Samsung's not afraid of the iPhone and bankers may not be taking in the big bonuses they're used to this year. Here's the Wednesday Bloomberg After The Bell Report.
Wall Street firms facing lower revenues will cut bonuses instead of jobs. That's the view of a Morgan Stanley analyst who tells Bloomberg that banks will cut bonuses, not base salaries or head count, as they try to control expenses this year. This would follow a trend set last year when many lenders lowered bonuses by at least one-third.
American Stock Exchange
2444.50 down 6.84
Nasdaq Composite
3093.70 down 24.03
Standard and Poors 500
1433.32 down 8.27
It's the battle of the smartphones with Apple rival Samsung saying it expects sales of its new Galaxy Note 2 to get off to a stronger start than its predecessor, even after Apple sold a record number of iPhone 5s in its debut weekend.
Speaking of strong sales, Starbucks says some of its Verismo single-serve coffee brewers have sold out after sales topped estimates.
Stocks fell for a fifth day on worries about Europe's debt crisis and the global economy.
Here's more reason for caution as a new survey shows business executives are less likely to hire in the coming months. CEOs tell Business Roundtable they are feeling less optimistic about the economy than they did earlier in the year.
