Gas down

New York City gaso line prices are drifting lower. A gallon of un leaded regular costs on average $4.24, down from $4.30 a week ago, says AAA.

Borders filing

In a filing with US Bankruptcy Court, book seller Borders said it wants until October to file a reorg plan.

Gap’s fall

Gap dropped the most in almost 10 years after cutting its full- year profit forecast by 22 percent as costs to make clothes rose faster than expected. Gap fell $4.07, or 17 per cent yesterday, to $19.22.

Titleist sold

Fortune Brands, the maker of Jim Beam and other alcohol brands, agreed to sell its Titleist golf unit to a group led by the owner of the Fila sport apparel line for $1.23 billion.

Ocwen ahead

Ocwen Financial is in the lead to buy Goldman Sachs’ mortgage servicing unit, Litton Loan Servic ing, sources familiar with the situation told Reuters. Sources have previously said Litton could fetch up to $500 million or so in the auction.