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Wells Fargo shares slip on report that employees altered customer documents in business-banking unit

Liz Moyer

Wells Fargo employees improperly altered or added information on documents related to corporate customers, The Wall Street Journal reports. The activity took place last year and early this year as the bank was trying to comply with a regulatory consent order over anti-money laundering controls, the report says. Wells Fargo WFC employees improperly altered or added information on documents related to corporate customers last year and early this year as it was trying to comply with a regulatory consent order over anti-money laundering controls, The Wall Street Journal reported Thursday.

  • Dominion Energy Inc. Gives Up on Its MLP
    Business
    Motley Fool

    Dominion Energy Inc. Gives Up on Its MLP

    Dominion Energy (NYSE: D) announced this week that it has offered to acquire its master limited partnership (MLP), Dominion Energy Midstream Partners (NYSE: DM), in an all-stock deal. Dominion Energy has offered to acquire all the outstanding units of Dominion Energy Midstream that it doesn't already own for $17.75 apiece. Continued weakness in MLP capital markets combined with the prolonged disruption in Dominion Energy Midstream's (DM) common unit price since the March 15 Federal Energy Regulatory Commission policy revision were key factors that led to this decision... The proposed transaction would provide a premium to recent market trading levels for DM common unit holders and also benefit Dominion Energy shareholders by removing uncertainty as to the future of DM and the potentially negative impact of changes in FERC tax policy to the future cash flows of current DM assets.

  • Micron Poised to Report Great Results, but the Outlook Matters More
    Business
    Motley Fool

    Micron Poised to Report Great Results, but the Outlook Matters More

    Memory chip manufacturer Micron Technology (NASDAQ: MU) will report its fiscal fourth-quarter results today after the market closes. The stock has been hammered in recent months as concerns about memory oversupply began to proliferate. The company should

  • Friday Is Going to Be a Huge Day for Stock Traders
    Business
    Bloomberg

    Friday Is Going to Be a Huge Day for Stock Traders

    Two major market events that have the potential to send U.S. equity volumes sky-high will collide Friday. The first is the quarterly event known as “quadruple witching” -- when futures and options on indexes and individual stocks expire.

  • We’re Sexual Misconduct Law Experts. The Senate’s Brett Kavanaugh Investigation Is a Hot Mess
    Politics
    Fortune

    We’re Sexual Misconduct Law Experts. The Senate’s Brett Kavanaugh Investigation Is a Hot Mess

    The Senate Judiciary Committee’s position that the committee itself should vet Christine Blasey Ford’s report of past sexual assault by Supreme Court nominee Brett Kavanaugh is a straight-up boondoggle. Ford’s insistence on a thorough fact-finding process by an impartial body is spot-on. In fact, the committee’s proposed investigative process demonstrates with jaw-dropping clarity that it does not genuinely believe that preventing sexual misconduct is a real goal worth fighting for.

  • 2 Women Drown While Chained in Flooded Police Van During Hurricane Florence
    Finance
    Fortune

    2 Women Drown While Chained in Flooded Police Van During Hurricane Florence

    Two sheriff deputies left two women to drown in the back of a police transport van in South Carolina on Tuesday when the van was overcome by flood waters from Hurricane Florence, a local ABC affiliate, WPDE reported. The two women were described in news reports as “mental health patients” at Loris Hospital and Waccamaw Center for Mental Health in Horry County, and were on medical transport. The women, who have been identified as 45-year-old Windy Newton, and 43-year-old Nicolette Green, were being transported to McLeod Health, a nearby medical facility.

  • Weed Stock Tilray Gains 94% Then Loses It All in Minutes
    Business
    Bloomberg Video

    Weed Stock Tilray Gains 94% Then Loses It All in Minutes

    Sep.19 -- For U.S. marijuana company Tilray, it was double - then nothing. The stock rocketed 94% on CEO Brendan Kennedy's comments, only to see all that gain go up in smoke less than an hour later. Ramy Inocencio explains the highs, lows and last-minute 40% rebound on "Bloomberg Daybreak: Asia."

  • This fast-growing Bay Area tech company pays its typical worker more than $256,000 – and it's not Facebook, Google or Intel
    Business
    American City Business Journals

    This fast-growing Bay Area tech company pays its typical worker more than $256,000 – and it's not Facebook, Google or Intel

    It's not even Facebook, although the typical worker at the Menlo Park social media giant takes home a whopping $240,430 annual salary. It's Splunk Inc. — the fast-growing data-processing software firm that's doubling its Bay Area footprint and recently leased an entire new office building at San Jose’s Santana Row project. The median worker at Splunk (NASDAQ: SPLK) makes a $256,370 per year, according to its public company filings with the U.S. Securities and Exchange Commission.

  • GE says four of its flagship power turbines are shut down in U.S.
    Business
    Reuters

    GE says four of its flagship power turbines are shut down in U.S.

