Market Wrap: Apple's iPhone to Start Selling; High-Frequency Bummer; BofA Accelerates Cuts; Starbucks' Verismo

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Market wrap-up for September 20th

End of the Day: S&P 500 down 0.8 to 1,460.26; Dow Jones up 19.0 to 13,596.93; Nasdaq down 6.7 to 3,175.96

The following is a brief summary of events moving markets today:

• High-frequency fun: Senate Banking Panel subcommittee head Sen. Jack Reed (D., R.I) is looking to cut down on high-frequency trading, saying policy makers should be concerned with recent trading flubs that fouled the market.
  
  Two key events cited at a panel hearing today include the "Flash Crash" of May 2010 and the recent computer issue at Knight Capital (NYSE: KCG) in early August.
  
  Reed is calling for a probe to see whether computerized trading is increasing risks in the market.
  
  
• Okay, we need to cut jobs. Like, yesterday: Bank of America (NYSE: BAC) said to ramp up job cuts, looking to trim 16,000 positions by years' end. The time line was cut by one year, as BofA rushes to streamline operations at a quicker clip.
  
  At the end of the cuts, BofA will be at a four-year-plus record low of 260,000 people.
  
  Cuts will come in segments like credit-cards, overseas stakes, and an insurance unit, among other non essential units.
  
  
• Caffeinated confusion: Stabucks announced availability of its Verismo coffee machine, but CEO Howard Schultz insisted that the machine will in no way hamper Starbucks relationship with Green Mountain (Nasdaq: GMCR). Starbucks ended up finishing the session up over 2 percent while Green Mountain slumped 9.6 percent.
  
  For more comments from Schultz, click here.
  
  
• Dampening the fire. The Kindle Fire: Wal-mart (NYSE: WMT) became the second retailer this year to stop selling Amazon.com (Nasdaq: AMZN) Kindle tablets, following Target (NYSE: TGT) last May. It's not clear why the move was made, though hints of pricing might have hampered the deal.
  
  
• Consumers buying more: Consumer staple giant ConAgra (NYSE: CAG) issued strong first-quarter results Thursday, beating EPS estimates by 8 cents. In addition, the Company boosted expectations for fiscal 2012, to a range of $2.03 to $2.06, from prior expectations of a 6 percent to 8 percent gain over fiscal 2012 EPS of $1.84 (amounting to a range of $.95 to $1.99). The Street is currently at $1.98.
  
  Strong consumer sales led the charge.
  
  For more color on the quarter, click here.
  
  
• iPhone madness in T-minus 3...2...: Apple's (Nasdaq: AAPL) iPhone 5 will start selling tomorrow. If you aren't in line now, hopefully your negotiation skills are up to par.
  
  
• Welcome, brother!: Zillow (Nasdaq: Z) competitor Trulia (NYSE: TRLA) conducted an IPO of its common stock today to strong reception. After pricing at $17, which was above its expected range, shares ended the session up just over 41 percent to $24 flat.
  
  Other IPOs today include Susser Petroleum Partners (NYSE: SUSP), National Bank Holdings (Nasdaq: NBHC), and Capital Bank Financial (Nasdaq: CBF).

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