Wells Fargo uncovers up to 1.4M more fake accounts
Wells Fargo’s (WFC) fake account scandal just got worse. The big bank announced an outside review found 1.4 million more potentially fake bank and credit card accounts, bringing the total up to 3.5 million. Wells Fargo also announced that about 190,000 accounts were hit with unnecessary fees, up from 130,000 previously reported. In a statement, CEO Tim Sloan said, “Through this expanded review, as well as the class action settlement, free mediation services, and ongoing outreach and complaint resolution, we’ve cast a wide net to reach customers and address their remaining concerns. Our commitment has never been stronger to build a better bank for our customers, team members, shareholders and communities.”
Costco reports same-store sales jump
Costco (COST) reported US same-store sales jumped 7.4% during August, topping forecasts for a 6.1% increase. Excluding gasoline and currency changes, US sales rose 6.1% during the month. Shares of Costco were trading up 1.2% as on 1 pm E.T.
Lululemon earnings: What to expect
Lululemon (LULU) is scheduled to report earnings after the bell Thursday afternoon. The big question is whether the retailer will be able to reverse the athleisure industry’s recent slump. Analysts expect Lululemon to report earnings of 35 cents a share on revenue of $567.6 million. That compares to a profit of 38 cents and sales of $514.52 million a year ago. Shares of Lululemon are down nearly 12% since January 1.
Disney reportedly planning job cuts at ABC
The Wall Street Journal is reporting that Disney (DIS) is planning for significant budget cuts at its ABC Television Group, which will include staff cuts and restructuring. According to the report, about 300 workers will be laid off in an effort to cut costs by 10%. The announcement from Disney is expected to come at the end of September.