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Stock Market & Financial Investment News

News For WMT;IFX;VNTV;WFC;XRX;BAC;DFS;PAY;TI;AXP;ACN;MA;V From The Last 14 Days
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April 11, 2014
09:52 EDTWFCWells Fargo rises after results beat expectations, levels to watch
The shares are trading up following results, last at $47.97. At that price, the next major resistance level is at the 52-week high of $50.49. Support is at $46.72, the low of the session.
09:37 EDTBACActive equity options trading on open
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09:19 EDTWFCWells Fargo reports Q1 NIM down 7 bps to 3.2%
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09:13 EDTWFCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Fastenal (FAST), up 3%... Wells Fargo (WFC), up 0.2%. ALSO HIGHER: H&R Block (HRB), up 5% after announcing a deal for BofI (BOFI) to acquire H&R Block's bank assets. Bofi up 9.4% after the deal announcement... Zynga (ZNGA), up 1.7% after naming new CFO, shares upgraded to Equal Weight at Morgan Stanley... SINA (SINA), up 2% after announcing up to $500M share repurchase program. DOWN AFTER EARNINGS: JPMorgan (JPM), down 3.7%... NQ Mobile (NQ), down 14.6%. ALSO LOWER: Gap (GPS), down 4% after reporting March SSS fell 6%, shares downgraded at Janney Capital... Voxeljet (VJET), down 16% after 3M share secondary offering priced at $15.00... Datawatch (DWCH), down 29% after cutting its second quarter revenue outlook.
08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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08:15 EDTWFCWells Fargo continues to expect future reserve releases
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08:07 EDTWFCWells Fargo reports Q1 Basel III Advanced Tier 1 ratio 10.04%
Wells said capital continued to strengthen in the first quarter, with Common Equity Tier 1 of $132.7B under the Basel III General Approach, or 11.36% of risk-weighted assets. The Common Equity Tier 1 ratio under Basel III under the Advanced Approach, fully phased-in, was 10.04%.
08:04 EDTWFCWells Fargo reports Q1 provision for credit losses $325M
Reports net charge-offs of $825M, down $594M from first quarter 2013. Reports $500M reserve release due to continued strong credit performance and improved economic conditions. Chairman and CEO John Stumpf said, "First quarter 2014 earnings were another record for our Company and capital levels continued to strengthen. Returning more capital to our shareholders has remained a priority for Wells Fargo and we were pleased to have received a non-objection to our 2014 CCAR submission." CFO Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year.”
08:01 EDTWFCWells Fargo reports Q1 EPS $1.05, consensus 97c
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07:09 EDTWMTLi & Fung collaborates with Citigroup on brand unit spinoff, Bloomberg says
Li & Fung (LFUGF)) is said to be collaborating with Citigroup (C) to spin off its brands division, which is valued at nearly $2B, according to Bloomberg, citing people with knowledge of the matter. The company's brand unit sells clothing and toys to retailers such as Wal-Mart (WMT) and Kohl's (KSS). Reference Link
April 10, 2014
15:25 EDTWFCNotable companies reporting before tomorrow's open
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13:14 EDTWMTFamily Dollar slides after holiday disappointment prompts store closures
Shares of discount retailer Family Dollar (FDO) are falling after the company reported second quarter earnings per share and revenue that fell below expectations, along with third quarter and FY14 projections that are lower than analysts' consensus. WHAT'S NEW: This morning, Family Dollar reported second quarter earnings per share of 80c, which fell below analysts consensus of 90c. The company reported second quarter revenue of $2.72B, while analysts projected $2.77B. Family Dollar, which reported that its second quarter same-store-sales decreased by 3.8%, said the holiday season was challenged by "a more promotional competitive environment and a more financially constrained consumer" and that its results were also significantly impacted by severe winter weather like many retailers. The company expects third quarter earnings per share excluding-items to be 85c-95c, while analysts project a 98c consensus. Family Dollar said that it sees FY14 earnings per share excluding items to be $3.05-$3.25, which is at the lower end of analysts' estimations. Family Dollar noted that it expects to close nearly 370 underperforming stores in the second half of FY14 and slow new store growth beginning in FY15. WHAT'S NOTABLE: During Family Dollar's earnings conference call, the company said that it plans to slow square footage growth in the beginning of FY14 and said that it recently cut about 10% of its corporate workforce. ANALYST OPINION: Wells Fargo analyst Matt Nemer said Family Dollar's third quarter negative comp guidance and commentary about a challenging macro environment could pressure its own shares as well as those of its peers Dollar General (DG) and Dollar Tree (DLTR). However, Family Dollar's store closures combined with a decrease in future store growth could ultimately have positive implications for its competitors, Nemer added. On March 4, Credit Suisse said Family Dollar's underperformance compared to Dollar General and significant earnings possibilities gives the rationale for a potential merger of the two. On February 19, Credit Suisse analyst Michael Exstein suggested that Wal-Mart (WMT) should consider acquiring Family Dollar as a way to "jumpstart" its small store effort. CNBC's David Faber reported the same morning that Exstein published his note that Family Dollar was not holding any talks about selling itself at that time. PRICE ACTION: During afternoon trading, shares of Family Dollar decreased $1.54, or 2.61%, to $57.53, Dollar Tree dropped 2.5%, and Dollar General fell about 1.5%.
