Wells Fargo (WFC) Remains Buy, On Focus List at Argus

Wells Fargo (WFC) Reports Election of Richard B. Payne Jr. to Board

October 17, 2019 4:17 PM EDT

Wells Fargo & Company (NYSE: WFC) today announced that Richard (Dick) Payne Jr. has been elected to the companys Board of Directors, effective immediately, and will serve on the Boards Credit Committee. Payne retired in 2016 as vice chairman of Wholesale Banking at U.S. Bancorp.

Payne has more than 40 years of corporate and commercial banking experience with large financial institutions. At U.S. Bancorp, he served from 2010 to 2016 as vice chairman of Wholesale Banking and had responsibility for national corporate banking, commercial banking, capital markets, commercial real estate, financial institutions, equipment finance, global treasury... More

Wells Fargo (WFC) PT Lowered to $57 at BMO Capital

October 16, 2019 7:29 AM EDT

BMO Capital analyst James Fotheringham lowered the price target on Wells Fargo (NYSE: WFC) to $57.00 (from $59.00) while maintaining a Market Perform rating.... More

Wells Fargo (WFC) PT Raised to $51 at Piper Jaffray

October 16, 2019 7:15 AM EDT

Piper Jaffray analyst Kevin Barker raised the price target on Wells Fargo (NYSE: WFC) to $51.00 (from $46.00) while maintaining a Neutral rating.... More

Buffett's Berkshire seeks Fed leeway to boost BofA bet: Fed

October 15, 2019 1:37 PM EDT

By Pete Schroeder and Bharath ManjeshR

(Reuters) - Warren Buffett's Berkshire Hathaway Inc is seeking permission from the Federal Reserve to boost its stake in Bank of America Corp above the 10% level, according to an application document provided by the Fed on Tuesday.

Bloomberg first reported the application on Tuesday. Shares of BofA gained 3% after the report came out, dipping slightly to close at 2.02%.

Berkshire, which... More

Big banks say U.S. consumers sturdy as businesses quiver with growth fears

October 15, 2019 12:06 PM EDT

By Imani Moise and Elizabeth Dilts Marshall

NEW YORK (Reuters) - Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing.

JPMorgan Chase & Co (NYSE: JPM) posted strength across all but one of its segments, and executives offered optimistic comments about the financial health of individuals. Citigroup beat estimates thanks to its global consumer business.

And while profits at Wells Fargo & Co... More

Pre-Open 10/15 (RETA) (AXAS) (UNH) Higher (PAGS) (GS) (BLMN) Lower (more...)

October 15, 2019 9:22 AM EDT

Today's Pre-Open Movers

Reata Pharmaceuticals, Inc. (Nasdaq: RETA) 47.1% HIGHER; announced today that the registrational Part 2 portion of the MOXIe Phase 2 trial of omaveloxolone in patients with Friedreichs ataxia (FA) met its primary endpoint of change in the modified Friedreichs Ataxia Rating Scale (mFARS) relative to placebo after 48 weeks of treatment. Patients treated with omaveloxolone (150 mg/day) demonstrated a statistically significant, placebo-corrected 2.40 point improvement in mFARS after 48 weeks of treatment (p=0.014). Omaveloxolone treatment was generally reported to be well-tolerated. Based on these positive results, and subject to discussions with regulatory... More

Wells Fargo reports falling profit as legal costs mount

October 15, 2019 8:13 AM EDT

By Imani Moise and Noor Zainab Hussain

(Reuters) - Wells Fargo & Co (NYSE: WFC) reported lower profits on Tuesday as the bank braced for additional legal expenses tied to a scandal that erupted more than three years ago.

The fourth-largest U.S. bank by assets set aside $1.6 billion for legal expenses related to previously disclosed sales practices. It has been operating under heavy scrutiny since 2016 revelations that employees opened potentially millions of unauthorized accounts.

The fallout has led to multiple internal and regulatory probes and resulted in billions of dollars in fines... More

Wells Fargo (WFC) Misses Q3 EPS

October 15, 2019 8:02 AM EDT

Wells Fargo (NYSE: WFC) reported Q3 EPS of $0.92, $0.24 worse than the analyst estimate of $1.16. Revenue for the quarter came in at $22 billion versus the consensus estimate of $20.96 billion.

Third quarter 2019 included a $1.6 billion, or $(0.35) per share, discrete litigation accrual (not tax-deductible) for previously disclosed retail sales practices matters, and a $1.1 billion, or $0.20 per share, gain from the previously announced sale of our Institutional Retirement and Trust (IRT) business

Interim Chief Executive Officer Allen Parker said, We continued... More

Wall Street gains as earnings season begins in earnest

October 15, 2019 7:45 AM EDT

By Stephen Culp

NEW YORK (Reuters) - Wall Street advanced on Tuesday as third-quarter reporting season hit with a spate of upbeat earnings reports that brought buyers back to the equities market.

All three major U.S. stock averages gained ground in a broad-based rally, with the S&P 500 and the Nasdaq hitting their highest closing level in more than three weeks.

"Positive earnings are flowing through equity markets today, suggesting that things weren't as bad as investors thought," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"We've been in a... More

Wells Fargo (WFC) option implied volatility increases into finncial results

October 14, 2019 10:04 AM EDT

Wells Fargo (NYSE: WFC) October call option implied volatility is at 36, November is at 24; compared to its 52-week range of 18 to 43 into the expected release of financial results before the bell on October 15. Call put ratio 1 call to 1.2 puts.

... More

Stocks pause on unsettled trade deal; earnings eyed

October 14, 2019 7:51 AM EDT

By Stephen Culp

NEW YORK (Reuters) - Wall Street edged lower on Monday as uncertainties following recent U.S.-China trade negotiations clouded sentiment and investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.

All three major U.S. stock averages closed in the red, snapping a three-day winning streak during which the benchmark S&P 500 gained 2.7%.

Hopes dimmed that recent trade negotiations between the United States and China would bear fruit, as China indicated further talks were needed and U.S. Treasury Secretary Steven Mnuchin said the... More

Wells Fargo (WFC) option implied volatility flat into EPS and outlook

October 14, 2019 5:06 AM EDT

Wells Fargo (NYSE: WFC) October call option implied volatility is at 31, November is at 25; compared to its 52-week range of 18 to 43 into the expected release of financial results before the bell on October 15. Call put ratio 1.1 calls to 1 put.

... More