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News Breaks
January 17, 2014
09:02 EDTWFCWells Fargo Direct Deposit Advance serve to be discontinued
Wells Fargo announced that the Wells Fargo Direct Deposit Advance service will be discontinued. New consumer checking accounts opened February 1, or later will not be eligible to access the Direct Deposit Advance service. There are no immediate changes for existing Direct Deposit Advance customers, who will be able to access the service until mid-year. Wells Fargo is finalizing a transition plan and will communicate the details to existing customers well in advance of the discontinuation. Discontinuation of this service is not expected to have a material financial impact on the company.
News For WFC From The Last 14 Days
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October 6, 2015
07:20 EDTWFCWells Fargo volatility flat into Q3 and outlook
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October 5, 2015
07:19 EDTWFCOpen Mobile Media to hold a summit
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06:53 EDTWFCAverage ATM fees reach $4.52, WSJ says
The average ATM fee rose to $4.52 this year as regulators have pressured banks to reduce other fees and consumers aren't using ATMs as frequently as in the past, reports the Wall Street Journal, citing a Bankrate Inc. survey. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), Wells Fargo (WFC), and Cardtronics (CATM). Reference Link
October 2, 2015
16:27 EDTWFCOn The Fly: Top stock stories for Friday
Stocks on Wall Street were lower at the open after the government's monthly jobs report showed fewer people than expected were hired last month and average hourly wages did not increase. However, the major indexes gathered themselves and began drifting higher, crossing back into the green in early afternoon trading. Before this morning, many investors expected that the Federal Reserve would start raising interest rates before the end of the year, but the jobs data for September has certainly raised doubts in that regard. ECONOMIC EVENTS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Baker Hughes said that the U.S. rig count fell by 29 total rigs from last week to 809. COMPANY NEWS: Shares of big banks were underperformers after the jobs report cast doubt on how soon the Fed will begin raising interest rates. Shares of Wells Fargo (WFC) slid 0.32%, JPMorgan (JPM) dropped 0.21% and Bank of America declined 1.09%... Two of the nation's big four wireless carriers were in the news after Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS) and The Wall Street Journal reported that Sprint (S) plans to eliminate as much as $2.5B in costs and make job cuts over the next six months. MAJOR MOVERS: Among the notable gainers was Wynn Resorts (WYNN), which surged 22.73% to $63.47 following reports that the Chinese government may provide economic support to the gaming center Macau, where Wynn and several peers operate casinos. Shares of Las Vegas Sands (LVS) gained 10.52%, MGM Resorts (MGM) rose 6% and Melco Crown (MPEL) advanced 13.88% after the news as well. Among the noteworthy losers was Amicus Therapeutics (FOLD), which dropped 53.53% to $6.39 after the company said it is unlikely to submit a New Drug Application for its Fabry disease treatment to the FDA by the end of the year. Also lower were shares of backup generator maker Generac (GNRC), which fell 5.18% to $27.62 after weather forecasters' latest models predicted that Hurricane Joaquin may stay offshore and not make landfall along the East Coast of the U.S. INDEXES: The Dow rose 200.36, or 1.23%, to 16,472.37, the Nasdaq gained 80.69, or 1.74%, to 4,707.77, and the S&P 500 advanced 27.54, or 1.43%, to 1,951.36.
13:26 EDTWFCBanks, brokers slide as weak jobs report pushes out rate hike
Shares of banks and brokers are sliding after a weak jobs report pushed out the probability of near-term rate hike. WHAT'S NEW: Friday morning, the Labor Department reported that the U.S. economy added only 142,000 jobs in September compared to economists expectations of 203,000. The Labor Department's September jobs report strengthened the argument that the Fed will not raise rates in October, and even lessened the probability of a December rate hike. An increase in interest rates would let banks and brokers benefit from higher spreads on deposits. PRICE ACTION: Shares of Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), and Wells Fargo (WFC) are all declining despite a rebound in the broad market. OTHERS TO WATCH: Shares of online brokers, including TD Ameritrade (AMTD), Charles Schwab (SCHW), E*TRADE (ETFC), and Interactive Brokers (IBKR) are also lower in afternoon trading.
September 30, 2015
18:21 EDTWFCGeneral Electric confirms sale of railcar services to Wells Fargo
General Electric (GE) confirmed that it has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings and its remaining railcar leasing business, General Electric Railcar Services to Wells Fargo (WFC). Terms of the transactions are not being disclosed. "We expect to be substantially done with our exit strategy [to sell most of the assets of GE Capital] by the end of 2016," noted GE Capital chairman and CEO Keith Sherin. "GE and its board of directors have determined that market conditions are favorable to pursue disposition of these assets. GE Capital will retain the financing 'verticals' that relate to GE's industrial businesses," the company noted. The sale of the tank car assets is effective immediately and closed Wednesday. The sale of the railcar repair facilities is expected to close in Q4. The sale of the remaining railcar leasing business is expected to close by the end of 1Q16. When completed, the rail transactions, which represent about $4B of ending net investment, will contribute approximately $1.3B of capital to the overall target of approximately $35B of dividends expected to GE under this plan. The company also noted that the completion of the sale of GE's European fleet businesses to Arval, a fully owned subsidiary of BNP Paribas (BNPQY), is expected to close in Q4.
18:03 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services, terms not disclosed
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18:00 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services
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07:46 EDTWFCFed liftoff may be more turbulent for banks than expected, WSJ says
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September 28, 2015
09:36 EDTWFC Active equity options trading on open
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September 25, 2015
07:33 EDTWFCGlobal Interdependence Center to co-host a discussion
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September 24, 2015
07:10 EDTWFCBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

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