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WFC-PRR
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BUZZ-Allstate slides after US DOJ sues subsidiary National General for falsely placing insurance
Allstate shares fall as much as 5.8%, last down 4.3% at $164.93. U.S. DOJ sues subsidiary National General for allegedly falsely placing insurance on hundreds of thousands of borrowers' vehicles. Allstate acquired National General in a $4 billion deal in 2011.
Reuters · 1d ago
BUZZ-Allstate dips as US DOJ sues subsidiary National General for falsely placing insurance
Allstate shares fall as much as 2.8%; last down 2.1% at $168.70. U.S. Justice Department sues subsidiary National General for allegedly falsely placing insurance on borrowers' vehicles. Allstate acquired National General in a $4 bln deal in 2011.
Reuters · 1d ago
UPDATE 3-Cold storage REIT Lineage rises 5% in the biggest IPO of 2024
Cold storage REIT Lineage rises 5% in the biggest IPO of 2024. Cold storage real estate investment trust Lineage's LINE.O shares gained 5% on their Nasdaq debut on Thursday. The IPO is the year's biggest public offering so far. Lineage sold 57 million shares on Wednesday to raise $4.44 billion.
Reuters · 1d ago
RPT-BREAKINGVIEWS-CrowdStrike in cursed grip of corporate klutz club
Cybersecurity software developer CrowdStrike has lost 20% of its market capitalization. The average stock-price drop in a crisis is 12%, says John Foley. CrowdStrike is latest big company to gauge willingness of investors to move past a catastrophe. He says it's hard to imagine a similar outcome for a company in corporate klutz club.
Reuters · 1d ago
BREAKINGVIEWS-CrowdStrike in cursed grip of corporate klutz club
Breakingviews: CrowdStrike in cursed grip of corporate klutz club. Cybersecurity software developer has lost 20% of its market capitalization. The average stock-price drop in a crisis is about 12%, says John Foley. It's hard to imagine a similar outcome for CrowdStrike, he says.
Reuters · 2d ago
UPDATE 2-BNP Paribas beats estimates as trading revenues jump
BNP Paribas beats estimates as trading revenues jump Q2 equity markets sales up 58% Q2 French retail NII down 11% Confirms 2024 targets. The euro zone's biggest bank says investment banking revenue jumped 21% in the second quarter. BNP's equities trading revenues up 58%. The bank's retail division was hit by a sharp drop in interest income.
Reuters · 2d ago
WELLS FARGO & CO - Q3 DIVIDEND REPRESENTS AN INCREASE OF $0.05 PER SHARE, OR 14%, FROM PRIOR QUARTER
Reuters · 3d ago
WELLS FARGO & COMPANY INCREASES COMMON STOCK DIVIDEND
Reuters · 3d ago
What to Watch in the Day Ahead - Tuesday, July 23
Two of the Magnificent Seven companies are releasing their quarterly results after markets close. Alphabet expected to report a 13% rise in second-quarter revenue. Coca-Cola is expected to post a fall in second quarter revenue. The National Association of Realtors is set to report existing home sales in June.
Reuters · 4d ago
LIVE MARKETS-Best not to play the predict who wins the election game - WFII
Best not to play the predict who wins the election game - WFII. Nasdaq slides >2%, S&P 500 falls >1%, Dow rises modestly. Wells Fargo Investment Institute says investors should focus on the economy's trend, not the election outcome.
Reuters · 07/17 17:46
FACTBOX-Stocks to watch as Biden, Trump vie for presidency
U.S. President Joe Biden and Donald Trump are running for a second term in the presidential election. Investors are watching stocks that could be impacted by the outcome of the election. Stocks linked to Biden and Trump are expected to benefit under a Biden administration. Some sectors are more exposed to government policy actions such as clean energy and pharmaceuticals.
Reuters · 07/17 16:53
QUOTES-US bank executives discuss consumer outlook
U.S. Banks have reaped a windfall from higher interest payments on loans. Waning demand from borrowers and slowing consumer spending could weigh on bank earnings. JPMorgan Chase CEO Jamie Dimon says "loan demand remains quite muted everywhere except card" Wells Fargo CEO says consumers have benefited from strong labor market.
Reuters · 07/16 17:15
BREAKINGVIEWS-Banks prep for this-time-it’s-different deal boom
Morgan Stanley reported a 51% year-on-year pop in quarterly investment banking revenue. It looks like the end of a dry spell in dealmaking has finally arrived, says John Foley. Buyout firms have more money and are spending it in more ways, he says. But the clients look different and banks are preparing for a different deal boom.
Reuters · 07/16 17:13
UPDATE 1-Equity traders fuel US bank profits as stock markets rally
Equity traders fuel US bank profits as stock markets rally. Bank of America's revenue from equities trading jumped 20% in the second quarter from a year ago. At Morgan Stanley, equity revenue surged 18% to $3 billion. JPMorgan's equity markets revenue jumped 21% in second quarter.
Reuters · 07/16 15:19
UPDATE 5-BofA profit beats expectation on robust investment banking, trading
Bank of America's second-quarter profit beats expectation on robust investment banking, trading. Shares climb more than 4% after BofA also forecast better-than-expected interest income for fourth quarter. The bank's investment banking and trading revenue jumped 29% in the second quarter. Bank of America earned $6.9 billion in second quarter, 7% lower than a year earlier.
Reuters · 07/16 10:46
WELLS FARGO & CO <WFC.N>: BMO RAISES TARGET PRICE TO $59 FROM $57
Reuters · 07/15 11:09
BUZZ-Street View: Wells Fargo expected to rebound from weak Q2 results on improving efficiencies
Wells Fargo's WFC.N reported a second-quarter profit decline on Friday. The bank missed analysts' estimates for interest income on higher deposit costs. Evercore ISI expects WFC's returns to strengthen over time on improving efficiencies. Morgan Stanley says the stock falling after Q2 is an 'overshoot'
Reuters · 07/15 10:13
RPT-BUZZ-U.S. stocks weekly: Rotation
S&P 500 rises second straight week, gains 0.9% on bolstered rate cut hopes. Small-cap Russell 2000 surges 6% for the week. Nearly every sector gets in on the act, with real estate and real estate up. 10-year Treasury yield hits four-month low after surprise fall in Jun inflation.
Reuters · 07/15 10:00
U.S. RESEARCH ROUNDUP-Armada Hoffler Properties, Morphic Holding, Solid Biosciences
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. Armada Hoffler Properties, Morphic Holding, Solid Biosciences among companies. Apple added to Morgan Stanley's "top pick" list. American Airlines, American Express, American Tower among companies with new targets.
Reuters · 07/15 07:19
WELLS FARGO & CO <WFC.N>: JEFFERIES CUTS TARGET PRICE TO $62 FROM $64
Reuters · 07/15 04:50
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About WFC-PRR
Wells Fargo & Company is a financial services company. The Company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the Internet (www.wellsfargo.com) and other distribution channels to individuals, businesses and institutions in states, the District of Columbia and in countries outside the United States. The Company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending. In addition, the Company offers financial planning, private banking, investment management, and fiduciary services. The Company also provides financial solutions to businesses through products and services including traditional commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.