Wells Fargo is shaking up its risk management leadership as it tries to recover from a series of scandals. Four top risk-management executives are retiring, and a reorganization is aimed at better managing risk going forward, according to The Wall Street Journal. The news, laid out in an internal memo, comes amid multiple regulatory probes in the wake of the bank’s fake account scandal and its sale of unwanted insurance policies. Wells, with about 14,500 brokers and $1.6 trillion of wealth management assets, has lost hundreds of advisors in the past couple of years. The word is that in-branch brokers have been struggling with the brand fallout more than the employee and independent advisors in
Kroger Shares (KR) are surging here, up over +4.2%. The grocer is reportedly in talks with Target on a merger deal, according to Fast Company. This is presumably a move to counter Walmart’s huge presence in the grocery space and Amazon’s advance with Whole Foods.
Billionaire markets guru Ken Fisher, Chairman of Fisher Investments, reacts to Thursday's 724 point plunge in the Dow Jones Industrial average The stock selloff was sparked by worried over a trade war with China. President Trump announced some $60 billion worth of fresh tariffs on China Thursday. This comes on top of the steel and aluminum tariffs announced earlier this month. "The day was like a perfect storm, sometimes you get a tornado, sometimes you get a snow storm, sometimes you get both. Sometimes, you get both and an earthquake all at the same time" said Ken Fischer. "And today, you got that, where the magnitude of the damage was confused with the size of what would have tariff's imposed
Here are some tech stocks whose multiples look quite acceptable following the recent Nasdaq selloff. trade at steep forward multiples even in the event that they pare back their spending and focus more on their bottom lines (Wall Street has given them a green light to prioritize growth, and it's hard to blame them for taking advantage. Facebook, stung by a scandal that has produced a lot of negative press but may ultimately have a limited impact on its top line, now trades for only 18 times its 2018 GAAP EPS consensus, and 16 times its non-GAAP consensus.
The House just passed a $1.3 trillion spending bill that protects employee tips. The U.S. House of Representatives and Senate passed a $1.3 trillion spending bill on Thursday, which includes a provision that prevents employers from taking any of their workers’ tips. It all began in December, when the U.S. Department of Labor submitted a rule that would rescind a regulation enacted during the Obama administration that required employers to distribute tips to their tipped employees.
A Department of Justice witness from cable provider Cox Communications Inc. took shots on Thursday at AT&T Inc.'s (T) merger with Time Warner Inc. (TWX) and a "bullet-proof" arbitration clause the merger partners have proposed. Cox Vice President of Content Acquisition Suzanne Fenwick was the first of several Time Warner customers and DirecTV competitors to testify in U.S. District Court in Washington about the bargaining leverage the AT&T would gain by owning a premier film and TV producer alongside the largest U.S. pay-TV company. AT&T's DirecTV and DirecTV Now are "our toughest competition" Fenwick said, pointing out DirecTV's media platforms, aggressive marketing and its market share. Meanwhile,
It would take only a small market drop on Friday to trigger something big — a sell signal from the famous Dow Theory. The first is that the Dow Theory has been beating the market for an awfully long time. The second reason to be on your guard for the possibility of a Dow Theory sell signal: The timing system is widely followed, so a sell signal could generate an avalanche of selling.
Jim Cramer reveals which stocks you should be eyeing on a down day.
When it comes to saving for the future, Americans aren't doing great. Those between the ages of 55 and 64 who have retirement savings have a median of $120,000 socked away, Bankrate reports in a new survey, citing data from the Federal Reserve. That's only 12 percent of the $1 million many experts recommend, and it's worth noting that even $1 million doesn't stretch as far as it used to. So how much should Americans be earmarking for retirement in order to be sufficiently funded in their golden years? Financial services company Fidelity recommends putting away 15 percent of your income per year starting at age 25 and investing more than 50 percent of your savings over your lifetime. "The good
Bank of America Corp (NYSE:BAC) is at the mercy of the markets right now. BAC stock is down roughly 8% from its March 12 highs, largely due to political uncertainty. Bank of America is scheduled to release its report ahead of the open on April 16.
(Note: The author of this fundamental analysis is a financial writer and portfolio manager.) The chip sector has been among the hottest groups in the stock market so far in 2018, with the iShares PHLX Semiconductor ETF (SOXX), a proxy for the industry, up by nearly 10 percent on the year. But the group has fallen on hard times recently, with the ETF down about 5 percent since March 12. But stocks such as Intel Corp. (INTC) and Applied Materials Inc. (AMAT) could be set to decline by a total of 11 percent or more from their intraday highs last week. Both stocks have had big runs along with the sector, with Applied Materials rising by nearly 17 percent, and Intel increasing by almost 11 percent
Donald Trump is on the warpath against China over trade: On Thursday afternoon, he announced plans to impose a range of tariffs against hundreds of lines of Chinese-made goods. The surplus flows right back into U.S. Treasuries, to fund our gigantic and ballooning federal deficits, in addition to providing tons of growth capital to stateside industries—all at bargain rates. Hence, the U.S. is extraordinarily dependent on cheap loans from China.
Steve Wynn cut his stake in the $18 billion casino company he founded after settling an acrimonious, six-year court fight with his ex-wife, a move that may move the company closer to becoming an acquisition target. Wynn, 76, sold 4.1 million shares in Wynn Resorts Ltd. at $180 a share, according to a regulatory filing Thursday. The sale brings his stake down to 7.8 percent from 12 percent, lower than his ex-wife’s holding in the company.