    The problem was discovered a few weeks ago on turbine blades in a natural gas-fueled turbine, known as the 7HA, operated by Exelon Corp (EXC.N) in Texas, GE told Reuters. "We expect the same issue will impact other HA units," GE spokesman Chris Shigas said in an email. GE expects Exelon's turbine to return to service soon, and is working with customers "to address any impacted unit," Shigas said.

  • Why the Bears Are Wrong About iQiyi Stock
    Business
    Motley Fool

    Why the Bears Are Wrong About iQiyi Stock

    Shares are now down roughly 40% from that all-time high and have been bouncing around the $28 range over the last month as the market attempts to shake out what's next for the Chinese video company. With some of the post-IPO shine appearing to have worn off and bears weighing in with concerns about the company's rapidly expanding operating costs and tough competition from Tencent Holdings and Alibaba, it's not unreasonable to be skeptical about iQiyi. Chinese tech stocks have seen their valuations cut down in light of heightened trade tensions between the U.S. and China, and iQiyi has been among those affected.

  • Bear of the Day: L Brands (LB)
    Finance
    Zacks

    Bear of the Day: L Brands (LB)

    L Brands, Inc. (LB) continues to struggle as its brands are off trend. This Zacks Rank #5 (Strong Sell) is near 5-year lows.L Brands operates 3,084 stores in the United States, Canada, the United Kingdom and Greater China. Its brands include Victoria'

  • Lynn Pinker files trade secrets lawsuit against Boeing
    Business
    American City Business Journals

    Lynn Pinker files trade secrets lawsuit against Boeing

    The Boeing Company and its subsidiary Boeing Capital Corp. were served last Tuesday with a lawsuit that alleges the aircraft manufacturing giant stole trade secrets from an insurance company that had proposed creating a private alternative to the Export-Import Bank, the U.S. government's official credit agency. The lawsuit was filed Sept. 11 in a Chicago federal court by Dallas law firm Lynn Pinker Cox & Hurst on behalf of Virgina-based Xavian Insurance Company. It alleges that Xavian had worked with Boeing since 2007 to create a privately-held guarantor to underwrite aircraft sales to foreign airlines with non-investment grade debt ratings.

  • Business
    Motley Fool

    Why Warren Buffett Keeps Buying Apple and Bank Stocks

    Warren Buffett and his right-hand Charlie Munger seem sweet on the world's largest company, Apple (NASDAQ: AAPL). Berkshire also sold some of its position in Phillips 66, Charter Communications, United Airlines, American Airlines, and Wells Fargo. Some of these sales might indicate the investor is moving away from the companies, but others are simply a part of Buffett's plans to keep his ownership below 10% to avoid certain regulatory hurdles.

  • Microsoft Increases Its Dividend -- What You Need to Know
    Business
    Motley Fool

    Microsoft Increases Its Dividend -- What You Need to Know

    As expected, software giant Microsoft (NASDAQ: MSFT) announced a dividend increase this week. While Microsoft's fairly low dividend yield means the stock might often get overlooked as a dividend stock, another meaningful annual dividend increase in the books makes the stock a bit more enticing as an investment for generating income. In line with the company's practice of announcing a dividend increase on the third Tuesday of every September, management declared the 9.5% dividend hike after market close on Tuesday, Sept. 18.

  • Will Amazon's New Sub Sink Sonos?
    Business
    Motley Fool

    Will Amazon's New Sub Sink Sonos?

    Amazon.com (NASDAQ: AMZN) appears to be beefing up the sonic experience of its Echo line of digital assistants and smart speakers, giving Sonos (NASDAQ: SONO) and its investors something else to worry about. The new Echo Sub can be wirelessly paired up with one or two Echo devices to enhance the audio quality of streams with a deep bass sound. Echo Sub is priced at 75 pounds, translating to a price point of less than $100.

  • The Pot Rally Just Minted Three New Billionaires
    Business
    Bloomberg

    The Pot Rally Just Minted Three New Billionaires

    The first private equity firm focused exclusively on the cannabis industry has spawned three billionaires.Brendan Kennedy, Michael Blue and Christian Groh founded Seattle-based Privateer Holdings Inc. in May 2010 and the firm later invested in Canadian

  • Highlights of the Kim-Moon Summit in North Korea
    World
    WSJ

    Highlights of the Kim-Moon Summit in North Korea

    A hike on a mystic volcano, a lively welcome party and an agreement to allow foreign inspectors to witness the dismantling of a North Korean rocket-launch site. Here are the highlights of a historic summit in Pyongyang. Photo: EPA

  • Business
    TheStreet.com

    GE Shares Slide as JPMorgan Lowers Price Target on Gas Turbine Concerns

    shares slumped Thursday after JPMorgan analysts cut their price target on the struggling conglomerate amid concerns that a key gas turbine launch would hit the group's earnings. Lead analyst Stephen Tusa, who has an Underweight rating on the stock, lowered this price target from $11 to $10 a share as he reiterated concerns for the company's power division. Tusa said that checks on two initial U.S. installations revealed failures of the first stage blade of GE's H-frame gas turbine, and lowered his 2019 EPS from $0.80 cents a share to $0.75 cents a share (against a Street consensus $1.04) and to $0.82 from $0.92 cents a share in 2020.

