Stocks (^GPSC, ^DJI, ^IXIC) started the day in the red as bond yields continue to rise and Wall Street turns its attention back to the Federal Reserve. Investors will try to figure out how much dissension is brewing at the central bank when it releases its latest meeting minutes this afternoon.
Amazon turns up the volume
Amazon (AMZN) today launched a music steaming service with tens of millions of songs you can access on any device for $9.99 a month. Amazon is putting pressure on Spotify and Apple (AAPL) Music by offering the new service for $7.99 a month to its Prime customers and just $3.99 a month if you own the Amazon Echo. Does Amazon have the edge?
Apple’s bet on China
Apple (AAPL) CEO Tim Cook says Apple will open a research and development center in the southern Chinese city of Shenzen next year. Cook made the announcement during a visit to the city this week. In August, Cook unveiled Apple’s plans for a $45 million R&D facility in Bejing. Will Cook’s charm offensive pay off?
Walmart’s OT end-around
Walmart (WMT) is raising salaries for entry-level managers from $47,476 to $48,500 in a move that will mean those employees don’t receive overtime pay. In December, the Obama administration will require most employers to pay overtime to salaried workers earning less than $47,500 a year. Is this smart business bad PR?
Stocks to watch
Newell Brands (NWL) shares rose this morning. The consumer products company is selling its tools unit to Stanley Black & Decker (SWK) for $1.95 billion in cash. Newell is divesting its Irwin, Lenox and Hilmor brands as it sheds some of its businesses after its acquisition of Jarden in April.
Ericsson’s (ERIC) US listed shares got hit hard in early trading. The Swedish telecom equipment company is warning that third-quarter profit will be “significantly lower” than estimates due to weak demand for broadband networks. The company also said it doesn’t expect to see an improvement anytime soon. Nokia (NOK) shares also fell on the news.