The markets traded mixed during the midday with the Dow climbing 89 points to 21,919. Nasdaq fell 28 points to 6,346.
A proposed class action lawsuit has been filed against Wells Fargo alleging that the bank engaged in fraud. Wells Fargo has admitted to improperly charging customers for auto insurance that they did not request. Approximately 570,000 customers will be refunded the unauthorized charges.
Discovery Communications will pay approximately $11.9 billion in cash and stock to acquire Scripps Networks. Combining the two cable networks will provide better negotiating leverage for cable packages. Scripps' channels include HGTV, Food Network and Travel Channel while Discovery's channels include Discovery Channel, TLC and Animal Planet.
A district judge will allow users to pursue class action claims against Apple for intentionally disabling FaceTime on older iPhones. Plaintiffs have alleged that after developing a version of FaceTime for its iOS 7 operating system, Apple disabled FaceTime on earlier systems. While FaceTime is a fee service, plaintiffs claim that the value of their older phones dropped due to the loss of FaceTime.
In the broad market, advancing issues outpaced decliners by a margin of more 9 to 8 on the NYSE while decliners edged out advancers by more than 5 to 4 on Nasdaq. The broader S&P 500 held steady at 2,472. Bitcoin climbed $23 to $2662.
