Bank of America’s (NYSE:BAC) merrill Lynch unit has been fined $2.8M by the Financial Industry Regulatory Authority, FINRA, because of supervisory failures resulting in overcharging customers with $32M in fees, as well as failing to provide specific required trade notices. Merrill Lynch has presented the $32M in remediation, plus interest, to all customers affected. Shares of Bank of America are trading 1.72% lower today.
Apple Inc. (NASDAQ:AAPL) intends to increase hourly pay for its U.S. retail employees by as much as 25% after an internal review, according to the Wall Street Journal. Apple has nearly 36,000 full-time staffers at over 350 retail stores globally, but nearly two-thirds are in the U.S. At the sales level, the company’s employees earn around $9 to $15 per hour, and up to nearly $30 per hour for its “Genius” tech support teams. Shares of Apple Inc. are trading 0.28% lower today.
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Facebook, Inc. (NASDAQ:FB): As a result of concerns regarding last month’s Facebook stock sales showing the way the current system can unfairly harm small investors, a bipartisan group of lawmakers called on regulators to change the manner in which IPOs are conducted. Shares of Facebook, Inc. are trading 0.82% higher today.
AT&T, Inc. (NYSE:T): Samsung’s (SSNLF) Galaxy S II has officially launched int he U.S. and is available on T-Mobile’s (DTEGY) Web site and in select retail stores. AT&T (NYSE:T), Sprint (NYSE:S), Verizon Wireless (NYSE:VZ) (NASDAQ:VOD) and U.S. Cellular will stock the smartphone in-store and online within the next few weeks, Samsung claims. Shares of AT&T, Inc. are trading 0.06% lower today.
Nokia Corporation (NYSE:NOK) considers retooling its U.S. operations and has set up shop in Silicon Valley, where many believed it already should be, says the Wall Street Journal. The company wishes to created the same type of underdog culture which has led many to success. Shares of Nokia Corporation are trading 2.40% lower today.
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