NYSE paying $5M to settle
The New York Stock Exchange is paying $5 million to settle federal civil charges that it gave some customers an unfair head start by providing them with trading data ahead of the wider public. The Securities and Exchange Commission said it marked the first time the agency ever imposed a fine on an exchange. The NYSE and its parent NYSE Euronext also agreed in the settlement to hire an independent consultant to review their systems for delivering market data. They neither admitted nor denied the allegations.
Hang on for iPhone delivery
Delivery times climbed quickly as Apple Inc. started taking orders for the iPhone 5 on Friday, suggesting strong demand. Apple began taking orders for the phone at 12 a.m. Pacific time. It initially promised delivery by next Friday, when the new phone goes on sale in stores. Four hours later, delivery times had grown to two weeks, said Topeka Capital Markets analyst Brian White, suggesting stronger demand than Apple expected. By the afternoon, only Sprint was still promising delivery by next Friday. Verizon Wireless said delivery would take two weeks, and AT&T said "14 to 21 business days."
Egan-Jones downgrades U.S.
Egan-Jones, an independent credit-research firm, downgraded its rating on U.S. government debt to AA- from AA on Friday, citing the Federal Reserve's plans to try to stimulate the economy. The credit rating agency said the Fed's plans will likely hurt the economy more than help it. It's the second time the Haverford, Pa., shop has downgraded U.S. government debt in five months. In April, Egan-Jones lowered its rating on the U.S. to AA from AA+. It stripped the U.S. of a top AAA rating in July 2011. Earlier this week, Moody's said it would likely lower its Aaa rating if budget negotiations fail. -- AP