Early declines on Wall Street ... Reports: Planned fix for Galaxy Note 7 battery ... Wells Fargo to cut sales goals following fines
Posted September 13
NEW YORK — Oil and gas stocks are leading an early decline on Wall Street as energy prices turn lower. Crude oil prices fell in early trading after the International Energy Agency cut its forecast for global demand growth for this year. U.S. benchmark crude fell almost 2 percent to $45.42 a barrel. Energy companies followed suit. At 10:14 a.m. Eastern Time, the Dow was down 199 points, to 18,126. The S&P 500 was down 26 points, at 2,133. And the Nasdaq was down 49 points, at 5,163. Bond prices rose. The yield on the 10-year Treasury note fell to 1.66 percent.
Wells Fargo says that by Jan. 1, it will cut product sales goals for retail bankers. Nearly a week ago the bank was fined $185 million for allegedly opening accounts for its customers without the customers knowing. The fines came from a combination of California and federal regulators who said the practice was being used to meet aggressive sales goals.
Reports say Samsung plans to issue a software update for its Galaxy Note 7 smartphones that contain batteries that can overheat and catch fire. South Korean media are reporting that the software update is for any Note 7 owners who may be disregarding the company's recall notice, and that it would allow the battery to recharge no more than 60 percent. Samsung has recalled some 2.5 million Note 7s.
Pandora is getting ready to take on Spotify, Apple Music and others with a new, $10 monthly streaming music service, and a cheaper option as well. The Internet radio company says both options will launch before the end of the year. The new subscription service from Pandora will give users more control over which songs they want to hear. Pandora has new licensing deals with Sony Music, Universal Music Group and several independent record labels.
GM says its Chevy Bolt, an electric hatchback for the masses, will be able to go 238 miles on a single charge. The car beats the base rear-wheel-drive Tesla Model S, which can go 210 miles per charge but costs about $28,500 more. The Bolt goes on sale later this year for about $37,500 before a $7,500 federal electric vehicle tax credit. It's the first mass-market electric vehicle to cross the 200-mile range.