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  • British pound stabilizes after four days of declines.
  • Shares of Illumina, up 0.2%, tumbled 25% on Tuesday after the company cut its revenue guidance.
  • Europe’s technology sector was down 2.3%, leading declines, after Ericsson issued a profit warning for the third quarter.
  • Shares in the Swedish company fell more than 17%, while Nordic rival Nokia fell 4.6%.
  • Fed-fund futures, used by investors to bet on central bank policy, currently imply a more than 70% chance of a rate rise by December.
  • Minutes from the Fed’s September meeting are due later today.
  • In bonds, the yield on the 10-year U.S. Treasury note rose to 1.799% from 1.760% on Tuesday.


Samsung Slashes Profit Forecast Due to Galaxy Note 7 Recall

  • South Korean technology giant cuts third-quarter operating profit estimate by a third to $4.62 billion.
  • It also lowered its expected revenue for the quarter to 47 trillion won from an original estimate of 49 trillion won.
  • The full impact of the crisis over phones that are at risk of catching fire will play out over several months.
  • On Tuesday, most analysts pegged the cost of the Galaxy Note 7 debacle at about $4 billion, including recall expenses and lost sales.

Amazon’s Music-Streaming Service Competes on Price and Robotic Assistance

  • Distinguishing Amazon Music Unlimited, which was to launch Wednesday: Customers using the retail giant’s voice-activated Echo speakers will pay just $3.99 a month—less than half the $9.99 charged by most rivals—and will be able to stream music in a markedly different way.
  • Users can ask the Echo’s robotic assistant Alexa to play a certain band’s “new song” without knowing the title, a certain act’s music from a particular decade or a song that features particular lyrics, even if they can’t recall the song title or artist.

China Southern Airlines to buy 12 Boeing jets worth about $3 billion  

  • The country’s largest carrier by fleet size has signed an agreement with Boeing to buy a dozen 787-9 jets worth $3.3 billion.
  • Each of the 12 mid-size jets comes at a catalogue price of $271 million.
  • China is the world’s fastest-growing aviation market.

Sprint plans to raise $3.5 billion via sale, lease-back of airwaves

  • The No. 4 U.S. wireless carrier said on Wednesday it planned to raise an initial $3.5 billion by mortgaging about 14% of its wireless airwaves.
  • The company, majority owned by Japan’s SoftBank, estimates the airwaves are worth about $16.4 billion.
  • Sprint raised $1.2 billion in November and $2.2 billion in April through similar sale and lease-back deals.

Toyota recalls 340,000 Priuses globally to fix parking brake issue

  • Toyota is recalling around 340,000 of its latest Prius gasoline hybrid model in Japan and overseas to fix a parking brake issue.

BMW recalls 33,026 cars in Russia

  • BMW is recalling 33,026 cars of the X3 F25 and X4 F26 models to fix a problem with the Isofix child-restraint anchors.

Gene-Sequencing Firm Illumina Cuts Revenue Guidance

  • Illumina said it expects fourth-quarter revenue will be flat to slightly higher than during third quarter.
  • The San Diego, Calif., company now expects revenue of roughly $607 million for the quarter, compared with its previous projection for revenue between $625 million and $630 million.

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America’s Dazzling Tech Boom Has a Downside: Not Enough Jobs

  • The technology revolution has delivered Google searches, Facebook friends, iPhone apps, Twitter rants and shopping for almost anything on Amazon, all in the past decade and a half.
  • What it hasn’t delivered are many jobs.
  • Google’s Alphabet and Facebook had at the end of last year a total of 74,505 employees, about one-third fewer than Microsoft even though their combined stock-market value is twice as big.
  • Photo-sharing service Instagram had 13 employees when it was acquired for $1 billion by Facebook in

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Eurozone Industrial Production Picks Up in August

  • The data eases concerns about the immediate impact of the falling pound on eurozone exports.
  • Industrial output in the eurozone was 1.6% higher than in July, and 1.8% up on August 2015.
  • That was a slightly stronger performance than had been expected.

Ericsson Shares Plunge on Profit Warning

  • Warning comes just a week after announcement of thousands of job cuts.
  • Ericsson, one of the world’s largest makers of telecom equipment, Wednesday capped a series of management shake-up and jobcut announcements with a profit warning that sent its share price tumbling and laid bare how the rise of Asian rivals has wounded Western suppliers.
  • Sweden’s flagship tech company said its third-quarter earnings would almost completely evaporate, citing a 19% sales decline in its core mobile-network equipment business, while its gross margin fell to 28% from 34% in the same period last year.
  • The Swedish company is betting big on the development of faster wireless networks, called 5G, and software-based systems such as the so-called Internet of Things, with connectivity built into everyday objects such as fridges.
  • But the first revenue from 5G is several years away, analysts

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Columbus landed in present-day Bahamas (1492)


Soviet premier Nikita Krushchev created a disturbance at the U.N. General Assembly by pounding his desk with his shoe (1960)

The Soviets launched Voskhod I, the first space capsule to carry three people into orbit (1964)

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