13:07 EDTWFCWells Fargo April weekly 50 straddle priced for 2% move into Q1
12:36 EDTWFCEarnings Preview: Wells Fargo to report results after dividend hike
Wells Fargo (WFC), a bank holding company, is scheduled to report first quarter earnings before the open on Friday, April 11, with a conference call scheduled for 10:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 97c on revenue of $20.6B, according to First Call. The consensus range for EPS is 90c-$1.02 on revenue of $19.5B-$22.41B. LAST QUARTER: Wells Fargo reported higher than expected Q4 EPS and revenue. The company said that it believes it can continue to grow its net interest margin over time. In a statement, CEO John Stumpf said, "Strong earnings power and capital levels, and an improving economic outlook are major reasons why we look ahead to 2014 with optimism." On March 26, Wells Fargo reported that the Federal Reserve had approved the bank’s capital allocation plan. Under the plan, Wells plans to pay a dividend of 35c per share. The dividend, which was increased 16.7% over prior levels, must be approved by the bank’s board of directors at its April 29 meeting. The bank also authorized the repurchase of an additional 350M shares of its own stock. STREET RESEARCH. In a note to investors on April 8, UBS wrote that Q1 may be the first quarter in four years that Wells Fargo’s EPS will not grow versus the previous quarter, as it believes the bank was hit with seasonal costs in Q1 that were not offset by revenue increases. The bank’s EPS will drop to 97c in Q1, down from $1.00 in Q4, but will still be up 5% versus the first quarter of 2013, the firm predicted. On a positive note, UBS contended that Wells Fargo was "a relative winner" of the Fed’s capital plan approval process. Although Wells' board has approved a 350M share increase in the bank’s stock repurchases, it typically doesn’t carry out large share repurchases, UBS stated. Wells should benefit from a continued U.S. economic recovery, but its shares already reflect such an outlook, according to UBS, which kept a Neutral rating on the stock. Meanwhile, Oppenheimer was somewhat upbeat about the sector's outlook. In a note to investors on April 3, the firm predicted that bank stocks would outperform the broader market by a few hundred basis points per year. Loan growth "remains sluggish," but reduced credit costs and expenses should enable banks to report results that show slight year-over-year improvements, the firm contended. PRICE ACTION: Wells’ stock is little changed over the last month, but is up 6% so far this year and nearly 29% over the last 12 months.
11:21 EDTBACBank of America falls to important support area, levels to watch
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07:30 EDTWFCWells Fargo April volatility elevated at 20 into Q1 and outlook
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06:56 EDTTITelecom Italia said to team with Murdoch's Sky, Bloomberg says
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06:35 EDTWFC, BACMobile banking presents opportunity and risks for banks, WSJ reports
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06:13 EDTWMTWal-Mart to carry Wild Oats organic food items
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05:40 EDTACNAccenture, SAP expand global alliance through first-of-its-kind agreement
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