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Stock Market & Financial Investment News

News Breaks
January 11, 2013
10:14 EDTWFCWells Fargo CFO says doesn't plan to retain Q1 originations
News For WFC From The Last 14 Days
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April 23, 2015
07:03 EDTWFCCapital Link to hold a forum
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April 21, 2015
09:02 EDTWFCBlackstone, Wells Fargo in talks on more GE financial assets, Bloomberg says
General Electric (GE), which has announced plans to divest the majority of its GE Capital businesses, is in talks about the potential sale of its $74B U.S. commercial-lending unit, reported Bloomberg, echoing a similar report from The Wall Street Journal. Potential buyers include Blackstone (BX), Mitsubishi UFJ (MTU) Wells Fargo (WFC) and Apollo Global (APO), according to people with knowledge of the matter. Reference Link
April 20, 2015
12:34 EDTWFCGE in discussions to sell $74B U.S. commercial lending unit, WSJ says
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April 17, 2015
16:31 EDTWFCStocks end week lower amid earnings reports, fear about Greece, China
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07:31 EDTWFCU.K. postpones debt buyback due to Bloomberg terminal crash, WSJ reports
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April 16, 2015
12:57 EDTWFCEarnings Watch: Analyst sentiment positive ahead of GE's Q1 report
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April 15, 2015
08:06 EDTWFCWells Fargo Capital Finance names Guy Fuchs president and COO
Wells Fargo & Company announced that Guy Fuchs has been appointed president and COO of Wells Fargo Capital Finance, the bank’s asset-based lending unit, effective immediately. Fuchs, a 14-year veteran of the firm, will continue to report to Henry Jordan, chairman and CEO of Wells Fargo Capital Finance. In his new role, Fuchs will oversee the three core business groups of Capital Finance and the shared service teams that are critical to those groups’ operations.
06:11 EDTWFCRegulators seek to end 'too big to fail' firms, WSJ reports
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April 14, 2015
16:53 EDTWFCOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed for the day, beginning the session in positive territory helped by better than expected earnings reports from JPMorgan (JPM), Johnson & Johnson (JNJ), and Wells Fargo (WFC). The early economic data was slightly below Wall Street expectations and became a headwind for the market. By the end of the first hour of trading the market had turned negative, and it spent the remainder of the day trading in mixed fashion. ECONOMIC EVENTS: In the U.S., retail purchases for March advanced 0.9%, bouncing up from a 0.5% decline in February. However, economists had predicted a 1.1% growth after improvements on last month's weather. The producer price index grew 0.2% for March, in line with consensus estimates. Core PPI grew 0.2% versus expectations of 0.1% growth. The International Monetary Fund's World Economic Outlook Report trimmed U.S. growth forecast to 3.1% from its previous outlook of 3.6%, while global forecast was left unchanged at 3.5%. COMPANY NEWS: Avon (AVP) surged 66c, or 8.24%, to $8.67 following a Wall Street Journal report that the company is exploring strategic alternatives, including potentially selling its North American business, though a Bloomberg report later in the day claimed the company is not conducting a formal sale process... Nokia (NOK) confirmed it is in "advanced discussions" to buy French telecom firm Alcatel-Lucent (ALU), prompting French President Francois Hollande to schedule meetings with leaders from both companies. Later in the day, the French government announced it supports the potential deal, with French Economy Minister Emmanuel Macron stating Nokia reassured officials by detailing "clear undertakings." Nokia fell 34c, or 4.1%, to $7.96 at the close, while Alcatel jumped 58c, or 13.33%, to $4.93. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which rallied 33.52%, or $17.04, to $67.87 after the Financial Times reported the company has signed a memorandum of understanding to merge with rival classifieds service Ganji.com. Also higher was PartnerRe (PRE), which advanced 8.49% to $129.25 after EXOR proposed to acquire the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. Following earnings, JPMorgan (JPM) advanced 1.56% to $63.04 after beating expectations, while Wells Fargo (WFC) fell 0.73% and Johnson & Johnson fell 0.03% after reducing its FY15 earnings guidance. Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled 7.75% after Jefferies downgraded the stock to Hold and lowered its price target to $9 from $30. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which dropped 4.18% to $100.49 and was downgraded to Hold at TD Securities following first quarter guidance that fell below expectations. INDEXES: The Dow rose 59.66, or 0.33%, to 18,036.70, the Nasdaq lost 10.96, or 0.22%%, to 4,977.29, and the S&P 500 advanced 3.41, or 0.16%, to 2,095.84.
12:24 EDTWFCOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
10:50 EDTWFCWells Fargo says 'hopeful' first-time homebuyers returning to market
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10:49 EDTWFCWells Fargo sees remaining at high end of 55%-59% efficiency ratio target
Says adjusted tax rate leaves company in "mid-32%" range for rest of year. Says will look to work closely with GE Capital (GE) as it sells other businesses. Sees remaining at high end of 55%-59% efficiency ratio target. Says "optimistic" about Q2.
10:35 EDTWFCWells Fargo says not 'meaningfully constrained' by leverage ratio
Says "disciplined" in managing relationships. Says sees minimal losses related to energy loans. Says oil exposure stable from Q4. Says not "meaningfully constrained" by leverage ratio. Says "not standing still" on expenses. CEO Stumpf says bank having strongest deposit growth in his 30 years with company. Says "looking hard" at acquiring more assets. Says "serving our customers is the first call on our capital," and says will take advantage if growth opportunities arise. Sees deposits outpacing loan growth for next few quarters.
10:26 EDTWFCWells Fargo says underlying economic expansion 'largely on track'
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09:59 EDTWFCWells Fargo sees operating within 55%-59% efficiency ratio range in FY15
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09:27 EDTWFCWells Fargo slips lower following earnings
In the pre-market shares are down over 1% to $53.94. At that price next support is at $53.29. Resistance is at $54.63, the 50-day moving average.
08:14 EDTWFCWells Fargo expects 2015 efficiency ratio range 55%-59%
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08:08 EDTWFCWells Fargo reports Q1 credit losses $708M vs. $735M last quarter
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08:07 EDTWFCWells Fargo reports Q1 Common Equity Tier 1 ratio 10.86%
Wells Fargo reports Q1 Common Equity Tier 1 of $139.2B under Basel III, or 10.86% of risk-weighted assets. The Common Equity Tier 1 ratio under the Basel III framework was 10.53%. During Q1, the company purchased 48.4M shares of its common stock and entered into a $750M forward repurchase transaction for an additional 14M shares, which settled in early April.
08:03 EDTWFCWells Fargo reports Q1 EPS $1.04, consensus 98c
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