on the city’s bankruptcy case, which goes to trial on Aug. 14. Support for pension changes would give Detroit’s bankruptcy plan a big boost as Judge Steve Rhodes decides whether the overall strategy is fair and feasible.

NEW YORK (AP) — Verizon Wireless is launching a nationwide loyalty program this week for its 100-million-plus subscribers. But to earn points for every dollar spent, subscribers must consent to have their movements tracked so the company can help target ads that match their interests. The program already has been offered for a few months in some states, helping explain Verizon’s strong subscriber figures in the second quarter.

BERLIN (AP) — The co-founder of the Aldi grocery store empire was buried today in his hometown in Essen, Germany. Karl Albrecht died July 16, at age 94. Albrecht and his brother Theo, who died in 2010, founded the Aldi supermarket chain in 1962. Today it has thousands of stores in 17 countries in Europe, North America and Australia. Karl Albrecht was one of the world’s richest people.

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