Apple reportedly telling iPhone suppliers to slow deliveries
Digitimes reports Apple (AAPL) is telling iPhone suppliers to slow deliveries of components for the iPhone X. The report, citing unnamed sources, says Apple is requesting suppliers to ship only about 40% of the components originally planned for iPhone X production. Preorders for the all-new iPhone X begin October 27 with deliveries planned for November.
Target raises minimum wage
Target (TGT) is raising its minimum wage. The retailer announced it’s boosting its hourly wage to $11 an hour in October, up from its current level of $10 an hour. The retail giant also said it is committed to boosting its minimum wage to $15 an hour by the end of 2020. Brian Cornell, CEO and chairman of Target, said in a statement, “We’ve always offered market-competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills, develop professionally and offer the service and expertise that sets Target apart.”
Deutsche Banks says buy General Motors
Deutsche Bank (DB) raised its rating on General Motors (GM) to buy from hold and lifted its price target to $51 per share. Analyst Rod Lache is bullish on GM’s position in the autonomous driving market, noting the automaker’s autonomous vehicles will be ready “much sooner than widely expected.” Shares of General Motors have risen about 15% since the start of the year.
FINRA orders Morgan Stanley to pay $13 million
FINRA has fined Morgan Stanley (MS) $3.25 million and ordered the Wall Street bank to pay clients $9.78 million in restitution for inadequately supervising certain short-term trades. The trades took place between January 2012 and June 2015.