Streaming giant Netflix has created its own typeface, just like other tech companies have done. Netflix Sans is the name of the bespoke font, while Apple's is called San Francisco, introduced at its developer conference in 2015. Samsung announced SamsungOne in July 2016. Why? Because it will save Netflix marketing dollars, as using fonts often attracts large licensing fees, according to its brand design lead Noah Nathan. "With the global nature of Netflix's business, font licensing can get quite expensive," he told design website It's Nice That on Wednesday. "Developing this typeface not only created an 'ownable' and unique element for the brand's aesthetic … But saves the company millions of
The potential breakup of General Electric may unlock more value than previously thought, Melius Research analysts wrote in a note Friday. Past looks at the value of GE's individual businesses — also known as a "sum-of-the-parts" analysis — cast doubt on whether a fire sale of GE's assets would even fetch today's price at $13.28 per share. But Melius found that spinoffs from U.S. industrial companies return twice the value of the broader stock market, revealing a more optimistic forecast for GE. "GE's [sum-of-the-parts] as an example … likely undervalues the assets by 25 percent or more," Melius wrote. Former industrial conglomerates are shedding assets due to pressure from both shareholders and
Back in September, I predicted that Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) would make its way above $200. While it’s taken a little longer than I thought, shares of BABA stock are now in touching distance of the $200 mark which begs the question: Can it go even higher? My colleague Tim Biggam said he believes $200 is the top for Alibaba stock, and he may well be right.
U.S. equity markets sank and investors sought out havens in Treasuries and gold futures after reports that President Donald Trump is expected to announce $50 billion of tariffs against China, honing in on more than 100 types of Chinese goods. Here’s how the angst over a trade war is playing out in markets. Boeing Co., Caterpillar Inc. and 3M Co. sank at least 2.7 percent as of 11:38 a.m. in New York, the biggest drops in a Dow Jones Industrial Average that is off 450 points.
GAMCO Investors founder Mario Gabelli on why he isn’t surprised by the market selloff and why investors shouldn’t be concerned about President Trump’s tariffs against China.
GW Pharmaceuticals: "This is cannabinoid. Cannabis is very hot as a concept to invest in. I think the stock's had too big a run. I'm not recommending it anymore. It got up, we liked it a lot lower, that's all I have to say." American Electric Power Co.: "Look, it yields under 4 [percent] now. I would buy more if it went above 4, which, of course, does mean therefore that the stock is going lower. That's where I would buy it." Applied Materials, Inc.: "We spoke to [CEO] Gary Dickerson last week. We spoke to [Lam Research CEO] Martin Anstice the week before. Business is great. Micron reported a good number, not good enough for some. But I've got to tell you, Applied Materials is in the bullpen.
The social media company’s stock fb has tanked more than 13% over the past five days, on the heels of the Cambridge Analytica data scandal. The company wasn’t exactly quick to communicate with the media and the masses, but over the last few days it has trotted out several executives, including CEO Mark Zuckerberg, to communicate the steps they are now taking to try and fix the underlying problems on the platform and assuage users’ concerns. Pressure is also coming from various regulatory bodies and, increasingly, from advertisers.
Six months after unveiling its revamped battery-powered Leaf, Nissan Motor Co. is pressing ahead with plans for an array of electrified vehicles in a bid to boost sales of the cars sixfold in five years. The Japanese carmaker set itself an annual target of selling 1 million new energy vehicles, including those with its e-Power powertrains, by the year ending March 2023, it said in a statement Friday. The plan includes developing eight pure EVs and staging an offensive in China under different brands, it said. The maker of the Leaf, once the world’s best-selling EV, is seeking to regain the lead it had lost to rivals including Tesla Inc. as the rapidly expanding market gets crowded with Chinese startups and other established manufacturers such as Volkswagen AG and General Motors Co. Facing a plateauing market in the U.S. and waning demand at home, Nissan is spending 1 trillion yen ($9.5 billion) over five years in China to help tap buyers.
The Trump administration announced criminal charges and sanctions Friday against Iranians accused in a hacking scheme to pilfer sensitive information from hundreds of universities, private companies and American government agencies. The nine defendants, accused of working at the behest of the Iranian government-tied Islamic Revolutionary Guard Corps, hacked the computer systems of about 320 universities in the United States and abroad to steal expensive science and engineering research that was then used by the government or sold for profit, prosecutors said. The hackers also are accused of breaking into the networks of government organizations, such as the Department of Labor, the Federal Energy Regulatory Commission and the United Nations, and private sector entities including technology companies and law and consulting firms.
The Dow Jones Industrial Average is in correction territory, a move that took effect on Feb. 8 when the blue-chip gauge closed 10.4% below its late-January high. In the case of the Dow, its previous high was Jan. 26 when it closed at a record of 26,616.71. The Dow (^DJI) came within 4.5% of that apex on Feb. 27, but that uptrend faltered.
Dropbox (DBX) is now a public company after a resounding reception by Wall Street. Shares of the data storage firm popped more than 40% on Friday as it debuted on the Nasdaq. With 500 million plus users, a good revenue growth story to tell and a lack of tech IPOs of late it's no surprise Dropbox was welcomed. Dropbox chief operating officer Dennis Woodside tells TheStreet the company's growth prospects are solid, despite tough competition from Action Alerts Plus holdings Amazon (AMZN) and Alphabet (GOOGL) . Added Listen Listen to TheStreet's Technically Speaking podcast to learn how to protect your data in the wake of Facebook's (FB) breach.
Keep in mind that during this period Celgene stock has lost about 40% of its value. As a result, Celgene stock took a big hit. By 2022, it will lose its patent protection, resulting in competition from generic drug companies. For the most part, Celgene is in a race to overcome the likely reduction in revenues.