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Wells Fargo sanction warning, Walmart’s mass hiring push, Intuit reportedly interested in acquiring Mailchimp

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Yahoo Finance's Myles Udland breaks down Wednesday’s business headlines.

Video Transcript

[MUSIC PLAYING]

MYLES UDLAND: All right, let's take a look at some of today's other top headlines in the market. Shares of Wells Fargo off some 3% this morning after a nearly 6% drop in afternoon trading yesterday, following a report from Bloomberg that said regulators are not satisfied at the pace that Wells has taken in compensating victims of various schemes, that included opening accounts and credit lines in customers' names in order to hit aggressive sales targets. The report also warning that Wells could be in line for additional sanctions if it does not comply with sort of the suggestions that it is hearing now from regulators. And we saw there on the chart, the stock is off almost 10% in the last couple of trading sessions in the wake of this reporting.

Walmart said Wednesday that it will hire 20,000 workers for its supply chain operations ahead of an expected big holiday season. Now, these roles are expected to be permanent positions. And they will include jobs like order pickers, freight handlers, and management roles, among other positions.

And Bloomberg is reporting that Intuit is in talks to buy email marketing giant Mailchimp for more than $10 billion. That is according to people familiar with the matter. We certainly all remember when Mailchimp was advertising on the first season of Serial back in 2014 and now, Brian Sozzi, Mailchimp is worth $10 billion. I guess your newsletter, your personal Mailchimp newsletter, $10 billion business there.

BRIAN SOZZI: Yeah, go figure. I mean, I was an early adopter of the newsletter what, like six or seven years ago but nonetheless, interesting move here by-- potential move by Intuit CEO Sasan Goodarzi. He's turning into quite the deal maker if this deal does in fact happen. Keep in mind, he plunked down $8.1 billion to buy Credit Karma. That deal closed I believe earlier this year. It was announced in late December. And by all indications, we just talked to Goodarzi last week, that has been a successful integration and it is starting to boost the core TurboTax business for Intuit. So why not come out here and try to bulk up your business even more with the Mailchimp. Very interesting potential transaction.