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Wells Fargo pays major fine, Steve Madden beats on earnings, report hints at red flags regarding Apple sales

Here’s a look at some of the companies the Yahoo Finance team will be watching for you.

Wells Fargo (WFC) is ponying up $1B. The Consumer Financial Protection Bureau says it has settled with the bank to pay the record fine. The settlement is connected to Wells forcing auto loan customers to buy car insurance and charging unfair fees to mortgage borrowers.

Steve Madden (SHOO) beat on earnings, revenue and profit, but same store sales fell 1.2% in the first quarter. The company’s CEO is pointing to strong international sales, adding that the retailer opened one store in Mexico and another in China.

Looking at Facebook (FB) — An FTC report says an outside auditor cleared Facebook’s privacy policies from 2015 to 2017. PricewaterhouseCoopers said, “Facebook’s privacy controls were operating with sufficient effectiveness.” This means that the audit didn’t catch Cambridge Analytica’s misuse of Facebook data. That could violate a 2011 FTC settlement over privacy.

Some analysts are worried that Apple’s (AAPL) iPhone sales are even worse than thought. That’s because a key Apple supplier, Taiwan Semiconductor Manufacturing, lowered its second quarter revenue guidance by a billion dollars, citing weak demand in the mobile sector.

AT&T (T) is making another push to pass the company’s planned takeover of Time Warner (TWX). AT&T CEO Randall Stephenson testified Thursday in federal court. He says a merger is necessary in order to compete with rivals like Netflix (NFLX) and Amazon (AMZN). The government claims any merger would raise costs for consumers.