  • Can CenturyLink's Dividend Even Survive?
    Business
    Motley Fool

    Can CenturyLink's Dividend Even Survive?

    It's easy to see why so many investors are bearish on Telecom giant CenturyLink Inc. (NYSE: CTL). Its legacy business is expected to continue shrinking, and it has paid out more in dividends than it has earned in profits for years. Oh, and there's even

  • Why Kraft Heinz Stock Could Remain Pressured
    Business
    Market Realist

    Why Kraft Heinz Stock Could Remain Pressured

    Morgan Stanley has assumed coverage on the Kraft Heinz Company (KHC) stock with an “underweight” rating and a target price of $52 per share. Analyst Dara Mohsenian of Morgan Stanley stated that the company is likely to underperform its peers with its sales and margin growth rates. Kraft Heinz’s high debt also poses challenges.

  • Dow, S&P touch record highs on relief from trade concerns
    Finance
    Reuters

    Dow, S&P touch record highs on relief from trade concerns

    Nine of the 11 major S&P sectors were higher, and the Dow Industrials, which had lagged the Nasdaq and the S&P, quickly moved back into record territory in morning trade. "The new record territories for the Dow and the S&P are fueled by lesser trade worries and just general enthusiasm about the economy," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. At 11:28 a.m. ET the Dow Jones Industrial Average was up 234.42 points, or 0.89 percent, at 26,640.18, the S&P 500 was up 19.10 points, or 0.66 percent, at 2,927.05 and the Nasdaq Composite was up 64.81 points, or 0.82 percent, at 8,014.84.

  • Aurora Cannabis Stock Trading Suspended on Robinhood Because Demand Grew Too, Um, High
    Business
    Fortune

    Aurora Cannabis Stock Trading Suspended on Robinhood Because Demand Grew Too, Um, High

    Robinhood, the no-fee stock trading app, has been one of the bigger success stories in the fintech space, but the startup is facing problems handling an even hotter trend: the cannabis industry. According to Business Insider, Robinhood notified its users Wednesday morning that it suspended new purchases of shares in Aurora Cannabis, a Canadian marijuana producer listed on the Toronto Stock Exchange. Aurora shares are also available to trade in the U.S. on the over-the-counter market under the ticker ACBFF.

  • Has Procter & Gamble Found a Shortcut to Millennials' Hearts?
    Business
    Motley Fool

    Has Procter & Gamble Found a Shortcut to Millennials' Hearts?

    People have been LOL'ing over Procter & Gamble's (NYSE: PG) application to the U.S. Patent and Trademark Office to register the acronyms LOL, NBD, FML, and WTF to use on personal and household products. If the company succeeds, would everyone need P&G's permission to text LOL to their friends? According to Ad Age [signup required], which first reported P&G's effort last month, no, they wouldn't.

  • Jack Ma tears up plans to make 1m American jobs
    Business
    The Telegraph

    Jack Ma tears up plans to make 1m American jobs

    Jack Ma has reneged on a promise to create one million American jobs, citing a breakdown in US-China relations. Ma promised the recruitment drive during a meeting with Mr Trump in January 2017 but made a U-turn amid an ongoing trade war, a move that is certain to rattle President Donald Trump. "The promise was made on the premise of friendly US-China partnership and rational trade relations," Ma told Chinese newspaper Xinhua on Wednesday.

  • Eventbrite IPO: 6 things to know about the ticketing company
    Business
    MarketWatch

    Eventbrite IPO: 6 things to know about the ticketing company

    Despite its controversies, Ticketmaster-parent Live Nation Entertainment Inc. has been a winning stock over the past few years. The very things that make the company controversial — high ticket fees and a stronghold on event venues — have helped the company deliver impressive results quarter after quarter. Eventbrite Inc. (EB) priced its initial public offering at $23, the high end of its $21 to $23 range, selling 10 million shares to raise $230 million.

  • A former exec at Google and Facebook doesn't just expect job candidates to negotiate their offer — she hopes they will
    Business
    Business Insider

    A former exec at Google and Facebook doesn't just expect job candidates to negotiate their offer — she hopes they will

    Libby Leffler, a former Facebook executive and Google employee, is now the vice president of membership at SoFi. Leffler said she always expects job candidates to negotiate their job offer because it shows how they'll behave once they get hired. Negotiating a job offer is a notoriously harrowing process, especially if you've never done it before and assume the world will explode if you request a dollar more.